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Preformed Line Products Announces Financial Results for the Fourth Quarter and Full Year 2016
[March 10, 2017]

Preformed Line Products Announces Financial Results for the Fourth Quarter and Full Year 2016


MAYFIELD VILLAGE, Ohio, March 10, 2017 /PRNewswire/ -- Preformed Line Products Company (NASDAQ:  PLPC) today reported financial results for the fourth quarter and the full year 2016.

Net income for the quarter ended December 31, 2016 was $5,100,000, or $0.99 per diluted share, compared to $3,045,000, or $.58 per diluted share, for the comparable period in 2015.  Net sales in the fourth quarter of 2016 were $86,433,000 compared to $91,961,000 in the fourth quarter of 2015.

Net income for the year ended December 31, 2016 was $15,255,000, or $2.95 per diluted share, compared to $6,675,000, or $1.24 per diluted share in 2015.  Net sales for 2016 were $336,634,000 compared to $354,666,000 in 2015. 

Currency exchange rates had an unfavorable impact on 2016 fourth quarter net sales of $233,000, and $12,006,000 for the year.  The unfavorable impact on net income was $227,000 for the fourth quarter, and $1,522,000 for the year.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "Our results were driven by utility projects that had been deferred the past several years, favorable sales mix leading to improved margins, expanding within our newer geographic markets and improvement in our Asia Pacific operations.  Additionally, we benefited from the difficult decisions related to our restructuring last year. We will endeavor to capitalize on this positive end to a much improved year as we head into 2017, our 70th year in 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 two domestic manufacturing centers located in Rogers, Arkansas, 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 and the mix of products sold, the Company's ability to continue to develop proprietary technology and maintain high quality products and customer service to meet or exceed new industry performance standards and individual customer expectations, the Company's ability to strengthen and retain relationships with the Company's customers and expand geographically, the Company's ability to identify, complete and integrate acquisitions for profitable growth and to realize the efficiencies and other benefits of restructuring actions, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2015 Annual Report on Form 10-K filed with the SEC on March 11, 2016 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
















(In thousands, except per share data)



Three Months Ended December 31


Year Ended December 31







2016


2015


2016


2015




























Net sales



$                   86,433


$               91,961


$             336,634


$               354,666


Cost of products sold



56,969


65,872


227,220


251,214




GROSS PROFIT



29,464


26,089


109,414


103,452















Costs and expenses












Selling



7,963


7,739


31,799


30,593



General and administrative



10,429


9,281


42,057


36,878



Research and engineering



3,247


3,559


14,025


14,879



Other operating expense (income) - net



737


347


54


8,753







22,376


20,926


87,935


91,103

















OPERATING INCOME



7,088


5,163


21,479


12,349















Other income (expense)












Interest income



85


74


291


391



Interest expense



(256)


(142)


(844)


(565)



Other income (expense)  - net



73


63


27


(469)







(98)


(5)


(526)


(643)

















INCOME BEFORE INCOME TAXES 



6,990


5,158


20,953


11,706















Income taxes



1,889


2,113


5,698


5,031

















NET INCOME



$                     5,101


$                 3,045


$               15,255


$                   6,675















BASIC EARNINGS PER SHARE












Net Income



$                       1.00


$                   0.58


$                   2.95


$                     1.25















DILUTED EARNINGS PER SHARE












Net Income



$                       0.99


$                   0.58


$                   2.95


$                     1.24















Cash dividends declared per share



$                       0.20


$                   0.20


$                   0.80


$                     0.80















Weighted-average number of shares outstanding - basic



5,120


5,258


5,166


5,350















Weighted-average number of shares outstanding - diluted



5,134


5,276


5,178


5,366
















 

 

PREFORMED LINE PRODUCTS COMPANY

CONSOLIDATED BALANCE SHEETS





















December 31,


December 31,

(Thousands of dollars, except share and per share data)




2016


2015












ASSETS










Cash and cash equivalents





$              30,737


$              30,393

Accounts receivable, less allowances of $3,210 ($2,326 in 2015)




63,415


63,626

Inventories - net






74,484


69,912

Prepaids







12,035


9,615

Other current assets






8,436


6,343


TOTAL CURRENT ASSETS





189,107


179,889












Property, plant and equipment - net





105,104


91,965

Other intangibles - net






10,475


11,288

Goodwill







15,769


15,821

Deferred income taxes 






10,208


12,704

Other assets






10,274


11,703













TOTAL ASSETS





$            340,937


$            323,370












LIABILITIES AND SHAREHOLDERS' EQUITY


















Notes payable to banks






$                1,315


$                   413

Current portion of long-term debt





1,448


110

Trade accounts payable






21,978


20,377

Accrued compensation and amounts withheld from employees




10,040


9,306

Accrued expenses and other liabilities





20,674


21,462


TOTAL CURRENT LIABILITIES




55,455


51,668












Long-term debt, less current portion





42,943


31,754

Other noncurrent liabilities and deferred income taxes




18,996


20,964












SHAREHOLDERS' EQUITY








PLPC shareholders' equity:








          Common shares - $2 par value, 15,000,000 shares authorized, 5,117,573 and 5,221,062




              issued and outstanding, as of December 31, 2016 and December 31, 2015, respectively

12,508


12,478

          Common shares issued to Rabbi Trust, 297,281 and 296,635 shares at






               December 31, 2016 and December 31, 2015, respectively




(12,054)


(12,052)

          Deferred Compensation Liability





12,054


12,052

          Paid-in capital






24,629


22,916

          Retained earnings






303,415


292,311

          Treasury shares, at cost, 1,136,443 and 1,018,013 shares at 







               December 31, 2016 and December 31, 2015, respectively




(59,640)


(54,570)

          Accumulated other comprehensive loss




(57,369)


(54,151)


TOTAL SHAREHOLDERS' EQUITY




223,543


218,984













TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY




$            340,937


$            323,370


 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/preformed-line-products-announces-financial-results-for-the-fourth-quarter-and-full-year-2016-300421728.html

SOURCE Preformed Line Products Company


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