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ENCORE WIRE REPORTS FINANCIAL RESULTS FOR SECOND QUARTER

 MCKINNEY, Texas, July 29 /PRNewswire/ -- Encore Wire Corporation (NASDAQ-NMS: WIRE) today reported net sales and earnings for the quarter ended June 30, 1993.
 Net sales for the second quarter of 1993 were $20,082,447, compared to $17,472,301 for the second quarter of 1992, an increase of 15 percent. The increase in net sales was achieved despite the previously announced loss of a significant customer in February 1993 which accounted for approximately 26.8 percent of Encore Wire's net sales in fiscal 1992. Copper content pounds of product shipped in the second quarter of 1993 increased 38 percent from the amount shipped in the second quarter of 1992. Net sales dollars in the second quarter of 1993 did not increase at the same rate as the amount of copper shipped due to a 16.8 percent decrease in the average cost of copper during the second quarter of 1993 compared to the second quarter of 1992.
 Net income for the second quarter of 1993 was $778,703 compared to $1,109,372 in the second quarter of 1992, a decrease of 30 percent. Second quarter 1993 earnings per share were $.13 based on 5,872,144 common and common equivalent shares compared to $.24, based on 4,602,817 common and common equivalent shares for the comparable period in 1992. The decline in net income was largely a result of competitive product price reductions.
 Net sales for the first six months of 1993 were $37,259,359, compared to $30,270,386 for the first six months of 1992, an increase of 23 percent. Net income for the first six months of 1993 was $1,280,564, compared to $1,749,233 in the first six months of 1992, a decrease of 27 percent. On 27 percent more shares, net income per common and common equivalent shares was $.22 for the first six months of 1993 compared to $.38 per share for the comparable period in 1992, a 42 percent decrease.
 Encore Wire Corporation manufactures copper electrical wire, principally non-metallic sheathed cable for interior wiring of homes, apartments, and manufactured housing.
 ENCORE WIRE CORPORATION
 Condensed Consolidated Statements of Income
 (Unaudited in thousands)
 Periods ended Quarter Six Months
 June 30 1993 1992 1993 1992
 Net Sales $ 20,082 $ 17,472 $ 37,259 $ 30,270
 Cost of Sales 17,037 14,332 31,946 25,002
 Gross Profit 3,045 3,140 5,313 5,268
 Selling, General and
 Administrative Expenses 1,723 1,147 3,131 2,073
 Operating Income 1,322 1,993 2,182 3,195
 Interest Expense 56 189 100 351
 Income Taxes 487 695 802 1,095
 Net Income $ 779 $ 1,109 $ 1,280 $ 1,749
 Earnings Per Share $ .13 $ .24 $ .22 $ .38
 Weighted Avg. Common and
 Common Equivalent Shares 5,872 4,603 5,864 4,603
 -0- 7/29/93
 /CONTACT: Vincent A. Rego, chairman of the board of Encore Wire Corporation, 214-548-9473/
 (WIRE)


CO: Encore Wire Corporation ST: Texas IN: CPR SU: ERN

SM -- NY040 -- 7448 07/29/93 11:11 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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