Home / Knowledge / News / Textiles / Operating income from textile products operations up, HWG
Operating income from textile products operations up, HWG
16
Aug '10
The Hallwood Group Incorporated reported results for the second quarter and six months ended June 30, 2010.

For the quarter, net income was $4.8 million, or $3.14 per share, compared to net income of $3.6 million, or $2.34 per share, in 2009 on revenue of $47.9 million and $44.3 million, respectively.

For the six months, net income was $10.0 million, or $6.59 per share, compared to net income of $6.5 million, or $4.28 per share, in 2009 on revenue of $95.1 million and $84.0 million, respectively.

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

Operating Income. For the 2010 and 2009 second quarters, operating income, primarily from textile products operations, was $7.6 million and $5.8 million, respectively. For the 2010 and 2009 six months, operating income was $15.8 million and $10.6 million, respectively.

The increases in revenue and operating income were primarily due to an increase in sales of specialty fabric to U.S. military contractors, as a result of increases in orders from the military to Brookwood's customers, as well as increased sales in the commercial market segment, sail cloth and flag products.

Sales of specialty fabric to U. S. military contractors of $35.3 million and $70.0 million in the 2010 second quarter and six month periods, respectively, increased from the 2009 sales of $32.0 million and $60.4 million, respectively. The military sales represented 73.6% and 73.6% for the 2010 second quarter and six month periods, compared to 72.3% and 72.0% for the 2009 periods, respectively.

Other Income (Loss). Other income (loss) consists of interest expense, and interest and other income.

For the 2010 and 2009 second quarters, other income (loss) was a loss of $52,000 and $49,000, respectively. For the 2010 and 2009 six months, other income (loss) was a loss of $112,000 and $110,000, respectively.

Income Tax Expense. For the 2010 second quarter, the income tax expense was $2.7 million, which included a $2.4 million current federal tax expense, and a $282,000 state tax expense. For the 2009 second quarter, the income tax expense was $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 2010 six months, income tax expense was $5.6 million, which included a $5.0 million current federal tax expense and a $595,000 state tax expense. For the 2009 six months, income tax expense was $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 current state tax expense of $618,000.

The Hallwood Group Incorporated is a holding company with interests in textile products and energy. The Company has a 100% consolidated investment in its textile products subsidiary and a 22% equity investment in its private energy affiliate, Hallwood Energy, L.P. The Company's textile products subsidiary, Brookwood Companies Incorporated, is an integrated textile firm that develops and produces innovative fabrics and related products through specialized finishing, treating and coating processes.

The Hallwood Group Incorporated


Must ReadView All

May 31 deadline for registration of chemicals under REACH

Textiles | On 23rd May 2018

May 31 deadline for registration of chemicals under REACH

May 31 is the final deadline for companies to register all chemicals...

US cotton production projected to decline in 2018: USDA

Textiles | On 23rd May 2018

US cotton production projected to decline in 2018: USDA

US cotton production is forecast at 19.5 million bales, nearly 7 per...

Pakistan's textile exports up 8.13% in July-April FY18

Textiles | On 23rd May 2018

Pakistan's textile exports up 8.13% in July-April FY18

The value of textile and garment exports from Pakistan increased by...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Steve Cole
Xerium Technologies

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

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Marten Alkhagen
Swerea IVF AB

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

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search