HOUSTON, TX — Houston Wire & Cable Company announced operating results for the second quarter ended June 30, 2013.
Houston Wire & Cable announced sales of $99.3 million. This represents an increase of 1.3% over Q2 2012. The company also reports an operating cash flow of $3.3 million and a net income of $4.1 million.
Jim Pokluda, President and Chief Executive Officer, commented, “Continued inconsistencies in regional market conditions limited our sales increase to 1.3% over the prior year period and 5.3% sequentially. However, we estimate a more encouraging increase in sales of approximately 4% over the prior year period and 7.5% sequentially when adjusted for deflation in metal prices.”
“New product initiatives, including specialty oil and gas cables and aluminum cables, continued to help the top line. Both the operating cash flow generated and the resulting debt reduction exceeded our internal estimates and further strengthened the Company’s financial position, as debt decreased to its lowest level in more than three years. We hope to see more consistent market demand in the under-performing regions in the last half of the year, and if this occurs, sales and profitability should improve.”
Diluted earnings per share were $0.23 compared to $0.25 in the prior year period. Pokluda further commented, “I am pleased that our financial performance and strong balance sheet again allowed us to return funds to our shareholders through the $0.11 per share dividend.”
The company debt decreased to $46.6 million, the lowest level since Q1 2010.
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