Coleman Cable (Nasdaq:CCIX), a leading manufacturer and innovator of electrical and electronic wire and cable products, announced second-quarter 2010 financial results.
Sales increased to $174.0 million, up 11.6 percent sequentially over the first quarter of 2010, and up 54.1 percent compared to the second quarter of last year;Sales volume (measured in total pounds shipped) up 11.4 percent sequentially, and up 27.5 percent over last year;Adjusted EPS of $0.23 per diluted share, compared to $0.12 sequentially, and a loss of $0.01 last year;Adjusted EBITDA of $17.5 million, an increase of 17.8 percent sequentially, and up 57.7 percent compared to last year;For third quarter of 2010, the Company estimates sales between $175 million and $185 million, Adjusted EBITDA between $16.5 million and $18.5 million, and Adjusted EPS between $0.19 and $0.26 per diluted share.
Second-Quarter 2010 Results
Coleman Cable, Inc. reported net sales of $174.0 million for the second quarter of 2010, compared to $112.9 million for the same quarter last year, an increase of 54.1 percent. Sales volume (total pounds shipped) increased 27.5 percent for the second quarter of 2010 compared to the second quarter of 2009. Second-quarter 2010 Adjusted EBITDA and Adjusted EPS were $17.5 million and $0.23 per diluted share, respectively, compared to $11.1 million and a loss of $0.01 per diluted share, respectively, for the same quarter in 2009.
President and CEO Gary Yetman stated, "Coleman's second quarter 2010 results exceeded our initial guidance by a significant margin, showing strong improvement on a year-over-year basis and building on the positive momentum we experienced during the first quarter of 2010. Improved market conditions drove substantially higher volumes in both of our segments and were a significant factor in delivering strong results for the quarter. Additionally, our second-quarter profitability improved significantly on a year-over-year basis as a result of the continued benefits derived from our cost-reduction efforts and capacity adjustments made throughout 2009."
On a GAAP basis, the Company recorded earnings of $0.18 per diluted share for the second quarter of 2010, compared to $0.02 per diluted share for the same quarter last year. The results for the second quarter of 2009 included a $2.9 million gain ($1.3 million after tax or $0.08 per diluted share) associated with debt repurchases made during the second quarter of 2009. Additionally, the second-quarter results for both the 2010 and 2009 periods included restructuring charges, share-based compensation expense, and foreign currency transaction losses (gains), all of which are excluded from our Adjusted EBITDA and Adjusted EPS results. Please see the attached schedules for a full reconciliation of GAAP results to adjusted results.
Mr. Yetman concluded, "Looking to the second half of 2010, we believe we will continue to generate strong quarterly results assuming stability in copper prices and a continuation of current demand trends. In addition, our second-half results should benefit from a seasonal uptick in our Distribution business, as well as continued increases in new product sales."
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