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| PR Newswire · Aktuelle PR Newswire Nachrichten · Archiv< zurück < · Druckversion |
| 31.10.2006 14:19 |
Preformed Line Products Announces Financial Results for the Third Quarter and First Nine Months of 2006 |
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MAYFIELD VILLAGE, Ohio, Oct. 31 /PRNewswire-FirstCall/ -- Preformed Line Products Company today reported financial results for the third quarter and the first nine months of 2006. Net income for the quarter ended September 30, 2006 was $3,999,000, or $.70 per diluted share, compared to $4,179,000, or $.72 per diluted share, for the comparable period in 2005. Net sales in the third quarter 2006 were $56,439,000, a 1% increase from last year's $55,614,000. Net income for the nine months ended September 30, 2006 was $10,028,000, or $1.75 per diluted share, compared to the prior year's $11,103,000, or $1.92 per diluted share. Net sales increased 4% over 2005, to $165,172,000 for the first nine months of 2006 compared to $159,078,000 in 2005. Rob Ruhlman, Chairman and Chief Executive Officer, said, "Our sales increase continues to be driven by our strong international operations. Foreign currency had a favorable impact on sales of $.6 million for the quarter and $1.9 million for the first nine months. Domestic sales were lower in the third quarter than the previous year, primarily because last year included $3 million of hurricane related sales. Our year to date domestic sales have also been negatively affected by decreased spending on the construction and maintenance of copper communications networks by the telcos. Our margins are being negatively impacted by the higher cost of raw material and rising energy costs. However we are beginning to see the positive effect of price increases implemented at the beginning of the quarter. The increase in our costs and expenses reflect our continuing investment in our people, particularly in the research and technology side of the business." 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, Albemarle, North Carolina, and Asheville, North Carolina. The Company serves its worldwide market through international operations in Australia, Brazil, Canada, China, England, Mexico, New Zealand, 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 heading "Forward-Looking Statements" in the Company's Form 10-K filed with the SEC on March 15, 2006. The 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 INCOME
(Unaudited)
Three month periods Nine month periods
In thousands, except per share ended September 30, ended September 30,
data 2006 2005 2006 2005
Net sales $56,439 $55,614 $165,172 $159,078
Cost of products sold 37,677 36,355 111,493 105,775
GROSS PROFIT 18,762 19,259 53,679 53,303
Costs and expenses
Selling 5,475 5,608 16,872 16,182
General and administrative 5,695 5,985 17,393 16,464
Research and engineering 1,928 1,565 5,807 4,635
Other operating expenses - net 136 112 318 42
13,234 13,270 40,390 37,323
Royalty income - net 287 576 1,004 1,113
OPERATING INCOME 5,815 6,565 14,293 17,093
Other income (expense)
Interest income 389 263 1,144 717
Interest expense (164) (93) (399) (273)
Other expense - net (19) (27) (53) (81)
206 143 692 363
INCOME BEFORE INCOME TAXES 6,021 6,708 14,985 17,456
Income taxes 2,022 2,529 4,957 6,353
NET INCOME $3,999 $4,179 $10,028 $11,103
Net income per share - basic $0.71 $0.73 $1.76 $1.94
Net income per share - diluted $0.70 $0.72 $1.75 $1.92
Cash dividends declared per share $0.20 $0.20 $0.60 $0.60
Weighted average number of shares
outstanding - basic 5,638 5,724 5,696 5,723
Weighted average number of shares
outstanding - diluted 5,688 5,793 5,746 5,781
PREFORMED LINE PRODUCTS COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
Thousands of dollars, except share data 2006 2005
ASSETS
Cash and cash equivalents $26,026 $39,592
Accounts receivable, less allowances
of $976 ($789 in 2005) 36,389 26,481
Inventories-net 39,316 37,618
Deferred income taxes 4,430 3,870
Prepaids and other 3,153 2,832
TOTAL CURRENT ASSETS 109,314 110,393
Property and equipment - net 52,567 48,804
Deferred income taxes 2,410 2,060
Goodwill - net 2,073 2,018
Patents and other intangibles - net 2,628 2,871
Other assets 2,476 2,401
TOTAL ASSETS $171,468 $168,547
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable to banks $2,645 $1,156
Current portion of long-term debt 3,404 4,806
Trade accounts payable 12,840 10,878
Accrued compensation and amounts
withheld from employees 6,568 5,161
Accrued expenses and other liabilities 5,284 6,406
Accrued profit-sharing and pension
contributions 4,385 4,290
Dividends payable 1,072 1,147
Income taxes 2,849 881
Deferred income taxes 11 -
TOTAL CURRENT LIABILITIES 39,058 34,725
Long-term debt, less current portion 1,836 122
Deferred income taxes 385 157
SHAREHOLDERS' EQUITY
Common shares - $2 par value,
15,000,000 shares authorized,
5,360,259 and 5,734,797
outstanding, net of 365,311
and 511,159 treasury shares at
par, respectively 10,721 11,470
Paid in capital 1,515 1,237
Retained earnings 130,774 135,481
Accumulated other comprehensive loss (12,821) (14,645)
TOTAL SHAREHOLDERS' EQUITY 130,189 133,543
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $171,468 $168,547
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