Home / Knowledge / News / Textiles / Hallwood sail cloth & flag sales drop
Hallwood sail cloth & flag sales drop
17
Aug '09
For the quarter, Hallwood reported net income of $3.6 million, or $2.34 per share, compared to a net loss of $1.3 million, or $(0.87) per share, in 2008.

For the six months, net income was $6.5 million, or $4.28 per share, compared to net income of $236,000, or $0.15 per share, in 2008. The 2008 three and six month results included an equity loss from the Company's Hallwood Energy, L.P. affiliate in the amount of $9.2 million and $12.1 million, respectively.

Following is a comparison of results for the 2009 and 2008 periods:
Operating Income.
For the 2009 and 2008 quarters, operating income, primarily from textile products operations, was $5.8 million and $7.6 million, on revenue of $44.3 million and $47.1 million, respectively.

For the 2009 and 2008 six months, operating income was $10.6 million and $13.8, on revenue of $84.0 million and $91.1 million, respectively. Decreased revenue and operating income were primarily due to a decrease in the commercial market segment, as well as sail cloth, flag and other customer products affected by the current economic downturn. Sales of specialty fabric to U. S. military contractors of $32.0 million and $60.4 million in the 2009 second quarter and six month periods, respectively, were comparable to the 2008 sales of $32.0 million and $60.1 million, respectively.

Other Income (Loss).
Other income (loss) consists of equity losses from the Company's minority investment in its Hallwood Energy, L.P. affiliate, interest expense, and interest and other income.

For the 2009 and 2008 second quarters, other income (loss) was a loss of $49,000 and $9.3 million, respectively, including an equity loss from its energy investment of $9.2 million in the 2008 quarter. For the 2009 and 2008 six months, other income (loss) was a loss of $110,000 and $12.5 million, respectively, including an equity loss from its energy investment of $12.1 million in the 2008 period.

Income Tax Expense (Benefit).
For the 2009 second quarter, income taxes was an expense of $2.2 million, which included a non cash deferred federal tax expense of $1.8 million, a current federal tax expense of $62,000, and state tax expense of $375,000. For the 2008 second quarter, the income taxes was a benefit of $372,000, which included a non cash deferred federal tax benefit of $686,000 and state tax expense
of $314,000.

For the 2009 six months, income taxes was an expense of $4.0 million, which included a non cash deferred federal tax expense of $3.3 million, a current federal tax expense of $62,000, and state tax expense of $618,000. For the 2008 six months, income taxes was an expense of $1.1 million, which included a non cash deferred federal tax expense of $121,000 and current state tax expense of $973,000.

The Hallwood Group Incorporated is a holding company that has a 100% consolidated investment in its textile products subsidiary, and a 22% equity investment in its energy affiliate. The Company's textile products subsidiary is an integrated textile company that develops and produces innovative woven fabrics through specialized finishing, treating and coating processes.

THE HALLWOOD GROUP INCORPORATED

Must ReadView All

Textiles | On 18th Jan 2017

China lays out plan to boost foreign investment

The Government of China has outlined measures to boost foreign...

Prime Minister Theresa May speaking on the UK government's negotiating objectives for exiting the EU. Courtesy: UK government

Textiles | On 18th Jan 2017

UK to pursue trade agreements with other countries

The United Kingdom will pursue free trade agreements with the EU and...

Courtesy: IMF

Textiles | On 18th Jan 2017

Risks to global growth outlook skewed to downside: IMF

Risks to the global growth outlook are two sided but are assessed to...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mohammad Hassan
Biax Fiberfilm

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

Kai Poehler
Voith Paper GmbH & Co. KG

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

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Yash P. Kotak
Bombay Hemp Company

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search