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 24, 2013

ENCORE WIRE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	000-20278	75-2274963
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1329 Millwood Road McKinney, Texas	75069
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (972) 562-9473

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On April 24, 2013, Encore Wire Corporation, a Delaware corporation (the “Company”), issued an earnings release describing selected financial results of the Company for the first quarter of 2013 (the “Earnings Release”). A copy of the 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 2.02 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 7.01 Regulation FD Disclosure.

On April 24, 2013, the Company issued the Earnings Release. A copy of the 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 7.01 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 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 April 24, 2013 Earnings Release by Encore Wire Corporation regarding results for the first quarter of 2013.

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 hereunto duly authorized.

	ENCORE WIRE CORPORATION
Date: April 24, 2013	By:	/s/ FRANK J. BILBAN
		Frank J. Bilban, Vice President – Finance,
		Chief Financial Officer, Treasurer and
		Secretary

INDEX TO EXHIBITS

Item	Exhibit
99.1	April 24, 2013 Earnings Release by Encore Wire Corporation regarding results for the first quarter of 2013.

EX-99.1

Exhibit 99.1

Encore Wire Corporation	PRESS RELEASE		April 24, 2013
1329 Millwood Road
McKinney, Texas 75069		Contact:	Frank J. Bilban
972-562-9473			Vice President & CFO
	For Immediate Release

ENCORE WIRE REPORTS FIRST QUARTER RESULTS

MCKINNEY, TX - Encore Wire Corporation (NASDAQ Global Select: WIRE) today announced results for the first quarter of 2013.

Net sales for the quarter ended March 31, 2013 were $265.4 million compared to $280.5 million during the first quarter of 2012. The average selling price of wire per copper pound sold dropped 5.3% in the first quarter of 2013 versus the first quarter of 2012, accounting for most of the decline in sales dollars. Copper unit volume, measured in pounds of copper contained in the wire sold, decreased 3.1% in the first quarter of 2013 versus the first quarter of 2012. Aluminum building wire sales constituted 5.7% of net sales dollars for the first quarter of 2013 versus 2.9% in the first quarter of 2012. Net income for the first quarter of 2013 was $6.4 million versus $6.7 million in the first quarter of 2012. Fully diluted net income per common share was $0.31 in the first quarter of 2013 versus $0.29 in the first quarter of 2012. The earnings per share results in the first quarter of 2013 reflect the Company’s repurchase of 2,774,250 shares of its common stock in May of 2012.

On a sequential quarter comparison, net sales for the first quarter of 2013 were $265.4 million versus $258.0 million during the fourth quarter of 2012. Net income for the first quarter of 2013 was $6.4 million versus $5.2 million in the fourth quarter of 2012. Fully diluted net income per common share was $0.31 in the first quarter of 2013 versus $0.25 in the fourth quarter of 2012. Copper unit volumes increased 3.1% in the first quarter of 2013 versus the fourth quarter of 2012, while aluminum unit volumes increased 11.9%.

Commenting on the results, Daniel L. Jones, President and Chief Executive Officer of Encore Wire Corporation, said, “The first quarter of this year was another fairly steady volume quarter, considering the time of the year and the current economic and construction industry environment. We believe our expansion of product offerings over the last six years to our existing customer base has been critical to maintaining and perhaps boosting our market share. The results in the first quarter of 2013 were mildly improved versus the first and fourth quarters of 2012. Building wire prices and margins were fairly stable during the quarter, following the pattern of stability in copper prices. Volumes were also comparable to the prior periods and may have been held down somewhat by lingering winter weather in the first quarter of 2013.

Our new aluminum building wire plant began to produce wire in the fourth quarter of 2012. The last of the equipment is being delivered and installation should be completed in the second quarter of 2013. We expanded our distribution of aluminum wire to all of our sales reps and customers in the first quarter and expect to see sales of these products gradually increase over the course of 2013. We continue to strive to lead or follow industry price increases to achieve profit growth. We produced these results in this difficult environment due to our low cost business model and aggressive cost control in all facets of our operation. We believe our superior order fill rates continue to enhance our competitive position, as our electrical distributor customers are holding lean inventories in the field.

We continue to maintain our strong balance sheet. We have no long term debt, and our revolving line of credit is paid down to zero. In addition, we had $32.7 million in cash as of March 31, 2013. We also declared another quarterly cash dividend during the past quarter.

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We understand that this is a cyclical industry and therefore we designed and manage our cost structure and balance sheet accordingly. Our low cost structure and strong balance sheet have enabled us to withstand difficult periods in the past, and we believe we will emerge stronger than most when market conditions improve. We thank our employees and associates for their outstanding effort and our shareholders for their continued support during these challenging times.”

Encore Wire Corporation manufactures a broad range of copper 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.

Additional Disclosures:

The term “EBITDA” is used by the Company in presentations, quarterly conference calls and other instances as appropriate. EBITDA is defined as net income before interest, income taxes, depreciation and amortization. The Company presents EBITDA because it is a required component of financial ratios reported by the Company to the Company’s banks, and is also frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of Generally Accepted Accounting Principles (GAAP) results to compare to the performance of other companies who also publish this information. Financial analysts frequently ask for EBITDA when it has not been presented. EBITDA is not a measurement of financial performance under GAAP and should not be considered an alternative to net income as an indicator of the Company’s operating performance or any other measure of performance derived in accordance with GAAP. The Company has reconciled EBITDA with net income for fiscal years 1996 to 2012 on previous Form 8-K filings with the Securities and Exchange Commission. EBITDA for each period pertinent to this press release is calculated and reconciled to net income as follows:

	3 Months Ended March 31,
$’s in 000’s	2013		2012
Net Income	$	6,395	$	6,694
Income Tax Expense		2,776		2,710
Interest Expense		62		78
Depreciation and Amortization		3,352		3,610
EBITDA	$	12,585	$	13,092

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Encore Wire Corporation

1329 Millwood Road

McKinney, Texas 75069

(972) 562-9473

Condensed Consolidated Balance Sheets

(In Thousands)

(Unaudited)

	March 31, 2013			December 31, 2012
ASSETS
Current Assets
Cash	$	32,744		$	33,883
Receivables, net		212,790			197,980
Inventories		54,368			63,656
Prepaid Expenses and Other		7,785			11,331
Total Current Assets		307,687			306,850
Property, Plant and Equipment, net		164,186			164,924
Other Assets		725			693
Total Assets	$	472,598		$	472,467
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts Payable	$	23,834		$	20,112
Accrued Liabilities and Other		15,973			25,245
Total Current Liabilities		39,807			45,357
Long Term Liabilities
Non-Current Deferred Income Taxes		16,450			16,946
Total Long Term Liabilities		16,450			16,946
Total Liabilities		56,257			62,303
Stockholders’ Equity
Common Stock		266			266
Additional Paid in Capital		48,493			48,298
Treasury Stock		(88,134	)		(88,134	)
Retained Earnings		455,716			449,734
Total Stockholders’ Equity		416,341			410,164
Total Liabilities and Stockholders’ Equity	$	472,598		$	472,467

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Encore Wire Corporation

1329 Millwood Road

McKinney, Texas 75069

(972) 562-9473

Condensed Consolidated Statements of Income

(In Thousands, Except per Share Data)

(Unaudited)

	Quarter Ended March 31,
	2013					2012
Net Sales	$	265,351		100.0	%	$	280,466		100.0	%
Cost of Sales		241,050		90.8	%		256,005		91.3	%
Gross Profit		24,301		9.2	%		24,461		8.7	%
Selling, General and
Administrative Expenses		15,147		5.7	%		15,077		5.4	%
Operating Income		9,154		3.4	%		9,384		3.3	%
Net Interest & Other Expense		(17	)	0.0	%		(20	)	0.0	%
Income before Income Taxes		9,171		3.5	%		9,404		3.4	%
Income Taxes		2,776		1.0	%		2,710		1.0	%
Net Income	$	6,395		2.4	%	$	6,694		2.4	%
Basic Earnings Per Share	$	0.31				$	0.29
Diluted Earnings Per Share	$	0.31				$	0.29
Weighted Average Number of
Common and Common
Equivalent Shares Outstanding:
-Basic		20,664					23,427
-Diluted		20,733					23,477
Dividends Declared per Share	$	0.02				$	0.02

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