Net sales decrease by 28.4%
Coleman Cable has posted a net loss of $34.1m , or $2.03 per diluted share, for the fourth quarter ended December 31, 2008, compared to net income of $4m, or $0.24 per diluted share, for the same period in 2007.
The company has reported net sales of $182.2m for the fourth quarter of 2008, a decrease of 28.4%, compared to net sales of $254.3m in fourth quarter of 2007.
For the full year of 2008, the company generated a net loss of $28.3m, or $1.68 per diluted share, in 2008, as compared to net income of $14.9m, or $0.88 per diluted share, for 2007.
Net sales for 2008 were $973m, an increase of 12.6%, compared to $864.1m for 2007.
Gary Yetman, president and CEO, said: As we reported in early March 2009, our business was impacted in the quarter by the combined effect of a rapid decline in copper prices, which declined by 49.3% on a sequential quarter basis, and significant contraction in demand across most of our channels. Volumes declined throughout the quarter, with the rate of decline accelerating toward the end of the fourth quarter reflecting a very challenging and deteriorating economic environment.