Houston Wire & Cable Company Sales Down 2.5% in 2013 - Modern Distribution Management

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Houston Wire & Cable Company Sales Down 2.5% in 2013

Profit decreased 53.5% for the year.

Houston Wire & Cable Company (NASDAQ: HWCC), Houston, TX,reported full year sales for 2013 of $383.3 million, a decrease of 2.5 percent from 2012. Profit decreased 53.5 percent to $7.9 million.

Fourth quarter sales were $94.4 million, a decrease of 9.6 percent from the same period the previous year. Profit decreased 29.5 percent to $3.1 million.

"The inconsistent market strength trends experienced in the first three quarters of the year continued in the fourth quarter," said Jim Pokluda, president and CEO of Houston Wire & Cable. "As a result, our fourth quarter year-over-year results were again mixed as we experienced an increase in Maintenance, Repair and Operations sales of just over 3 percent, or approximately 6 percent on a metals adjusted basis, but a project sales decrease of approximately 30 percent, or 27 percent on a metals adjusted basis."

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