For the year, net income was $26.3 million, or $17.47 per share, compared to $94.5 million or $63.55 per share, in 2004.
Following is a comparison of results for the fourth quarters and years ended December 31, 2005 and 2004:
Textile Products. For the quarter textile products segment reported income before tax of $2.1 million, on revenue of $31.2 million, compared to income before tax of $4.4 million, on revenue of $38.2 million in 2004.
For the year, the textile products segment reported income before tax of $11.1 million in 2005, on revenue of $133.1 million, compared to income before tax of $18.1 million, on revenue of $136.3 million in 2004.
Other Income (Loss). Other income (loss) consisted principally of the gains on disposition of the Company=s investment in Hallwood Energy III, L.P. in July 2005 and Hallwood Energy Corporation in December 2004, equity income (loss) from investments in energy affiliates and interest income and expense.
For the quarter, other income was $454,000, compared to $52.5 million in 2004.
For the year, other income was $44.8 million, compared to $54.1 million for 2004.
Income Taxes. For the quarter, income tax expense attributable to continuing operations was $683,000 and included a current federal tax benefit of $1.9 million, a non-cash deferred federal tax expense of $3.0 million and state tax benefit of $471,000. For the 2004 quarter, income tax expense was $16.6 million and included a current federal tax expense of $10.0 million, a non-cash deferred federal tax expense of $6.6 million and state tax expense of $68,000.
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