The Hallwood Group Incorporated reported results for the second quarter and six months ended June 30, 2007.
For the quarter, Hallwood reported a net loss of $573,000, or $0.38 per share, compared to a net loss of $499,000, or $0.33 per share, in 2006.
For the six months, the net loss was $7.9 million, or $5.21 per share, compared to a net loss of $35,000, or $0.02 per share, in 2006.
The 2007 six month loss included an equity loss from the Company's Hallwood Energy, L.P. affiliate in the amount of $12.4 million.
Following is a comparison of results for the 2007 and 2006 periods: Operating Income. For the 2007 and 2006 quarters, operating income, primarily from textile products operations, was $1.4 million and $68,000, on revenue of $32.1 million and $28.7 million, respectively.
For the six months, operating income was $795,000 and $1.4 million, on revenue of $60.4 million and $59.5 million, respectively.
Fluctuations in revenue and operating income were primarily due to military sales, which were $16.7 million and $28.7 million for the three months and six months ended June 30, 2007, compared to $13.2 million and $28.9 million in 2006, respectively.
Other Income (Loss). Other income (loss) consists of equity from the Company's 25% minority investment in its Hallwood Energy, L.P. affiliate, interest expense, and interest and other income.
For the 2007 and 2006 second quarters, other income (loss) was a loss of $2.0 million and $692,000, including an equity loss from its energy investment of $1.9 million in 2007 and $684,000 in 2006, respectively.
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