Preformed Line Products Announces Financial Results For The Quarter Ended March 31, 2014 - KSLA News 12 Shreveport, Louisiana News Weather & Sports

Preformed Line Products Announces Financial Results For The Quarter Ended March 31, 2014

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SOURCE Preformed Line Products Company

MAYFIELD VILLAGE, Ohio, May 2, 2014 /PRNewswire/ -- Preformed Line Products Company (NASDAQ:  PLPC) today reported financial results for the first quarter ended March 31, 2014.

Net income for the quarter ended March 31, 2014 was $2,738,000, or $.50 per diluted share, compared to $4,965,000, or $.91 per diluted share, for the comparable period in 2013.

Net sales for the first quarter of 2014 were $89,925,000 compared to $98,689,000 in the first quarter of 2013. 

Currency exchange rates had a negative impact on 2014 first quarter net sales and net income of $4,436,000 and $119,000, respectively.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "First quarter results were certainly disappointing, particularly in comparison to previous periods that involved significant spending by the utilities on transmission projects. There are no similar projects taking place at this time. In fact, the ongoing extreme weakness in the U.S. economy coupled with a peculiarly harsh and extended winter has placed a significant damper on both new construction and maintenance activities. Globally, we are operating in a slow to no growth, yet highly competitive environment which we are addressing through constant innovation, exceptional customer service and a constant focus on improving productivity."

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 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, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2013 Annual Report on Form 10-K filed with the SEC on March 14, 2014 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 March 31,





2014


2013
















Net sales

$             89,925


$                     98,689


Cost of products sold

62,477


67,390




GROSS PROFIT

27,448


31,299









Costs and expenses






Selling

8,505


9,061



General and administrative

11,158


11,480



Research and engineering

3,775


3,770



Other operating expense (income)

(203)


121





23,235


24,432











OPERATING INCOME

4,213


6,867









Other income (expense)






Interest income

109


116



Interest expense

(161)


(103)



Other income (expense)

(24)


37





(76)


50











INCOME BEFORE INCOME TAXES 

4,137


6,917









Income taxes

1,399


1,952











NET INCOME

$               2,738


$                       4,965









BASIC EARNINGS PER SHARE






Net Income to PLPC common shareholders

$                 0.51


$                         0.92









DILUTED EARNINGS PER SHARE






Net Income to PLPC common shareholders

$                 0.50


$                         0.91









Cash dividends declared per share

$                 0.20


$                             0









Weighted-average number of shares outstanding - basic

5,392


5,377









Weighted-average number of shares outstanding - diluted

5,431


5,457
















 

 

PREFORMED LINE PRODUCTS COMPANY

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)










March 31,


December 31,

Thousands of dollars, except share and per share data

2014


2013







ASSETS





Cash and cash equivalents

$              21,173


$              24,291

Accounts receivable, less allowances of $2,100 ($2,136 in 2013)

74,957


67,587

Inventories - net

79,638


73,835

Deferred income taxes 

6,463


7,022

Prepaids


10,333


9,845

Other current assets

3,736


3,154



TOTAL CURRENT ASSETS

196,300


185,734







Property, plant and equipment - net

105,146


100,461

Other intangibles - net

16,549


11,787

Goodwill


19,181


13,873

Deferred income taxes 

3,922


3,416

Other assets

17,486


17,135









TOTAL ASSETS

$            358,584


$            332,406







LIABILITIES AND SHAREHOLDERS' EQUITY










Notes payable to banks

$                2,923


$                1,105

Current portion of long-term debt

162


195

Trade accounts payable

22,483


21,750

Accrued compensation and amounts withheld from employees

11,856


10,787

Accrued expenses and other liabilities

14,938


18,378



TOTAL CURRENT LIABILITIES

52,362


52,215







Long-term debt, less current portion

32,931


13,054

Other noncurrent liabilities and deferred income taxes

17,881


14,807







SHAREHOLDERS' EQUITY




PLPC shareholders' equity:





Common shares - $2 par value, 15,000,000 shares authorized, 5,388,733 and 5,391,074 issued and outstanding, net of 783,418 and 779,279 treasury shares at par, respectively, as of March 31, 2014 and December 31, 2013 

10,777


10,782


Common shares issued to Rabbi Trust, 249,198 and 253,156 shares at March 31, 2014 and December 31, 2013

(9,156)


(9,306)


Deferred Compensation Liability

9,156


9,306


Paid in capital

21,955


21,082


Retained earnings

239,548


238,168


Accumulated other comprehensive loss

(15,870)


(17,702)



TOTAL SHAREHOLDERS' EQUITY

256,410


252,330









TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$            359,584


$            332,406







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