Encore Wire Corporation
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PRESS RELEASE | April 25, 2006 | ||||
1410 Millwood Road
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McKinney, Texas 75069
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Contact: | Frank J. Bilban | ||||
972-562-9473
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Vice President & CFO |
| March 31, | December 31, | |||||||
| 2006 | 2005 | |||||||
ASSETS |
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Current Assets
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Cash |
$ | 2,063 | $ | 2,622 | ||||
Receivables, net |
183,311 | 164,930 | ||||||
Inventories |
73,136 | 67,932 | ||||||
Prepaid Expenses and Other |
14,693 | 19,749 | ||||||
Total Current Assets |
273,203 | 255,233 | ||||||
Property, Plant and Equipment, net |
97,929 | 93,137 | ||||||
Other Assets |
106 | 106 | ||||||
Total Assets |
$ | 371,238 | $ | 348,476 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
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Current Liabilities |
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Accounts Payable |
$ | 19,327 | $ | 17,277 | ||||
Accrued Liabilities and Other |
23,304 | 38,844 | ||||||
Total Current Liabilities |
42,631 | 56,121 | ||||||
Long Term Liabilities
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Note Payable |
88,792 | 70,438 | ||||||
Other Long Term Liabilities |
1,608 | 762 | ||||||
Non-Current Deferred Income Taxes |
10,213 | 10,620 | ||||||
Total Long Term Liabilities |
100,613 | 81,820 | ||||||
Total Liabilities |
143,244 | 137,941 | ||||||
Stockholders Equity |
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Common Stock |
260 | 259 | ||||||
Additional Paid in Capital |
40,253 | 38,932 | ||||||
Treasury Stock |
(15,275 | ) | (15,275 | ) | ||||
Retained Earnings |
202,756 | 186,619 | ||||||
Total Stockholders Equity |
227,994 | 210,535 | ||||||
Total Liabilities and Stockholders Equity |
$ | 371,238 | $ | 348,476 | ||||
| Quarter Ended March 31, | ||||||||||||||||
| 2006 | 2005 | |||||||||||||||
Net Sales |
$ | 252,048 | 100.0 | % | $ | 137,193 | 100.0 | % | ||||||||
Cost of Sales |
212,676 | 84.4 | % | 126,446 | 92.2 | % | ||||||||||
Gross Profit |
39,372 | 15.6 | % | 10,747 | 7.8 | % | ||||||||||
Selling, General and
Administrative Expenses |
13,438 | 5.3 | % | 9,587 | 7.0 | % | ||||||||||
Operating Income |
25,934 | 10.3 | % | 1,160 | 0.8 | % | ||||||||||
Net Interest & Other Expense |
1,133 | 0.4 | % | 832 | 0.6 | % | ||||||||||
Income before Income Taxes |
24,801 | 9.8 | % | 328 | 0.2 | % | ||||||||||
Income Taxes |
8,664 | 3.4 | % | (709 | ) | -0.5 | % | |||||||||
Net Income |
$ | 16,137 | 6.4 | % | $ | 1,037 | 0.8 | % | ||||||||
Basic Earnings Per Share |
$ | 0.70 | $ | 0.04 | ||||||||||||
Diluted Earnings Per Share |
$ | 0.68 | $ | 0.04 | ||||||||||||
Weighted Average Number of
Common and Common
Equivalent Shares Outstanding: |
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-Basic |
23,213 | 23,106 | ||||||||||||||
-Diluted |
23,694 | 23,427 | ||||||||||||||