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

Textiles | On 22nd Jul 2017

Govt constitutes GST Feedback and Action Room

The Government of India has constituted a Feedback and Action Room...

Textiles | On 22nd Jul 2017

India’s cotton textile exports fell in FY17: Tamta

The overall export of cotton textiles from India declined in 2016-17...

Textiles | On 22nd Jul 2017

Stella McCartney, Bolt Threads partner for eco fashion

Fashion designer Stella McCartney has partnered with Bolt Threads for ...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Ashok Desai
Bombay Textile Research Association

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Judy Frater
Somaiya Kala Vidya

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

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X