-----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, DxFSmm7odEEUiRz+l3km772aNB2miW9yUTJy47i8ZK6HXMIwiXnpqyQ0DDRrmbKB GkoDNioKO2KKz+d1819NYA== 0000950134-03-006692.txt : 20030429 0000950134-03-006692.hdr.sgml : 20030429 20030429172851 ACCESSION NUMBER: 0000950134-03-006692 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030429 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENCORE WIRE CORP /DE/ CENTRAL INDEX KEY: 0000850460 STANDARD INDUSTRIAL CLASSIFICATION: ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350] IRS NUMBER: 752274963 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20278 FILM NUMBER: 03670395 BUSINESS ADDRESS: STREET 1: 1410 MILLWOOD RD STREET 2: P O BOX 1149 CITY: MCKINNEY STATE: TX ZIP: 75069 BUSINESS PHONE: 2145629473 MAIL ADDRESS: STREET 1: 1410 MILLWOOD RD STREET 2: P O BOX 1149 CITY: MCKINNEY STATE: TX ZIP: 75069 8-K 1 d05301e8vk.txt FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------- FORM 8-K ---------- CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): APRIL 29, 2003 ENCORE WIRE CORPORATION ------------------------------------------------------ (Exact name of Registrant as specified in its charter) DELAWARE 0-20278 75-2274963 - ---------------------------------------- ----------- ------------------- (State or other jurisdiction of Commission (I.R.S. Employer incorporation or organization) File Number Identification No.) 1410 MILLWOOD ROAD MCKINNEY, TEXAS 75069 - ---------------------------------------- ------------------- (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 562-9473 - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) ================================================================================ ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits. 99.1 April 29, 2003 Earnings Release by Encore Wire Corporation regarding first quarter 2003 results. ITEM 9. REGULATION FD DISCLOSURE On April 29, 2003, Encore Wire Corporation, a Delaware corporation (the "Company"), issued an earnings release describing selected financial results of the Company for first quarter 2003. A copy of the Company's earnings release is attached hereto as Exhibit 99.1 and is being furnished under "Item 9. Regulation FD Disclosure" and under "Item 12. Results of Operations and Financial Condition," in accordance with SEC Release No. 33-8216. The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ENCORE WIRE CORPORATION Date: April 29, 2003 By: /s/ Frank J. Bilban ---------------------------------------- Frank J. Bilban, Vice President - Finance, Treasurer and Secretary; Chief Financial Officer 3 INDEX TO EXHIBITS
Item Exhibit ---- ------- 99.1 April 29, 2003 Earnings Release by Encore Wire Corporation regarding first quarter 2003 results.
4 EX-99.1 3 d05301exv99w1.txt EARNINGS RELEASE EXHIBIT 99.1 [Encore Wire Corporation Logo Omitted] Encore Wire Corporation Contact: Frank J. Bilban 1410 Millwood Road Vice President & CFO McKinney, Texas 75069 972-562-9473 Press Release FOR IMMEDIATE RELEASE April 29, 2003 ENCORE WIRE REPORTS Q-1 RESULTS MCKINNEY, TX - Encore Wire Corporation (NASDAQ/NMS: WIRE) today reported financial results for the quarter ended March 31, 2003. Net sales for the first quarter of 2003 totaled $67,152,000 compared to $64,182,000 during the first quarter of 2002. Intense competitive pressure in the industry drove wire prices to historically low levels. This continued drop in wire prices compressed gross margins to the lowest levels in the history of the company, resulting in a net loss for the first quarter of 2003 of $517,000 versus the $2,357,000 net income reported in the first quarter of 2002. Fully diluted net income per common share was a loss of $.03 in the first quarter of 2003 compared to $.15 of net income in the first quarter of 2002. Commenting on the quarter ended March 31, 2003, Vincent A. Rego, Company Chairman and CEO remarked, "The past two to three years have proved to be very challenging for businesses across a broad spectrum of American industry, including the building wire industry. Competitors have been publicly reporting poor results for the last couple of years. In the last three quarters this has caught up with Encore, resulting in the first quarterly loss this company has reported since 1995. While we are disappointed with our performance, it must be viewed in the context of the current economic environment. Our staff has done a remarkable job to enable us to perform as well as we have. Our high order fill rates, innovative products and low cost structure continue to set industry standards. We have an excellent group of independent representatives selling our products, through which we have developed lasting customer relationships. While many companies within and outside our industry have been forced to retrench their operations and compromise their future, we have planned for our future with the capital improvement project we completed last year. With this project behind us, we have the capability to approach the future confidently while our short-term focus is one of riding this storm out. We will remain conservative in our spending to ensure our balance sheet remains strong. We thank our shareholders for their continued support and understanding in these difficult times." Encore Wire Corporation manufactures a broad range of electrical wire for interior wiring in homes, apartments, manufactured housing and commercial and industrial buildings. The matters discussed in this news release, other than the historical financial information, including statements about the copper pricing environment, increasing profitability and shareholder value, may include forward-looking statements that involve risks and uncertainties, including fluctuations in the price of copper, the impact of competitive pricing and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. Actual results may vary materially from those anticipated. 2 Encore Wire Corporation P.O. Box 1149 1410 Millwood Road McKinney, Texas 75069 (972) 562-9473 Condensed Consolidated Balance Sheet (In Thousands) (Unaudited)
MARCH 31 DECEMBER 31 2003 2002 --------- ----------- ASSETS Current Assets Cash $ 137 $ 160 Receivables, net 49,283 46,600 Inventories 47,922 50,165 Prepaid Expenses and Other 2,311 672 --------- --------- Total Current Assets 99,653 97,597 Property, Plant and Equipment, net 84,358 85,366 Other Assets 171 166 --------- --------- Total Assets $ 184,182 $ 183,129 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts Payable $ 8,020 $ 10,735 Accrued Liabilities and Other 8,686 11,183 --------- --------- Total Current Liabilities 16,706 21,918 Long Term Liabilities Note Payable 54,240 47,500 Non-Current Deferred Income Taxes 7,193 7,193 --------- --------- Total Long Term Liabilities 61,433 54,693 Total Liabilities 78,139 76,611 Stockholders' Equity Common Stock 170 169 Additional Paid in Capital 34,138 34,138 Treasury Stock (15,275) (15,275) Retained Earnings 87,010 87,486 --------- --------- Total Stockholders' Equity 106,043 106,518 --------- --------- Total Liabilities and Stockholders' Equity $ 184,182 $ 183,129 ========= =========
3 Encore Wire Corporation P.O. Box 1149 1410 Millwood Road McKinney, Texas 75069 (972) 562-9473 Condensed Consolidated Statement of Income (In Thousands) (Unaudited)
QUARTER ENDED MARCH 31, ----------------------------------------------- 2003 2002 ---------------------- --------------------- Net Sales $ 67,152 100.0% $ 64,182 100.0% Cost of Sales 61,495 91.6% 54,403 84.8% -------- -------- -------- -------- Gross Profit 5,657 8.4% 9,779 15.2% Selling, General and Administrative Expenses 5,953 8.9% 5,771 9.0% -------- -------- -------- -------- Operating Income (296) -0.4% 4,008 6.2% Net Interest & Other Expense 511 0.8% 327 0.5% -------- -------- -------- -------- Income before Income Taxes (807) -1.2% 3,681 5.7% Income Taxes (290) -0.4% 1,324 2.1% -------- -------- -------- -------- Net Income $ (517) -0.8% $ 2,357 3.7% ======== ======== ======== ======== Basic Earnings Per Share $ (0.03) $ 0.15 ======== ======== Diluted Earnings Per Share $ (0.03) $ 0.15 ======== ======== Weighted Average Number of Common and Common Equivalent Shares Outstanding: -Basic 15,119 15,260 ======== ======== -Diluted 15,119 15,469 ======== ========
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