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

Courtesy: American Silk Mills

Textiles | On 18th Oct 2017

Sutlej Textiles adds American Silk Mills to its portfolio

Sutlej Textiles and Industries Ltd (STIL) has announced the...

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Hardik Sanghvi

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

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Marten Alkhagen
Swerea IVF AB

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Steve Cole
Xerium Technologies

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

Judy Frater
Somaiya Kala Vidya

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

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

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

October 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

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

Yes No

Active Poll

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

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

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

Yes No

Active Poll

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

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

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

Active Poll

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

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


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