The Hallwood Group Incorporated reported results for the fourth quarter and year ended December 31, 2005.
Continuing Operations. For the quarter, income from continuing operations was $818,000, or $0.54 per share (assuming dilution), compared to income of $37.9 million, or $25.18 per share, in 2004, on revenue of $31.2 million and $39.2 million, respectively. In 2004, income from continuing operations included a gain from sale of the Company's minority investment in affiliated Hallwood Energy Corporation in the amount of $62.3 million.
For the year, income from continuing operations was $26.3 million, or $17.47 per share, compared to income of $54.7 million, or $36.79 per share, in 2004, on revenue of $134.6 million and $137.3 million, respectively. In 2005, income from continuing operations included a gain from sale of the Company's minority investment in Hallwood Energy III, L.P. in the amount of $52.4 million.
Discontinued Operations. For the 2004 quarter, income from discontinued operations was $604,000, or $0.40 per share, which included a gain from termination of a hotel lease in the amount of $1.6 million. For the 2004 year, income from discontinued operations was $39.8 million, or $26.76 per share, which included a gain from sale of investments in Hallwood Realty Partners, L.P. in the amount of $46.1 million.
Net Income. For the quarter, net income was $818,000, or $0.54 per share, compared to $38.5 million, or $25.58 per share,in 2004.
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