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Last $38.70 USD
Change Today 0.00 / 0.00%
Volume 0.0
ITWG On Other Exchanges
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OTC US
As of 8:10 PM 04/17/15 All times are local (Market data is delayed by at least 15 minutes).

international wire group hol (ITWG) Key Developments

International Wire Group Holdings, Inc. Announces Closing of $26,000,000 Senior PIK Toggle Notes Offering

International Wire Group Holdings, Inc. announced that it has closed the private offering of $26.0 million principal amount of its 10.00%/12.00% senior PIK Toggle Notes due 2020. The notes will pay interest semi-annually on April 15 and October 15, beginning on October 15, 2015. The notes are the unsecured obligation of Holdings. Holdings received $26.0 million in gross proceeds from the notes offering, which were used for share repurchases and general corporate purposes. The notes have not been and will not be registered under the securities Act of 1933, as amended or any state securities laws and may not be offered or sold in the United States or for the account or benefit of any United States citizen or in any way distributed in the United States absent registration or an applicable exemption from the registration requirements of the securities Act and applicable state securities laws. The notes were offered only to accredited investors in reliance on Regulation D under the Securities Act.

International Wire Group Holdings, Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

International Wire Group Holdings, Inc. announced earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company's net sales were $176.9 million, a decrease of $14.9 million, or 7.8%, compared to $191.8 million for the same period in 2013. Operating income for the three months ended December 31, 2014 was $9.2 million compared to $10.6 million for the three months ended December 31, 2013, a decrease of $1.4 million, or 13.2%, primarily due to lower sales volume, lower silver prices and the lack of a favorable LIFO impact in the 2014 period, partially offset by lower depreciation and amortization. Net income of $1.8 million for the three months ended December 31, 2014 decreased by $1.5 million from the prior year net income of $3.3 million. The decrease was due primarily to lower operating income in the 2014 period. Net income per basic and diluted share of $0.33 for the three months ended December 31, 2014 decreased by $0.22 per basic share and $0.19 per diluted share from the 2013 period net income of $0.55 per basic share and $0.52 per diluted share. The decrease in net income per basic share resulted from lower net income, partially offset by a decrease in outstanding shares in the 2014 period compared to the 2013 period due to the repurchase of common stock in the 2014 period. The decrease in net income per diluted share resulted from lower net income, partially offset by a decrease in the number of outstanding shares and stock options in the 2014 period compared to the 2013 period due to the repurchase of common stock and stock options in the 2014 period. Adjusted EBITDA was $13.4 million against $15.8 million a year ago. For the full year, the company's net sales were $766.5 million, a decrease of $7.7 million, or 1.0%, compared to 2013 period sales of $774.2 million. Excluding the effects of lower copper prices and a lower proportion of tolled copper, net sales decreased $1.5 million, or 0.2%, versus the prior year. This decrease resulted from $10.6 million of reduced sales volume, partially offset by $8.7 million of higher customer pricing/mix and $0.4 million from the effects of favorable foreign currency exchange rates. Operating income for the year ended December 31, 2014 was $49.5 million compared to $48.4 million for the year ended December 31, 2013, an increase of $1.1 million, or 2.3%, primarily from higher Bare Wire sales volume, lower medical costs and lower depreciation and amortization, partially offset by the lack of a favorable LIFO impact in the 2014 period and higher selling, general and administrative expenses. Net income of $15.9 million was lower than net income in the 2013 period of $16.7 million, primarily from a higher income tax provision in 2014, partially offset by higher operating income in 2014. Net income per basic share of $2.75 for the year ended December 31, 2014 increased by $0.02 from the prior year level of $2.73. Net income per diluted share of $2.69 for the year ended December 31, 2014 increased by $0.08 from the 2013 period net income per diluted share of $2.61. The increase in net income per basic share resulted from a decrease in outstanding shares in the 2014 period compared to the 2013 period due to the repurchase of common stock in the 2014 period, partially offset by lower net income. The increase in net income per diluted share resulted from a decrease in the number of outstanding shares and stock options in the 2014 period compared to the 2013 period due to the repurchase of common stock and stock options in the 2014 period, partially offset by lower net income. Net debt was $259.4 million as of December 31, 2014, a $3.8 million decrease from December 31, 2013 primarily from lower working capital requirements to support decreased sales levels in the fourth quarter of 2014 as compared to the fourth quarter of 2013. Adjusted EBITDA was $66.9 million against $68.0 million a year ago.

International Wire Group Holdings, Inc. Presents at JPMorgan Global High Yield & Leveraged Finance Conference, Feb-23-2015

International Wire Group Holdings, Inc. Presents at JPMorgan Global High Yield & Leveraged Finance Conference, Feb-23-2015 . Venue: Loews Hotel, Miami Beach, Florida, United States.

International Wire Group Holdings, Inc. Announces Financial Results for the Third Quarter and Nine Months Ended September 30, 2014

International Wire Group Holdings, Inc. announced financial results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income of $3.9 million against $4.2 million a year ago. Adjusted EBITDA was $16.1 million against $16.1 million a year ago. Net sales for the quarter ended September 30, 2014 were $199.3 million, an increase of $15.2 million, or 8.3%, compared to $184.1 million for the same period in 2013. This increase was primarily due to a lower proportion of tolled copper partially offset by the lower selling price of copper. Operating income for the three months ended September 30, 2014 was $12.0 million compared to $11.4 million for the three months ended September 30, 2013, an increase of $0.6 million, or 5.3%, primarily from a favorable LIFO impact, favorable sales mix and lower depreciation and amortization, partially offset by higher selling, general and administrative expenses. The decrease in net income was due primarily to the impact discrete items had on the tax provision in the prior year that did not recur in the current year. Net income per basic and diluted share of $0.68 for the three months ended September 30, 2014 remained the same per basic share and increased $0.04 per diluted share from the prior year period level of $0.68 per basic share and $0.64 per diluted share. The increase in net income per diluted share in the 2014 period compared to the 2013 period resulted from a decrease in weighted-averages shares outstanding in the 2014 period compared to the 2013 period due to the repurchase of common stock and stock options in the first nine months of 2014. Net sales for the nine months ended September 30, 2014 were $589.6 million, an increase of $7.2 million, or 1.2%, compared to 2013 period sales of $582.4 million. This increase was primarily due to a lower proportion of tolled copper offset by a lower selling price of copper. Operating income for the nine months ended September 30, 2014 was $40.3 million compared to $37.8 million for the 2013 period, an increase of $2.5 million, or 6.6%, primarily from higher sales volume, increased plant utilization and lower medical costs and lower depreciation and amortization, partially offset by higher selling, general and administrative expenses. Net income of $14.1 million was higher than net income in the 2013 period of $13.4 million, primarily from higher operating income partially offset by a higher income tax provision. Net income per basic share of $2.40 for the nine months ended September 30, 2014 increased by $0.22 from the prior year level of $2.18. Net income per diluted share of $2.34 for the nine months ended September 30, 2014 increased by $0.24 from the 2013 period of $2.10. The increase in net income per basic and diluted share in the 2014 period compared to the 2013 period resulted from higher net income and a decrease in weighted-averages shares outstanding in the 2014 period compared to the 2013 period due to the repurchase of common stock and stock options in the first nine months of 2014. Net debt (total debt less cash) was $265.2 million as of September 30, 2014, a $2.0 million increase from December 31, 2013 primarily from higher working capital requirements to support increased sales levels in the third quarter of 2014 as compared to the fourth quarter of 2013. Adjusted EBITDA for nine months was $53.5 million against $52.3 million a year ago.

International Wire Group Holdings, Inc. Announces Earnings Results for the Second Quarter and for the Six Months Ended June 30, 2014

International Wire Group Holdings, Inc. announced earnings results for the second quarter and for the six months ended June 30, 2014. Net sales for the quarter ended June 30, 2014 were $196.1 million, a decrease of $1.1 million, or 0.6%, compared to $197.2 million for the same period in 2013. This decrease was primarily due to a lower selling price of copper partially offset by a lower proportion of tolled copper. Operating income for the three months ended June 30, 2014 was $13.8 million compared to $13.2 million for the three months ended June 30, 2013, an increase of $0.6 million, or 4.5%, primarily from higher plant utilization, lower medical costs and lower depreciation and amortization, partially offset by higher selling, general and administrative expenses. Net income was $5.0 million for the three months ended June 30, 2014 increased by $0.5 million from the prior year results of $4.5 million. The increase was due primarily to higher operating income partially offset by a higher income tax provision. Net income per basic and diluted share of $0.87 for the three months ended June 30, 2014 increased by $0.13 per basic share and $0.16 per diluted share from the prior year period level of $0.74 per basic share and $0.71 per diluted share. The increase in net income per basic and diluted share in the 2014 period compared to the 2013 period resulted from higher net income and a decrease in weighted-averages shares outstanding in the 2014 period compared to the 2013 period due to the repurchase of common stock and stock options in the first six months of 2014. Adjusted EBITDA was $18.4 million against $18.1 million a year ago. Net sales for the six months ended June 30, 2014 were $390.4 million, a decrease of $7.9 million, or 2.0%, compared to 2013 period sales of $398.3 million. This decrease was primarily due to a lower selling price of copper partially offset by a lower proportion of tolled copper. Operating income for the six months ended June 30, 2014 was $28.3 million compared to $26.3 million for the 2013 period, an increase of $2.0 million, or 7.6%, primarily from higher plant utilization, lower medical costs and lower depreciation and amortization, partially offset by higher selling, general and administrative expenses. Net income was $10.2 million was higher than net income in the 2013 period of $9.2 million, primarily from higher operating income partially offset by a higher income tax provision. Net income per basic share of $1.73 for the six months ended June 30, 2014 increased by $0.22 from the prior year level of $1.51. Net income per diluted share of $1.68 for the six months ended June 30, 2014 increased by $0.22 from the 2013 period of $1.46. The increase in net income per basic and diluted share in the 2014 period compared to the 2013 period resulted from higher net income and a decrease in weighted-averages shares outstanding in the 2014 period compared to the 2013 period due to the repurchase of common stock and stock options in the first six months of 2014. Net debt (total debt less cash) was $263.7 million as of June 30, 2014, a $0.5 million increase from December 31, 2013 primarily from higher working capital requirements to support increased sales levels in the second quarter of 2014 as compared to the fourth quarter of 2013. Adjusted EBITDA was $37.4 million against $36.1 million a year ago.

 

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