NEW YORK International Wire Group Holdings Inc.s
full-year net income fell to $10.8 million in 2012, a
46-percent decline from $20.1 million in 2011.
The Camden, N.Y.-based wire producer attributed the decline to
its debt refinancing in October as well as higher interest
Full-year sales fell 16 percent to $733.9 million from $870.2
million in 2011, which the company attributed to lower copper
prices, a higher proportion of tolled copper in 2012,
unfavorable currency exchange rates and lower customer prices
for other metals, including silver, nickel and tin.
The company reported a net loss of $7.1 million in the fourth
quarter compared with a net gain of $3.6 million in the
year-ago quarter. Fourth-quarter sales totaled $161.7 million,
a 15-percent decline from $191 million in the fourth quarter of
While solid automotive and specialty vehicle demand helped
boost the companys bare wire business, International
Wires other main markets were flat to down, chief
executive officer Rodney Kent said in a statement.
In addition to automotive and specialty vehicles industries,
International Wire serves the aerospace, consumer, electronics,
appliances, data communications, energy and medical device