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Loss from textile products operations; Hallwood Group
17
May '11
The Hallwood Group Incorporated reported results for the first quarter ended March 31, 2011.

For the 2011 first quarter, the Company had a net loss of $1.0 million, or $(0.65) per share, compared to net income of $5.3 million, or $3.44 per share, in 2010, on revenue of $26.8 million and $47.2 million, respectively.

Following is a comparison of results for the 2011 and 2010 periods:

Operating Income. The operating income (loss) for the 2011 and 2010 first quarters, primarily from textile products operations, was $(1.6) million and $8.2 million, respectively. The decrease was principally due to a decrease in sales of specialty fabric to U.S. military contractors as a result of decreases in orders from the military to Brookwood's customers, partially offset by increased sales in its other market segments.

Military sales accounted for $10.2 million and $34.7 million in the 2011 and 2010 first quarters, which represented 38.0% and 73.5% of Brookwood's sales, respectively. Military sales have historically been cyclical in nature. Orders for military goods in the 2010 fourth quarter and 2011 first quarter declined significantly, which affected the 2011 first quarter military sales. Brookwood has noted an increased level of military orders in late March and April, that will be processed in the remaining 2011 periods, however, not to the same level as the first half of 2010.

Other Income (Loss). Other income (loss) consists of interest expense, and interest and other income. For the 2011 first quarter, other income (loss) was a loss of $9,000, compared to a loss of $60,000 in 2010, principally due to reduced interest expense on Brookwood's revolving credit facility.

Income Tax Expense (Benefit). For the 2011 first quarter, the income tax benefit was $584,000, which included a $590,000 current federal tax benefit and a $6,000 state tax expense, compared to the 2010 first quarter income tax expense of $2.9 million, which included a $2.6 million current federal tax expense and a $313,000 state tax expense.

Hallwood Group Incorporated

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