Encore Wire Corporation
|
PRESS RELEASE | October 25, 2006 | ||||
1410 Millwood Road |
||||||
McKinney, Texas 75069
|
Contact: | Frank J. Bilban | ||||
972-562-9473
|
Vice President & CFO |
| September 30, | December 31, | |||||||
| 2006 | 2005 | |||||||
ASSETS |
||||||||
Current Assets |
||||||||
Cash |
$ | 34,683 | $ | 2,622 | ||||
Receivables, net |
292,078 | 164,930 | ||||||
Inventories |
114,323 | 67,932 | ||||||
Prepaid Expenses and Other |
28,215 | 19,749 | ||||||
Total Current Assets |
469,299 | 255,233 | ||||||
Property, Plant and Equipment, net |
103,303 | 93,137 | ||||||
Other Assets |
102 | 106 | ||||||
Total Assets |
$ | 572,704 | $ | 348,476 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current Liabilities |
||||||||
Accounts Payable |
$ | 31,541 | $ | 17,277 | ||||
Accrued Liabilities and Other |
25,060 | 38,844 | ||||||
Total Current Liabilities |
56,601 | 56,121 | ||||||
Long Term Liabilities |
||||||||
Note Payable |
184,067 | 70,438 | ||||||
Other Long Term Liabilities |
933 | 762 | ||||||
Non-Current Deferred Income Taxes |
9,913 | 10,620 | ||||||
Total Long Term Liabilities |
194,913 | 81,820 | ||||||
Total Liabilities |
251,514 | 137,941 | ||||||
Stockholders Equity |
||||||||
Common Stock |
261 | 259 | ||||||
Additional Paid in Capital |
40,628 | 38,932 | ||||||
Treasury Stock |
(15,275 | ) | (15,275 | ) | ||||
Retained Earnings |
295,576 | 186,619 | ||||||
Total Stockholders Equity |
321,190 | 210,535 | ||||||
Total Liabilities and Stockholders Equity |
$ | 572,704 | $ | 348,476 | ||||
| Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
| 2006 | 2005 | 2006 | 2005 | |||||||||||||||||||||||||||||
Net Sales |
$ | 372,915 | 100.0 | % | $ | 207,459 | 100.0 | % | $ | 987,011 | 100.0 | % | $ | 513,917 | 100.0 | % | ||||||||||||||||
Cost of Sales |
298,649 | 80.1 | % | 176,462 | 85.1 | % | 766,520 | 77.7 | % | 456,802 | 88.9 | % | ||||||||||||||||||||
Gross Profit |
74,266 | 19.9 | % | 30,997 | 14.9 | % | 220,491 | 22.3 | % | 57,115 | 11.1 | % | ||||||||||||||||||||
Selling, General and
Administrative Expenses |
16,589 | 4.4 | % | 12,769 | 6.2 | % | 46,760 | 4.7 | % | 33,254 | 6.5 | % | ||||||||||||||||||||
Operating Income |
57,677 | 15.5 | % | 18,228 | 8.8 | % | 173,731 | 17.6 | % | 23,861 | 4.6 | % | ||||||||||||||||||||
Net Interest & Other Expense |
2,530 | 0.7 | % | 1,074 | 0.5 | % | 5,608 | 0.6 | % | 2,676 | 0.5 | % | ||||||||||||||||||||
Income before Income Taxes |
55,147 | 14.8 | % | 17,154 | 8.3 | % | 168,123 | 17.0 | % | 21,185 | 4.1 | % | ||||||||||||||||||||
Income Taxes |
19,386 | 5.2 | % | 5,949 | 2.9 | % | 59,166 | 6.0 | % | 6,517 | 1.3 | % | ||||||||||||||||||||
Net Income |
$ | 35,761 | 9.6 | % | $ | 11,205 | 5.4 | % | $ | 108,957 | 11.0 | % | $ | 14,668 | 2.9 | % | ||||||||||||||||
Basic Earnings Per Share |
$ | 1.54 | $ | 0.48 | $ | 4.69 | $ | 0.63 | ||||||||||||||||||||||||
Diluted Earnings Per Share |
$ | 1.51 | $ | 0.48 | $ | 4.60 | $ | 0.63 | ||||||||||||||||||||||||
Weighted Average Number of
Common and Common
Equivalent Shares Outstanding: |
||||||||||||||||||||||||||||||||
Basic |
23,267 | 23,111 | 23,248 | 23,108 | ||||||||||||||||||||||||||||
Diluted |
23,680 | 23,495 | 23,666 | 23,447 | ||||||||||||||||||||||||||||