2018
Annual Report
March 25, 2019
To Our Stockholders:
You are cordially invited to attend the annual meeting of stockholders on Tuesday, May 7, 2019 at 9:00
a.m., central time, at the corporate office of Encore Wire Corporation, located at 1329 Millwood Rd.,
McKinney, Texas. The purposes of the meeting are to elect directors for the ensuing year, to approve, in a
non-binding advisory vote, the compensation of the Company’s named executive officers, to ratify the
appointment of auditors for 2019, and to conduct other business that may properly come before the meeting.
2018 was a very good year. Net sales for the year ended December 31, 2018 were $1.289 billion, while net
income for the year was $78.2 million, with fully diluted net earnings per common share of $3.74. This is
the second-best net earnings per share in our history and is a 43% increase over last year. The overall
construction and building wire markets remain strong. Anecdotal information confirms our belief that there
are still large commercial and industrial projects in the pipeline. We believe that our costs are as low, or
lower, than our competitors. We believe our superior order fill rates continue to enhance our competitive
position,
Our balance sheet is very strong, and our Board is focused on returning value to the stockholders. We have
no long-term debt, and our revolving line of credit is paid down to zero. In addition, we had $178.4 million
in cash as of December 31, 2018.
Our strong financial position allows us to pursue product and plant expansion projects in the depths of
business cycle downturns and to be poised to take advantage of upturns in business cycles when they occur.
We will continue our efforts to grow the Company organically by providing our customers industry-leading
order fill rates and innovative products. Although we cannot predict the future with any degree of certainty,
we believe Encore is well positioned to take advantage of opportunities to grow our business and prosper
in the future.
We want to thank our stockholders for their support and assure them that the management team is dedicated
to increasing stockholder value. We also wish to recognize the ongoing devotion and hard work of all our
employees and associates whose efforts result in our continued growth and success.
Daniel L. Jones
Chairman, President and Chief Executive Officer
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
È
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2018
or
‘
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission File Number: 000-20278
ENCORE WIRE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
75-2274963
(I.R.S. Employer
Identification No.)
1329 Millwood Road
McKinney, Texas
(Address of principal executive offices)
75069
(Zip Code)
Registrant’s telephone number, including area code: (972) 562-9473
Title of each class
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on which registered
Common Stock, par value $.01 per share
The NASDAQ Global Select Market
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
‘ Yes
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ‘ Yes
È No
È No
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations
under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or ffor such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements ffor the past
90 days. È Yes ‘ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). È Yes ‘ No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be
contained, to the best of registrant’s knowledge, in definitive proxy or informat
f
ion statements incorporated by reference
f
in Part III of this Form 10-K or any
amendment to this Form 10-K. È
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging
growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2
of the Exchange Act.
Large accelerated filer È
Non-accelerated filer
Accelerated filer
‘
‘
Smaller reporting company ‘
Emerging growth company ‘
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
f complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ‘
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ‘ Yes
È No
The aggregate market value of the Common Stock held by non-affiliates of the registrant computed by reference
f
to the price at which the Common Stock was last
sold as of the last business day of the registrant’s most recently completed second fiscal quarter was $832,604,533 (Note: The aggregate market value of Common
f ily members of such directors and executive officers, 10% or greater stockholders and
Stock held by the Company’s directors, executive officers, immediate fam
other stockholders deemed to be affiliates was excluded ffrom the computation of the fore
f going amount. The characterization of such persons as “affiliates” should
not be construed as an admission that any such person is an affiliate of the Registrant for any other purpose).
Number of shares of Common Stock outstanding as of February 21, 2019: 20,879,148
DOCUMENTS INCORPORATED BY REFERENCE
Listed below are documents, parts of which are incorporated herein by reference, and the part of this report into which the document is incorporated:
(1) Proxy statement for the 2019 annual meeting of stockholders – Part III
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______________________________________________________________________________________________
CORPORATE INFORMATION
BOARD OF DIRECTORS:
Donald E. Courtney
Director
Gregory J. Fisher
Director
Daniel L. Jones
Chairman
William R. Thomas III
Director
Scott D. Weaver
Director
John H. Wilson
Lead Independent Director
COMPANY OFFICERS:
Daniel L. Jones
President & Chief Executive Officer
Frank J. Bilban
Vice President-Finance, Treasurer, Secretary &
Chief Financial Officer
William T. Bigbee
Vice President-Operations
Joseph Todd Clayton
Vice President-Facilities Engineering
Matthew D. Ford
Controller, Assistant Secretary
Joseph E. Gibson
Assistant Vice President-Operations
Kevin M. Kieffer
Vice President-Sales and Marketing
Janet K. Sander
Vice President-Purchasing
David K. Smith
Vice President-Production Assets
Donald M. Spurgin
Vice President-Sales Development
LOCATION OF PLANT:
McKinney, Texas
LEGAL COUNSEL:
Thompson & Knight LLP
Dallas, Texas
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM:
Ernst & Young LLP
Dallas, Texas
COMMON STOCK LISTED:
NASDAQ GLOBAL SELECT MARKET
Symbol “WIRE”
TRANSFER AGENT AND REGISTRAR:
American Stock Transfer & Trust Co.
New York, New York
FORM 10-K:
The Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2018, as filed with
the US Securities and Exchange Commission (SEC),
is included herein. Additional copies of the Annual
Report may be obtained without charge upon written
request to Encore Wire Corporation, 1329 Millwood
Road, McKinney, Texas 75069, Attention: Vice
President-Finance, Treasurer, Secretary & CFO, or
via the internet at www.proxydocs.com/WIRE or the
SEC’s website at www.sec.gov.
CORPORATE HEADQUARTERS:
1329 Millwood Road
McKinney, Texas 75069
972-562-9473
1329 Millwood Road
McKinney, Texas 75069
972-562-9473
www.encorewire.com