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ENCORE WIRE REPORTS FINANCIAL RESULTS FOR SECOND QUARTER

       ENCORE WIRE REPORTS FINANCIAL RESULTS FOR SECOND QUARTER
    MCKINNEY, Texas, July 23 /PRNewswire/ -- Encore Wire Corporation today reported net sales and earnings for its second fiscal quarter ended June 30.
    Net sales for the second quarter of 1992 were $17,472,301, up 157 percent from the comparable period in 1991, and up 37 percent from the first quarter of 1992.  Net income was $1,109,371, up from $211,061 in the second quarter of 1991 and up from net income of $639,862 in the first quarter of 1992.
    For the first six months of the year, Encore reported net sales of $30,270,386 compared with net sales of $12,520,789 in the first six months of 1991, an increase of 142 percent.  Net income for the first six months of 1992 was $1,749,233, compared with $308,494 for the like period in 1991.
    Encore reported earnings per share for the first half of 1992 of $0.38 compared to $0.08 per share for the first half of 1991.  Second quarter earnings per share of $0.24 based on weighted average common and common equivalent shares of 4,603,000, compared with $0.05 based on weighted average common and common equivalent shares of 3,920,000 in the comparable quarter of 1991.
    Vincent A. Rego, Encore's chairman stated that, "The increase in the second quarter sales and earnings was primarily the result of greater penetration in the distributor segment of the electrical wire and cable market.  The company is seeking to expand its customer base in this market segment as well as the retail home improvement segment."
    Encore Wire Corporation manufactures copper electrical wire, principally non-metallic sheathed cable for interior wiring of homes, apartments, and manufactured housing.  The company began operations in February 1990.
    The company recently completed its initial public offering of 1,725,000 shares of common stock at $9.00 per share through underwriters led by The Principal/Eppler, Guerin & Turner, Inc. and A.G. Edwards & Sons, Inc.  The company issued 1,300,000 shares and certain selling stockholders sold 425,000 shares in the offering.  The shares began trading on NASDAQ-NMS on July 16, 1992.
    -0-     7/23/92
    /CONTACT:  Vincent A. Rego, chairman of the board of Encore Wire, 214-548-9473/ CO: Encore Wire Corporation ST: Texas IN: SU: ERN TM -- NY122 -- 2841 07/23/92 18:41 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
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