Printer Friendly

THE HALLWOOD GROUP REPORTS SECOND-QUARTER RESULTS

 THE HALLWOOD GROUP REPORTS SECOND-QUARTER RESULTS
 DALLAS, March 13 /PRNewswire/ -- The Hallwood Group Incorporated


(NYSE: HWG) lost $2.8 million, or 48 cents per share, in the second quarter ended Jan. 31. This compares to a loss of $788,000, or 13 cents per share, in the same quarter a year ago. Fiscal 1992 results include an extraordinary gain of $425,000 from extinguishment of certain 13.5 percent subordinated debentures. Revenue was $24.0 million, up from $21.6 million last year.
 Hallwood recognized income of $564,000 from its investments in ShowBiz Pizza Time, Inc. This compares to income of $596,000 in the prior-year quarter, before ShowBiz paid down debt to Hallwood. Lower interest rates on the debt also contributed to the decline. The six-month comparison was $1.9 million in the current year, vs. $1.7 million last year.
 As a 52 percent subsidiary, Hallwood Energy Corporation contributed $156,000 to income of The Hallwood Group. Last year the contribution was $490,000. Hallwood Energy is the general partner and a 12 percent owner of Hallwood Energy Partners, L.P.
 Loss from asset held for sale (Integra) was $1.5 million, compared to income of $255,000 last year. Although cash interest payments on loans to Integra continue to be received, they are being applied to increase the reserve against carrying value of the loans. In fiscal 1991 such payments were recognized as interest during the year, but reclassified as reserves at year-end.
 Real estate performance -- income of $211,000, vs. a loss of $311,000 last year -- primarily reflected operations of three additional hotels acquired from Integra in July 1991.
 Textile products operations, represented by Hallwood's 100 percent ownership of Brookwood Companies Incorporated, declined to a loss of $344,000 for the quarter, compared to a loss of $176,000 in the prior-year period. Although Brookwood continues to prosper in its core converting business, it is suffering from overcapacity at its Kenyon plant.
 For the first six months, Hallwood lost $4.0 million, including $451,000 extraordinary gain from extinguishment of certain 13.5 percent subordinated debentures, or 67 cents per share, compared to a loss of $1.2 million, or 19 cents per share, last year.
 Revenue for the first half was $50.9 million, vs. $42.4 million a year ago.
 THE HALLWOOD GROUP INCORPORATED
 (In thousands, except per share amounts)
 Three Months Ended Jan. 31
 1992 1991
 Revenue $24,023 $21,598
 Loss before extraordinary item (3,182) (788)
 Extraordinary item (a) 425 ---
 Net (loss) (2,757) (788)
 (Loss) per share (.48) (.13)
 Average shares outstanding 5,771 6,170
 Six Months Ended Jan. 31
 1992 1991
 Revenue $50,871 $42,438
 Loss before extraordinary item (4,404) (1,150)
 Extraordinary item (a) 451 ---
 Net (loss) (3,953) (1,150)
 (Loss) per share (.67) (.19)
 Average shares outstanding 5,863 6,132
 (a) -- Gain from extinguishment of debt.
 -0- 3/13/92
 /CONTACT: Allan E. Morris, director of corporate communications of The Hallwood Group Inc., 216-696-1111/
 (HWG) CO: The Hallwood Group Inc. ST: Texas IN: FIN SU: ERN


CG -- CL012 -- 7853 03/13/92 14:03 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 13, 1992
Words:525
Previous Article:MAZDA REPORTS FIRST 10-DAY DOMESTIC SALES FOR MARCH 1992
Next Article:UWSI & MIDELFORT CLINIC FINALIZE JOINT VENTURE
Topics:


Related Articles
THE HALLWOOD GROUP REPORTS THIRD-QUARTER RESULTS
THE HALLWOOD GROUP REPORTS FISCAL 1993 SECOND QUARTER RESULTS
THE HALLWOOD GROUP REPORTS FISCAL 1993 SECOND QUARTER RESULTS
THE HALLWOOD GROUP REPORTS FISCAL 1994 FOURTH QUARTER, YEAR-END RESULTS
HALLWOOD GROUP REPORTS FISCAL 1995 FIRST QUARTER RESULTS
HALLWOOD GROUP REPORTS FISCAL 1995 SECOND QUARTER RESULTS
HALLWOOD GROUP REPORTS FISCAL 1995 THIRD QUARTER RESULTS
HALLWOOD GROUP REPORTS RESULTS FOR THE QUARTER ENDED OCTOBER 31, 1995
Hallwood Group Reports Results for the Second Quarter Ended June 30, 1996
The Hallwood Group Incorporated Reports Results for the First Quarter Ended March 31, 1997

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters