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Coleman Cable, Inc. Announces Record Earnings Results For The Fourth Quarter And Full-Year 2012

Financial Tables Follow

COLEMAN CABLE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Thousands, except per share data)
(Unaudited)
         
  Three Months Ended  Twelve Months Ended 
  December 31, December 31,
  2012 2011 2012 2011
NET SALES  $233,557 $206,854 $914,581 $867,356
COST OF GOODS SOLD  195,981 180,970 775,999 744,587
GROSS PROFIT  37,576 25,884 138,582 122,769
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES  17,860 14,626 65,211 61,107
INTANGIBLE ASSET AMORTIZATION  2,189 1,743 7,945 7,025
ASSET IMPAIRMENTS
RESTRUCTURING CHARGES  300 698 1,615 1,953
OPERATING INCOME 17,227 8,817 63,811 52,684
INTEREST EXPENSE  7,021 6,908 27,984 28,092
GAIN ON AVAILABLE FOR SALE SECURITIES  — (753)
         
OTHER (INCOME)LOSS, NET  (17) (410) 214 (78)
INCOME BEFORE INCOME TAXES 10,223 2,319 35,613 25,423
INCOME TAX EXPENSE  3,530 960 12,109 7,982
NET INCOME $6,693 $1,359 $23,504 $17,441
EARNINGS PER COMMON SHARE DATA        
NET INCOME PER SHARE:         
Basic  $0.38 $0.08 $1.36 $1.00
Diluted  0.38 0.08 1.34 0.99
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING        
Basic  17,229 16,939 17,089 17,090
Diluted  17,324 17,150 17,323 17,310
 
COLEMAN CABLE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Thousands, except per share data)
(Unaudited)
     
  December 31, 
  2012 2011
   
ASSETS
CURRENT ASSETS:    
Cash and cash equivalents $9,562 $9,746
Accounts receivable, net of allowances of $3,046 and $2,811, respectively 125,982 120,567
Inventories 112,590 108,689
Deferred income taxes 4,271 3,355
Assets held for sale 1,074 546
Prepaid expenses and other current assets 4,071 10,288
Total current assets 257,550 253,191
     
PROPERTY, PLANT AND EQUIPMENT:    
Land 1,647 1,387
Buildings and leasehold improvements 24,749 14,392
Machinery, fixtures and equipment 127,540 112,606
  153,936 128,385
Less accumulated depreciation and amortization (86,588) (75,936)
Construction in progress 11,566 6,508
Property, plant and equipment, net 78,914 58,957
GOODWILL 66,535 56,724
INTANGIBLE ASSETS 37,417 28,340
DEFERRED INCOME TAXES 329 376
OTHER ASSETS 8,595 8,148
TOTAL ASSETS $449,340 $405,736
 
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:    
Current portion of long-term debt $35,566 $166
Accounts payable 25,748 29,081
Accrued liabilities 38,208 35,762
Total current liabilities 99,522 65,009
LONG-TERM DEBT 288,273 302,935
OTHER LONG-TERM LIABILITIES 3,693 3,194
DEFERRED INCOME TAXES 6,687 6,503
COMMITMENTS AND CONTINGENCIES    
SHAREHOLDERS' EQUITY:    
Common stock, par value $0.001; 75,000 shares authorized; 16,998 and 16,939 shares issued and outstanding on December 31, 2012 and 2011 17 17
Treasury stock, at cost: 443 and 320 shares, respectively (3,918) (2,789)
Additional paid-in capital 94,470 92,871
Accumulated deficit (39,371) (61,819)
Accumulated other comprehensive loss (33) (185)
Total shareholders' equity 51,165 28,095
TOTAL LIABILITIES AND EQUITY $449,340 $405,736
 
COLEMAN CABLE, INC. AND SUBSIDIARIES
Non-GAAP Results
(Thousands, except per share data)
(unaudited)
         
Reconciliation of Non-GAAP Financial Measures
         
         
Diluted earnings per share, as determined in accordance with GAAP, to Adjusted EPS Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
Earnings per share  $0.38 $0.08 $1.34 $0.99
Restructuring charges  0.01 0.02 0.07 0.07
Gain on available for sale securities   —  — —  (0.04)
Share-based compensation expense  0.01 0.01 0.05 0.11
Acquisition-related costs —   0.02 0.11
Insurance-related settlement (0.04) (0.04)
Adjusted diluted earnings per share  $0.40 $0.07 $1.48 $1.20
         
Net income (loss), as determined in accordance with GAAP, to EBITDA and Adjusted EBITDA Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
         
Net income  $6,693 $1,359 $23,504 $17,441
Interest expense  7,021 6,908 27,984 28,092
Income tax expense  3,530 960 12,109 7,982
Depreciation and amortization expense (a)  5,818 5,046 21,809 19,103
EBITDA  $23,062 $14,273 $85,406 $72,618
Restructuring charges  300 698 1,615 1,953
Gain on available for sale securities   —  — —  (753)
Share-based compensation expense  66 392 1,235 3,173
Acquisition-related costs 20 443 2,821
Insurance-related settlement (1,250)  — (1,250)
ADJUSTED EBITDA $23,428 $14,133 $88,699 $78,562
         
a)  Depreciation and amortization expense shown in the above schedule excludes amortization of debt issuance costs, which are included as a component of interest expense.

For additional information regarding our non-GAAP financial measures, see "Non-GAAP Results."

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