PCP » Topics » Our business is subject to risks associated with international operations.

These excerpts taken from the PCP 10-K filed May 28, 2009.

Our business is subject to risks associated with international operations.

We purchase products from and supply products to businesses located outside of the United States. We also have significant operations located outside the United States. In fiscal 2009, approximately 19 percent of our total sales were attributable to our non-U.S. subsidiaries. A number of risks inherent in international operations could have a material adverse effect on our international operations and, consequently, on our results of operations, including:

 

   

currency fluctuations;

 

   

difficulties in staffing and managing multi-national operations;

 

   

general economic and political uncertainties and potential for social unrest in countries in which we operate;

 

   

limitations on our ability to enforce legal rights and remedies;

 

   

restrictions on the repatriation of funds;

 

   

changes in trade policies;

 

   

tariff regulations;

 

   

difficulties in obtaining export and import licenses; and

 

   

the risk of government financed competition.

We sell extruded pipe for the power generation market. A majority of these sales are exported to power generation customers in China, some of which are affiliated with the Chinese government. These sales are subject to the risks associated with international sales generally. In addition, changes in demand could result from a reduction of power plant build rates in China due to economic conditions or otherwise, or increased competition from Chinese manufacturers who have cost advantages or who may be preferred suppliers.

Our business is subject to risks associated with international operations.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">We purchase products from and supply products to businesses located outside of the United States. We also have significant operations located outside the
United States. In fiscal 2009, approximately 19 percent of our total sales were attributable to our non-U.S. subsidiaries. A number of risks inherent in international operations could have a material adverse effect on our international operations
and, consequently, on our results of operations, including:

 







  

currency fluctuations;

 







  

difficulties in staffing and managing multi-national operations;

 







  

general economic and political uncertainties and potential for social unrest in countries in which we operate;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

limitations on our ability to enforce legal rights and remedies;

 







  

restrictions on the repatriation of funds;

 







  

changes in trade policies;

 







  

tariff regulations;

 







  

difficulties in obtaining export and import licenses; and

 







  

the risk of government financed competition.

SIZE="2">We sell extruded pipe for the power generation market. A majority of these sales are exported to power generation customers in China, some of which are affiliated with the Chinese government. These sales are subject to the risks associated
with international sales generally. In addition, changes in demand could result from a reduction of power plant build rates in China due to economic conditions or otherwise, or increased competition from Chinese manufacturers who have cost
advantages or who may be preferred suppliers.

This excerpt taken from the PCP 10-Q filed Feb 6, 2009.

Our business is subject to risks associated with international operations.

We purchase products from and supply products to businesses located outside of the United States. We also have significant operations located outside the United States. In fiscal 2008, approximately 20 percent of our total sales were attributable to our non-U.S. subsidiaries. A number of risks inherent in international operations could have a material adverse effect on our international operations and, consequently, on our results of operations, including:

 

   

currency fluctuations;

 

   

difficulties in staffing and managing multi-national operations;

 

   

general economic and political uncertainties and potential for social unrest in countries in which we operate;

 

   

limitations on our ability to enforce legal rights and remedies;

 

   

restrictions on the repatriation of funds;

 

   

changes in trade policies;

 

   

tariff regulations;

 

   

difficulties in obtaining export and import licenses; and

 

   

the risk of government financed competition.

We sell extruded pipe for the power generation market. A majority of these sales are exported to power generation customers in China, some of which are affiliated with the Chinese government. These sales are subject to the risks associated with international sales generally. In addition, changes in demand could result from a reduction of power plant build rates in China due to economic conditions or otherwise, or to increased competition from Chinese manufacturers who have cost advantages or who may be preferred suppliers.

This excerpt taken from the PCP 10-Q filed Nov 7, 2008.

Our business is subject to risks associated with international operations.

We purchase products from and supply products to businesses located outside of the United States. We also have significant operations located outside the United States. In fiscal 2008, approximately 20 percent of our total sales were attributable to our non-U.S. subsidiaries. A number of risks inherent in international operations could have a material adverse effect on our international operations and, consequently, on our results of operations, including:

 

   

currency fluctuations;

 

   

difficulties in staffing and managing multi-national operations;

 

   

general economic and political uncertainties and potential for social unrest in countries in which we operate;

 

   

limitations on our ability to enforce legal rights and remedies;

 

   

restrictions on the repatriation of funds;

 

   

changes in trade policies;

 

   

tariff regulations;

 

   

difficulties in obtaining export and import licenses; and

 

   

the risk of government financed competition.

These excerpts taken from the PCP 10-K filed May 29, 2008.

Our business is subject to risks associated with international operations.

We purchase products from and supply products to businesses located outside of the United States. We also have significant operations located outside the United States. In fiscal 2008, approximately 20 percent of our total sales were attributable to our non-U.S. subsidiaries, in 2007, approximately 21 percent and in 2006, approximately 15 percent. A number of risks inherent in international operations could have a material adverse effect on our international operations and, consequently, on our results of operations, including:

 

   

currency fluctuations;

 

   

difficulties in staffing and managing multi-national operations;

 

   

general economic and political uncertainties and potential for social unrest in countries in which we operate;

 

   

limitations on our ability to enforce legal rights and remedies;

 

   

restrictions on the repatriation of funds;

 

   

changes in trade policies;

 

   

tariff regulations;

 

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difficulties in obtaining export and import licenses; and

 

   

the risk of government financed competition.

Our business is subject to risks associated with international
operations.

We purchase products from and supply products to businesses located outside of the United States. We also have
significant operations located outside the United States. In fiscal 2008, approximately 20 percent of our total sales were attributable to our non-U.S. subsidiaries, in 2007, approximately 21 percent and in 2006, approximately 15 percent. A number
of risks inherent in international operations could have a material adverse effect on our international operations and, consequently, on our results of operations, including:

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

currency fluctuations;

 







  

difficulties in staffing and managing multi-national operations;

 







  

general economic and political uncertainties and potential for social unrest in countries in which we operate;

STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 







  

limitations on our ability to enforce legal rights and remedies;

 







  

restrictions on the repatriation of funds;

 







  

changes in trade policies;

 







  

tariff regulations;

 


15







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difficulties in obtaining export and import licenses; and

 







  

the risk of government financed competition.

SIZE="2">Any lower than expected rating of our bank debt and debt securities could adversely affect our business.

Two rating
agencies, Moody’s and Standard & Poor’s (“S&P”), rate our debt securities. S&P upgraded our debt rating and Moody’s maintained our debt rating during fiscal 2008. However, if the rating agencies were to
reduce their current ratings, our interest expense would increase and the instruments governing our indebtedness could impose additional restrictions on our ability to make capital expenditures or otherwise limit our flexibility in planning for, or
reacting to, changes in our business and the industries in which we operate or our ability to take advantage of potential business opportunities. These modifications also could require us to meet more stringent financial ratios and tests or could
require us to grant a security interest in our assets to secure the indebtedness. Our ability to comply with covenants contained in the instruments governing our existing and future indebtedness may be affected by events and circumstances beyond our
control. If we breach any of these covenants, one or more events of default, including cross-defaults between multiple components of our indebtedness, could result. These events of default could permit our creditors to declare all amounts owing to
be immediately due and payable, and terminate any commitments to make further extensions of credit.

This excerpt taken from the PCP 10-K filed May 31, 2007.

Our business is subject to risks associated with international operations.

We purchase products from and supply products to businesses located outside of the United States. We also have significant operations located outside the United States. In fiscal 2007, approximately 21 percent of our total sales were attributable to our non-U.S. subsidiaries, in 2006, approximately 15 percent and in 2005, approximately 16 percent. A number of risks inherent in international operations could have a material adverse effect on our international operations and, consequently, on our results of operations, including:

 

   

currency fluctuations;

 

   

difficulties in staffing and managing multi-national operations;

 

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general economic and political uncertainties and potential for social unrest in countries in which we operate;

 

   

limitations on our ability to enforce legal rights and remedies;

 

   

restrictions on the repatriation of funds;

 

   

changes in trade policies;

 

   

tariff regulations;

 

   

difficulties in obtaining export and import licenses; and

 

   

the risk of government financed competition.

This excerpt taken from the PCP 10-K filed Jun 14, 2006.

Our business is subject to risks associated with international operations.

We purchase products from and supply products to businesses located outside of the United States. We also have significant operations located outside the United States. In fiscal 2006, approximately 16 percent of our total sales were attributable to our non-U.S. subsidiaries, in 2005, approximately 16 percent and in 2004, approximately 14 percent. A number of risks inherent in international operations could have a material adverse effect on our international operations and, consequently, on our results of operations, including:

 

    currency fluctuations;

 

    difficulties in staffing and managing multi-national operations;

 

    general economic and political uncertainties and potential for social unrest in countries in which we operate;

 

    limitations on our ability to enforce legal rights and remedies;

 

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Table of Contents
    restrictions on the repatriation of funds;

 

    changes in trade policies;

 

    tariff regulations;

 

    difficulties in obtaining export and import licenses; and

 

    the risk of government financed competition.
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