Home / Knowledge / News / Textiles / Hallwood Group drastically reduces losses in Q2
Hallwood Group drastically reduces losses in Q2
16
Aug '13
The Hallwood Group Incorporated reported results for the second quarter ended June 30, 2013.

For the second quarter of 2013, the Company had a net loss of $357,000, or $(0.23) per share, compared to a net loss of $1.2 million, or $(0.80) per share for the 2012 second quarter, on revenue of $32.5 million and $37.2 million, respectively.  For the six months ended June 30, 2013, the net loss was $1.7 million, or $(1.12) per share, compared to a net loss of $10.8 million, or $(7.07) per share, for the same period in 2012 on revenue of $63.8 million and $73.1 million, respectively.

Following is a comparison of results for the 2013 and 2012 periods:

Operating Income (Loss). The operating income (loss) for the 2013 and 2012 second quarters was $41,000 and $(1.8) million, respectively. The operating income (loss) for the six months ended June 30, 2013 and 2012 was $(1.1) million and $(16.2) million, respectively.

As previously disclosed, the 2012 first quarter results included a $13.2 million litigation charge as a result of the decision issued by the United States District Court on April 24, 2012 in which it entered a final judgment substantially adopting the proposed findings that the Bankruptcy Court issued in July 2011 in the Adversary Proceeding.

The Company operates its principal business in the textile products industry through its wholly owned subsidiary, Brookwood Companies Incorporated ("Brookwood").  Brookwood's textile products sales of $32,484,000 decreased by $4,698,000, or 12.6%, in the 2013 second quarter, compared to $37,182,000 for the same period in 2012. 

Sales for the six month period ended June 30, 2013 of $63,767,000 decreased by $9,294,000, or 12.7%, compared to $73,061,000 for the same period in 2012. The decreases in 2013 were principally due to reduced sales of specialty fabric to U.S. military contractors as a result of decreases in orders from the military to Brookwood's customers.

Military sales accounted for $16,388,000 and $32,102,000 in the 2013 second quarter and six month period ended June 30, 2013, respectively, compared to $19,556,000 and $41,231,000 for the same periods in 2012. The military sales represented 50.5% and 52.6% of Brookwood's net sales in the 2013 and 2012 second quarters, respectively, and 50.3% and 56.4% in the 2013 and 2012 six month periods, respectively.

Additionally, the results included costs and expenses incurred by the Company and Brookwood in the Hallwood Energy and Nextec litigation matters totaling $212,000 and $1,770,000 for the 2013 and 2012 second quarters, respectively, and $272,000 and $3,540,000 for the 2013 and 2012 six month periods, respectively. These legal matters are more fully described in the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2013.

Hallwood Group

Must ReadView All

Textiles | On 7th Dec 2016

New Texprocil chairman bats for increased UPI adoption

Ujwal Lahoti, the new Cotton Textile Export Promotion Council...

RBI Governor Urjit Patel addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

Defying expectations, RBI keeps repo rate unchanged

Defying market expectations, the Monetary Policy Committee (MPC) of...

The new OJ 59/1 B. Courtesy: Karl Mayer

Textiles | On 7th Dec 2016

Karl Mayer unveils new LACE.EXPRESS model for apparel

Germany’s leading textile machinery firm, Karl Mayer, has launched a...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search