-----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, WZQWb5KhZz4QG3+uH8dUk3tiOwUeJOFHwNBhMBXD6MEEO1F9zydOe73SBTIWUnmF 4QmnfYodBxlfoHNvGLPN+w== 0000950134-03-014117.txt : 20031029 0000950134-03-014117.hdr.sgml : 20031029 20031029134414 ACCESSION NUMBER: 0000950134-03-014117 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031023 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031029 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: 03963067 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 d10013e8vk.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): OCTOBER 23, 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 October 23, 2003 Earnings Release by Encore Wire Corporation regarding third quarter 2003 results. ITEM 9. REGULATION FD DISCLOSURE. On October 23, 2003, Encore Wire Corporation, a Delaware corporation (the "Company"), issued an earnings release describing selected financial results of the Company for the third quarter of 2003. A copy of the Company's earnings release is attached hereto as Exhibit 99.1 and incorporated herein by reference. Limitation on Incorporation by Reference: In accordance with general instruction B.2 of Form 8-K, the information in this report, including exhibits, is furnished pursuant to Item 9 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On October 23, 2003, the Company issued an earnings release describing selected financial results of the Company for the third quarter of 2003. A copy of the Company's earnings release is attached hereto as Exhibit 99.1 and incorporated herein by reference. Limitation on Incorporation by Reference: In accordance with general instruction B.6 of Form 8-K, the information in this report, including exhibits, is furnished pursuant to Item 12 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ENCORE WIRE CORPORATION Date: October 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 October 23, 2003 Earnings Release by Encore Wire Corporation regarding third quarter 2003 results.
EX-99.1 3 d10013exv99w1.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 OCTOBER 23, 2003 ENCORE WIRE REPORTS INCREASED PROFITS ON RECORD SALES MCKINNEY, TX - Encore Wire Corporation (NASDAQ/NMS: WIRE) today reported financial results for the quarter ended September 30, 2003. Net sales for the third quarter of 2003 increased 42% to $113,877,000 compared to $80,150,000 during the third quarter of 2002. The $113.9 million in sales represents a new quarterly record for Encore, far surpassing the previous high of $80.6 million set in the second quarter of 2003. Shipment volume, measured in copper pounds sold, also set a new quarterly company record. Net income for the quarter increased to $5,222,000 versus $920,000 in the third quarter of 2002, an increase of 467%. Fully diluted net income per common share was $.34 in the third quarter of 2003 compared to $.06 of net income in the third quarter of 2002. Net income and fully diluted net income per share in the third quarter of 2003 also improved dramatically versus the $2,653,000 or $.17 per share reported in the second quarter of 2003. Net sales for the first nine months of 2003 increased 21% to $261,614,000 compared to $216,487,000 in the first nine months of 2002. Net income was $7,358,000 in the first nine months of 2003 versus $5,541,000 in the same period of 2002, an increase of 33%. Fully diluted net income per share was $.48 in the first nine months of 2003 versus $.36 in the first nine months of 2002. Commenting on the quarter ended September 30, 2003, Vincent A. Rego, Company Chairman and CEO remarked, "The trend Encore Wire has produced in increased sales and earnings over the last two quarters is remarkable. We earned $.51 per share in the last two quarters versus the previous three quarters in which we earned a cumulative net of $.06 per share. Our sales of $113.9 million this quarter were extremely strong, exceeding our previous record of $80.6 million by 41%. Our industry has suffered through a challenging period over the last few years. It now appears that the strong companies that survived the difficult times are seeing increased volumes resulting from the reduced presence of other competitors in the market. Our plants ran very efficiently during the quarter, also contributing to the enhanced gross margins. Our excellent staff impressed us with their ability to handle the increased volume levels. Copper prices continue to strengthen, which have historically been a driving stimulus of increased margins in our industry. The capacity and productivity enhancements we made in 2001 and 2002 have served us very well in 2003. We will continue to ensure our balance sheet remains strong. We thank our shareholders for their continued support. " 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, profitability and shareholder value, may include forward-looking statements that involve risks and uncertainties, including fluctuations in the price of copper and other raw materials, 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. Encore Wire Corporation P.O. Box 1149 1410 Millwood Road McKinney, Texas 75069 (972) 562-9473 Condensed Consolidated Balance Sheet (In Thousands) (Unaudited)
SEPTEMBER 30, DECEMBER 31, 2003 2002 ------------- ------------ ASSETS Current Assets Cash $ 290 $ 160 Receivables, net 81,054 46,600 Inventories 55,337 50,165 Prepaid Expenses and Other 3,923 672 ------------- ------------ Total Current Assets 140,604 97,597 Property, Plant and Equipment, net 79,910 85,366 Other Assets 85 166 ------------- ------------ Total Assets $ 220,599 $ 183,129 ============= ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts Payable $ 39,022 $ 10,735 Accrued Liabilities and Other 14,813 11,183 ------------- ------------ Total Current Liabilities 53,835 21,918 Long Term Liabilities Note Payable 43,295 47,500 Non-Current Deferred Income Taxes 9,251 7,193 ------------- ------------ Total Long Term Liabilities 52,546 54,693 Total Liabilities 106,381 76,611 Stockholders' Equity Common Stock 170 169 Additional Paid in Capital 34,157 34,138 Treasury Stock (15,275) (15,275) Retained Earnings 95,166 87,486 ------------- ------------ Total Stockholders' Equity 114,218 106,518 ------------- ------------ Total Liabilities and Stockholders' Equity $ 220,599 $ 183,129 ============= ============
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 SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, ---------------------------------------- --------------------------------------------- 2003 2002 2003 2002 ------------------ ------------------ ------------------ ----------------------- Net Sales $ 113,877 100.0% $ 80,150 100.0% $ 261,614 100.0% $ 216,487 100.0% Cost of Sales 96,255 84.5% 72,166 90.0% 226,534 86.6% 188,672 87.2% ---------- ----- ---------- ----- ---------- ----- ---------- ---------- Gross Profit 17,622 15.5% 7,984 10.0% 35,080 13.4% 27,815 12.8% Selling, General and Administrative Expenses 8,935 7.8% 6,180 7.7% 21,871 8.4% 17,917 8.3% ---------- ----- ---------- ----- ---------- ----- ---------- ---------- Operating Income 8,687 7.6% 1,804 2.3% 13,209 5.0% 9,898 4.6% Net Interest & Other Expense 527 0.5% 367 0.5% 1,712 0.7% 1,240 0.6% ---------- ----- ---------- ----- ---------- ----- ---------- ---------- Income before Income Taxes 8,160 7.2% 1,437 1.8% 11,497 4.4% 8,658 4.0% Income Taxes 2,938 2.6% 517 0.6% 4,139 1.6% 3,117 1.4% ---------- ----- ---------- ----- ---------- ----- ---------- ---------- Net Income $ 5,222 4.6% $ 920 1.1% $ 7,358 2.8% $ 5,541 2.6% ========== ===== ========== ===== ========== ===== ========== ========== Basic Earnings Per Share $ 0.35 $ 0.06 $ 0.49 $ 0.36 ========== ========== ========== ========== Diluted Earnings Per Share $ 0.34 $ 0.06 $ 0.48 $ 0.36 ========== ========== ========== ========== Weighted Average Number of Common and Common Equivalent Shares Outstanding: -Basic 15,120 15,168 15,120 15,231 ========== ========== ========== ========== -Diluted 15,305 15,282 15,205 15,381 ========== ========== ========== ==========
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