International Wire Issues Statement on Third Quarter of 2012
CAMDEN, N.Y.--(BUSINESS WIRE)-- International Wire Group Holdings, Inc. (the "Company") (Pink Sheets: ITWG) today issued a statement regarding the quarter ending September 30, 2012.
"Based on operating results through mid-September, we presently expect that total pounds of product sold in the third quarter of 2012 will be higher when compared to the third quarter of 2011," said Rodney D. Kent, Chief Executive Officer of International Wire Group Holdings, Inc. Mr. Kent added, "Due to cash flow from operations and lower working capital requirements, outstanding borrowings under our existing secured credit facility are currently lower than the $23.1 million of outstanding borrowings at June 30, 2012. For the first three weeks of September, average daily borrowings under this revolving facility were approximately $0.9 million."
Forward-Looking Information is Subject to Risk and Uncertainty
This press release may include certain "forward-looking" statements. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believes," "expects," "may," "will," "would," "should," "seeks," "pro forma," "anticipates," "intends," "plans," "estimates," or the negative of any thereof or other variations thereof or comparable terminology, or by discussions of strategy or intentions. These statements are not guarantees of future actions or performance and involve risks, uncertainties and assumptions as to future events that may not prove to be accurate. Actual actions or results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Many important factors could cause our results to differ materially from those expressed in these forward-looking statements. These factors include fluctuations in our operating results and customer orders, unexpected decreases in demand or increases in inventory levels, changes in the price of copper, tin, nickel and silver, the failure of our acquisitions and expansion plans to perform as expected, the competitive environment of our industry, our reliance on our significant customers, lack of long-term contracts, substantial dependence on business outside of the U.S. and risks associated with our international operations, limitations due to our indebtedness, loss of key employees or the deterioration in our relationship with employees, litigation, claims, liability from environmental laws and regulations and other factors.
For additional information regarding the factors that may cause our actual results to differ from those expected by our forward-looking statements, see "Risk Factors" in the Company's 2011 financial report. This report is accessible on the "Financial Information" page on the Investor Relations portion of the Company's website, available at http://itwg.client.shareholder.com or http://www.internationalwiregroup.com.
About International Wire Group Holdings, Inc.
International Wire Group Holdings, Inc., through its wholly owned subsidiary International Wire Group, Inc., is a leading manufacturer and marketer of wire products, including bare, silver-plated, nickel-plated and tin-plated copper wire, engineered wire products and high performance conductors, for other wire suppliers, distributors and original equipment manufacturers. Our products include a broad spectrum of copper wire configurations and gauges with a variety of electrical and conductive characteristics, which enables us to offer customers a primary source for many of their wire and cable product requirements. Our products are utilized by a wide variety of customers, that then sell to a diverse array of end users across a wide range of end markets, primarily in the aerospace and defense, automotive/specialty vehicles, consumer and appliance, electronics and data communications, industrial/energy, medical electronics and medical device industries. We manufacture and distribute our products at 20 facilities located in the United States, Belgium, France, Italy and Poland.
International Wire Group Holdings, Inc.
Glenn J. Holler, 314-238-1322
Senior Vice President, Chief Financial Officer and Secretary
KEYWORDS: United States North America New York
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