8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2009

Preformed Line Products Company

(Exact name of registrant as specified in its charter)

Ohio	0-31164	34-0676895
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

660 Beta Drive Mayfield Village, Ohio	44143
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (440) 461-5200

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On August 7, 2009, Preformed Line Products Company issued a press release announcing earnings for the three months ended June 30, 2009. A copy of the press release is attached hereto as Exhibit 99.1. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except, as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

99.1 Press release dated August 7, 2009, announcing earnings for the three months ended June 30, 2009

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PREFORMED LINE PRODUCTS COMPANY
 

/s/ Eric R. Graef  

Eric R. Graef, Vice President — Finance & 

Treasurer 

DATED: August 7, 2009

EX-99.1

Exhibit 99.1

For immediate release
August 7, 2009 Eric R. Graef
Preformed Line Products
(440) 473-9249

PREFORMED LINE PRODUCTS ANNOUNCES SECOND QUARTER
AND FIRST HALF 2009 RESULTS

Mayfield Village, Ohio, August 7, 2009 — Preformed Line Products Company (Nasdaq: PLPC) today reported financial results for the second quarter and the first six months of 2009.

Net income for the quarter ended June 30, 2009 was $3,584,000, or $.68 per diluted share, compared to $5,489,000 or $1.03 per diluted share, for the comparable period in 2008. Net income in the second quarter of 2008 included a net gain of $495,000, or $.09 per diluted share, on the sale of Superior Modular Products Company, a wholly owned domestic subsidiary.

Net sales in the second quarter of 2009 were $59,568,000, a decrease of 21% from sales of $75,362,000 in the second quarter of 2008.

Net income for the six months ended June 30, 2009 decreased 25% to $6,306,000, or $1.19 per diluted share, compared to $8,439,000, or $1.57 per diluted share for the comparable period in 2008. Net sales decreased 13% to $118,262,000 for the first six months of 2009 compared to $135,227,000 in the first six months of 2008.

Currency exchange rates negatively impacted sales by $7,014,000 for the quarter and $15,690,000 for the first six months of 2009, while the negative impact on net income was $339,000 for the quarter and $848,000 for the first six months of 2009.

Rob Ruhlman, Chairman and Chief Executive Officer, said, “Although our results for the quarter were disappointing, they were not unexpected based upon the state of the world economy. Our comparisons are to a very strong second quarter in 2008 and the same will be the case for third quarter. We adjusted our cost structure last year while our operations were strong. Currently we are leveraging our costs over a lower sales volume. We expect that sales will improve when the economy improves and we get the anticipated boost from the stimulus package. We feel that we are correctly positioned for the future growth.”

PAGE 2 / PLP ANNOUNCES SECOND QUARTER RESULTS

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, 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 “Risk Factors” and “Forward-Looking Statements” in the Company’s 2008 Annual Report on Form 10-K filed with the SEC on March 13, 2009. 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)

	Three month periods ended June 30,						Six month periods ended June 30,
Thousands, except per share data	2009			2008			2009			2008
Net sales	$	59,568		$	75,362		$	118,262		$	135,227
Cost of products sold		39,718			51,685			79,834			92,545
GROSS PROFIT		19,850			23,677			38,428			42,682
Costs and expenses
Selling		5,526			6,186			10,890			11,760
General and administrative		7,371			7,691			14,423			15,047
Research and engineering		2,159			2,338			4,220			4,327
Other operating (income) expenses — net		(311	)		233			(22	)		143
		14,745			16,448			29,511			31,277
OPERATING INCOME		5,105			7,229			8,917			11,405
Other income (expense)
Interest income		87			216			212			430
Interest expense		(107	)		(138	)		(216	)		(277	)
Other income (expense)		178			22			657			20
		158			100			653			173
INCOME BEFORE INCOME TAXES AND DISCONTINUED OPERATIONS		5,263			7,329			9,570			11,578
Income taxes		1,721			2,382			3,311			3,797
INCOME FROM CONTINUING OPERATIONS, NET OF TAX		3,542			4,947			6,259			7,781
Income from discontinued operations, net of tax		—			620			—			769
NET INCOME		3,542			5,567			6,259			8,550
Less net income (loss) attributable to noncontrolling interests, net of tax		(42	)		78			(47	)		111
NET INCOME ATTRIBUTABLE TO PLPC	$	3,584		$	5,489		$	6,306		$	8,439
BASIC EARNINGS PER SHARE
Income per share from continuing operations attributable to PLPC common shareholders	$	0.69		$	0.92		$	1.21		$	1.44
Discontinued operations attributable to PLPC common shareholders	$	—		$	0.12		$	—		$	0.14
Net income attributable to PLPC common shareholders	$	0.69		$	1.04		$	1.21		$	1.58
DILUTED EARNINGS PER SHARE
Income per share from continuing operations attributable to PLPC common shareholders	$	0.68		$	0.91		$	1.19		$	1.43
Discontinued operations attributable to PLPC common shareholders	$	—		$	0.12		$	—		$	0.14
Net income attributable to PLPC common shareholders	$	0.68		$	1.03		$	1.19		$	1.57
Cash dividends declared per share	$	0.20		$	0.20		$	0.40		$	0.40
Weighted-average number of shares outstanding — basic		5,231			5,296			5,228			5,339
Weighted-average number of shares outstanding — diluted		5,311			5,345			5,306			5,387
Amount attributable to PLPC common shareholders:
Income from continuing operations, net of tax	$	3,584		$	4,869		$	6,306		$	7,670
Discontinued operations, net of tax		—			620			—			769
Net Income	$	3,584		$	5,489		$	6,306		$	8,439

PREFORMED LINE PRODUCTS COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

	June 30,			December 31,
Thousands of dollars, except share and per share data	2009			2008
ASSETS
Cash and cash equivalents	$	27,701		$	19,869
Accounts receivable, less allowances of $974 ($972 in 2008)		41,285			36,899
Inventories — net		49,149			48,412
Deferred income taxes		3,225			2,786
Prepaids and other		4,982			4,704
TOTAL CURRENT ASSETS		126,342			112,670
Property and equipment — net		58,769			55,940
Patents and other intangibles — net		3,538			3,858
Goodwill		6,151			5,520
Deferred income taxes		6,513			6,943
Other assets		6,788			5,944
TOTAL ASSETS	$	208,101		$	190,875
LIABILITIES AND SHAREHOLDERS’ EQUITY
Notes payable to banks	$	4,025		$	3,101
Current portion of long-term debt		894			494
Trade accounts payable		16,037			14,632
Accrued compensation and amounts withheld from employees		8,925			6,606
Accrued expenses and other liabilities		11,206			10,415
TOTAL CURRENT LIABILITIES		41,087			35,248
Long-term debt, less current portion		2,930			2,653
Other noncurrent liabilities and deferred income taxes		15,996			15,973
SHAREHOLDERS’ EQUITY
PLPC shareholders’ equity:
Common shares — $2 par value, 15,000,000 shares authorized, 5,236,839 and 5,223,830 issued and outstanding, net of 551,059 treasury shares at par, respectively		10,474			10,448
Paid in capital		4,610			3,704
Retained earnings		150,938			146,624
Accumulated other comprehensive loss		(18,421	)		(24,511	)
TOTAL PLPC SHAREHOLDERS’ EQUITY		147,601			136,265
Noncontrolling interest		487			736
TOTAL SHAREHOLDERS’ EQUITY		148,088			137,001
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	208,101		$	190,875