FOR IMMEDIATE RELEASE
For: Moore-Handley, Inc. Contact: Carol Temple
P. O. Box 2607 (205) 663-8316
Birmingham, Alabama 35202
Moore Handley, Inc. Reports Operating Results for the Quarter Ended March 31, 2003
BIRMINGHAM, AL....... May 1, 2003 - Moore-Handley, Inc. (NASDAQ-MHCO), a Birmingham, AL distributor of hardware and home center products reported net income of 9 cents per diluted share for the quarter ended March 31, 2003 compared to net income of 16 cents per diluted share for the same quarter last year.
Sales of $40.2 million were up $1.0 million or 2.6% over the same quarter last year, but net income was down mainly due to a reduction in gross profit and slightly higher selling and administrative expense related to the company's expansion into new markets.
Moore-Handley, Inc. | |||||
Summary Statements of Operations | |||||
(UNAUDITED) | |||||
Quarter Ended | |||||
March 31 | |||||
2003 | 2002 | ||||
Sales | $ 40,265,000 | $ 39,238,000 | |||
Cost of merchandise sold | 34,192,000 | 33,123,000 | |||
Warehouse and delivery expense | 2,378,000 | 2,317,000 | |||
Cost of sales | 36,570,000 | 35,440,000 | |||
Gross profit | 3,695,000 | 3,798,000 | |||
Selling and administrative expense | 3,201,000 | 3,132,000 | |||
Operating income (loss) | 494,000 | 666,000 | |||
Interest expense, net | 229,000 | 201,000 | |||
Income (loss) before income tax | 265,000 | 465,000 | |||
Income tax | 98,000 | 171,000 | |||
Net income (loss) | $ 167,000 | $ 294,000 | |||
Net income (loss) per share | $ 0.09 | $ 0.16 | |||
Weighted average diluted common | |||||
shares outstanding | 1,911,000 | 1,896,000 | |||
5/1/2003 | |||||
END | |||||
