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Hallwood sail cloth & flag sales drop

17
Aug '09
For the quarter, Hallwood reported net income of $3.6 million, or $2.34 per share, compared to a net loss of $1.3 million, or $(0.87) per share, in 2008.

For the six months, net income was $6.5 million, or $4.28 per share, compared to net income of $236,000, or $0.15 per share, in 2008. The 2008 three and six month results included an equity loss from the Company's Hallwood Energy, L.P. affiliate in the amount of $9.2 million and $12.1 million, respectively.

Following is a comparison of results for the 2009 and 2008 periods:
Operating Income.
For the 2009 and 2008 quarters, operating income, primarily from textile products operations, was $5.8 million and $7.6 million, on revenue of $44.3 million and $47.1 million, respectively.

For the 2009 and 2008 six months, operating income was $10.6 million and $13.8, on revenue of $84.0 million and $91.1 million, respectively. Decreased revenue and operating income were primarily due to a decrease in the commercial market segment, as well as sail cloth, flag and other customer products affected by the current economic downturn. Sales of specialty fabric to U. S. military contractors of $32.0 million and $60.4 million in the 2009 second quarter and six month periods, respectively, were comparable to the 2008 sales of $32.0 million and $60.1 million, respectively.

Other Income (Loss).
Other income (loss) consists of equity losses from the Company's minority investment in its Hallwood Energy, L.P. affiliate, interest expense, and interest and other income.

For the 2009 and 2008 second quarters, other income (loss) was a loss of $49,000 and $9.3 million, respectively, including an equity loss from its energy investment of $9.2 million in the 2008 quarter. For the 2009 and 2008 six months, other income (loss) was a loss of $110,000 and $12.5 million, respectively, including an equity loss from its energy investment of $12.1 million in the 2008 period.

Income Tax Expense (Benefit).
For the 2009 second quarter, income taxes was an expense of $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 2008 second quarter, the income taxes was a benefit of $372,000, which included a non cash deferred federal tax benefit of $686,000 and state tax expense
of $314,000.

For the 2009 six months, income taxes was an expense of $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 state tax expense of $618,000. For the 2008 six months, income taxes was an expense of $1.1 million, which included a non cash deferred federal tax expense of $121,000 and current state tax expense of $973,000.

The Hallwood Group Incorporated is a holding company that has a 100% consolidated investment in its textile products subsidiary, and a 22% equity investment in its energy affiliate. The Company's textile products subsidiary is an integrated textile company that develops and produces innovative woven fabrics through specialized finishing, treating and coating processes.

THE HALLWOOD GROUP INCORPORATED


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