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International Wire Group, Inc., Camden, NY, reported sales for the fourth quarter ended Dec. 31, 2007, were down 3.9% to $176.7 million. The decrease was primarily due to an increase in tolled copper volumes, but was partially offset by greater sales volume, higher customer pricing/mix and the impact of a stronger euro versus the U.S. dollar.
Excluding the effects of slightly higher copper prices and an increased level of tolled copper, net sales increased $5.6 million.
Profit was $2.5 million for the three months, up $1.6 million.
In 2007, our customers'demand resulted in increased product volume for HPC's aerospace and medical device markets, our operations in Europe and our domestic bare wire segment to the industrial/energy and automotive markets. Our operating income for the year 2007 increased over 2006 levels from the higher sales volume and customer pricing/mix together with continued operating cost reductions,said Rodney D. Kent, Chief Executive Officer of International Wire Group, Inc. "Our cost reduction initiatives were enhanced by the completion of our new plant in Sherrill, New York and the expansion of our braiding business in Cazenovia, New York in the fourth quarter as well as lower debt levels."
Sales for the year were $730.8 million, a decrease of $18.1 million, or 2.4%, from 2006 levels. Proft was $15.9 million, up from $10 million in the previous year.