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ENCORE WIRE REPORTS FINANCIAL RESULTS FOR THIRD QUARTER

 MCKINNEY, Texas, Oct. 28 /PRNewswire/ -- Encore Wire Corporation (NASDAQ-NMS: WIRE) today reported net sales and earnings for the quarter ended September 30, 1993.
 Net sales for the third quarter of 1993 were $17,663,350, compared to $15,486,523 for the third quarter of 1992, an increase of 14 percent. The increase in net sales was achieved despite the previously announced loss of a significant customer in February 1993 which had accounted for approximately 26.8 percent of Encore Wire's net sales in fiscal 1992. Copper content pounds of product shipped in the third quarter of 1993 increased 36 percent from the amount shipped in the third quarter of 1992. Net sales dollars in the third quarter of 1993 did not increase at the same rate as the amount of copper content pounds of product shipped due to a 23.9 percent decrease in the average cost of copper during the third quarter of 1993 compared to the third quarter of 1992.
 Net income for the third quarter of 1993 was $417,598 compared to $834,643 in the third quarter of 1992, a decrease of 50 percent. Third quarter 1993 earnings per share were $.07 based on 5,904,562 common and common equivalent shares outstanding compared to $.15, based on 5,679,608 common and common equivalent shares outstanding 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 nine months of 1993 were $54,922,709, compared to $45,756,909 for the first nine months of 1992, an increase of 20 percent. Net income for the first nine months of 1993 was $1,698,162, compared to $2,583,876 in the first nine months of 1992, a decrease of 34 percent. Net income per common and common equivalent shares was $.29 for the first nine months of 1993 compared to $.52 per share for the comparable period in 1992, a 44 percent decrease. There were approximately 19 percent more common and common equivalent shares outstanding during the first nine months of 1993 than there were in the comparable period in 1992.
 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)
 Quarter Ended Nine Months Ended
 Sept. 30 Sept. 30 Sept. 30 Sept. 30
 1993 1992 1993 1992
 --------------------- ---------------------
 Net Sales $17,663 $15,486 $54,923 $45,757
 Cost of Sales 15,422 13,012 47,369 38,014
 --------------------- ---------------------
 Gross Profit 2,241 2,474 7,554 7,743
 Selling, General
 and Administrative
 Expenses 1,549 1,059 4,680 3,132
 --------------------- ---------------------
 Operating Income 692 1,415 2,874 4,611
 Interest Expense 13 58 113 409
 Income Taxes 261 522 1,063 1,618
 --------------------- ---------------------
 Net Income $ 418 $ 835 $ 1,698 $ 2,584
 ===================== =====================
 Earnings Per Share $ .07 $ .15 $ .29 $ .52
 ===================== =====================
 Weighted Average
 Common and Common
 Equivalent Shares 5,905 5,680 5,878 4,959
 ===================== =====================
 -0- 10/28/93
 /CONTACT: Vincent A. Rego, Chairman of the Board (and other Designees), of Encore Wire Corporation, 214-548-9473/
 (WIRE)


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

JG -- DE012 -- 7867 10/28/93 11:42 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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