Houston Wire & Cable Co. (NASDAQ: HWCC), Houston, TX, reported first quarter sales of $81.6 million, down 18.6 percent year-over-year. MRO sales decreased 9 percent while project sales decreased 33 percent. Profit decreased 41.6 percent to $2.2 million.
"The sharp decline in oil prices in the latter part of 2014, which depressed industrial demand, and the deflation in the price of metals, both affected the level of our business activity during the first quarter," said Jim Pokluda, president and CEO.
