BIRMINGHAM, Ala., Oct. 10, 2008 (GLOBE NEWSWIRE) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported net income of $63,000, or $0.04 per diluted share, for the quarter ended September 30, 2008 vs. a net loss of $597,000, or $0.37 per diluted share, for the same period in 2007.
Sales for the quarter were $40,227,000, down 6.6% from the same quarter last year. Sales for the nine months ended September 30, 2008 were $118,212,000, or 11.2% below those in 2007. Net loss for the nine months ended September 30, 2008 was $125,000, or $0.08 per diluted share, vs. $476,000, or $0.30 per diluted share, last year.
Selected financial data follow:
Moore-Handley, Inc.
Selected Financial Data
(UNAUDITED) (UNAUDITED)
Quarter Ended Nine Months Ended
September 30 September 30
========================== ==========================
Operations: 2008 2007 2008 2007
============ ============ ============ ============
Sales $ 40,227,000 $ 43,058,000 $118,212,000 $133,050,000
Operating
income (loss) 485,000 (477,000) 985,000 785,000
Interest
expense 376,000 535,000 1,196,000 1,592,000
Income (loss)
before income
tax 109,000 (1,012,000) (211,000) (807,000)
Net income
(loss) $ 63,000 $ (597,000) $ (125,000) $ (476,000)
============ ============ ============ ============
Net income
(loss) per
share - basic $ 0.04 $ (0.37) $ (0.08) $ (0.30)
============ ============ ============ ============
Net income
(loss) per
share -
diluted $ 0.04 $ (0.37) $ (0.08) $ (0.30)
============ ============ ============ ============
Weighted
average common
shares
outstanding
Basic 1,600,000 1,600,000 1,600,000 1,599,000
============ ============ ============ ============
Diluted 1,604,000 1,600,000 1,600,000 1,599,000
============ ============ ============ ============
Balance Sheets:
September 30 - 2008 2007
-----------------------------------------
Current assets $ 50,190,000 $ 58,912,000
Other assets 897,000 360,000
Property &
equipment, net 7,879,000 8,772,000
------------ ------------
Total assets 58,966,000 68,044,000
============ ============
Current
liabilities 19,739,000 23,911,000
Long term debt 26,329,000 29,143,000
Other
liabilities 2,938,000 3,235,000
Stockholders'
equity 9,960,000 11,755,000
------------ ------------
Total
liabilities &
stockholders'
equity $ 58,966,000 $ 68,044,000
============ ============
End 10/10/08