Delaware | 000-20278 | 75-2274963 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
1329 Millwood Road | ||
McKinney, Texas | 75069 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits. |
99.1 | April 27, 2011 Earnings Release by Encore Wire Corporation regarding results for the first quarter of 2011. |
ENCORE WIRE CORPORATION |
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Date: April 27, 2011 | By: | /s/ FRANK J. BILBAN | ||
Frank J. Bilban, Vice President Finance, | ||||
Chief Financial Officer, Treasurer and Secretary | ||||
Item | Exhibit | |
99.1
|
April 27, 2011 Earnings Release by Encore Wire Corporation regarding results for the first quarter of 2011. |
Encore Wire
Corporation
|
PRESS RELEASE | April 27, 2011 | ||||
1329 Millwood Road |
||||||
McKinney, Texas 75069
|
Contact: | Frank J. Bilban | ||||
972-562-9473
|
Vice President & CFO | |||||
For Immediate Release |
3 Months Ended March 31, | ||||||||
$s in 000s | 2011 | 2010 | ||||||
Net Income |
$ | 10,654 | $ | (2,466 | ) | |||
Income Tax Expense |
4,958 | (1,620 | ) | |||||
Interest Expense |
78 | 254 | ||||||
Depreciation and Amortization |
3,425 | 3,472 | ||||||
EBITDA |
$ | 19,115 | $ | (360 | ) | |||
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Current Assets |
||||||||
Cash |
$ | 75,233 | $ | 103,252 | ||||
Receivables, net |
234,851 | 190,364 | ||||||
Inventories |
47,974 | 42,104 | ||||||
Prepaid Expenses and Other |
9,493 | 6,377 | ||||||
Total Current Assets |
367,551 | 342,097 | ||||||
Property, Plant and Equipment, net |
133,826 | 134,985 | ||||||
Other Assets |
622 | 194 | ||||||
Total Assets |
$ | 501,999 | $ | 477,276 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current Liabilities |
||||||||
Accounts Payable |
$ | 46,975 | $ | 32,897 | ||||
Accrued Liabilities and Other |
25,515 | 25,256 | ||||||
Total Current Liabilities |
72,490 | 58,153 | ||||||
Long Term Liabilities |
||||||||
Non-Current Deferred Income Taxes |
11,766 | 11,746 | ||||||
Total Long Term Liabilities |
11,766 | 11,746 | ||||||
Total Liabilities |
84,256 | 69,899 | ||||||
Stockholders Equity |
||||||||
Common Stock |
264 | 264 | ||||||
Additional Paid in Capital |
45,217 | 45,040 | ||||||
Treasury Stock |
(21,294 | ) | (21,294 | ) | ||||
Retained Earnings |
393,556 | 383,367 | ||||||
Total Stockholders Equity |
417,743 | 407,377 | ||||||
Total Liabilities and Stockholders Equity |
$ | 501,999 | $ | 477,276 | ||||
Quarter Ended March 31, | ||||||||||||||||
2011 | 2010 | |||||||||||||||
Net Sales |
$ | 303,351 | 100.0 | % | $ | 175,229 | 100.0 | % | ||||||||
Cost of Sales |
269,596 | 88.9 | % | 164,628 | 94.0 | % | ||||||||||
Gross Profit |
33,755 | 11.1 | % | 10,601 | 6.0 | % | ||||||||||
Selling, General and Administrative Expenses |
18,149 | 6.0 | % | 11,984 | 6.8 | % | ||||||||||
Operating Income |
15,606 | 5.1 | % | (1,383 | ) | -0.8 | % | |||||||||
Net Interest & Other Expense |
(6 | ) | 0.0 | % | 2,703 | 1.5 | % | |||||||||
Income before Income Taxes |
15,612 | 5.1 | % | (4,086 | ) | -2.3 | % | |||||||||
Income Taxes |
4,958 | 1.6 | % | (1,620 | ) | -0.9 | % | |||||||||
Net Income |
$ | 10,654 | 3.5 | % | $ | (2,466 | ) | -1.4 | % | |||||||
Basic Earnings Per Share |
$ | 0.46 | $ | (0.11 | ) | |||||||||||
Diluted Earnings Per Share |
$ | 0.46 | $ | (0.11 | ) | |||||||||||
Weighted Average Number of
Common and Common |
||||||||||||||||
Equivalent Shares Outstanding: |
||||||||||||||||
Basic |
23,217 | 23,159 | ||||||||||||||
Diluted |
23,378 | 23,329 | ||||||||||||||
Dividends Declared per Share |
$ | 0.02 | $ | 0.02 | ||||||||||||