Hallwood Group Inc posts lower gross profit margins in textiles
16 Aug '05
4 min read
Income Taxes: For the 2005 second quarter, income tax expense relating to continuing operations was $873,000, which included a noncash deferred federal tax benefit of $252,000, current federal tax expense of $650,000 and state tax expense of $475,000. For the 2004 second quarter, the income tax benefit relating to continuing operations was $4.3 million, which included a noncash deferred federal tax benefit of $5.2 million, current federal tax expense of $220,000 and state tax expense of $727,000.
For the 2005 six months, income tax expense relating to continuing operations was $1.9 million, which included a noncash deferred federal tax expense of $239,000, current federal tax expense of $656,000 and state tax expense of $983,000. For the 2004 six months, the income tax benefit relating to continuing operations was $6.5 million, which included a noncash deferred federal tax benefit of $7.9 million, current federal tax expense of $221,000 and state tax expense of $1.2 million.
Discontinued Operations: Discontinued operations consisted of the Company's former real estate and hotel business segments. For the 2004 second quarter, income from discontinued operations was $3.0 million, or $2.03 per share, which included a deferred federal income tax benefit of $2.3 million from the anticipated utilization of net operating loss carryforwards.
For the 2004 six months, income from discontinued operations was $11.4 million, or $7.80 per share, which included a deferred federal income tax benefit of $9.6 million.
Texas based The Hallwood Group Incorporated is a diversified holding company operating in two industry segments: real estate and textile products. The Company's real estate operations formerly included 116 buildings under management in six states. 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.