The 2020 Mid-Year Economic Update_long

International Wire Sales Fall 43.4% in Third Quarter

Lower prices on copper, lower volume and a stonger U.S. dollar all negatively impacted sales for the wire product manufacturer.

International Wire Group, Inc. (Pink Sheets: ITWG), Camden, NY, reported sales for the third quarter were $115.2 million, down 43.4% from third quarter 2008. Profit improved 16.7% to $2.8 million, primarily the result of a lower effective tax rate.

Lower prices on copper, decreased volume and the impact of a stronger dollar versus the Euro all negatively impacted third quarter sales.

“In the third quarter, our operating results improved and exceeded the second quarter level, but weak end user demand and industry-wide conditions continued,” CEO Rodney D. Kent said.

Sales for the nine months ended Sept. 30, 2009 were $318.5 million, a decrease of 47.8%, from the same period a year ago. Profit fell 80.9% to $2.9 million.

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