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Hallwood Group Inc posts lower gross profit margins in textiles
16 Aug '05
4 min read
Diversified holding company operating in two industry segments: real estate and textile products, The Hallwood Group Incorporated reported results for the second quarter and six months ended June 30, 2005.
For the quarter, Hallwood reported a net loss of $4.3 million, or $(3.02) per share, assuming dilution, compared to net income of $13.6 million, or $9.30 per share, in 2004. The loss from continuing operations was $4.3 million, or $(3.02) per share, compared to income of $10.7 million, or $7.27 per share, in 2004, on revenue of $35.9 million and $35.6 million, respectively.
For the six months, the net loss was $3.4 million, or $(2.47) per share, assuming dilution, compared to net income of $27.3 million, or $18.77 per share, in 2004. The loss from continuing operations was $3.4 million, or $(2.47) per share, compared to income of $16.0 million, or $10.97 per share, in 2004, on revenue of $73.2 million and $66.8 million, respectively.
The 2005 results included a $5.0 million bonus awarded to the Company's chairman by a special committee comprised of independent directors in July 2005. The 2004 periods included substantial non-cash deferred federal income tax benefits, principally from the anticipated utilization of net operating tax loss carryforwards from the gain on sale of its real estate business.
The Company received approximately $54.8 million from the sale of its investment in Hallwood Energy III, L.P., announced on July 18,2005, and will report a substantial gain in its results for the third quarter.
For the quarter, Hallwood reported a net loss of $4.3 million, or $(3.02) per share, assuming dilution, compared to net income of $13.6 million, or $9.30 per share, in 2004. The loss from continuing operations was $4.3 million, or $(3.02) per share, compared to income of $10.7 million, or $7.27 per share, in 2004, on revenue of $35.9 million and $35.6 million, respectively.
For the six months, the net loss was $3.4 million, or $(2.47) per share, assuming dilution, compared to net income of $27.3 million, or $18.77 per share, in 2004. The loss from continuing operations was $3.4 million, or $(2.47) per share, compared to income of $16.0 million, or $10.97 per share, in 2004, on revenue of $73.2 million and $66.8 million, respectively.
The 2005 results included a $5.0 million bonus awarded to the Company's chairman by a special committee comprised of independent directors in July 2005. The 2004 periods included substantial non-cash deferred federal income tax benefits, principally from the anticipated utilization of net operating tax loss carryforwards from the gain on sale of its real estate business.
The Company received approximately $54.8 million from the sale of its investment in Hallwood Energy III, L.P., announced on July 18,2005, and will report a substantial gain in its results for the third quarter.
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