Coleman Cable, Inc. Announces Third Quarter 2010 Financial Results
WAUKEGAN, Ill., Nov. 4, 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 third quarter 2010 financial results.
- Sales increased to $187.6 million, up 40.2 percent compared to the third quarter of last year;
- Sales volume (measured in total pounds shipped) growth of 18.5 percent over last year;
- Adjusted EPS of $0.21 per diluted share, a 90.9 percent increase versus $0.11 last year;
- Adjusted EBITDA of $16.6 million, up 16.9 percent compared to last year
Third Quarter 2010 Results
Coleman Cable, Inc. reported net sales of $187.6 million for the third quarter of 2010, compared to $133.8 million for the same quarter last year, an increase of 40.2 percent. Sales volume (total pounds shipped) increased 18.5 percent for the third quarter of 2010 compared to the third quarter of 2009. Third quarter 2010 Adjusted EPS and Adjusted EBITDA were $0.21 per diluted share and $16.6 million, respectively, compared to $0.11 per diluted share and $14.2 million, respectively, for the same quarter in 2009.President and CEO Gary Yetman stated, "We are pleased to report another strong quarter of performance and year-over-year growth in earnings. Our sales for the third quarter of 2010 increased significantly compared to the third quarter of 2009 driven by volume growth in both our Distribution and OEM segments, coupled with significantly higher copper prices. This sales growth served as the primary basis for strong increases in both Adjusted EBITDA and Adjusted EPS on a year-over-year basis, and more than offset the negative impact of pricing pressures on our margins caused by continued excess capacity in the wire and cable industry." Mr. Yetman concluded, "Looking ahead, industry capacity, volatile copper prices, and related pricing issues will continue to be challenges, and may be more prevalent in the fourth quarter where, relative to other quarters, industry-wide demand levels have historically been lower. In addition, we have noted a level of demand inconsistency, as well as a modest volume contraction, within certain areas of our business. As such, we remain cautious and have reflected this in our fourth quarter 2010 guidance. For the fourth quarter of 2010, the Company estimates sales between $160 million and $180 million, Adjusted EBITDA between $12.5 million and $16.5 million, and Adjusted EPS between $0.04 and $0.18 per diluted share."
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