BIRMINGHAM, Ala., Oct. 27, 2004 (PRIMEZONE) -- Moore-Handley, Inc. (Pink Sheets:MHCO), a Birmingham-based distributor of hardware and home center products, reported net income of $110,000 or $0.07 per diluted share for the quarter ended September 30, 2004 vs. a net income of $28,000 or $0.02 per diluted share for the same period in 2003.
Sales for the quarter were $43,482,000 up slightly from the same quarter last year. Sales for the nine months ended September 30, 2004 were $125,159,000 or 2.8% above those for the comparable period in 2003. The net income for the nine months ended September 30, 2004 was $758,000 or $0.46 per diluted share vs. net income of $62,000 or $0.03 per diluted share for the same period last year. Included in the net income for the quarter and nine months was a non-cash charge, net of taxes, of $188,000 or $0.12 per diluted share to increase the Company's inventory valuation reserve in respect of vendor rebates.
Selected financial data follow:
Moore-Handley, Inc.
Selected Financial Data
(UNAUDITED)
Quarter Ended Nine Months Ended
September 30 September 30
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2004 2003 2004 2003
Operations:
Sales $ 43,482,000 $ 43,252,000 $125,159,000 $121,794,000
Operating
income 429,000 283,000 1,930,000 804,000
Income
before
income tax 175,000 44,000 1,204,000 98,000
Net
income $ 110,000 $ 28,000 $ 758,000 $ 62,000
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Net income
per share
- diluted $ 0.07 $ 0.02 $ 0.46 $ 0.03
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Weighted
average
diluted
common
shares
outstanding 1,520,000 1,778,000 1,634,000 1,868,000
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Balance Sheets:
September 30 - 2004 2003
--------------------------------------------------------------
Current assets $48,692,000 $47,041,000
Other assets 715,000 719,000
Property & equipment,
net 8,793,000 8,594,000
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Total assets 58,200,000 56,354,000
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Current liabilities 21,664,000 21,619,000
Long term debt 23,169,000 20,744,000
Deferred income
taxes 947,000 1,032,000
Stockholders'
equity 12,420,000 12,959,000
----------- -----------
Total liabilities
& stockholders'
equity $58,200,000 $56,354,000
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