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Last $44.00 USD
Change Today 0.00 / 0.00%
Volume 0.0
As of 8:10 PM 08/27/15 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 Earnings Results for the Second Quarter and for the Six Months Ended June 30, 2015

International Wire Group Holdings, Inc. announced earnings results for the second quarter and for the six months ended June 30, 2015. Net sales for the quarter ended June 30, 2015 were $172.4 million, a decrease of $23.7 million, or 12.1%, compared to $196.1 million for the same period in 2014. This decrease was partly 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, 2015 was $11.3 million compared to $13.8 million for the three months ended June 30, 2014, a decrease of $2.5 million, or 18.1%, primarily from lower sales volume, lower silver and non-copper metal profits and less favorable plant utilization, partially offset by higher LIFO/copper profits and lower selling, general and administrative expenses. Net income of $2.9 million for the three months ended June 30, 2015 decreased by $2.1 million from net income of $5.0 million for the three months ended June 30, 2014. The decrease was due primarily to lower operating income partially offset by a lower income tax provision. Net income per basic share of $0.62 for the three months ended June 30, 2015 decreased by $0.25 from the 2014 period net income of $0.87 per basic share. Net income per diluted share of $0.61 for the three months ended June 30, 2015 decreased by $0.26 from the 2014 period net income of $0.87 per basic share. 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 2015 period compared to the 2014 period due to the repurchase of common stock in the 2015 and 2014 periods and the repurchase of stock options in the 2014 period. Net sales for the six months ended June 30, 2015 were $350.0 million, a decrease of $40.4 million, or 10.3%, compared to 2014 period sales of $390.4 million. This decrease was partly 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, 2015 was $23.9 million compared to $28.3 million for the same period in 2014, a decrease of $4.4 million, or 15.5%, primarily from lower sales volume, lower silver and non-copper metal profits and less favorable plant utilization, partially offset by higher LIFO/copper profits and lower selling, general and administrative expenses. Net income of $7.3 million was lower than net income of $10.2 million in the 2014 period, primarily from lower operating income partially offset by a lower income tax provision. Net income per basic share of $1.43 for the six months ended June 30, 2015 decreased by $0.30 from the 2014 period net income of $1.73 per basic share. Net income per diluted share of $1.41 for the six months ended June 30, 2015 decreased by $0.27 from the 2014 period net income of $1.68 per basic share. 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 2015 period compared to the 2014 period due to the repurchase of common stock in the 2015 and 2014 periods and the repurchase of stock options in the 2014 period. Net debt (total debt less cash) was $272.1 million as of June 30, 2015, a $12.7 million increase from December 31, 2014 primarily from the issuance of $26.0 million of 10.00%/12.00% PIK Notes for the repurchase of common stock in April 2015.

International Wire Group Holdings, Inc., Annual General Meeting, Jun 23, 2015

International Wire Group Holdings, Inc., Annual General Meeting, Jun 23, 2015.

International Wire Group Holdings, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2015

International Wire Group Holdings, Inc. reported earnings results for the first quarter ended March 31, 2015. For the quarter, the company’s net sales were $177.6 million, a decrease of $16.7 million, or 8.6%, compared to $194.3 million for the same period in 2014. Excluding the effects of lower copper prices and a lower proportion of tolled copper, net sales decreased $11.4 million, or 5.9%, versus the same period in 2014. This decrease resulted from $10.9 million of lower sales volume and $2.7 million due to the effects of unfavorable foreign currency exchange rates, partially offset by $2.2 million of higher customer pricing/mix. Total pounds of product sold in the first quarter of 2015 decreased by 5.8% compared to the first quarter of 2014. Operating income was $12.6 million compared to $14.5 million for the 2014 period, a decrease of $1.9 million, or 13.1%, primarily from lower sales volume, lower silver and non-silver metal profits and less favorable plant utilization, partially offset by higher LIFO/copper profits. Net income was $4.3 million and $5.2 million for the three months ended March 31, 2015 and 2014, respectively. The decrease was due primarily to lower operating income in the 2015 period. Net income per diluted share of $0.79 for the three months ended March 31, 2015 decreased by $0.02 from the 2014 period net income of $0.81 per basic share. 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 2015 period compared to the 2014 period due to the repurchase of common stock and stock options in the 2014 period. Net debt as at March 31, 2015 was $250.2 million.

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.

 

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Valuation ITWG Industry Range
Price/Earnings 18.5x
Price/Sales 0.3x
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Price/Cash Flow 7.8x
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