CAMDEN — International Wire Group Holdings, Inc. (Pink Sheets: ITWG), a Camden–based manufacturer and marketer of wire products, reported that its operating income fell nearly 20 percent in the first quarter as sales slipped and costs rose.
“Sales demand weakened in the fourth quarter of 2012 and remained soft in the first quarter of 2013 in most major markets,” Rodney D. Kent, CEO of International Wire Group Holdings, said in a news release.
Operating income for the three months ended March 31, totaled $13.1 million, down from $16.3 million in the year-ago period, primarily due to slower sales, lower plant utilization, and higher medical costs, the company said. Operating income decreased in all three of International Wire Group’s business segments.
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Net sales in the first quarter totaled $201.1 million, down 3.4 percent from $208.2 million for the same period in 2012. The company saw decreased demand in most major markets. Total pounds of product sold in the first quarter fell by almost 5 percent from a year ago, the company reported.
International Wire generated net income of $4.7 million in the first quarter, down from $6.5 million a year earlier. Net income per share totaled 75 cents, up from 67 cents a year prior as the company decreased the number of its shares outstanding when it bought back stock last November.
The company’s net debt totaled $277.9 million as of March 31, up by $24.3 million from three months earlier. That was primarily due to higher accounts receivable and the payment of certain accrued expenses, partially offset by higher accounts payable, International Wire said.
International Wire Group Holdings, through its subsidiaries, is a manufacturer and marketer of wire products, including bare, silver-plated, nickel-plated and tin-plated copper wire, for other wire suppliers, distributors, and original-equipment manufacturers.
The company says it’s the largest bare copper wire and copper-wire products manufacturer in the United States with expanding operations in Europe. International Wire has 18 manufacturing and two distribution facilities located in the U.S., Belgium, France, Italy, and Poland. Its headquarters is located at 12 Masonic Ave. in Camden. The firm also has Central New York plant sites in Rome, Sherrill, Cazenovia, Sherburne, Williamstown, and Jordan, according to its website.
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