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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Encore Wire Corporation | NASDAQ:WIRE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.20 | -0.07% | 280.80 | 279.50 | 280.99 | 283.00 | 280.81 | 281.83 | 165,878 | 01:00:00 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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75-2274963
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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1329 Millwood Road
McKinney, Texas
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75069
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Page No.
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March 31, 2016
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December 31, 2015
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||||
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(Unaudited)
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(See Note)
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||||
Assets
|
|
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||||
Current assets:
|
|
|
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||||
Cash and cash equivalents
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$
|
78,561
|
|
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$
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79,152
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|
Accounts receivable, net of allowance of $2,065 and $2,065
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175,215
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186,065
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||
Inventories
|
98,472
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|
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95,254
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|
||
Income tax receivable
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2,361
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7,344
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Prepaid expenses and other
|
1,792
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2,340
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Total current assets
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356,401
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370,155
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||||
Property, plant and equipment—at cost:
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|
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||||
Land and land improvements
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50,635
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50,580
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Construction-in-progress
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23,332
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33,942
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||
Buildings and improvements
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121,080
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102,432
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Machinery and equipment
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276,776
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274,755
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Furniture and fixtures
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9,114
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9,012
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Total property, plant and equipment
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480,937
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470,721
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||||
Accumulated depreciation
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(220,686
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)
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(215,953
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)
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Property, plant and equipment – net
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260,251
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254,768
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||
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||||
Other assets
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3,192
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|
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3,193
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Total assets
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$
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619,844
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$
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628,116
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||||
Liabilities and Stockholders’ Equity
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||||
Current liabilities:
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||||
Trade accounts payable
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$
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21,579
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$
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28,743
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Accrued liabilities
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16,704
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25,499
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Deferred income taxes
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7,920
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8,473
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Total current liabilities
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46,203
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62,715
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||||
Non-current deferred income taxes
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26,347
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26,762
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Commitments and contingencies
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||||
Stockholders’ equity:
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||||
Preferred stock, $.01 par value:
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||||
Authorized shares – 2,000,000; none issued
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—
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—
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Common stock, $.01 par value:
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||||
Authorized shares – 40,000,000;
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||||
Issued shares – 26,721,216 and 26,715,216
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267
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267
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Additional paid-in capital
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53,494
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53,024
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Treasury stock, at cost – 6,027,455 and 6,027,455 shares
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(91,056
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)
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(91,056
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)
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Retained earnings
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584,589
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576,404
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Total stockholders’ equity
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547,294
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538,639
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Total liabilities and stockholders’ equity
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$
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619,844
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$
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628,116
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Three Months Ended March 31,
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||||||
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2016
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2015
|
||||
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||||
Net sales
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$
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225,544
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$
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250,262
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Cost of goods sold
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195,401
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217,832
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Gross profit
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30,143
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32,430
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||||
Selling, general, and administrative expenses
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17,309
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16,031
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Operating income
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12,834
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16,399
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Net interest and other expenses
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(3
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)
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(100
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)
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Income before income taxes
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12,837
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16,499
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Provision for income taxes
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4,238
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5,710
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Net income
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$
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8,599
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$
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10,789
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Earnings per common and common equivalent share – basic
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$
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0.42
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$
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0.52
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Weighted average common and common equivalent shares outstanding – basic
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20,688
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20,725
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Earnings per common and common equivalent share – diluted
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$
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0.41
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$
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0.52
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Weighted average common and common equivalent shares outstanding – diluted
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20,747
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20,782
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Cash dividends declared per share
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$
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0.02
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$
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0.02
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Three Months Ended March 31,
|
||||||
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2016
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2015
|
||||
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|
||||
Operating Activities
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|
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|
||||
Net income
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$
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8,599
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$
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10,789
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Adjustments to reconcile net income to net cash
provided by (used in) operating activities: |
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|
|
||||
Depreciation and amortization
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4,846
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3,897
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Deferred income taxes
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(968
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)
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(352
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)
|
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Excess tax benefits of options exercised
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(24
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)
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—
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Stock-based compensation
|
639
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220
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|
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Other
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(16
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)
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(43
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)
|
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Changes in operating assets and liabilities:
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||||
Accounts receivable
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10,850
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11,337
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Inventories
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(3,218
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)
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(7,103
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)
|
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Trade accounts payable and accrued liabilities
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(17,913
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)
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(13,935
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)
|
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Other assets and liabilities
|
537
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|
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1,128
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Current income taxes receivable / payable
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5,007
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3,409
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Net cash provided by (used in) operating activities
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8,339
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9,347
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Investing Activities
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||||
Purchases of property, plant and equipment
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(8,658
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)
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(10,488
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)
|
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Proceeds from sale of assets
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4
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|
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—
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Net cash provided by (used in) investing activities
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(8,654
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)
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(10,488
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)
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||
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||||
Financing Activities
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|
||||
Proceeds from issuance of common stock, net
|
114
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161
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Dividends paid
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(414
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)
|
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(415
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)
|
||
Excess tax benefits of options exercised
|
24
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|
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—
|
|
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Net cash provided by (used in) financing activities
|
(276
|
)
|
|
(254
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)
|
||
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|
||||
Net increase (decrease) in cash and cash equivalents
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(591
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)
|
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(1,395
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)
|
||
Cash and cash equivalents at beginning of period
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79,152
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|
|
54,664
|
|
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Cash and cash equivalents at end of period
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$
|
78,561
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|
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$
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53,269
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In Thousands
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March 31, 2016
|
|
December 31, 2015
|
||||
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||||
Raw materials
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$
|
22,336
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$
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26,245
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Work-in-process
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28,783
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20,155
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Finished goods
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71,029
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70,348
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Total
|
122,148
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116,748
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Adjust to LIFO cost
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(23,676
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)
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(21,494
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)
|
||
Lower of cost or market adjustment
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—
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|
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—
|
|
||
Inventory, net
|
$
|
98,472
|
|
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$
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95,254
|
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In Thousands
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March 31, 2016
|
|
December 31, 2015
|
||||
|
|
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|
||||
Sales volume discounts payable
|
$
|
9,063
|
|
|
$
|
13,193
|
|
Property taxes payable
|
869
|
|
|
3,444
|
|
||
Commissions payable
|
2,106
|
|
|
1,939
|
|
||
Accrued salaries
|
3,216
|
|
|
5,801
|
|
||
Other accrued liabilities
|
1,450
|
|
|
1,122
|
|
||
Total accrued liabilities
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$
|
16,704
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|
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$
|
25,499
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|
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Quarters Ended
|
||||||
In Thousands
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March 31, 2016
|
|
March 31, 2015
|
||||
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|
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|
||||
Numerator:
|
|
|
|
||||
Net income
|
$
|
8,599
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|
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$
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10,789
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|
|
|
|
|
||||
Denominator:
|
|
|
|
||||
Denominator for basic earnings per share – weighted average shares
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20,688
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|
|
20,725
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|
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|
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|
||||
Effect of dilutive securities:
|
|
|
|
||||
Employee stock options
|
59
|
|
|
57
|
|
||
|
|
|
|
||||
Denominator for diluted earnings per share – weighted average shares
|
20,747
|
|
|
20,782
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January 2016
|
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February 2016
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March 2016
|
|
Quarter Ended March 31, 2016
|
||||||||
High
|
$
|
2.09
|
|
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$
|
2.13
|
|
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$
|
2.29
|
|
|
$
|
2.29
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Low
|
1.94
|
|
|
2.00
|
|
|
2.14
|
|
|
1.94
|
|
||||
Average
|
2.01
|
|
|
2.08
|
|
|
2.23
|
|
|
2.11
|
|
|
January 2015
|
|
February 2015
|
|
March 2015
|
|
Quarter Ended March 31, 2015
|
||||||||
High
|
$
|
2.84
|
|
|
$
|
2.72
|
|
|
$
|
2.82
|
|
|
$
|
2.84
|
|
Low
|
2.47
|
|
|
2.51
|
|
|
2.59
|
|
|
2.47
|
|
||||
Average
|
2.65
|
|
|
2.62
|
|
|
2.71
|
|
|
2.66
|
|
|
ENCORE WIRE CORPORATION
|
|
(Registrant)
|
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Dated: May 4, 2016
|
/s/ DANIEL L. JONES
|
|
Daniel L. Jones
Chairman, President and Chief Executive Officer |
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Dated: May 4, 2016
|
/s/ FRANK J. BILBAN
|
|
Frank J. Bilban
Vice President-Finance, Treasurer,
Secretary and Chief Financial Officer |
Exhibit
Number
|
Description
|
3.1
|
Certificate of Incorporation of Encore Wire Corporation and all amendments thereto (filed as Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, and incorporated herein by reference).
|
3.2
|
Third Amended and Restated Bylaws of Encore Wire Corporation, as amended through February 27, 2012 (filed as Exhibit 3.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, and incorporated herein by reference).
|
4.1
|
Form of certificate for Common Stock (filed as Exhibit 1 to the Company’s registration statement on Form 8-A, filed with the SEC on June 4, 1992, and incorporated herein by reference).
|
31.1
|
Certification by Daniel L. Jones, Chairman, President and Chief Executive Officer of the Company, dated May 4, 2016 and submitted pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification by Frank J. Bilban, Vice President – Finance, Treasurer, Secretary and Chief Financial Officer of the Company, dated May 4, 2016 and submitted pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification by Daniel L. Jones, Chairman, President and Chief Executive Officer of the Company, dated May 4, 2016 as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
Certification by Frank J. Bilban, Vice President – Finance, Treasurer, Secretary and Chief Financial Officer of the Company, dated May 4, 2016 as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1 Year Encore Wire Chart |
1 Month Encore Wire Chart |
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