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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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BASIC EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
$
1.00
|
|
$
0.58
|
|
$
2.95
|
|
$
1.25
|
|
|
|
|
|
|
|
|
|
|
|
|
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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