UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On March 12, 2021, Houston Wire & Cable Company (HWCC) completed the previously announced sale of substantially all of the assets of its Southwest Wire Rope division to Southern Rigging Companies, LLC for $5 million in cash, subject to a customary post-closing working capital adjustment. The sale excluded approximately $2.9 million of trade accounts receivable, which HWCC retained. A copy of the press release is attached as Exhibit 99.1.
(d) Exhibits
| Exhibit Number | Description | |
| 99.1 | Press release dated March 15, 2021. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HOUSTON WIRE & CABLE COMPANY | ||
| Date: March 15, 2021 | By: | /s/ James L. Pokluda III |
| James L. Pokluda III | ||
| President and Chief Executive Officer | ||
EXHIBIT 99.1
Houston Wire & Cable Company Completes Sale of Southwest Wire Rope Division
HOUSTON, March 15, 2021 (GLOBE NEWSWIRE) -- Houston Wire & Cable Company (Nasdaq: HWCC) today announced that it completed the sale of its Southwest Wire Rope business, a leading provider of lifting slings and wire rope and rigging products, for a purchase price of $5 million, subject to a working capital adjustment. The sale excluded approximately $2.9 million of trade accounts receivable, which HWCC retained. HWCC used the net sales proceeds of approximately $3.4 million to further reduce revolver debt.
James L. Pokluda III, HWCC President & CEO commented, “We are pleased that we were able to complete the sale of Southwest Wire Rope and, as communicated in prior releases, applied all sale transaction proceeds towards the reduction of debt. The company has made remarkable revolver debt reduction progress over the last twelve months. Including the $3.4 million received, and collection of the estimated $2.9 million of trade accounts receivable, we estimate proforma revolver debt to be $15.4 million, which is a reduction of $70.5 million versus the close of the first quarter 2020.”
About the Company
With 45 years’ experience in the industry, Houston Wire & Cable Company, an industrial distributor, is a large provider of products in the U.S. market. Headquartered in Houston, Texas, the Company has sales and distribution facilities strategically located throughout the United States.
Standard stock items available for immediate delivery include continuous and interlocked armor cable; instrumentation cable; medium voltage cable; high temperature wire; portable cord; power cable; primary and secondary aluminum distribution cable; private branded products, including LifeGuard™, a low-smoke, zero-halogen cable; and corrosion resistant fasteners, hose clamps, and rivets.
Comprehensive value-added services include same-day shipping, knowledgeable sales staff, inventory management programs, just-in-time delivery, logistics support, customized online ordering capabilities and 24/7/365 service.
Source: Houston Wire & Cable Company
CONTACT:
Eric W. Davis
Chief Financial Officer
Direct: 713.609.2177
Fax: 713.609.2168
edavis@houwire.com
Cover |
Mar. 12, 2021 |
|---|---|
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Mar. 12, 2021 |
| Entity File Number | 000-52046 |
| Entity Registrant Name | HOUSTON WIRE & CABLE COMPANY |
| Entity Central Index Key | 0001356949 |
| Entity Tax Identification Number | 36-4151663 |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, Address Line One | 10201 North Loop East |
| Entity Address, City or Town | Houston |
| Entity Address, State or Province | TX |
| Entity Address, Postal Zip Code | 77029 |
| City Area Code | 713 |
| Local Phone Number | 609-2100 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common stock, par value $0.001 per share |
| Trading Symbol | HWCC |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |