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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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.22 | 0.79% | 283.04 | 279.50 | 283.00 | 284.63 | 280.85 | 282.14 | 170,093 | 01:00:00 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
75-2274963
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
1329 Millwood Road
McKinney, Texas
|
|
75069
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
x
|
Accelerated filer
|
¨
|
|
|
|
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
Page No.
|
|
|
|
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
|
(Unaudited)
|
|
(See Note)
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
79,927
|
|
|
$
|
79,152
|
|
Accounts receivable, net of allowance of $2,065 and $2,065
|
183,531
|
|
|
186,065
|
|
||
Inventories
|
94,415
|
|
|
95,254
|
|
||
Income tax receivable
|
2,146
|
|
|
7,344
|
|
||
Prepaid expenses and other
|
6,362
|
|
|
2,340
|
|
||
Total current assets
|
366,381
|
|
|
370,155
|
|
||
|
|
|
|
||||
Property, plant and equipment - at cost:
|
|
|
|
||||
Land and land improvements
|
50,635
|
|
|
50,580
|
|
||
Construction-in-progress
|
31,319
|
|
|
33,942
|
|
||
Buildings and improvements
|
121,385
|
|
|
102,432
|
|
||
Machinery and equipment
|
287,781
|
|
|
274,755
|
|
||
Furniture and fixtures
|
9,188
|
|
|
9,012
|
|
||
Total property, plant and equipment
|
500,308
|
|
|
470,721
|
|
||
|
|
|
|
||||
Accumulated depreciation
|
(222,403
|
)
|
|
(215,953
|
)
|
||
Property, plant and equipment - net
|
277,905
|
|
|
254,768
|
|
||
|
|
|
|
||||
Other assets
|
193
|
|
|
3,193
|
|
||
Total assets
|
$
|
644,479
|
|
|
$
|
628,116
|
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Trade accounts payable
|
$
|
22,204
|
|
|
$
|
28,743
|
|
Accrued liabilities
|
23,687
|
|
|
25,499
|
|
||
Deferred income taxes
|
6,357
|
|
|
8,473
|
|
||
Total current liabilities
|
52,248
|
|
|
62,715
|
|
||
|
|
|
|
||||
Non-current deferred income taxes
|
30,583
|
|
|
26,762
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $.01 par value:
|
|
|
|
||||
Authorized shares – 2,000,000; none issued
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value:
|
|
|
|
||||
Authorized shares – 40,000,000;
|
|
|
|
||||
Issued shares – 26,750,703 and 26,715,216
|
268
|
|
|
267
|
|
||
Additional paid-in capital
|
54,837
|
|
|
53,024
|
|
||
Treasury stock, at cost – 6,027,455 and 6,027,455 shares
|
(91,056
|
)
|
|
(91,056
|
)
|
||
Retained earnings
|
597,599
|
|
|
576,404
|
|
||
Total stockholders’ equity
|
561,648
|
|
|
538,639
|
|
||
Total liabilities and stockholders’ equity
|
$
|
644,479
|
|
|
$
|
628,116
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Unaudited)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
237,168
|
|
|
$
|
262,756
|
|
|
$
|
701,543
|
|
|
$
|
766,766
|
|
Cost of goods sold
|
209,350
|
|
|
224,421
|
|
|
614,951
|
|
|
663,095
|
|
||||
Gross profit
|
27,818
|
|
|
38,335
|
|
|
86,592
|
|
|
103,671
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||||
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|
|
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||||||||
Selling, general, and administrative expenses
|
18,721
|
|
|
16,063
|
|
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52,756
|
|
|
47,952
|
|
||||
Operating income
|
9,097
|
|
|
22,272
|
|
|
33,836
|
|
|
55,719
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net interest and other income
|
(9
|
)
|
|
(18
|
)
|
|
(32
|
)
|
|
(133
|
)
|
||||
Income before income taxes
|
9,106
|
|
|
22,290
|
|
|
33,868
|
|
|
55,852
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes
|
3,107
|
|
|
7,779
|
|
|
11,431
|
|
|
19,200
|
|
||||
Net income
|
$
|
5,999
|
|
|
$
|
14,511
|
|
|
$
|
22,437
|
|
|
$
|
36,652
|
|
Earnings per common and common equivalent share – basic
|
$
|
0.29
|
|
|
$
|
0.70
|
|
|
$
|
1.08
|
|
|
$
|
1.77
|
|
Weighted average common and common equivalent shares outstanding – basic
|
20,704
|
|
|
20,716
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|
|
20,696
|
|
|
20,726
|
|
||||
Earnings per common and common equivalent share – diluted
|
$
|
0.29
|
|
|
$
|
0.70
|
|
|
$
|
1.08
|
|
|
$
|
1.76
|
|
Weighted average common and common equivalent shares outstanding – diluted
|
20,775
|
|
|
20,774
|
|
|
20,763
|
|
|
20,797
|
|
||||
Cash dividends declared per share
|
$
|
0.02
|
|
|
$
|
0.02
|
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
Nine Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
|
(Unaudited)
|
||||||
|
|
|
|
||||
Operating Activities:
|
|
|
|
||||
Net income
|
$
|
22,437
|
|
|
$
|
36,652
|
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
|
||||
Depreciation and amortization
|
13,008
|
|
|
11,972
|
|
||
Deferred income taxes
|
1,705
|
|
|
7,553
|
|
||
Excess tax benefits of options exercised
|
(32
|
)
|
|
(24
|
)
|
||
Stock-based compensation
|
1,058
|
|
|
500
|
|
||
Other
|
1,565
|
|
|
(146
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
2,534
|
|
|
14,903
|
|
||
Inventories
|
839
|
|
|
(19,583
|
)
|
||
Other assets
|
(424
|
)
|
|
(56
|
)
|
||
Trade accounts payable and accrued liabilities
|
(8,357
|
)
|
|
(12,283
|
)
|
||
Current income taxes receivable / payable
|
5,230
|
|
|
3,096
|
|
||
Net cash provided by operating activities
|
39,563
|
|
|
42,584
|
|
||
|
|
|
|
||||
Investing Activities:
|
|
|
|
||||
Purchases of property, plant and equipment
|
(38,607
|
)
|
|
(34,897
|
)
|
||
Proceeds from sale of assets
|
44
|
|
|
52
|
|
||
Net cash used in investing activities
|
(38,563
|
)
|
|
(34,845
|
)
|
||
|
|
|
|
||||
Financing Activities:
|
|
|
|
||||
Deferred financing fees
|
(150
|
)
|
|
—
|
|
||
Purchase of treasury stock
|
—
|
|
|
(2,922
|
)
|
||
Proceeds from issuance of common stock, net
|
1,135
|
|
|
555
|
|
||
Dividends paid
|
(1,242
|
)
|
|
(1,243
|
)
|
||
Excess tax benefits of options exercised
|
32
|
|
|
24
|
|
||
Net cash used in financing activities
|
(225
|
)
|
|
(3,586
|
)
|
||
|
|
|
|
||||
Net increase in cash and cash equivalents
|
775
|
|
|
4,153
|
|
||
Cash and cash equivalents at beginning of period
|
79,152
|
|
|
54,664
|
|
||
Cash and cash equivalents at end of period
|
$
|
79,927
|
|
|
$
|
58,817
|
|
In Thousands
|
September 30, 2016
|
|
December 31, 2015
|
||||
|
|
|
|
||||
Raw materials
|
$
|
21,310
|
|
|
$
|
26,245
|
|
Work-in-process
|
20,618
|
|
|
20,155
|
|
||
Finished goods
|
75,683
|
|
|
70,348
|
|
||
Total Inventory at FIFO cost
|
117,611
|
|
|
116,748
|
|
||
Adjust to LIFO cost
|
(23,196
|
)
|
|
(21,494
|
)
|
||
Lower of cost or market adjustment
|
—
|
|
|
—
|
|
||
Inventory, net
|
$
|
94,415
|
|
|
$
|
95,254
|
|
In Thousands
|
September 30, 2016
|
|
December 31, 2015
|
||||
|
|
|
|
||||
Sales volume discounts payable
|
$
|
12,525
|
|
|
$
|
13,193
|
|
Property taxes payable
|
2,611
|
|
|
3,444
|
|
||
Commissions payable
|
1,887
|
|
|
1,939
|
|
||
Accrued salaries
|
5,390
|
|
|
5,801
|
|
||
Other accrued liabilities
|
1,274
|
|
|
1,122
|
|
||
Total accrued liabilities
|
$
|
23,687
|
|
|
$
|
25,499
|
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
In Thousands
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
5,999
|
|
|
$
|
14,511
|
|
|
$
|
22,437
|
|
|
$
|
36,652
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Denominator for basic earnings per share – weighted average shares
|
|
20,704
|
|
|
20,716
|
|
|
20,696
|
|
|
20,726
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
||||||||
Employee stock options
|
|
71
|
|
|
58
|
|
|
67
|
|
|
71
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Denominator for diluted earnings per share – weighted average shares
|
|
20,775
|
|
|
20,774
|
|
|
20,763
|
|
|
20,797
|
|
|
July 2016
|
|
August 2016
|
|
September 2016
|
|
Quarter Ended September 30, 2016
|
|
Year to Date September 30, 2016
|
||||||||||
High
|
$
|
2.26
|
|
|
$
|
2.21
|
|
|
$
|
2.20
|
|
|
$
|
2.26
|
|
|
$
|
2.29
|
|
Low
|
2.12
|
|
|
2.07
|
|
|
2.07
|
|
|
2.07
|
|
|
1.94
|
|
|||||
Average
|
2.21
|
|
|
2.14
|
|
|
2.14
|
|
|
2.16
|
|
|
2.13
|
|
|
July 2015
|
|
August 2015
|
|
September 2015
|
|
Quarter Ended September 30, 2015
|
|
Year to Date September 30, 2015
|
||||||||||
High
|
$
|
2.64
|
|
|
$
|
2.41
|
|
|
$
|
2.46
|
|
|
$
|
2.64
|
|
|
$
|
2.95
|
|
Low
|
2.35
|
|
|
2.25
|
|
|
2.25
|
|
|
2.25
|
|
|
2.25
|
|
|||||
Average
|
2.48
|
|
|
2.33
|
|
|
2.37
|
|
|
2.40
|
|
|
2.61
|
|
|
ENCORE WIRE CORPORATION
|
|
(Registrant)
|
|
|
Dated: November 2, 2016
|
/s/ DANIEL L. JONES
|
|
Daniel L. Jones
Chairman, President and Chief Executive Officer |
|
|
Dated: November 2, 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).
|
10.1
|
Third Amendment dated as of September 29, 2016 to Credit Agreement dated as of September 27, 2012 by and among Encore Wire Corporation, as borrower, Bank of America, N.A., as administrative agent and letter of credit issuer, Wells Fargo Bank, National Association, as syndication agent, the financial institutions a party thereto as lenders and EWC Aviation Corporation, as guarantor (filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on October 5, 2016, and incorporated herein by reference).
|
31.1
|
Certification by Daniel L. Jones, Chairman, President and Chief Executive Officer of the Company, dated November 2, 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 November 2, 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 November 2, 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 November 2, 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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