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WAUKEGAN, Ill., Nov. 7, 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 third-quarter 2013 financial results.
Third-quarter 2013 Adjusted Earnings Per Share (EPS) of $0.40, a third-quarter record for the Company.
Third-quarter 2013 Adjusted EBITDA of $24.0 million, a third-quarter record for the Company.
Third-quarter and first nine-month 2013 Adjusted EPS growth of 8.1 percent and 16.8 percent, respectively, versus the same periods last year.
Outlook and Dividend
For the fourth quarter of 2013, the Company estimates sales between $225.0 million and $250.0 million and Adjusted EPS between $0.36 and $0.49.
Declared quarterly cash dividend of $0.05 per share payable on November 29, 2013, to stockholders of record as of the close of business on November 15, 2013.
Third-Quarter 2013 Results
Net sales for the third quarter of 2013 were $229.0 million, consistent with $229.3 million of net sales for the third quarter of 2012. Sales volume (measured in total pounds shipped, on a comparable basis) increased 4.2 percent for the third quarter of 2013 compared to the same period last year, while copper prices declined 8.5 percent on a year-over-year basis. Compared to last year, the Company's sales results in the 2013 third quarter mainly reflect higher sales within the Company's Engineered Solutions and Distribution segments, offset by lower sales in its OEM segment.
President and CEO Gary Yetman stated, "For the third quarter of 2013, both our Adjusted EBITDA and Adjusted EPS were third-quarter records for the Company, while our Adjusted EBITDA results marked the fourth consecutive quarter of record results dating back to last year. Further, our results include total volume growth of 4.2 percent driven by increased demand across a variety of products, particularly within industrial and construction-related categories. Our strong third-quarter performance continues to reflect the diversity of our business and the strength of our operating platform, which have allowed us to achieve strong results notwithstanding copper price volatility and the negative impact of the sequestration on TRC's military business in our Engineered Solutions segment."