MAYFIELD VILLAGE, Ohio,
March 13, 2012 /PRNewswire/ --
- Net sales in 2011 increased $86.1
million or 25% to $424.4
million, compared to $338.3
million in 2010
- Net income in 2011 of $31 million
increased $7.9 million or 34%
compared to 2010
- Diluted earnings per share were $5.78 per share in 2011 compared to $4.33 per share in 2010
- 2011 Net sales, net income and diluted earnings per share were
all records for the Company
Preformed Line Products Company (NASDAQ: PLPC)
today reported financial results for the fourth quarter and the
full year 2011.
Net income for the quarter ended December
31, 2011 increased 49% to $8,940,000, or $1.67 per diluted share, compared to $6,006,000, or $1.13 per diluted share, for the comparable
period in 2010. Net sales in the fourth quarter of 2011
increased 14% to $106,096,000
compared to $93,318,000 in the fourth
quarter of 2010.
Currency exchange rates had a negative impact on 2011 fourth
quarter net income of $344,000 and on
net sales of $4,154,000.
Net income for the year ended December
31, 2011 increased 34% to $30,984,000, or $5.78 per diluted share, compared to $23,113,000, or $4.33 per diluted share in 2010. Net sales
for 2011 increased 25% to $424,404,000 compared to $338,305,000 in 2010.
Currency exchange rates had a positive impact on 2011 net income
of $582,000 and on net sales of
$10,722,000.
Excluding the impact of currency exchange rates, sales improved
by 18% for the fourth quarter and 22% for the year.
Rob Ruhlman, Chairman and Chief
Executive Officer, said, "2011 was another record year for
Preformed Line Products. Our sales exceeded $400 million for the first time in our 65 year
history. That we have accomplished this in a weak and unstable
global economy is a true testament to the talent and dedication of
our worldwide team and the overall strength of the organization."
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, Indonesia, Malaysia, 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
"Forward-Looking Statements" and "Risk Factors" in the Company's
2010 Annual Report on Form 10-K filed with the SEC on March 11, 2011 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
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STATEMENTS
OF CONSOLIDATED OPERATIONS
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(UNAUDITED)
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In thousands, except per share
data
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Three month
periods ended
December
31,
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Twelve month
periods ended
December
31,
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2011
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2010
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2011
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2010
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Net sales
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$ 106,096
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$ 93,318
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$ 424,404
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$ 338,305
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Cost of products sold
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71,904
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64,253
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283,555
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230,089
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GROSS PROFIT
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34,192
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29,065
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140,849
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108,216
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Costs and expenses
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Selling
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9,032
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8,302
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35,825
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29,520
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General and
administrative
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9,357
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10,865
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44,396
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39,865
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Research and
engineering
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3,544
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3,566
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13,360
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12,040
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Other operating expense
(income)
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243
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(944)
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1,914
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(1,689)
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22,176
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21,789
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95,495
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79,736
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OPERATING INCOME
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12,016
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7,276
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45,354
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28,480
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Other income
(expense)
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Interest income
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153
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113
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575
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374
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Interest expense
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(173)
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(191)
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(827)
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(649)
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Other income
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471
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213
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892
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1,978
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451
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135
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640
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1,703
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INCOME BEFORE INCOME
TAXES
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12,467
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7,411
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45,994
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30,183
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Income taxes
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3,527
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1,415
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15,010
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7,175
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NET INCOME
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8,940
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5,996
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30,984
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23,008
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Less net (loss) attributable to
noncontrolling interests, net of tax
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-
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(10)
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-
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(105)
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NET INCOME ATTRIBUTABLE TO
PLPC
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$ 8,940
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$ 6,006
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$ 30,984
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$ 23,113
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BASIC EARNINGS PER
SHARE
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Net Income to PLPC common
shareholders
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$
1.70
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$ 1.15
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$
5.89
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$
4.41
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DILUTED EARNINGS PER
SHARE
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Net Income to PLPC common
shareholders
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$
1.67
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$ 1.13
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$
5.78
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$
4.33
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Cash dividends declared per
share
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$
0.20
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$ 0.20
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$
0.80
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$
0.80
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Weighted-average number of
shares outstanding - basic
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5,249
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5,225
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5,259
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5,242
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Weighted-average number of
shares outstanding - diluted
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5,339
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5,319
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5,358
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5,335
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PREFORMED
LINE PRODUCTS COMPANY
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CONSOLIDATED
BALANCE SHEETS
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(UNAUDITED)
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December
31,
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December
31,
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Thousands of dollars, except
share and per share data
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2011
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2010
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ASSETS
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Cash and cash
equivalents
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$
32,126
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$
22,655
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Accounts receivable, less
allowances of $1,627 ($1,213 in 2010)
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68,949
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56,102
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Inventories - net
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88,613
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73,121
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Deferred income taxes
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5,263
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4,784
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Prepaids
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8,254
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9,069
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Other current assets
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2,285
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1,611
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TOTAL CURRENT
ASSETS
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205,490
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167,342
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Property and equipment -
net
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82,860
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76,266
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Other intangibles -
net
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11,352
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12,735
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Goodwill
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12,199
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12,346
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Deferred income taxes
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5,585
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3,615
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Other assets
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9,862
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8,675
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TOTAL ASSETS
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$
327,348
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$
280,979
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LIABILITIES AND SHAREHOLDERS'
EQUITY
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Notes payable to
banks
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$
2,030
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$
1,246
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Current portion of long-term
debt
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601
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1,276
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Trade accounts
payable
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25,630
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27,001
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Accrued compensation and amounts
withheld from employees
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11,472
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9,848
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Accrued expenses and other
liabilities
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22,100
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17,187
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TOTAL CURRENT
LIABILITIES
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|
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61,833
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56,558
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Long-term debt, less current
portion
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27,991
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9,374
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Other noncurrent liabilities and
deferred income taxes
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24,666
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18,382
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SHAREHOLDERS'
EQUITY
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PLPC shareholders'
equity:
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Common shares - $2 par value,
15,000,000 shares authorized, 5,333,630 and
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5,270,977 issued
and outstanding, net of 639,138 and 586,746 treasury
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shares at par,
respectively, as of December 31, 2011 and December 31,
2010
|
10,667
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10,542
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Common shares issued to Rabbi
Trust
|
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(3,812)
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(1,200)
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Deferred Compensation
Liability
|
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|
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3,812
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1,200
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Paid in capital
|
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|
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|
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12,718
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8,748
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Retained earnings
|
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|
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206,512
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184,060
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Accumulated other comprehensive
loss
|
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(17,039)
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|
(6,010)
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TOTAL PLPC SHAREHOLDERS'
EQUITY
|
|
|
|
212,858
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197,340
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Noncontrolling
interest
|
|
|
|
|
|
-
|
|
(675)
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|
|
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TOTAL SHAREHOLDERS'
EQUITY
|
|
|
|
212,858
|
|
196,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
$
327,348
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$
280,979
|
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|
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SOURCE Preformed Line Products Company