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international wire group hol (ITWG) Key Developments

International Wire Group Holdings, Inc. Announces Financial Results for the Third Quarter and Nine Months Ended September 30, 2014

International Wire Group Holdings, Inc. announced financial results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income of $3.9 million against $4.2 million a year ago. Adjusted EBITDA was $16.1 million against $16.1 million a year ago. Net sales for the quarter ended September 30, 2014 were $199.3 million, an increase of $15.2 million, or 8.3%, compared to $184.1 million for the same period in 2013. This increase was primarily due to a lower proportion of tolled copper partially offset by the lower selling price of copper. Operating income for the three months ended September 30, 2014 was $12.0 million compared to $11.4 million for the three months ended September 30, 2013, an increase of $0.6 million, or 5.3%, primarily from a favorable LIFO impact, favorable sales mix and lower depreciation and amortization, partially offset by higher selling, general and administrative expenses. The decrease in net income was due primarily to the impact discrete items had on the tax provision in the prior year that did not recur in the current year. Net income per basic and diluted share of $0.68 for the three months ended September 30, 2014 remained the same per basic share and increased $0.04 per diluted share from the prior year period level of $0.68 per basic share and $0.64 per diluted share. The increase in net income per diluted share in the 2014 period compared to the 2013 period resulted from a decrease in weighted-averages shares outstanding in the 2014 period compared to the 2013 period due to the repurchase of common stock and stock options in the first nine months of 2014. Net sales for the nine months ended September 30, 2014 were $589.6 million, an increase of $7.2 million, or 1.2%, compared to 2013 period sales of $582.4 million. This increase was primarily due to a lower proportion of tolled copper offset by a lower selling price of copper. Operating income for the nine months ended September 30, 2014 was $40.3 million compared to $37.8 million for the 2013 period, an increase of $2.5 million, or 6.6%, primarily from higher sales volume, increased plant utilization and lower medical costs and lower depreciation and amortization, partially offset by higher selling, general and administrative expenses. Net income of $14.1 million was higher than net income in the 2013 period of $13.4 million, primarily from higher operating income partially offset by a higher income tax provision. Net income per basic share of $2.40 for the nine months ended September 30, 2014 increased by $0.22 from the prior year level of $2.18. Net income per diluted share of $2.34 for the nine months ended September 30, 2014 increased by $0.24 from the 2013 period of $2.10. The increase in net income per basic and diluted share in the 2014 period compared to the 2013 period resulted from higher net income and a decrease in weighted-averages shares outstanding in the 2014 period compared to the 2013 period due to the repurchase of common stock and stock options in the first nine months of 2014. Net debt (total debt less cash) was $265.2 million as of September 30, 2014, a $2.0 million increase from December 31, 2013 primarily from higher working capital requirements to support increased sales levels in the third quarter of 2014 as compared to the fourth quarter of 2013. Adjusted EBITDA for nine months was $53.5 million against $52.3 million a year ago.

International Wire Group Holdings, Inc. Announces Earnings Results for the Second Quarter and for the Six Months Ended June 30, 2014

International Wire Group Holdings, Inc. announced earnings results for the second quarter and for the six months ended June 30, 2014. Net sales for the quarter ended June 30, 2014 were $196.1 million, a decrease of $1.1 million, or 0.6%, compared to $197.2 million for the same period in 2013. This decrease was primarily due to a lower selling price of copper partially offset by a lower proportion of tolled copper. Operating income for the three months ended June 30, 2014 was $13.8 million compared to $13.2 million for the three months ended June 30, 2013, an increase of $0.6 million, or 4.5%, primarily from higher plant utilization, lower medical costs and lower depreciation and amortization, partially offset by higher selling, general and administrative expenses. Net income was $5.0 million for the three months ended June 30, 2014 increased by $0.5 million from the prior year results of $4.5 million. The increase was due primarily to higher operating income partially offset by a higher income tax provision. Net income per basic and diluted share of $0.87 for the three months ended June 30, 2014 increased by $0.13 per basic share and $0.16 per diluted share from the prior year period level of $0.74 per basic share and $0.71 per diluted share. The increase in net income per basic and diluted share in the 2014 period compared to the 2013 period resulted from higher net income and a decrease in weighted-averages shares outstanding in the 2014 period compared to the 2013 period due to the repurchase of common stock and stock options in the first six months of 2014. Adjusted EBITDA was $18.4 million against $18.1 million a year ago. Net sales for the six months ended June 30, 2014 were $390.4 million, a decrease of $7.9 million, or 2.0%, compared to 2013 period sales of $398.3 million. This decrease was primarily due to a lower selling price of copper partially offset by a lower proportion of tolled copper. Operating income for the six months ended June 30, 2014 was $28.3 million compared to $26.3 million for the 2013 period, an increase of $2.0 million, or 7.6%, primarily from higher plant utilization, lower medical costs and lower depreciation and amortization, partially offset by higher selling, general and administrative expenses. Net income was $10.2 million was higher than net income in the 2013 period of $9.2 million, primarily from higher operating income partially offset by a higher income tax provision. Net income per basic share of $1.73 for the six months ended June 30, 2014 increased by $0.22 from the prior year level of $1.51. Net income per diluted share of $1.68 for the six months ended June 30, 2014 increased by $0.22 from the 2013 period of $1.46. The increase in net income per basic and diluted share in the 2014 period compared to the 2013 period resulted from higher net income and a decrease in weighted-averages shares outstanding in the 2014 period compared to the 2013 period due to the repurchase of common stock and stock options in the first six months of 2014. Net debt (total debt less cash) was $263.7 million as of June 30, 2014, a $0.5 million increase from December 31, 2013 primarily from higher working capital requirements to support increased sales levels in the second quarter of 2014 as compared to the fourth quarter of 2013. Adjusted EBITDA was $37.4 million against $36.1 million a year ago.

International Wire Group Holdings, Inc., Annual General Meeting, Jun 25, 2014

International Wire Group Holdings, Inc., Annual General Meeting, Jun 25, 2014.

International Wire Group Holdings, Inc. Announces Financial Results for the First Quarter Ended March 31, 2014

International Wire Group Holdings, Inc. announced financial results for the first quarter ended March 31, 2014. For the quarter, the company's operating income was higher than in the first quarter of 2013. Net sales were $194.3 million, a decrease of $6.8 million, or 3.4%, compared to $201.1 million for the same period in 2013. This decrease was primarily due to a lower selling price of copper and a higher proportion of tolled copper. Operating income was $14.5 million compared to $13.1 million for the 2013 period, an increase of $1.4 million, or 10.7%, primarily from higher sales volume, higher plant utilization and lower medical costs. Net income was $5.2 million against $4.7 million a year ago. The increase in net income was due primarily to higher operating income partially offset by an increase in the income tax provision in the 2014 period. Net income per basic and diluted share of $0.86 and $0.81, respectively, increased by $0.10 per basic share and $0.06 per diluted share from the 2013 period net income of $0.76 per basic share and $0.75 per diluted share. The increase in net income per basic and diluted share resulted primarily from higher net income in the 2014 period compared to the 2013 period. Net debt (total debt less cash) was $259.6 million as of March 31, 2014, representing a $3.6 million decrease from December 31, 2013 primarily due to higher accounts payable, accrued liabilities and accrued interest, partially offset by higher inventory, higher accounts receivable and lower cash due to the repurchase of common stock. Adjusted EBITDA was $19.0 million against $18.0 million a year ago.

International Wire Group Holdings, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

International Wire Group Holdings, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's net sales were $191.8 million, an increase of $30.1 million, or 18.6%, compared to $161.7 million for the same period in 2012. Excluding the effects of lower copper prices and a lower proportion of tolled copper, net sales increased $8.3 million, or 4.5%, versus the same period in 2012. Total pounds of product sold in the fourth quarter of 2013 increased by 11.3% compared to the fourth quarter of 2012. Operating income was $10.6 million compared to $12.6 million for the three months ended December 31, 2012, a decrease of $2.0 million, or 15.9%, primarily due to the effects of a less favorable sales mix and lower silver prices. Net income of $3.3 million, increased by $10.4 million from the prior year net loss of $7.1 million. The increase was due primarily to the loss on early extinguishment of debt in the 2012 period, partially offset by a higher income tax provision in the 2013 period. Net income per basic and diluted share of $0.55 and $0.52, respectively, for the three months ended December 31, 2013 increased by $1.31 per basic share and $1.28 per diluted share from the 2012 period loss of $0.77 per basic share and $0.76 per diluted share. The increase in net income per basic and diluted share resulted from higher net income and a decrease in outstanding shares in the 2013 period compared to the 2012 period following the repurchase of common stock in Dutch auction tender offer in November 2012. Adjusted EBITDA was $15.8 million against $17.6 million a year ago. For the year, the company's net sales were $774.2 million, an increase of $40.3 million, or 5.5%, compared to 2012 period sales of $733.9 million. Excluding the effects of lower copper prices and a lower proportion of tolled copper, net sales decreased $3.0 million, or 0.4%, versus the prior year. This decrease resulted from $2.5 million of reduced sales volume and $2.4 million of lower customer pricing/mix, primarily silver, nickel and tin-plated products, partially offset by $1.9 million from the effects of favorable foreign currency exchange rates. Total pounds of product sold for the year ended December 31, 2013 increased by 2.3% compared to the year ended December 31, 2012. Operating income was $48.4 million compared to $57.5 million for the year ended December 31, 2012, a decrease of $9.1 million, or 15.8%, primarily from lower silver pricing, unfavorable sales mix and higher depreciation and amortization, partially offset by a favorable LIFO impact and lower selling, general and administrative expenses. Net income of $16.7 million was higher than net income in the 2012 period of $10.8 million, primarily from reduced interest expense as the result of lower interest rates from October 2012 refinancing and a loss on early extinguishment of debt in the 2012 period, partially offset by lower operating income and a higher income tax provision in the 2013 period. Net income per diluted share of $2.61 for the year ended December 31, 2013 increased by $1.50 from the 2012 period of $1.11. The increase in net income per basic and diluted share resulted from higher net income and a decrease in outstanding shares in the 2013 period compared to the 2012 period following the repurchase of common stock in Dutch auction tender offer in November 2012. Net debt was $263.2 million as of December 31, 2013, a $9.6 million increase from December 31, 2012 primarily from higher working capital requirements to support increased sales levels in the fourth quarter of 2013 as compared to the fourth quarter of 2012. Adjusted EBITDA was $68.0 million against $76.3 million a year ago.

 

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