Hallwood Group net income up $28.9mn in 2005

14 Nov '05

4 min read

The Hallwood Group Incorporated reported results for the third quarter and nine months ended September 30, 2005. For the quarter, net income was $28.9 million, or $18.95 per share, assuming dilution, compared to $28.6 million, or $19.25 per share, in 2004. For the nine months, net income was $25.5 million, or $16.93 per share, assuming dilution, compared to net income of $56.0 million, or $38.06 per share, in 2004.

Continuing operations. Income from continuing operations was $28.9 million, or $18.95 per share, for the 2005 quarter, compared to $803,000, or $0.54 per share, in 2004, on revenue of $30.2 million and $31.3 million, respectively. The 2005 third quarter included a $52.0 million gain from the disposition of its investment in Hallwood Energy III, L.P., one of the Company's energy affiliates.

Income from continuing operations was $25.5 million, or $16.93 per share, for the 2005 nine months, compared to $16.8 million, or $11.41 per share, in 2004, on revenue of $103.4 million and $98.1 million, respectively.

Discontinued operations. The Company completed the merger and sale of its limited partnership and general partnership interests in Hallwood Realty Partners, L.P. on July 16, 2004. The Company also reclassified operations of its previously managed hotel from continuing operations to discontinued operations.

The 2004 third quarter income from discontinued operations of $27.8 million, or $18.71 per share, included a gain of $27.9 million, net of tax, from the disposition of Hallwood Realty Partners, L.P. The 2004 nine months income from discontinued operations was $39.2 million, net of tax, or $26.65 per share.

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