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WAUKEGAN, Ill., Aug. 8, 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 second-quarter 2013 financial results.
Second-quarter 2013 Adjusted Earnings per Share (EPS) of $0.47 per diluted share, a record for the Company since becoming public in 2007.
Second-quarter 2013 Adjusted EBITDA of $25.1 million, a record for the Company.
First six-month 2013 Adjusted EPS growth of 18.3 percent versus the same period last year.
Outlook and Dividend
For the third quarter of 2013, the Company estimates sales between $230.0 million and $250.0 million and Adjusted EPS between $0.37 and $0.52.
Declared quarterly cash dividend of $0.04 per share payable on August 30, 2013, to stockholders of record as of the close of business on August 16, 2013.
Second-Quarter 2013 Results
Net sales for the second quarter of 2013 were $233.8 million compared to $231.2 million, an increase of $2.6 million, from the second quarter of 2012. Sales volume (measured in total pounds shipped, on a comparable basis) increased 3.8 percent for the second quarter of 2013 compared to the same period last year and increased 7.5 percent compared to the first quarter of 2013. The increase in net sales mainly reflects higher OEM segment sales, a greater contribution from the Company's Engineered Solutions segment, which includes two additional months of results for Watteredge, partially offset by lower Distribution segment sales due primarily to lower copper prices, which declined 8.5 percent for the second quarter on a year-over-year basis. Second-quarter 2013 Adjusted EPS and Adjusted EBITDA were $0.47 per diluted share and $25.1 million, respectively, compared to $0.46 per diluted share and $24.1 million, respectively, for the second quarter of 2012.
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