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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


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