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Preformed Line Products Announces Financial Results for the Third Quarter and First Nine Months of 2009
PR Newswire
Nov 02, 2009
MAYFIELD VILLAGE, Ohio, Nov. 2 /PRNewswire-FirstCall/ -- Preformed Line Products Company (Nasdaq: PLPC) today reported financial results for the third quarter and the first nine months of 2009.
Net income for the quarter ended September 30, 2009 was $6,320,000, or $1.19 per diluted share, compared to $6,423,000, or $1.22 per diluted share, for the comparable period in 2008. Currency exchange rates had a negative impact on net income of $359,000.
Net sales in the third quarter of 2009 were $69,132,000, a decrease of 7% from sales of $73,952,000 in the third quarter of 2008. Net sales decreased only 1% excluding the negative impact of currency exchange rates of $3,965,000.
Net income for the nine months ended September 30, 2009 decreased 15% to $12,626,000, or $2.38 per diluted share, compared to $14,862,000, or $2.78 per diluted share for the comparable period in 2008. Currency exchange rates negatively impacted net income for the first nine months of 2009 by $1,205,000. Net income in 2008 included a net gain of $461,000, or $.09 per diluted share, on the sale of Superior Modular Products Company ("SMP"), a former wholly owned domestic subsidiary.
Net sales decreased 10% to $187,394,000 for the first nine months of 2009 compared to $209,179,000 in the first nine months of 2008. Net sales decreased 2% for the first nine months excluding the negative impact of currency exchanges rates of $18,639,000.
Rob Ruhlman, Chairman and Chief Executive Officer, said, "I believe our results are admirable considering the state of the world economy during this past year. Excluding the impact of currency when foreign statements are translated into U.S. dollars, net income was up 4% for the quarter. When the currency impact and discontinued operations are excluded from the first nine months, net income was down only 2%."
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 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, 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 2008 Annual Report on Form 10-K filed with the SEC on March 13, 2009. 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)
Three month Nine month
periods ended periods ended
Thousands, except per share data September 30, September 30,
-------------- --------------
2009 2008 2009 2008
---- ---- ---- ----
Net sales $69,132 $73,952 $187,394 $209,179
Cost of products sold 44,518 48,489 124,352 141,034
------ ------ ------- -------
GROSS PROFIT 24,614 25,463 63,042 68,145
Costs and expenses
Selling 5,750 6,119 16,640 17,879
General and administrative 8,609 7,506 23,032 22,553
Research and engineering 2,411 2,218 6,631 6,545
Other operating (income)
expenses - net (337) 462 (359) 605
---- --- ---- ---
16,433 16,305 45,944 47,582
----- ----- ------ ------
OPERATING INCOME 8,181 9,158 17,098 20,563
Other income (expense)
Interest income 95 225 307 655
Interest expense (153) (138) (369) (415)
Other income (expense) 326 176 983 196
--- --- --- ---
268 263 921 436
--- --- --- ---
INCOME BEFORE INCOME TAXES
AND DISCONTINUED OPERATIONS 8,449 9,421 18,019 20,999
Income taxes 2,190 2,807 5,501 6,604
----- ----- ----- -----
INCOME FROM CONTINUING
OPERATIONS, NET OF TAX 6,259 6,614 12,518 14,395
Income from discontinued
operations, net of tax - (34) - 735
NET INCOME 6,259 6,580 12,518 15,130
Less net income (loss)
attributable to
noncontrolling interests,
net of tax (61) 157 (108) 268
--- --- ---- ---
NET INCOME ATTRIBUTABLE TO
PLPC $6,320 $6,423 $12,626 $14,862
====== ====== ======= =======
BASIC EARNINGS PER SHARE
Income per share from continuing
operations attributable to
PLPC common shareholders $1.21 $1.24 $2.41 $2.67
===== ===== ===== =====
Discontinued operations
attributable to PLPC common
shareholders $- $(0.01) $- $0.14
== ====== == =====
Net income attributable to PLPC
common shareholders $1.21 $1.23 $2.41 $2.81
===== ===== ===== =====
DILUTED EARNINGS PER SHARE
Income per share from continuing
operations attributable to
PLPC common shareholders $1.19 $1.23 $2.38 $2.64
===== ===== ===== =====
Discontinued operations
attributable to PLPC common
shareholders $- $(0.01) $- $0.14
== ====== == =====
Net income attributable to PLPC
common shareholders $1.19 $1.22 $2.38 $2.78
===== ===== ===== =====
Cash dividends declared per share $0.20 $0.20 $0.60 $0.60
===== ===== ===== =====
Weighted-average number of shares
outstanding - basic 5,235 5,218 5,231 5,298
===== ===== ===== =====
Weighted-average number of shares
outstanding - diluted 5,316 5,269 5,309 5,345
===== ===== ===== =====
Amount attributable to PLPC common
shareholders:
Income from continuing
operations, net of tax $6,320 $6,457 $12,626 $14,127
Discontinued operations, net
of tax - (34) - 735
-- --- -- ---
Net Income $6,320 $6,423 $12,626 $14,862
====== ====== ======= =======
PREFORMED LINE PRODUCTS COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, December 31,
Thousands of dollars, except share 2009 2008
and per share data ---- ----
ASSETS
Cash and cash equivalents $35,520 $19,869
Accounts receivable, less allowances
of $920 ($972 in 2008) 45,937 36,899
Inventories - net 48,439 48,412
Deferred income taxes 2,184 2,786
Prepaids and other 5,242 4,704
----- -----
TOTAL CURRENT ASSETS 137,322 112,670
Property and equipment - net 61,124 55,940
Patents and other intangibles - net 3,505 3,858
Goodwill 6,436 5,520
Deferred income taxes 5,885 6,943
Other assets 7,072 5,944
----- -----
TOTAL ASSETS $221,344 $190,875
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable to banks $3,301 $3,101
Current portion of long-term debt 967 494
Trade accounts payable 17,188 14,632
Accrued compensation and amounts withheld
from employees 10,221 6,606
Accrued expenses and other liabilities 13,222 10,415
------ ------
TOTAL CURRENT LIABILITIES 44,899 35,248
Long-term debt, less current portion 3,441 2,653
Other noncurrent liabilities and deferred
income taxes 14,206 15,973
SHAREHOLDERS' EQUITY
PLPC shareholders' equity:
Common shares - $2 par value, 15,000,000
shares authorized, 5,234,039 and
5,223,830 issued and outstanding, net
of 554,059 and 551,059 treasury shares
at par, respectively 10,468 10,448
Paid in capital 5,369 3,704
Retained earnings 156,086 146,624
Accumulated other comprehensive loss (13,549) (24,511)
------- -------
TOTAL PLPC SHAREHOLDERS' EQUITY 158,374 136,265
------- -------
Noncontrolling interest 424 736
--- ---
TOTAL SHAREHOLDERS' EQUITY 158,798 137,001
------- -------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $221,344 $190,875
======== ========
SOURCE Preformed Line Products Company
Copyright (2009) PR Newswire. All Rights Reserved.
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