Asia Pacific Wire & Cable Corporation Ltd. Reports Full Year 2020 Financial Results
April 30 2021 - 8:00AM
Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC)
("APWC" or the "Company"), a leading manufacturer of wire and cable
products for the telecommunications and electric-power industries
in the Asia-Pacific region, today announced the Company's financial
results for the twelve months ended December 31, 2020. Unless
otherwise indicated, all data are reported in U.S. Dollars at the
exchange rate prevailing on the date of the event or result
reported.
Full Year
2020 Financial Results (Ended December 31, 2020), and
2019 comparative results |
|
|
Full Year
2020 |
Full Year
2019 |
CHANGE |
Revenues |
$ |
313.6 million |
$ |
338.2 million |
(7.3)% |
Operating Profit/(Loss) |
$ |
7.6 million |
$ |
(0.6) million |
1,264% |
Net Income/(Loss) |
$ |
(0.6) million |
$ |
(1.6) million |
66.2% |
EPS(1) |
$ |
(0.04) |
$ |
(0.12) |
66.7% |
|
(1)The calculation
of the earnings per share is based on 13,819,669 and 13,819,669
basic and diluted weighted average common shares issued and
outstanding for the twelve months ended December 31, 2020 and 2019,
respectively. |
Full Year 2020 Results
Revenues for the twelve months ended December 31, 2020, were
$313.6 million, a decrease of 7.3% from $338.2 million for the
twelve months ended December 31, 2019. The decrease was
primarily attributable to revenue decreases in the Company’s
Thailand and North Asia regions, partially offset by increased
revenue in the Company’s Rest of World (“ROW”) region. Net revenue
in the Company’s Thailand region decreased by 16.7%, primarily due
to decreased sales of low margin products. Revenues in the
Company's North Asia region decreased by 4.4%, primarily due to the
cessation of manufacturing operations of Shanghai Asia Pacific
Electric Co., Ltd. (“Yayang”) in October 2019. Revenues in the
Company's ROW region increased by 8.4%, primarily attributable to
abating competition for reasons associated with COVID-19. The
Company's North Asia region includes China and Hong Kong; the
Thailand region consists of operations and sales within Thailand;
the ROW region includes Singapore, Australia and the other markets
where APWC has operations or sales outside of the Thailand region
and North Asia region.
Operating profit for the twelve months ended December 31, 2020
increased to $7.6 million from a loss of $(0.6) million for the
twelve months ended December 31, 2019. Operating profit
margin increased from a loss of (0.2)% in 2019 to a profit of 2.4%
in 2020. In the Thailand region, operating profit margin
increased from 1.8% to 7.8%, which was attributable primarily to an
improvement in sales mix. In the North Asia region, operating
profit margin increased from 1.6% in 2019 to 4.2% for the same
period in 2020, primarily attributable to an improvement in sales
mix and a reduction in severance expenses. The ROW region’s
operating loss margin widened from (1.9)% in 2019 to (4.6)% in
2020, primarily attributable to reasons associated with
COVID-19.
Selling, general and administrative expenses for the twelve
months ended December 31, 2020 were $27 million, compared to $25.1
million reported for the twelve months ended December 31, 2019.
Net loss attributable to APWC shareholders was $(0.6) million
for the full year 2020, compared to a net loss of $(1.6) million
for the full year 2019. The decrease in net loss was
primarily due to an increase in operating profit. The weighted
average number of shares issued and outstanding was 13.82 million
for the twelve months ended December 31, 2020 and 2019.
Financial Condition
APWC reported $52.2 million in cash and cash equivalents as of
December 31, 2020, compared to cash and cash equivalents of $53.7
million as of December 31, 2019.
Current assets totaled $263.7 million as of December 31, 2020,
compared to $239.5 million as of December 31, 2019. Working
capital was $180.3 million as of December 31, 2020. Short
term bank loans were $10.1 million at December 31, 2020, a decrease
from $11.4 million at the end of 2019. The Company had $3.7
million in long-term debt outstanding at December 31, 2020,
compared to $0.0 in long-term debt as of December 31, 2019.
Shareholder's equity attributable to APWC was $157.9 million as of
December 31, 2020, compared to $153.9 million as of December 31,
2019.
APWC reported $16.4 million in cash generated from operations
during the twelve months ended December 31, 2020, compared to cash
generated from operations of $15.1 million in the corresponding
period in 2019. The increase in cash generated from operations in
2020 was primarily attributable to improved product margins. The
Company reported $20.3 million in cash outflows from investing
activities during the twelve months ended December 31, 2020,
compared to $6.4 million in cash outflows in the same period of
2019. The increase in cash used in investing activities in the full
year of 2020 was attributable primarily to the increase in
purchases of property, plant and equipment. APWC reported $2.1
million in cash inflows from financing activities during the full
year of 2020, compared to $17.9 million in cash outflows from
financing activities in the same period of 2019. The cash inflows
in 2020 were primarily attributable to an increase in
borrowings.
We encourage shareholders to review our Annual Report for the
year ended December 31, 2020, which has been filed with the
Securities and Exchange Commission, and to visit the Company's
website for further information (www.apwcc.com). Information on the
Company's website or any other website does not constitute a
portion of this release.
About Asia Pacific Wire & Cable
Corporation
Asia Pacific Wire & Cable Corporation is principally engaged
in the manufacture and distribution of telecommunications (copper
and fiber optic) and power cable and enameled wire products in the
Asia Pacific region, primarily in Thailand, China, Singapore and
Australia. The Company manufactures and distributes its own wire
and cable products and also distributes wire and cable products
manufactured by its principal shareholder, Pacific Electric Wire
& Cable Company, a Taiwanese company. The Company also provides
project engineering services in the supply, delivery and
installation ("SDI") of power cables to certain of its
customers.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the Company, its business, and its subsidiary
companies. These forward-looking statements are often identified by
the use of forward-looking terminology such as "believes",
"anticipates", "expects", “estimates”, “intends”, “plans” or
similar expressions. Such forward looking statements involve known
and unknown risks and uncertainties that may cause actual results
to be materially different from those described herein as believed,
anticipated, expected, estimated, intended or planned. Investors
should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website (www.sec.gov). All
forward-looking statements attributable to the Company or to
persons acting on its behalf are expressly qualified in their
entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
Contact:Investor
Relations
Contact:Skyline Corporate Communications Group, LLCLisa
Gray, Senior Account
ManagerOne Rockefeller Plaza, 11th FloorNew York, NY 10020Office: (646) 893-5835Email: lisa@skylineccg.com |
|
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