-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KqlDcJ8t1Z0dP1NhByJAr7VoqtDTt36PWDSn6BiFOL1rYjfOOQTnC/ElB9jG2kIH 5hxnm6ZQwWIf4A8BG3ZRww== 0000950144-99-007496.txt : 19990616 0000950144-99-007496.hdr.sgml : 19990616 ACCESSION NUMBER: 0000950144-99-007496 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990615 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOORE HANDLEY INC /DE/ CENTRAL INDEX KEY: 0000788951 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-HARDWARE [5072] IRS NUMBER: 630819773 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 000-14324 FILM NUMBER: 99646496 BUSINESS ADDRESS: STREET 1: 133 PEACHTREE STREET STREET 2: SUITE 4710 CITY: ATLANTA STATE: GA ZIP: 30303 BUSINESS PHONE: 2056638011 MAIL ADDRESS: STREET 2: 3140 PELHAM PKWY CITY: PELHAM STATE: AL ZIP: 35124 10-Q/A 1 MOORE - HANDLEY, INC. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q/A AMENDMENT NO. 1 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999 OR [ ] Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ COMMISSION FILE NUMBER 0-14324 -------- - ------------------------------------------------------------------------------- MOORE-HANDLEY, INC. (Exact name of registrant as specified in its charter) DELAWARE 63-0819773 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation of organization) Identification No.) 3140 PELHAM PARKWAY, PELHAM, ALABAMA 35124 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) (205) 663-8011 --------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days. Yes X No --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common stock, $.10 par value 1,854,543 shares - ------------------------------ --------------------------- Class Outstanding at May 10, 1999 2 The registrant is hereby filing Amendment No. 1 to Form 10-Q for the quarter ended March 31, 1999 for the purpose of correcting certain financial information and disclosures contained in the (i) Balance Sheets, (ii) Statements of Operations, (iii) Statements of Cash Flows, and (iv) Summary and Operations sections of Management's Discussion and Analysis of Financial Condition and Results of Operations resulting from a miscalculation of accrued payroll in March 1999. MOORE-HANDLEY, INC. INDEX
Item No. Page No. - -------- -------- PART I. FINANCIAL INFORMATION - UNAUDITED 1. Balance Sheets - March 31, 1999 and 1998 and December 31, 1998.................................................. 3 Statements of Operations - Three Months Ended March 31, 1999 and 1998..................................................... 4 Statements of Cash Flows - Three Months Ended March 31, 1999 and 1998..................................................... 5 Notes to Financial Statements......................................................................... 6 2. Management's Discussion and Analysis of Financial Condition and Results of Operations............................................... 7-11 3. Quantitative and Qualitative Disclosures About Market Risk............................................. 10 PART II. OTHER INFORMATION 6. Exhibits and Reports on Form 8-K....................................................................... 11 Signatures............................................................................................ 12
-2- 3 MOORE-HANDLEY, INC. BALANCE SHEETS MARCH 31, 1999 AND 1998 AND DECEMBER 31, 1998
MARCH 31, DECEMBER 31, -------------------------------- ------------- 1999 1998 1998 ---------- ------------ ------------- (unaudited) (unaudited) (Note 1) (restated) (Note 4) ASSETS: Current assets: Cash and cash equivalents............................. $ 309,000 $ 866,000 $ 122,000 Trade receivables, net................................ 30,599,000 29,626,000 24,228,000 Other receivables..................................... 3,549,000 2,580,000 3,073,000 Merchandise inventory................................. 16,242,000 16,502,000 17,707,000 Prepaid expenses...................................... 701,000 444,000 385,000 Refundable income tax................................. - 632,000 - Deferred income taxes................................. 590,000 551,000 590,000 ----------- ------------ ----------- Total current assets............................. 51,990,000 51,201,000 46,105,000 Prepaid pension cost..................................... 1,080,000 965,000 1,146,000 Property and equipment................................... 19,770,000 19,716,000 19,502,000 Less accumulated depreciation......................... (11,798,000) (11,662,000) (11,496,000) ----------- ------------ ----------- Net property and equipment....................... 7,972,000 8,054,000 8,006,000 Deferred charges, net.................................... 16,000 27,000 18,000 ----------- ------------ ----------- $61,058,000 $ 60,247,000 $55,275,000 =========== ============ =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable...................................... $25,549,000 $25,542,000 $19,633,000 Accrued payroll....................................... 606,000 453,000 535,000 Other accrued liabilities............................. 2,232,000 2,030,000 1,994,000 Long-term debt due in one year........................ 1,243,000 1,160,000 1,246,000 ----------- ----------- ----------- Total current liabilities........................ 29,630,000 29,185,000 23,408,000 Long-term debt........................................... 17,099,000 16,695,000 17,453,000 Deferred income taxes.................................... 1,085,000 1,150,000 1,085,000 Stockholders' equity: Common stock, $.10 par value; 10,000,000 shares authorized, 2,510,040 shares issued.......................... 251,000 251,000 251,000 Other stockholders' equity............................ 12,993,000 12,966,000 13,078,000 ----------- ----------- ----------- Total stockholders' equity....................... 13,244,000 13,217,000 13,329,000 ----------- ----------- ----------- $61,058,000 $60,247,000 $55,275,000 =========== =========== ===========
See accompanying notes. -3- 4 MOORE-HANDLEY, INC. STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 1999 1998 ----------- ----------- (restated) (Note 4) Net sales ................................................. $44,663,000 $40,472,000 Cost of merchandise sold .................................. 38,207,000 34,406,000 Warehouse and delivery expense ............................ 2,693,000 2,254,000 ----------- ----------- Cost of sales ............................................. 40,900,000 36,660,000 ----------- ----------- Gross profit .............................................. 3,763,000 3,812,000 Selling and administrative expense ........................ 3,580,000 3,374,000 ----------- ----------- Operating income .......................................... 183,000 438,000 Interest expense, net ..................................... 318,000 365,000 ----------- ----------- Income (loss) before provision for income tax (benefit) ... (135,000) 73,000 Income tax (benefit)....................................... (51,000) 24,000 ----------- ----------- Net income (loss).......................................... $ (84,000) $ 49,000 =========== =========== Net income (loss) per common share - basic and diluted .... $ (.04) $ .03 =========== =========== Weighted average common shares outstanding ................ 1,876,000 1,855,000 =========== ===========
See accompanying notes. -4- 5 MOORE-HANDLEY, INC. STATEMENTS OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 1999 AND 1998 (UNAUDITED)
1999 1998 ----------- ----------- (restated) (Note 4) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss)........................................... $ (84,000) $ 49,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization ..................... 304,000 326,000 Provision for doubtful accounts ................... 75,000 60,000 Change in assets and liabilities: Trade and other receivables ................... (6,922,000) (6,925,000) Merchandise inventory ......................... 1,465,000 533,000 Accounts payable and accrued expenses ......... 6,225,000 7,714,000 Other assets .................................. (250,000) (226,000) ----------- ----------- Total adjustments ............................. 792,000 1,482,000 ----------- ----------- NET CASH PROVIDED BY OPERATING ACTIVITIES ... 813,000 1,531,000 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ....................................... (269,000) (107,000) ----------- ----------- NET CASH USED IN INVESTING ACTIVITIES ............. (269,000) (107,000) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments of long-term debt ....................... (357,000) (1,713,000) ----------- ----------- NET CASH USED IN FINANCING ACTIVITIES ................. (357,000) (1,713,000) ----------- ----------- Net increase (decrease) in cash and cash equivalents .......... 187,000 (289,000) Cash and cash equivalents at beginning of period .............. 122,000 1,155,000 ----------- ----------- Cash and cash equivalents at end of period .................... $ 309,000 $ 866,000 =========== ===========
See accompanying notes. -5- 6 MOORE-HANDLEY, INC. NOTES TO FINANCIAL STATEMENTS (INFORMATION PERTAINING TO THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998 IS UNAUDITED) 1. BASIS OF PRESENTATION The financial statements included herein have been prepared by Moore-Handley, Inc. (the "Company"), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's Annual Report on Form 10-K filed with the Commission on March 31, 1999. The financial information presented herein reflects all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary to a fair statement of the results of the interim periods. The results for interim periods are not necessarily indicative of results to be expected for the year. 2. INCOME PER COMMON SHARE Basic net income per share is based on the weighted average number of common shares outstanding and net income. Diluted net income per share is based on the weighted average of common shares outstanding plus the effect of dilutive employee stock options and net income. Basic and diluted earnings per share were the same for the first quarter of 1999 and 1998. 3. REVENUE RECOGNITION The Company recognizes revenues when goods are shipped. 4. RESTATEMENT OF FINANCIAL INFORMATION The financial statements as of March 31, 1999, as filed in the Company's Form 10-Q on May 14, 1999, have been restated to correct a miscalculation of accrued payroll in March 1999. The effect of the correction has been to reduce net income by $105,000 and earnings per share by $0.05. -6- 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED) SUMMARY Net sales for the quarter ended March 31, 1999 increased $4,191,000 or 10.4% from the same quarter in 1998. Net loss of 4 cents per share on 1,876,000 average shares outstanding compared to net income of 3 cents per share on 1,855,000 average shares as of March 31, 1998. Gross margin improvement of $390,000 in the first quarter of 1999 over the same period in 1998 was offset by disproportionately higher warehouse costs resulting in lower earnings per share on a quarter to quarter basis. NET SALES Warehouse shipments increased $2,866,000 or 11.4% and factory direct shipments increased $1,325,000 or 8.6% compared to the three months ended March 31, 1998. The Company has been making a concerted effort through coordinated sales planning and activities to develop new business utilizing warehouse shipments. The increase in factory direct shipments reflects record sales at a Dealers' Mart held during the quarter and the Company's expanded efforts to increase sales of lumber and building materials. Gross margins on direct shipments are lower than gross margins on warehouse shipments; however, expenses related to direct shipments are also lower. While the trend toward factory direct shipments has resulted in decreased gross margins, the Company believes that direct shipments are an important part of its business as a full-service wholesale distributor. The following table sets forth the major elements of net sales:
Three Months Ended March 31, -------------------------------------- 1999 1998 ---------- --------- (dollars in thousands) Net Sales: Warehouse shipments.................................... $27,997 62.7% $25,131 62.1% Factory direct shipments............................... 16,666 37.3 15,341 37.9 ------- ----- ------- ----- Net Sales.......................................... $44,663 100.0% $40,472 100.0% ======= ===== ======= =====
OPERATIONS The following table sets forth certain financial data as a percentage of net sales for the periods indicated:
Three Months Ended March 31, ---------- 1999 1998 ----- ---- Net Sales ..................................................... 100.0% 100.0% ===== ===== Gross margin .................................................. 14.5 15.0 Warehouse and delivery expense ................................ 6.1 5.6 ----- ----- Gross profit .................................................. 8.4 9.4 Selling and administrative expenses ........................... 8.0 8.3 ----- ----- Operating income .............................................. .4 1.1 Interest expense, net ......................................... .7 .9 ----- ----- Income (loss) before provision for income tax (benefit) ....... (0.3)% 0.2% ===== =====
-7- 8 GROSS MARGIN The gross margin percentage for the quarter ended March 31, 1999 was 14.5%, down from 15.0% in the first quarter of 1998. The decrease is due to competitive pricing pressures and to slightly higher cost of merchandise charged to the Company by its suppliers. These factors were offset somewhat by the decrease in factory direct shipments as a percentage of total sales. The following table sets forth the gross margin dollars, gross margin percentages and year-over-year changes for 1998 and the first quarter of 1999:
Increase (Decrease) vs. Same Quarter Gross Margin in Previous Year ------------------------------------ ----------------------------------- Amount Percentage Amount Percentage Quarter (in thousands) of Sales (in thousands) Points - ---------- -------------- ---------- -------------- ---------- 1998 - 1st 6,066 15.0 555 0.4 2nd 6,037 15.9 643 0.7 3rd 5,960 15.4 117 0.8 4th 6,260 15.0 906 (1.5) 1999 - 1st 6,456 14.5 390 (0.5)
WAREHOUSE AND DELIVERY EXPENSES As a percentage of warehouse shipments, warehouse and delivery expenses increased to 9.6% in the first quarter of 1999 from 9.0% in the same quarter last year. The following table sets forth the trend in warehouse and delivery expenses in 1998 and the first quarter of 1999:
Increase (Decrease) Warehouse and Delivery vs. Same Quarter Expenses in Previous Year ------------------------------------- ----------------------------------- Percentage Amount of Warehouse Amount Percentage Quarter (in thousands) Sales (in thousands) Points - ---------- -------------- ------------ -------------- ---------- 1998 - 1st 2,254 9.0 (40) (0.4) 2nd 2,220 8.7 (250) (1.6) 3rd 2,422 9.5 93 0.2 4th 2,478 9.3 85 (1.7) 1999 - 1st 2,693 9.6 439 0.6
-8- 9 SELLING AND ADMINISTRATIVE EXPENSE Selling and administrative expenses for the first quarter of 1999 increased by $206,000 or 6.1% over the same period in 1998, however, as a percentage of sales, this category of expenses decreased by 0.3%. The following table sets forth the quarterly trend in selling and administrative expenses in 1998 and the first quarter of 1999:
Increase (Decrease) Selling and Administrative vs. Same Quarter Expense in Previous Year -------------------------------------- ----------------------------------- Amount Percentage Amount Percentage Quarter (in thousands) of Sales (in thousands) Points - ---------- -------------- ------------ -------------- ---------- 1998 - 1st 3,374 8.3 (123) (0.9) 2nd 3,367 8.9 (161) (0.1) 3rd 3,358 8.6 146 0.6 4th 3,216 7.7 (252) (3.0) 1999 - 1st 3,580 8.0 206 (0.3)
INTEREST EXPENSE Interest expense decreased $46,000 or 12.6% during the first quarter of 1999 compared to the same period during 1998. Although net trade receivables increased during this period, this asset was financed primarily through extended terms from our suppliers. Inventory levels were reduced compared to the first quarter in 1998 and December 31, 1998, despite record sales at our Spring Dealers' Mart (See Liquidity and Capital Resources). Additionally, interest on the Company's working capital line of credit is charged at the prime rate which was 8.50% during the first quarter of 1998 and was 7.75% during the same period in 1999. LIQUIDITY AND CAPITAL RESOURCES From December 31, 1998 to March 31, 1999, the Company's net trade receivables increased by $6,371,000 or 26.3%. The increase was due to the higher level of sales in March 1999 (which includes shipment of orders taken at a Dealers' Mart held in February) and because of extended terms given to customers as a part of the sales promotion conducted in the first quarter of 1999. Inventories decreased by $1,465,000 or 8.3% in the three months ended March 31, 1999. Additionally, inventories decreased $260,000 or 1.6% compared to March 31, 1998, as the Company continues its efforts to reduce inventory levels while maintaining its high "fill rate" (the percentage of items shipped within 48 hours of the receipt of an order) on customer orders. Trade payables increased $5,916,000 or 30.1% from December 31, 1998, because of extended -9- 10 terms received from suppliers in connection with the Dealers' Mart. At March 31, 1999, the Company had unused lines of credit of $5,673,000, which it believes are adequate to finance its working capital requirements. Interest Rate Risk The following discussion about the Company's interest rate risk includes "forward looking statements" that involve risks and uncertainties. Actual results could differ materially from those projected in the forward looking statements. The Company's principal credit agreement and the Company's lease with respect to industrial development bonds issued to finance the Company's principal warehouse distribution facility both bear a floating interest rate based on, in the case of the credit agreement, the prime rate or at the Company's option 2 1/2% over LIBOR, and in the case of the industrial development lease, based on 92% of the prime rate. Accordingly, the Company is subject to market risk associated with changes in interest rates. At March 31, 1999, $14,327,000 was outstanding under the credit agreement and $2,278,000 was outstanding under the industrial development lease agreement. For 1998, the average principal amount outstanding under the credit agreement was $12,039,000. Assuming the average amount outstanding under the credit agreement during 1999 is equal to such average amount outstanding during 1998 and assuming the Company makes its scheduled amortization payments on its industrial development lease of $769,000 in 1999, a 1% increase in the applicable interest rate during 1999 would result in additional interest expense of approximately $60,000, which would reduce cash flow and pre-tax earnings dollar for dollar. IMPACT OF YEAR 2000 The Company is in the process of modifying or replacing those portions of its software which are used in the ordinary course of the Company's business so that its computer, telephone and other systems will function properly with respect to dates of the year 2000 and thereafter. Based on its current assessment of which portions of the software and hardware must be modified, the Company estimates the cost of the year 2000 project will be approximately $200,000, of which $39,000 has been expended through the first quarter of 1999. The Company anticipates that the required modifications will be largely completed in a timely fashion between now and year end and does not anticipate any material interruption of its business stemming from the failure of its software and hardware to be year 2000 compliant. The Company is focusing its efforts on those systems which it believes are essential to its ability to conduct its operations in the ordinary course of business and anticipates that the modification, replacement and testing of those systems will be largely completed by the end of the third quarter of 1999. The Company has made an assessment of the year 2000 compliance of most of its embedded microchips and other micro-processors in the non-information technology equipment that it uses in its operations. While it is impossible to be certain, the Company presently anticipates that it will be able to repair or replace non-year 2000 compliant equipment as necessary without material disruption to it operations. Even though the Company is in the process of converting its computer and other systems so that they will be year 2000 compliant, it is possible that third parties with whom the Company does business will encounter problems with their systems that may have an adverse impact on the Company. The Company has not ascertained the year 2000 compliance of the approximate 1,400 suppliers of the products it distributes. However, no supplier accounts for more than 4.5% of the Company's total purchases and substantially all products of the type distributed by the Company are available from a number of manufacturers. The Company has no contingency plan for addressing possible disruptions in utility service to the Company stemming from year 2000 problems, such as power, telephone and the like, but will rely on those suppliers to address their year 2000 issues in a timely manner so as to avoid a material disruption of service to the Company. The Company is unable to predict with any certainty the reasonable worst case scenario for disruption to its operations stemming from year 2000 issues. These could range from minor disruption of its operations requiring temporary work-around solutions that may involve additional overtime or other unanticipated costs, to the potential for lost sales and additional costs to repair or replace equipment if the Company encounters greater disruption than is currently anticipated. INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS Certain of the statements contained in this report (other than the financial statements and other -10- 11 statements of historical fact) are forward-looking statements. Words such as "expects", "believes", "estimates", "anticipates", "in the process", "could", "target" and "objective" indicate the presence of forward-looking statements. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management. Among the factors that could cause actual results to differ materially from estimates reflected in such forward-looking statements are the following: - - competitive pressures on sales and pricing, including those from other wholesale distributors and those from retailers in competition with the Company's customers; - - the Company's ability to achieve projected cost savings from its warehouse modernization program and ongoing cost reduction efforts; - - changes in cost of goods and the effect of differential terms and conditions available to larger competitors of the Company; - - uncertainties associated with any acquisition the Company may seek to implement; - - changes in general economic conditions, including interest rates; and - - impact of year 2000 on the Company's operations, including issues relating to the compliance or lack thereof by third-party suppliers. Part II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibit 3(a) -- Restated Certificate of Incorporation of Company, filed as Exhibit 3(a) to the Company's Annual Report on Form 10-K for the year ended December 31, 1987 and incorporated herein by reference, 3(a)-1 -- Amendment to Restated Certificate of Incorporation dated May 7, 1987, filed as Exhibit 3(a)-1 to the Company's Annual Report on Form 10-K for the year ended December 31, 1987 and incorporated herein by reference, 3(b) -- By-Laws of the Company, filed as Exhibit 3(d) to the Company's Registration Statement on Form S-1 (Reg. No. 33-3032) and incorporated herein by reference, 3(b)-1 -- Article VII of By-Laws of the Company, as amended May 7, 1987 filed as Exhibit 3(b)-1 to the Company's Annual Report on Form 10-K for the year ended December 31, 1987 and incorporated herein by reference, 27 -- Financial Data Schedule (For SEC Purposes Only). (b) There were no reports on Form 8-K filed by the Company during the three month period ended March 31,1999. -11- 12 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MOORE-HANDLEY, INC. -------------------------- (Registrant) Date: June 10, 1999 /s/ Michael J. Gaines --------------------- -------------------------- Michael J. Gaines President and Chief Operating Officer /s/ Peter B. Covert -------------------------- Peter B. Covert Chief Financial Officer (Principal Accounting and Financial Officer) -12- 13 EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION - ----------- ----------- 3(a) Restated Certificate of Incorporation of Company, filed as Exhibit 3(a) to the Company's Annual Report on Form 10-K for the year ended December 31, 1987 and incorporated herein by reference. 3(a)-1 Amendment to Restated Certificate of Incorporation dated May 7, 1987, filed as Exhibit 3(a)-1 to the Company's Annual Report on Form 10-K for the year ended December 31, 1987 and incorporated herein by reference. 3(b) By-laws of the Company, filed as Exhibit 3(d) to the Company's Registration Statement on Form S-1 (Reg. No. 33-3032) and incorporated herein by reference. 3(b)-1 Article VII of By-laws of the Company, as amended May 7, 1987 filed as Exhibit 3(b)-1 to the Company's Annual Report on Form 10-K for the year ended December 31, 1987 and incorporated herein by reference. 27 Financial Data Schedule (For SEC purposes only).
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF MOORE HANDLEY FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. End EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF MOORE HANDLEY FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 309 0 30,599 0 16,242 51,990 19,770 (11,798) 61,058 29,630 17,099 0 0 251 12,993 61,058 44,663 44,663 38,207 40,900 3,580 0 318 (135) (51) (84) 0 0 0 (84) (.04) (.04)
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