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PREFORMED LINE PRODUCTS CO
Symbol U : PLPC
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Preformed Line Products Announces Financial Results For The Third Quarter And First Nine Months Of 2012

2012-11-07 07:44 ET - News Release

MAYFIELD VILLAGE, Ohio, Nov. 7, 2012 /PRNewswire/ -- Preformed Line Products Company (Nasdaq:  PLPC) today reported financial results for the third quarter and the first nine months of 2012.

Net income for the quarter ended September 30, 2012 increased to $9,284,000, or $1.71 per diluted share, compared to $6,660,000, or $1.24 per diluted share, for the comparable period in 2011.

Net sales in the third quarter of 2012 were $114,206,000 compared to sales of $108,690,000 in the third quarter of 2011.

Net income for the nine months ended September 30, 2012 increased to $24,013,000, or $4.42 per diluted share, compared to $22,044,000, or $4.09 per diluted share for the comparable period in 2011. 

Net sales increased to $334,992,000 for the first nine months of 2012 compared to $318,308,000 in the first nine months of 2011.

Currency exchange rates negatively impacted sales by $5,746,000 for the quarter and $13,058,000 for the first nine months of 2012, while the negative impact on net income was $565,000 for the quarter and $1,258,000 for the first nine months of 2012.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "Our results for the quarter were impacted by weakening foreign currencies against the US dollar.  If we exclude these impacts, we experienced a record sales quarter and our net income resulting from operating activities was a record as well.  This reflects strong performance despite continued uncertainties in the economies throughout the world and reduced growth in the Asia Pacific region.  We are confident in our business models and believe they provide sound fundamentals."

Founded in 1947, Preformed Line Products is an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for energy, communications and broadband network companies.

Preformed's world headquarters is in Mayfield Village, Ohio, and the Company operates three domestic manufacturing centers located in Rogers, Arkansas, Albuquerque, New Mexico, and Albemarle, North Carolina.  The Company serves its worldwide market through international operations in Argentina, Australia, Brazil, Canada, China, England, Indonesia, Malaysia, Mexico, New Zealand, Poland, South Africa, Spain and Thailand.

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company's and management's beliefs and expectations concerning the Company's future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties which may cause results to differ materially from those set forth in those statements.  Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include the strength of the economy and demand for the Company's products, increases in raw material prices, the Company's ability to identify, complete and integrate acquisitions for profitable growth, and other factors described under the headings "Risk Factors" and "Forward-Looking Statements" in the Company's 2011 Annual Report on Form 10-K filed with the SEC on March 14, 2012 and subsequent filings with the SEC.  The Annual Report on Form 10-K and the Company's other filings with the SEC can be found on the SEC's website at http://www.sec.gov.  The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

 

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED OPERATIONS

(UNAUDITED)














In thousands, except per share data


Three month periods ended September 30,


Nine month periods ended September 30,






2012


2011


2012


2011


























Net sales


$           114,206


$                   108,690


$            334,992


$              318,308


Cost of products sold


75,699


71,130


223,507


211,651




GROSS PROFIT


38,507


37,560


111,485


106,657














Costs and expenses











Selling


9,344


9,485


27,746


26,793



General and administrative


12,788


12,297


36,944


35,039



Research and engineering


3,893


3,239


11,295


9,816



Other operating expense (income)


(677)


2,459


562


1,671






25,348


27,480


76,547


73,319
















OPERATING INCOME


13,159


10,080


34,938


33,338














Other income (expense)











Interest income


160


131


476


422



Interest expense


(144)


(177)


(489)


(654)



Other income


235


194


589


421






251


148


576


189
















INCOME BEFORE INCOME TAXES 


13,410


10,228


35,514


33,527














Income taxes


4,126


3,568


11,501


11,483
















NET INCOME


$               9,284


$                       6,660


$              24,013


$                22,044


















































BASIC EARNINGS PER SHARE











Net Income to PLPC common shareholders


$                 1.75


$                         1.27


$                  4.51


$                    4.19














DILUTED EARNINGS PER SHARE











Net Income to PLPC common shareholders


$                 1.71


$                         1.24


$                  4.42


$                    4.09














Cash dividends declared per share


$                 0.20


$                         0.20


$                  0.60


$                    0.60














Weighted-average number of shares outstanding - basic


5,319


5,253


5,328


5,263














Weighted-average number of shares outstanding - diluted


5,431


5,381


5,432


5,386

 

PREFORMED LINE PRODUCTS COMPANY

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)




















September 30,


December 31,

Thousands of dollars, except share and per share data




2012


2011












ASSETS










Cash and cash equivalents





$              28,115


$              32,126

Accounts receivable, less allowances of $1,211 ($1,627 in 2011)




75,805


68,949

Inventories - net






87,789


88,613

Deferred income taxes 






5,642


5,263

Prepaids







7,822


8,254

Other current assets






2,563


2,285



TOTAL CURRENT ASSETS





207,736


205,490












Property, plant and equipment - net





90,017


82,860

Other intangibles - net






14,265


11,352

Goodwill







15,441


12,199

Deferred income taxes 






6,236


5,585

Other assets






10,373


9,862














TOTAL ASSETS





$            344,068


$            327,348












LIABILITIES AND SHAREHOLDERS' EQUITY


















Notes payable to banks






$                   728


$                2,030

Current portion of long-term debt





356


601

Trade accounts payable






24,981


25,630

Accrued compensation and amounts withheld from employees




17,154


11,472

Accrued expenses and other liabilities





25,098


22,100



TOTAL CURRENT LIABILITIES




68,317


61,833












Long-term debt, less current portion





14,940


27,991

Other noncurrent liabilities and deferred income taxes




25,598


24,666












SHAREHOLDERS' EQUITY








PLPC shareholders' equity:









Common shares - $2 par value, 15,000,000 shares authorized, 5,307,589 and





    5,333,630 issued and outstanding, net of 676,898 and 639,138 treasury






     shares at par, respectively, as of September 30, 2012 and December 31, 2011

10,615


10,667


Common shares issued to Rabbi Trust





(3,867)


(3,812)


Deferred Compensation Liability





3,867


3,812


Paid in capital






15,314


12,718


Retained earnings






225,199


206,512


Accumulated other comprehensive loss




(15,915)


(17,039)



TOTAL SHAREHOLDERS' EQUITY




235,213


212,858














TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


$            344,068


$            327,348

 

SOURCE Preformed Line Products Company

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