Houston Wire & Cable, Houston, said its first-quarter sales and net income were off 7.1 percent and 17.4 percent, respectively, compared to 1Q 2009, but Chuck Sorrentino said general business conditions are starting to improve.
"Job stabilization, improving plant utilization, increased factory orders, and anecdotal comments from customers, support a gradual improvement in the overall economic outlook,” he said. “I expect improving sales in industrial consumables which could lead to increased capital spending and expanded levels of business.
"We were pleased that we increased market share by adding more than 60 new customers in the quarter. Record operating cash flows for the quarter allowed us to significantly reduce our debt which positions us to fund suitable acquisitions and general business expansion when the economy improves. Our lower cost structure should afford earnings leverage as confidence returns to our customers, which would then be reflected in increased capital spending and increased sales.” Details