; EXHIBIT 99
FOR IMMEDIATE RELEASE
For: Moore-Handley, Inc. Contact: Carol Temple
P. O. Box 2607 (205) 663-8316
Birmingham, Alabama 35202
Moore-Handley, Inc. Reports Results of Operations for the Quarter Ended June 30, 2003
Birmingham, AL, August 7, 2003 -- Moore-Handley, Inc. (Nasdaq:MHCO), a Birmingham-based distributor of hardware and home center products, reported a net loss of $133,000 or $0.07 per diluted share for the quarter ended June 30, 2003 vs. net income of $328,000 or $0.17 per diluted share for the same period in 2002. The quarter ended June 30, 2003 included a charge to income, net of taxes, of $227,000 or $0.13 per diluted share because of a change in the allowance for uncollectible vendor receivables. This change in estimate was based on new information developed as the result of improved accounting and internal controls for vendor receivables.
Sales for the quarter were $38,276,000, down 5.2% from the same quarter last year. Sales for the six months ended June 30, 2003 were $78,542,000 or 1.4% below those for the comparable period in 2002. Net income for the first six months of 2003 was $34,000 or $0.02 per diluted share vs. $621,000 or $0.32 per diluted share for the same period last year.
Summary results of operations follows:
Moore-Handley, Inc. | |||||||||||||
Summary Statements of Operations | |||||||||||||
(UNAUDITED) | |||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||
June 30 | June 30 | ||||||||||||
2003 | 2002 | 2003 | 2002 | ||||||||||
Sales | $ 38,276,000 | $ 40,379,000 | $ 78,542,000 | $ 79,617,000 | |||||||||
Cost of merchandise sold | 32,307,000 | 33,910,000 | 66,500,000 | 67,034,000 | |||||||||
Warehouse and delivery expense | 2,486,000 | 2,301,000 | 4,864,000 | 4,618,000 | |||||||||
Cost of sales | 34,793,000 | 36,211,000 | 71,364,000 | 71,652,000 | |||||||||
Gross profit | 3,483,000 | 4,168,000 | 7,178,000 | 7,965,000 | |||||||||
Selling and administrative expense | 3,456,000 | 3,427,000 | 6,657,000 | 6,559,000 | |||||||||
Operating income | 27,000 | 741,000 | 521,000 | 1,406,000 | |||||||||
Interest expense, net | 238,000 | 222,000 | 467,000 | 423,000 | |||||||||
Income (loss) before income tax | (211,000) | 519,000 | 54,000 | 983,000 | |||||||||
Income tax | (78,000) | 191,000 | 20,000 | 362,000 | |||||||||
Net income (loss) | $ (133,000) | $ 328,000 | $ 34,000 | $ 621,000 | |||||||||
Net income (loss) per share - diluted | $ (0.07) | $ 0.17 | $ 0.02 | $ 0.32 | |||||||||
Weighted average diluted common | |||||||||||||
shares outstanding | 1,805,000 | 1,967,000 | 1,883,000 | 1,931,000 | |||||||||
8/7/2003 | |||||||||||||
END | |||||||||||||
