MAYFIELD VILLAGE, Ohio,
Nov. 9, 2015 /PRNewswire/
-- Preformed Line Products Company (Nasdaq: PLPC)
today reported financial results for the third quarter and the
first nine months of 2015.
Net income for the nine months ended September 30, 2015, was $3,630,000, or $.67
per diluted share, compared to $10,373,000, or $1.92 per diluted share, for the same period in
2014. Net income for the quarter ended September 30, 2015, was $206,000, or $.04
per diluted share, compared to net income of $2,555,000, or $.48
per diluted share, for the comparable period in 2014.
Net sales were $262,705,000 for
the first nine months of 2015 compared to $292,006,000 in the first nine months of
2014. Net sales in the third quarter of 2015 were
$89,046,000 compared to sales of
$102,100,000 in the third quarter of
2014.
Currency exchange rates unfavorably impacted net sales
$11,574,000 for the quarter and
$26,327,000 for the first nine months
of 2015, while there was a favorable impact on net income of
$673,000 for the quarter and
$610,000 for the first nine months of
2015.
Rob Ruhlman, Chairman and Chief
Executive Officer, said, "Excluding the negative impact of currency
exchange rates, sales year-to-date and for the quarter were down
one percent. In addition to the impact on sales and net
income of translating foreign denominated financials, we also
recorded currency losses of $7.5
million for the year and $4.1
million in the quarter, primarily from translating
intercompany activity denominated in foreign currencies. We
continue to reconfigure our worldwide operations in response to
market demands and the changes we have made to date have resulted
in restructuring costs of $2.1
million for the quarter and $2.7
million for the year."
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, France, Indonesia, Malaysia, Mexico, New
Zealand, Poland,
Russia, 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, workforce disruptions and other factors described under the
headings "Risk Factors" and "Forward-Looking Statements" in the
Company's 2014 Annual Report on Form 10-K filed with the SEC on
March 12, 2015 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 Months Ended
September 30
|
|
Nine Months Ended
September 30
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
89,046
|
|
$ 102,100
|
|
$
262,705
|
|
$ 292,006
|
|
Cost of products
sold
|
|
62,887
|
|
69,645
|
|
185,342
|
|
200,906
|
|
|
|
GROSS
PROFIT
|
|
26,159
|
|
32,455
|
|
77,363
|
|
91,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
7,893
|
|
9,444
|
|
22,852
|
|
27,010
|
|
|
General and
administrative
|
|
8,010
|
|
10,153
|
|
27,596
|
|
32,147
|
|
|
Research and
engineering
|
|
3,745
|
|
4,399
|
|
11,320
|
|
12,357
|
|
|
Other operating
expense (income) - net
|
|
4,425
|
|
3,324
|
|
8,410
|
|
2,626
|
|
|
|
|
|
24,073
|
|
27,320
|
|
70,178
|
|
74,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
2,086
|
|
5,135
|
|
7,185
|
|
16,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
103
|
|
138
|
|
317
|
|
345
|
|
|
Interest
expense
|
|
(141)
|
|
(141)
|
|
(423)
|
|
(504)
|
|
|
Other income
(expense) - net
|
|
93
|
|
162
|
|
(531)
|
|
236
|
|
|
|
|
|
55
|
|
159
|
|
(637)
|
|
77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE
INCOME TAXES
|
|
2,141
|
|
5,294
|
|
6,548
|
|
17,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
1,935
|
|
2,739
|
|
2,918
|
|
6,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
206
|
|
$
2,555
|
|
$
3,630
|
|
$
10,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
0.04
|
|
$
0.48
|
|
$
0.67
|
|
$
1.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS
PER SHARE
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
0.04
|
|
$
0.48
|
|
$
0.67
|
|
$
1.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per share
|
|
$
0.20
|
|
$
0.20
|
|
$
0.60
|
|
$
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of shares outstanding - basic
|
|
5,356
|
|
5,372
|
|
5,381
|
|
5,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of shares outstanding - diluted
|
|
5,372
|
|
5,376
|
|
5,397
|
|
5,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PREFORMED LINE
PRODUCTS COMPANY
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
(Thousands of
dollars, except share and per share data)
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
26,870
|
|
$
29,643
|
|
Accounts receivable,
less allowances of $2,135 ($2,370 in 2014)
|
|
|
|
66,195
|
|
67,942
|
|
Inventories -
net
|
|
|
|
|
|
73,071
|
|
80,037
|
|
Deferred income
taxes
|
|
|
|
|
|
8,886
|
|
7,249
|
|
Prepaids
|
|
|
|
|
|
|
10,579
|
|
9,167
|
|
Other current
assets
|
|
|
|
|
|
7,904
|
|
6,625
|
|
|
TOTAL CURRENT
ASSETS
|
|
|
|
|
193,505
|
|
200,663
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment - net
|
|
|
|
|
92,209
|
|
102,531
|
|
Other intangibles -
net
|
|
|
|
|
|
11,323
|
|
14,121
|
|
Goodwill
|
|
|
|
|
|
|
15,551
|
|
17,792
|
|
Deferred income
taxes
|
|
|
|
|
|
6,656
|
|
5,773
|
|
Other
assets
|
|
|
|
|
|
12,477
|
|
13,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
|
|
$
331,721
|
|
$
353,967
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable to
banks
|
|
|
|
|
|
$
1,027
|
|
$
1,809
|
|
Current portion of
long-term debt
|
|
|
|
|
104
|
|
116
|
|
Trade accounts
payable
|
|
|
|
|
|
22,392
|
|
22,332
|
|
Accrued compensation
and amounts withheld from employees
|
|
|
|
12,318
|
|
9,876
|
|
Accrued expenses and
other liabilities
|
|
|
|
|
19,917
|
|
21,194
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
|
|
55,758
|
|
55,327
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
|
|
|
31,659
|
|
31,749
|
|
Other noncurrent
liabilities and deferred income taxes
|
|
|
|
23,718
|
|
23,966
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
PLPC shareholders'
equity:
|
|
|
|
|
|
|
|
|
Common shares - $2
par value, 15,000,000 shares authorized, 5,296,036 and
|
|
|
|
|
5,397,138 issued and outstanding, net of 922,425 and 819,424
treasury
|
|
|
|
|
|
shares at par, respectively, as of September 30, 2015 and December
31, 2014
|
10,592
|
|
10,794
|
|
Common shares issued
to Rabbi Trust, 291,021 and 292,609 shares at
|
|
|
|
|
|
September 30, 2015 and
December 31, 2014
|
|
|
|
(11,657)
|
|
(11,790)
|
|
Deferred Compensation
Liability
|
|
|
|
|
11,657
|
|
11,790
|
|
Paid-in
capital
|
|
|
|
|
|
22,344
|
|
22,795
|
|
Retained
earnings
|
|
|
|
|
|
241,557
|
|
244,470
|
|
Accumulated other
comprehensive loss
|
|
|
|
(53,907)
|
|
(35,134)
|
|
|
TOTAL
SHAREHOLDERS' EQUITY
|
|
|
|
220,586
|
|
242,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
331,721
|
|
$
353,967
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/preformed-line-products-announces-financial-results-for-the-third-quarter-and-first-nine-months-of-2015-300174802.html
SOURCE Preformed Line Products Company