Something about wire and cable companies always entices me to read their reports. This is a bit irrational since the industry is about as low margin, cyclical, and commodified as it gets. In this case, Houston Wire & Cable (HWCC) is a cable and wire distributor -- making its business model even tougher. In addition to this, Houston's large copper inventory exposes it to some commodity price risk. Superficially speaking, their business is a hard one.
But while that is the case, I still find my nose in these reports all the time. Houston is interesting because of its cash balance -- or rather, the lack thereof. If one looks at the fiscal year ends from 2008...
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