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Textile maker Hallwood Group reports net income loss
15 May '06
2 min read
The Hallwood Group Incorporated reported results for the first quarter ended March 31, 2006.
For the quarter, net income was $464,000, or $0.30 per share, assuming dilution, compared to $906,000, or $0.60 per share, in 2005, on revenue of $30.8 million and $37.3 million, respectively.
Following is a comparison of results for the 2006 and 2005 quarters: Operating Income (Loss). Operating income (loss) for the 2006 and 2005 quarters, primarily from textile products operations, was $1.3 million and $1.8 million, on revenue of $30.8 million and $37.3 million, respectively. Operating income and revenue declined primarily due to a decrease in military sales to $15.7 million in 2006 from $21.4 million in 2005. Revenue for the 2005 quarter included $931,000 from a former energy subsidiary that was sold in May 2005.
Other Income (Loss). Other income (loss) consists of equity losses from its minority investment in affiliated Hallwood Energy, L.P. (and predecessor entities), interest expense, interest income and other income and expense.
Other income (loss) for the 2006 and 2005 quarters, was a loss of $359,000 and income of $97,000, respectively. The equity loss was $350,000 for the 2006 quarter, compared to a loss of $306,000 in 2005. The 2005 quarter included a reduction to the December 2004 gain on sale of the Company's investment in Hallwood Energy Corporation in the amount of $113,000. Interest expense was $117,000 and $132,000, in the 2006 and 2005 quarters, respectively. Interest income and other income and expense was $108,000 and $648,000 in the 2006 and 2005 quarters, respectively. The decrease in interest income was the result of lower amounts of cash and marketable securities in 2006.
For the quarter, net income was $464,000, or $0.30 per share, assuming dilution, compared to $906,000, or $0.60 per share, in 2005, on revenue of $30.8 million and $37.3 million, respectively.
Following is a comparison of results for the 2006 and 2005 quarters: Operating Income (Loss). Operating income (loss) for the 2006 and 2005 quarters, primarily from textile products operations, was $1.3 million and $1.8 million, on revenue of $30.8 million and $37.3 million, respectively. Operating income and revenue declined primarily due to a decrease in military sales to $15.7 million in 2006 from $21.4 million in 2005. Revenue for the 2005 quarter included $931,000 from a former energy subsidiary that was sold in May 2005.
Other Income (Loss). Other income (loss) consists of equity losses from its minority investment in affiliated Hallwood Energy, L.P. (and predecessor entities), interest expense, interest income and other income and expense.
Other income (loss) for the 2006 and 2005 quarters, was a loss of $359,000 and income of $97,000, respectively. The equity loss was $350,000 for the 2006 quarter, compared to a loss of $306,000 in 2005. The 2005 quarter included a reduction to the December 2004 gain on sale of the Company's investment in Hallwood Energy Corporation in the amount of $113,000. Interest expense was $117,000 and $132,000, in the 2006 and 2005 quarters, respectively. Interest income and other income and expense was $108,000 and $648,000 in the 2006 and 2005 quarters, respectively. The decrease in interest income was the result of lower amounts of cash and marketable securities in 2006.
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