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Preformed Line Products Announces Second Quarter And First Half 2017 Results
[August 04, 2017]

Preformed Line Products Announces Second Quarter And First Half 2017 Results


MAYFIELD VILLAGE, Ohio, Aug. 4, 2017 /PRNewswire/ -- Preformed Line Products Company (Nasdaq:  PLPC) today reported financial results for its second quarter and first six months of 2017.

Preformed Line Products - The connection you can count on. (PRNewsfoto/Preformed Line Products)

Net income for the quarter ended June 30, 2017 was $4.2 million, or $.81 per diluted share, compared to $2.8 million, or $.53 per diluted share, for the comparable period in 2016.

Net sales in the second quarter of 2017 increased 17% to $97.5 million, compared to $83.2 million in the second quarter of 2016.

Net income for the six months ended June 30, 2017 was $5.7 million, or $1.11 per diluted share, compared to $5.4 million, or $1.04 per diluted share, for the comparable period in 2016.

Net sales increased 12% to $182.1 million for the first six months of 2017 compared to $161.9 million in the first six months of 2016.

Currency translation rates favorably impacted net sales by $1.4 million for the first six months and less than $.1 million for the quarter ended June 30, 2017.  Currency had a negative impact on net income for each of the same periods of less than $.1 million.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "Our sales momentum from the first quarter continued to strengthen as we achieved year-over-year, double-digit sales growth across each of our segments in the second quarter.  While raw material costs have remained higher, we also expanded our gross profit nearly eleven percent.  We have leveraged our cost structure to deliver our strongest bottom line results for this period in the last three years."

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, Colombia, 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 expanding geographically, 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 2016 Annual Report on Form 10-K filed with the SEC on March 10, 2017 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 Months June 30


Six Months June 30






2017


2016


2017


2016


























Net sales


$               97,512


$        83,220


$             182,081


$      161,903


Cost of products sold


67,839


56,414


127,743


110,807




GROSS PROFIT


29,673


26,806


54,338


51,096














Costs and expenses











Selling


8,626


8,183


16,910


15,814



General and administrative


10,772


10,962


21,101


21,049



Research and engineering


3,612


3,609


7,301


7,347



Other operating expense (income) - net


369


(27)


474


(880)






23,379


22,727


45,786


43,330
















OPERATING INCOME 


6,294


4,079


8,552


7,766














Other income (expense)











Interest income


160


68


264


143



Interest expense


(277)


(166)


(577)


(324)



Other income (expense) - net


81


(208)


137


(156)






(36)


(306)


(176)


(337)
















INCOME BEFORE INCOME TAXES 


6,258


3,773


8,376


7,429














Income taxes


2,102


1,018


2,702


2,016
















NET INCOME


$                 4,156


$          2,755


$                 5,674


$          5,413














BASIC EARNINGS PER SHARE











Net Income


$                   0.81


$            0.53


$                   1.11


$            1.04














DILUTED EARNINGS PER SHARE











Net Income


$                   0.81


$            0.53


$                   1.11


$            1.04














Cash dividends declared per share


$                   0.20


$            0.20


$                   0.40


$            0.40














Weighted-average number of shares outstanding - basic


5,116


5,186


5,117


5,198














Weighted-average number of shares outstanding - diluted


5,127


5,208


5,132


5,218


 

 

 

PREFORMED LINE PRODUCTS COMPANY

CONSOLIDATED BALANCE SHEETS





















June 30,


December 31,

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




2017


2016









(Unaudited)



ASSETS










Cash and cash equivalents





$              28,002


$              30,737

Accounts receivable, less allowances of $3,221 ($3,210 in 2016)




79,686


63,415

Inventories - net






75,498


74,484

Prepaids







4,040


12,035

Other current assets






8,290


8,436


     TOTAL CURRENT ASSETS





195,516


189,107












Property, plant and equipment - net





107,234


105,104

Other intangibles - net






10,468


10,475

Goodwill







16,478


15,769

Deferred income taxes 






10,897


10,208

Other assets






10,978


10,274













     TOTAL ASSETS





$            351,571


$            340,937












LIABILITIES AND SHAREHOLDERS' EQUITY


















Trade accounts payable






$              24,145


$              21,978

Notes payable to banks






1,379


1,315

Current portion of long-term debt





1,448


1,448

Accrued compensation and amounts withheld from employees




12,355


10,040

Accrued expenses and other liabilities





19,753


20,674


     TOTAL CURRENT LIABILITIES




59,080


55,455












Long-term debt, less current portion





36,570


42,943

Other noncurrent liabilities and deferred income taxes




19,324


18,996












SHAREHOLDERS' EQUITY








Shareholders' equity:










Common shares - $2 par value, 15,000,000 shares authorized, 5,115,981 and





    5,117,753 issued and outstanding, as of June 30, 2017 and December 31, 2016

12,514


12,508


Common shares issued to rabbi trust, 297,840 and 297,281 shares at






     June 30, 2017 and December 31, 2016, respectively




(12,089)


(12,054)


Deferred Compensation Liability





12,089


12,054


Paid-in capital






25,916


24,629


Retained earnings






306,979


303,415


Treasury shares, at cost, 1,140,816 and 1,136,443 shares at 







     June 30, 2017 and December 31, 2016, respectively




(59,880)


(59,640)


Accumulated other comprehensive loss




(48,932)


(57,369)


     TOTAL SHAREHOLDERS' EQUITY




236,597


223,543













     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


$            351,571


$            340,937

 

 

 

View original content with multimedia:http://www.prnewswire.com/news-releases/preformed-line-products-announces-second-quarter-and-first-half-2017-results-300499550.html

SOURCE Preformed Line Products Company


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