Coleman Cable, Inc. (NASDAQ:CCIX) announced fourth fiscal quarter results on
Monday after the market closed that were mostly in line with street estimates ,
despite rapidly rising copper prices. The Company reported fourth fiscal quarter
net income of $1.3 million or 8 cents a share compared to the net loss of $3.33
million or 20 cents a share in the same quarter last year. On an adjusted basis,
excluding $393,000 of restructuring charges, a $122,000 loss related to an asset
impairment, a $174,000 foreign currency gain and $859,000 of share-based
compensation expense, the company reported adjusted earnings of $0.12 per share,
a 20% increase versus 10 cents a share last year and broadly in line with
analysts' estimate of 12 cents a share. Revenue during the quarter rose 32.88%
year over year to $186.175 million from $140.103 million in the same quarter
last year, above the consensus estimate of $174.09 million. EBITDA of $14.7
million has been posted for the quarter compared to the street estimate of $14.6
million. The Company had guided for fourth fiscal quarter of revenue $160
million to $180 million, EBITDA of $12.5 million to $16.5 million and earnings
per share of $0.04 to $0.18. For the first quarter of 2011, the Company expects
revenue of $190 to $200 million, adjusted EBITDA between $16.5 and $18.5 million
and adjusted earnings between $0.18 and $0.27. The street was expecting revenue
of $179.6 million, EBITDA of $15.6 million and EPS of $0.15. This outlook is
based on better volume levels, higher copper prices, higher capacity utilization
and leverage from past cost-cutting measures. Shares of a designer, developer,
manufacturer and supplier of electrical wire and cable products for consumer,
commercial and industrial applications, with operations primarily in the United
States and, to a lesser degree, Canada went up by 87 cents or 11.79% to $8.25
after reporting adjusted fourth fiscal quarter EPS of $0.12 on revenue of $186.2
million. The stock made new annual high of $8.72 yesterday, its annual low being
$4.14. Volume of 213,601 shares has been traded. The market capitalization of
the stock stands at $143.09 million with P/E of 37.98 and beta of 1.29.
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