Home / Knowledge / News / Apparel/Garments / Sailcloth & flag products sales up at Hallwood Group
Sailcloth & flag products sales up at Hallwood Group
18
Apr '11
The Hallwood Group Incorporated reported results for the fourth quarter and year ended December 31, 2010.

For the fourth quarter, Hallwood reported a net loss of $573,000, or $0.38 per share, compared to net income of $6.5 million, or $4.24 per share, in 2009.

For the year, Hallwood reported net income of $9.9 million, or $6.48 per share, compared to net income of $17.1 million, or $11.18 per share, in 2009.

Following is a comparison of results for the 2010 and 2009 periods:

Operating Income (Loss). For the 2010 and 2009 fourth quarters, operating income (loss) was $(558,000) and $8.8 million, on revenues of $36.5 million and $51.4 million, respectively.

For the 2010 and 2009 years, operating income was $16.2 million and $25.6 million, on revenues of $168.4 million and $179.6 million, respectively. The decreases were principally due to reduced sales of specialty fabric to U.S. military subcontractors as a result of reduced orders from the military to Brookwood's customers. Military sales represented 57.6% and 67.9% for the 2010 fourth quarter and annual periods, respectively, compared to 72.5% and 72.5% for the 2009 fourth quarter and annual periods, respectively.

Sales of other products in the commercial market segment, sailcloth and flag products increased in the 2010 periods as compared to 2009 sales levels. The gross profit margin was 25.2% in 2010 versus 28.3% in 2009. The lower gross profit margin for 2010 was attributed to the lower sales volume, changes in product mix and higher royalty costs, partially offset by manufacturing efficiencies such as reductions in material working loss.

Other Income (Loss). Other income (loss) consists of interest expense partially offset by interest and other income.

For the fourth quarter, other income (loss) was a loss of $92,000 in 2010, compared to a loss of $78,000 in 2009.

For the year, other income (loss) was a loss of $291,000, compared to a loss of $216,000 in 2009.

Income Tax Expense. For the 2010 fourth quarter, the income tax benefit was $77,000, which included a current federal tax benefit of $579,000, a noncash deferred federal tax expense of $65,000, and a current and deferred state tax expense of $9,000 and $428,000, respectively.

For the 2009 fourth quarter, the income tax expense was $2.2 million, which included a current federal tax expense of $4.1 million, a noncash deferred federal tax benefit of $1.6 million, and a state tax benefit of $235,000.

For the 2010 year, the income tax expense was $6.0 million, which included a current federal tax expense of $4.6 million, a noncash deferred federal tax expense of $239,000, and current and deferred state tax expense of $740,000 and $428,000, respectively.

For the 2009 year, the income tax expense was $8.4 million, which included a current federal tax expense of $5.4 million, a noncash deferred federal tax expense of $2.5 million, current and deferred state tax expense (benefit) of $1,144,000 and $(429,000), respectively, and a foreign tax benefit of $280,000.

The Hallwood Group Incorporated, a Delaware corporation formed in September 1981, operates as a holding company. Hallwood's principal business is in the textile products industry, which is conducted through the Company's wholly owned subsidiary, Brookwood Companies Incorporated. Brookwood is an integrated textile firm that develops and produces innovative fabrics and related products through specialized finishing, treating and coating processes.

Hallwood Group Incorporated


Must ReadView All

Sanjay K Jain, managing director, TT Ltd

Textiles | On 21st Sep 2017

TT’s Sanjay Jain elected new chairman of CITI

The Confederation of Indian Textile Industry (CITI), the apex body...

Textiles | On 21st Sep 2017

NRF urges US lawmakers to lower corporate tax rates

The National Retail Federation (NRF) has written to the US Senate...

Apparel/Garments | On 21st Sep 2017

UK fashion exports £10.7 bn in 2016; highest till now

Exports of British fashion goods rose to £10.7 billion in 2016, the...

Interviews View All

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search