International Wire Announces First Quarter 2018 Results
“First quarter results reflect sustained improvement in demand in our
largest markets served. Electronics/data communications and
consumer/appliance market demand remained very strong and demand in the
industrial and energy segment strengthened further from fourth quarter
of 2017. Automotive market volumes were down for the quarter year over
year. HPC medical products and aerospace demand remained firm. Our
Engineered Wire Products-Europe segment continues to perform well,
benefiting from recently introduced new products and new platforms.
Significant freight and logistics cost increases negatively impacted
performance in the quarter,” said
First Quarter Results
Net sales for the quarter ended
Operating income for the three months ended
Net loss of
Net loss per basic and diluted share was
Non-GAAP Results and Net Debt
In an effort to better assist investors and noteholders in understanding
the Company’s financial results, as part of this release, the Company is
also providing Adjusted EBITDA, which is a measure not defined under
accounting principles generally accepted in
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (unaudited)
|1Q 2018||1Q 2017|
|Income tax benefit||(0.1||)||(0.5||)|
|Depreciation & amortization||4.0||4.2|
|Amortization of deferred financing costs||0.4||0.4|
Net Debt (unaudited)
Total debt excluding original issue discount
Additional financial information will be made available on or about
Forward-Looking Information is Subject to Risk and Uncertainty
Certain statements in this release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “expect,” “may,” “will,” “anticipate” or the negative of any thereof or other variations thereof or comparable terminology, or by discussions of strategy or intentions. Undue reliance should not be placed on any forward-looking statements. These statements are based on management’s current beliefs and assumptions and on information currently available to management as of the date they were made. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Many factors could cause our results to differ materially from those expressed in forward-looking statements. These factors include, but are not limited to, fluctuations in our operating results and customer orders, unexpected decreases in demand or increases in inventory levels, changes in the price of copper, tin, nickel and silver, developments in the competitive environments of the markets we serve, our reliance on our significant customers, lack of long-term contracts, our substantial dependence on business outside of the U.S. and changes in exchange rates and other risks associated with our international operations, limitations due to our indebtedness, potential loss of key employees or the deterioration in our relationship with employees, litigation, claims, liability from environmental laws and regulations and other factors.
For additional information regarding the factors that may cause our actual results to differ from those expected by our forward-looking statements, see “Risk Factors” in the Company’s 2017 financial report. This report is accessible on the “Financial Information” page on the Investor Relations portion of the Company’s website, available at http://internationalwiregroup.gcs-web.com or http://www.internationalwiregroup.com.
International Wire Group Holdings, Inc.
Donald F. DeKay, 315-245-3800
Senior Vice-President, Chief Financial Officer and Secretary