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): November 2, 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 November 2, 2009, Preformed Line Products Company issued a press release announcing earnings for the three months ended September 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 November 2, 2009, announcing earnings for the three months ended September 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: November 2, 2009

EX-99.1

Exhibit 99.1

For immediate release
November 2, 2009 Eric R. Graef
Preformed Line Products
(440) 473-9249

PREFORMED LINE PRODUCTS ANNOUNCES FINANCIAL RESULTS FOR
THE THIRD QUARTER AND FIRST NINE MONTHS OF 2009

Mayfield Village, Ohio, November 2, 2009 — Preformed Line Products Company (Nasdaq: PLPC) today reported financial results for the third quarter and the first nine months of 2009.

Net income for the quarter ended September 30, 2009 was $6,320,000, or $1.19 per diluted share, compared to $6,423,000, or $1.22 per diluted share, for the comparable period in 2008. Currency exchange rates had a negative impact on net income of $359,000.

Net sales in the third quarter of 2009 were $69,132,000, a decrease of 7% from sales of $73,952,000 in the third quarter of 2008. Net sales decreased only 1% excluding the negative impact of currency exchange rates of $3,965,000.

Net income for the nine months ended September 30, 2009 decreased 15% to $12,626,000, or $2.38 per diluted share, compared to $14,862,000, or $2.78 per diluted share for the comparable period in 2008. Currency exchange rates negatively impacted net income for the first nine months of 2009 by $1,205,000. Net income in 2008 included a net gain of $461,000, or $.09 per diluted share, on the sale of Superior Modular Products Company (“SMP”), a former wholly owned domestic subsidiary.

Net sales decreased 10% to $187,394,000 for the first nine months of 2009 compared to $209,179,000 in the first nine months of 2008. Net sales decreased 2% for the first nine months excluding the negative impact of currency exchanges rates of $18,639,000.

Rob Ruhlman, Chairman and Chief Executive Officer, said, “I believe our results are admirable considering the state of the world economy during this past year. Excluding the impact of currency when foreign statements are translated into U.S. dollars, net income was up 4% for the quarter. When the currency impact and discontinued operations are excluded from the first nine months, net income was down only 2%.”

PAGE 2 / PLP ANNOUNCES THIRD 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 September 30,						Nine month periods ended September 30,
Thousands, except per share data	2009			2008			2009			2008
Net sales	$	69,132		$	73,952		$	187,394		$	209,179
Cost of products sold		44,518			48,489			124,352			141,034
GROSS PROFIT		24,614			25,463			63,042			68,145
Costs and expenses
Selling		5,750			6,119			16,640			17,879
General and administrative		8,609			7,506			23,032			22,553
Research and engineering		2,411			2,218			6,631			6,545
Other operating (income) expenses — net		(337	)		462			(359	)		605
		16,433			16,305			45,944			47,582
OPERATING INCOME		8,181			9,158			17,098			20,563
Other income (expense)
Interest income		95			225			307			655
Interest expense		(153	)		(138	)		(369	)		(415	)
Other income (expense)		326			176			983			196
		268			263			921			436
INCOME BEFORE INCOME TAXES AND DISCONTINUED OPERATIONS		8,449			9,421			18,019			20,999
Income taxes		2,190			2,807			5,501			6,604
INCOME FROM CONTINUING OPERATIONS, NET OF TAX		6,259			6,614			12,518			14,395
Income from discontinued operations, net of tax		—			(34	)		—			735
NET INCOME		6,259			6,580			12,518			15,130
Less net income (loss) attributable to noncontrolling interests, net of tax		(61	)		157			(108	)		268
NET INCOME ATTRIBUTABLE TO PLPC	$	6,320		$	6,423		$	12,626		$	14,862
BASIC EARNINGS PER SHARE
Income per share from continuing operations attributable to PLPC common shareholders	$	1.21		$	1.24		$	2.41		$	2.67
Discontinued operations attributable to PLPC common shareholders	$	—		$	(0.01	)	$	—		$	0.14
Net income attributable to PLPC common shareholders	$	1.21		$	1.23		$	2.41		$	2.81
DILUTED EARNINGS PER SHARE
Income per share from continuing operations attributable to PLPC common shareholders	$	1.19		$	1.23		$	2.38		$	2.64
Discontinued operations attributable to PLPC common shareholders	$	—		$	(0.01	)	$	—		$	0.14
Net income attributable to PLPC common shareholders	$	1.19		$	1.22		$	2.38		$	2.78
Cash dividends declared per share	$	0.20		$	0.20		$	0.60		$	0.60
Weighted-average number of shares outstanding — basic		5,235			5,218			5,231			5,298
Weighted-average number of shares outstanding — diluted		5,316			5,269			5,309			5,345
Amount attributable to PLPC common shareholders:
Income from continuing operations, net of tax	$	6,320		$	6,457		$	12,626		$	14,127
Discontinued operations, net of tax		—			(34	)		—			735
Net Income	$	6,320		$	6,423		$	12,626		$	14,862

PREFORMED LINE PRODUCTS COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

	September 30,			December 31,
Thousands of dollars, except share and per share data	2009			2008
ASSETS
Cash and cash equivalents	$	35,520		$	19,869
Accounts receivable, less allowances of $920 ($972 in 2008)		45,937			36,899
Inventories — net		48,439			48,412
Deferred income taxes		2,184			2,786
Prepaids and other		5,242			4,704
TOTAL CURRENT ASSETS		137,322			112,670
Property and equipment — net		61,124			55,940
Patents and other intangibles — net		3,505			3,858
Goodwill		6,436			5,520
Deferred income taxes		5,885			6,943
Other assets		7,072			5,944
TOTAL ASSETS	$	221,344		$	190,875
LIABILITIES AND SHAREHOLDERS’ EQUITY
Notes payable to banks	$	3,301		$	3,101
Current portion of long-term debt		967			494
Trade accounts payable		17,188			14,632
Accrued compensation and amounts withheld from employees		10,221			6,606
Accrued expenses and other liabilities		13,222			10,415
TOTAL CURRENT LIABILITIES		44,899			35,248
Long-term debt, less current portion		3,441			2,653
Other noncurrent liabilities and deferred income taxes		14,206			15,973
SHAREHOLDERS’ EQUITY
PLPC shareholders’ equity:
Common shares — $2 par value, 15,000,000 shares authorized, 5,234,039 and 5,223,830 issued and outstanding, net of 554,059 and 551,059 treasury shares at par, respectively		10,468			10,448
Paid in capital		5,369			3,704
Retained earnings		156,086			146,624
Accumulated other comprehensive loss		(13,549	)		(24,511	)
TOTAL PLPC SHAREHOLDERS’ EQUITY		158,374			136,265
Noncontrolling interest		424			736
TOTAL SHAREHOLDERS’ EQUITY		158,798			137,001
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	221,344		$	190,875