Coleman Cable, Inc. Announces Strong Second-Quarter 2010 Financial Results
WAUKEGAN, Ill., Aug. 5, 2010 (GLOBE NEWSWIRE) -- Coleman Cable, Inc. (Nasdaq:CCIX) (the "Company," "Coleman," "we," "us," or "our"), a leading manufacturer and innovator of electrical and electronic wire and cable products, announced second-quarter 2010 financial results.
- Sales increased to $174.0 million, up 11.6 percent sequentially over the first quarter of 2010, and up 54.1 percent compared to the second quarter of last year;
- Sales volume (measured in total pounds shipped) up 11.4 percent sequentially, and up 27.5 percent over last year;
- Adjusted EPS of $0.23 per diluted share, compared to $0.12 sequentially, and a loss of $0.01 last year;
- Adjusted EBITDA of $17.5 million, an increase of 17.8 percent sequentially, and up 57.7 percent compared to last year;
- For third quarter of 2010, the Company estimates sales between $175 million and $185 million, Adjusted EBITDA between $16.5 million and $18.5 million, and Adjusted EPS between $0.19 and $0.26 per diluted share.
Second-Quarter 2010 Results
Coleman Cable, Inc. reported net sales of $174.0 million for the second quarter of 2010, compared to $112.9 million for the same quarter last year, an increase of 54.1 percent. Sales volume (total pounds shipped) increased 27.5 percent for the second quarter of 2010 compared to the second quarter of 2009. Second-quarter 2010 Adjusted EBITDA and Adjusted EPS were $17.5 million and $0.23 per diluted share, respectively, compared to $11.1 million and a loss of $0.01 per diluted share, respectively, for the same quarter in 2009.President and CEO Gary Yetman stated, "Coleman's second quarter 2010 results exceeded our initial guidance by a significant margin, showing strong improvement on a year-over-year basis and building on the positive momentum we experienced during the first quarter of 2010. Improved market conditions drove substantially higher volumes in both of our segments and were a significant factor in delivering strong results for the quarter. Additionally, our second-quarter profitability improved significantly on a year-over-year basis as a result of the continued benefits derived from our cost-reduction efforts and capacity adjustments made throughout 2009."
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