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International Wire 4Q Sales Drop 28.3%

Camden, NY-based International Wire Group, Inc. reported sales for fourth quarter 2008 were $126.7 million, down 28.3% from fourth quarter 2007.  The wire manufacturer recorded a loss of $8.7 million, a decrease of $11.2 million from the prior year.
Lower sales volume and the significant decline of the price of copper in the fourth quarter contributed to the decline. From September to December 2008, the monthly average copper price dropped by 55.8%.
Sales for the year ended Dec. 31, 2008, were $736.4 million, up 0.8%, from 2007 levels. Higher sales volume from the Hamilton Products and Global Wire acquisitions contributed to the increase. Profit for 2008 was $6.5 million, down 59.1% from the prior year.

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