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WAUKEGAN, Ill., May 9, 2013 (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 first-quarter 2013 financial results.
First-Quarter 2013 Highlights
Earnings per share (EPS) of $0.30 per diluted share, an increase of 42.9 percent from $0.21 for the first quarter of 2012.
Adjusted EPS of $0.37 per diluted share, an increase of 54.2 percent compared to $0.24 per diluted share for the first quarter of last year.
Record Adjusted EBITDA of $22.1 million in the first quarter of 2013, an increase of 16.3 percent from $19.0 million in the first quarter of 2012.
Sales increased to $222.5 million, up 0.9 percent compared to the first quarter of last year.
Outlook and Dividend
For the second quarter of 2013, the Company estimates sales between $225.0 million and $245.0 million and Adjusted EPS between $0.35 and $0.52.
Declared a quarterly cash dividend of $0.04 per share (an increase of $0.02 per share from prior dividends) payable on May 31, 2013, to stockholders of record as of the close of business on May 17, 2013.
First Quarter 2013 Results
Net sales for the first quarter of 2013 were $222.5 million compared to $220.5 million for the first quarter of 2012. The increase mainly reflects a greater contribution from the Company's Engineered Solutions segment, which includes results for Watteredge, as partially offset by nominally lower sales volumes and lower average copper prices. First-quarter 2013 Adjusted EPS and Adjusted EBITDA were $0.37 per diluted share and $22.1 million, respectively, compared to $0.24 per diluted share and $19.0 million, respectively, for the first quarter of 2012.
President and CEO Gary Yetman stated, "We have enjoyed a strong start to 2013 with record first quarter Adjusted EBITDA of $22.1 million and Adjusted EPS growth of over 54 percent. Contributing to our results was stronger gross profit performance across all three segments. Our efforts in recent years to diversify our business and enhance our operating platform continue to benefit our business."
Mr. Yetman concluded, "We anticipate additional benefit in the back half of the year, given a continuation of momentum seen recently in U.S. residential and commercial construction markets. Any protracted copper price volatility, as seen recently, may present some challenges in the near-term, but longer-term, we believe we are well positioned to capture the significant benefit we should get from a sustained rebound in housing and commercial construction."