Home / Knowledge / News / Textiles / Specialty fabrics help Hallwood post sales growth
Specialty fabrics help Hallwood post sales growth
02
Apr '10
The Hallwood Group Incorporated reported results for the fourth quarter and year ended December 31, 2009.

For the fourth quarter, Hallwood reported net income of $6.5 million, or $4.24 per share, compared to a net loss of $93,000, or $0.06 per share, in 2008.

For the year, Hallwood reported net income of $17.1 million, or $11.18 per share, compared to net income of $1.4 million, or $0.92 per share, in 2008.

The 2008 results included an equity loss from the Company's former affiliate, Hallwood Energy, L.P. of $12.1 million.

Following is a comparison of results for the 2009 and 2008 periods:

Operating Income. For the 2009 and 2008 fourth quarters, operating income was $8.8 million and $38,000, on revenues of $51.4 million and $35.6 million, respectively.

For the 2009 and 2008 years, operating income was $25.6 million and $15.8 million, on revenues of $179.6 million and $162.2 million, respectively. The increases in 2009 revenue and operating income were primarily due to higher sales of specialty fabric to U.S. military contractors, which were $37.3 million and $130.1 million for the fourth quarter and year in 2009, compared to $20.7 million and $101.8 million for the fourth quarter and year in 2008, respectively.

The gross profit margin improved to 28.3% for 2009, compared to 23.7% for 2008. The higher gross profit margin is attributable to higher sales volumes, changes in product mix, energy savings and manufacturing efficiencies such as a reduction in working loss.

Other Income (Loss). Other income (loss) consists of an equity loss from its Hallwood Energy investment in 2008, as well as interest expense, and interest and other income.

For the fourth quarter, other income (loss) was a loss of $78,000, compared to a loss of $49,000 in 2008.

For the year, other income (loss) was a loss of $216,000, compared to a loss of $12.7 million in 2008, due to the aforementioned equity loss from Hallwood Energy.

Income Tax Expense. 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 2008 fourth quarter, the income tax expense was $82,000, which included a current federal tax benefit of $7,000, a noncash deferred federal tax expense of $306,000, state tax benefit of $497,000 and foreign tax expense of $280,000.

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, state tax expense of $715,000, and a foreign tax benefit of $280,000.

For the 2008 year, the income tax expense was $1.7 million, which included a current federal tax benefit of $116,000, a noncash deferred federal tax expense of $744,000, state tax expense of $797,000 and foreign tax expense of $280,000.

The Hallwood Group Incorporated

Must ReadView All

Textiles | On 27th Mar 2017

Himatsingka to disinvest 100% stake in Italian subsidiary

The board of directors at Indian home textiles manufacturer and...

Courtesy: Flipkart

Apparel/Garments | On 27th Mar 2017

Flipkart bags $1bn funding at lower valuation

In a new round of funding, Flipkart, one of India's biggest ecommerce ...

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Interviews View All

Neel Sawhney
One Friday

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

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Bani Batra

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

Sonam & Paras Modi
SVA

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

Igor Chapurin
Chapurin

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

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
March 2017

March 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