MAYFIELD VILLAGE, Ohio,
May 7, 2012 /PRNewswire/ --
Preformed Line Products Company (NASDAQ: PLPC) today
reported financial results for the first quarter ended March 31, 2012.
Net income for the quarter ended March
31, 2012 was $8,133,000, or
$1.50 per diluted share, compared to
$6,998,000, or $1.30 per diluted share, for the comparable
period in 2011.
Net sales for the first quarter of 2012 increased 14% to
$108,846,000 compared to $95,088,000 in the first quarter of
2011.
Currency exchange rates had a negative impact on 2012 first
quarter net sales and net income of $.8
million and $.2 million,
respectively.
Rob Ruhlman, Chairman and Chief
Executive Officer, said, "I am proud of the efforts of our people
throughout the world. Our sales and net income were both
records for a first quarter. This was the fourth consecutive
quarter that sales have exceeded $100
million and demand for our products and technology remains
strong. These results reflect the positive impact of our
continual emphasis on improving efficiency and providing a
technologically superior product."
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, telecommunication, cable operators, information (data
communication), and other similar industries. Our primary
products support, protect, connect, terminate, and secure cables
and wires. We also provide solar hardware systems and
mounting hardware for a variety of solar power applications.
Preformed's world headquarters are in Cleveland, 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 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
"Forward-Looking Statements" and "Risk Factors" 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.
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PREFORMED LINE PRODUCTS COMPANY
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STATEMENTS OF CONSOLIDATED
OPERATIONS
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(UNAUDITED)
|
|
|
|
|
|
|
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|
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In
thousands, except per share data
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|
Three
month periods ended March 31,
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|
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|
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|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net
sales
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$
108,846
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$
95,088
|
|
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Cost of
products sold
|
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72,834
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62,697
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|
|
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GROSS
PROFIT
|
|
36,012
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32,391
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|
|
|
|
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|
|
|
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Costs and
expenses
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|
|
|
|
|
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Selling
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8,896
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8,036
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|
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General
and administrative
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12,007
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10,962
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Research
and engineering
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3,655
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3,362
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Other
operating expense (income)
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(651)
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|
(94)
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|
|
|
|
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23,907
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22,266
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|
|
|
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OPERATING INCOME
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12,105
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10,125
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|
|
|
|
|
|
|
|
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Other
income (expense)
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|
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|
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Interest
income
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137
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|
151
|
|
|
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Interest
expense
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(196)
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|
(211)
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Other
income
|
|
145
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|
184
|
|
|
|
|
|
|
86
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|
124
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|
|
|
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|
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|
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INCOME
BEFORE INCOME TAXES
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12,191
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10,249
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Income
taxes
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4,058
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3,395
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NET
INCOME
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8,133
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6,854
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|
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Less net
loss attributable to noncontrolling interests, net of
tax
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-
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(144)
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|
|
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|
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NET
INCOME ATTRIBUTABLE TO PLPC
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$
8,133
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$
6,998
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BASIC
EARNINGS PER SHARE
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Net Income
to PLPC common shareholders
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$
1.52
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$
1.33
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DILUTED
EARNINGS PER SHARE
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Net Income
to PLPC common shareholders
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$
1.50
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$
1.30
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Cash
dividends declared per share
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$
0.20
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$
0.20
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Weighted-average number of shares outstanding -
basic
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5,334
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5,272
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|
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Weighted-average number of shares outstanding -
diluted
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5,438
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5,400
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PREFORMED LINE PRODUCTS COMPANY
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CONSOLIDATED BALANCE SHEETS
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(UNAUDITED)
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March
31,
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December
31,
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Thousands of dollars, except share and per share
data
|
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|
|
2012
|
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2011
|
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|
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ASSETS
|
|
|
|
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Cash and
cash equivalents
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|
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$
29,186
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$
32,126
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Accounts
receivable, less allowances of $1,674 ($1,627 in 2011)
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74,534
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68,949
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Inventories - net
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|
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91,862
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88,613
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Deferred
income taxes
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|
|
|
|
|
4,754
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|
5,263
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Prepaids
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|
|
|
|
|
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7,394
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|
8,254
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|
Other
current assets
|
|
|
|
|
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2,341
|
|
2,285
|
|
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TOTAL
CURRENT ASSETS
|
|
|
|
|
210,071
|
|
205,490
|
|
|
|
|
|
|
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Property,
plant and equipment - net
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|
|
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93,102
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|
82,860
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Other
intangibles - net
|
|
|
|
|
|
15,129
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|
11,352
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|
Goodwill
|
|
|
|
|
|
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14,776
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|
12,199
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|
Deferred
income taxes
|
|
|
|
|
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5,813
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|
5,585
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Other
assets
|
|
|
|
|
|
10,097
|
|
9,862
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|
|
|
|
|
|
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TOTAL
ASSETS
|
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|
|
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$
348,988
|
|
$
327,348
|
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|
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LIABILITIES AND SHAREHOLDERS'
EQUITY
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|
|
|
|
|
|
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|
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|
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Notes
payable to banks
|
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$
1,500
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$
2,030
|
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Current
portion of long-term debt
|
|
|
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|
584
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|
601
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|
Trade
accounts payable
|
|
|
|
|
|
26,256
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|
25,630
|
|
Accrued
compensation and amounts withheld from employees
|
|
|
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14,137
|
|
11,472
|
|
Accrued
expenses and other liabilities
|
|
|
|
|
20,900
|
|
22,100
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|
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TOTAL
CURRENT LIABILITIES
|
|
|
|
63,377
|
|
61,833
|
|
|
|
|
|
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Long-term
debt, less current portion
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33,652
|
|
27,991
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|
Other
noncurrent liabilities and deferred income taxes
|
|
|
|
26,261
|
|
24,666
|
|
|
|
|
|
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SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
PLPC
shareholders' equity:
|
|
|
|
|
|
|
|
|
Common
shares - $2 par value, 15,000,000 shares authorized, 5,332,454
and
|
|
|
|
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5,333,630 issued and outstanding,
net of 640,638 and 639,138 treasury
|
|
|
|
|
|
shares at par, respectively,
as of March 31, 2012 and December 31, 2011
|
10,665
|
|
10,667
|
|
Common
shares issued to Rabbi Trust
|
|
|
|
|
(3,807)
|
|
(3,812)
|
|
Deferred
Compensation Liability
|
|
|
|
|
3,807
|
|
3,812
|
|
Paid in
capital
|
|
|
|
|
|
13,239
|
|
12,718
|
|
Retained
earnings
|
|
|
|
|
|
213,451
|
|
206,512
|
|
Accumulated other comprehensive loss
|
|
|
|
(11,657)
|
|
(17,039)
|
|
|
TOTAL
SHAREHOLDERS' EQUITY
|
|
|
|
225,698
|
|
212,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
348,988
|
|
$
327,348
|
|
|
|
|
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SOURCE Preformed Line Products Company