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, 2008

Preformed Line Products Company

(Exact name of registrant as specified in its charter)

Ohio (State or other jurisdiction of incorporation)	0-31164 (Commission File Number)	34-0676895 (IRS Employer Identification No.)
660 Beta Drive Mayfield Village, Ohio (Address of principal executive offices)		44143 (Zip Code)

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

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, 2008, Preformed Line Products Company issued a press release announcing earnings for the three months ended June 30, 2008. 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, 2008, announcing earnings for the three months ended June 30, 2008

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, 2008

EX-99.1

Exhibit 99.1

For immediate release	Eric R. Graef
August 7, 2008	Preformed Line Products
	(440) 473-9249

PREFORMED LINE PRODUCTS ANNOUNCES SECOND QUARTER
AND FIRST HALF 2008 RESULTS

Ø Net income increased 54% for the second quarter and 26% for the first six months

Ø Net sales increased 30% for the second quarter and 23% for the first six months

Ø Earnings per diluted share increased 56% for the second quarter and 27% for the first six months

Mayfield Village, Ohio, August 7, 2008 — Preformed Line Products Company (Nasdaq: PLPC) today reported financial results for the second quarter and the first six months of 2008.

Net income for the quarter ended June 30, 2008 increased 54% to $5,489,000, or $1.03 per diluted share, compared to $3,564,000, or $.66 per diluted share, for the comparable period in 2007. 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 2008 were $75,362,000, an increase of 30% from sales of $58,072,000 in the second quarter of 2007.

Net income for the six months ended June 30, 2008 increased 26% to $8,439,000, or $1.57 per diluted share, compared to $6,716,000, or $1.24 per diluted share for the comparable period in 2007. Net sales increased 23% to $135,227,000 for the first six months of 2008 compared to $110,051,000 in the first six months of 2007.

Currency exchange rates favorably impacted sales by $3,565,000 for the quarter and $6,623,000 for the first six months of 2008, while the impact on net income was only $83,000 for the quarter and $202,000 for the first six months of 2008.

Rob Ruhlman, Chairman and Chief Executive Officer, said, “Our second quarter performance was solid with double digit increases in sales. We are pleased with the ongoing successful integration of our acquisitions from last year. The sale of SMP will allow us to continue to focus on growing our core business units. We implemented price increases in June to pass on a portion of the cost increases we are experiencing in raw materials. The cost increases are ongoing and we are considering additional price increases in the third quarter. Although the world economy is experiencing turbulence, our geographical diversity has thus far mitigated this disturbance. This continues to be a challenge we will face for the foreseeable future.”

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 heading “Forward-Looking Statements” in the Company’s 2007 Annual Report on Form 10-K filed with the SEC on April 7, 2008. 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,
	2008			2007			2008			2007
In thousands, except per share data				(restated)						(restated)
Net sales	$	75,362		$	58,072		$	135,227		$	110,051
Cost of products sold		51,685			38,358			92,545			72,768
GROSS PROFIT		23,677			19,714			42,682			37,283
Costs and expenses
Selling		6,186			5,861			11,760			11,054
General and administrative		7,691			6,168			15,047			11,652
Research and engineering		2,338			1,783			4,327			3,455
Other operating expenses — net		233			124			143			310
Goodwill impairment		—			—			—			199
		16,448			13,936			31,277			26,670
OPERATING INCOME		7,229			5,778			11,405			10,613
Other income (expense)
Interest income		216			254			430			541
Interest expense		(138	)		(132	)		(277	)		(297	)
Other income (expense)		22			(7	)		20			(13	)
		100			115			173			231
INCOME BEFORE INCOME TAXES, MINORITY INTERESTS AND DISCONTINUED OPERATIONS		7,329			5,893			11,578			10,844
Income taxes		2,382			2,509			3,797			4,175
INCOME BEFORE MINORITY INTERESTS AND DISCONTINUED OPERATIONS		4,947			3,384			7,781			6,669
Minority interests, net of tax		(78	)		—			(111	)		—
INCOME FROM CONTINUING OPERATIONS		4,869			3,384			7,670			6,669
Income from discontinuing operations, net of tax		620			180			769			47
NET INCOME	$	5,489		$	3,564		$	8,439		$	6,716
Income per share from continued operations — basic	$	0.92		$	0.63		$	1.44		$	1.25
Income per share from discontinued operations — basic	$	0.12		$	0.04		$	0.14		$	0.01
Total net income per share — basic	$	1.04		$	0.67		$	1.58		$	1.26
Income per share from continued operations — diluted	$	0.91		$	0.62		$	1.43		$	1.23
Income per share from discontinued operations — diluted	$	0.12		$	0.03		$	0.14		$	0.01
Total net income per share — diluted	$	1.03		$	0.66		$	1.57		$	1.24
Cash dividends declared per share	$	0.20		$	0.20		$	0.40		$	0.40
Weighted-average number of shares outstanding — basic		5,296			5,369			5,339			5,364
Weighted-average number of shares outstanding — diluted		5,345			5,421			5,387			5,408

PREFORMED LINE PRODUCTS COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

	June 30,		December 31,
Thousands of dollars, except share data	2008		2007
ASSETS
Cash and cash equivalents	$	23,331	$	23,392
Accounts receivable, less allowances of $1,065 ($1,199 in 2007)		48,275		37,002
Inventories — net		44,823		43,788
Deferred income taxes		2,976		2,982
Prepaids and other		6,097		4,098
Current assets of discontinued operations		—		12,188
TOTAL CURRENT ASSETS		125,502		123,450
Property and equipment — net		63,143		58,506
Patents and other intangibles — net		5,722		5,637
Goodwill		5,063		3,928
Deferred income taxes		4,001		3,744
Other assets		8,911		8,601
TOTAL ASSETS	$	212,342	$	203,866
LIABILITIES AND SHAREHOLDERS’ EQUITY
Notes payable to banks	$	2,750	$	4,076
Current portion of long-term debt		1,630		1,949
Trade accounts payable		19,553		15,178
Accrued compensation and amounts withheld from employees		9,150		6,995
Accrued expenses and other liabilities		12,369		12,254
Current liabilities of discontinued operations		—		1,897
TOTAL CURRENT LIABILITIES		45,452		42,349
Long-term debt, less current portion		3,200		3,010
Other noncurrent liabilities and deferred income taxes		8,434		7,882
Minority interests		1,255		904
SHAREHOLDERS’ EQUITY
Common shares — $2 par value, 15,000,000 shares authorized, 5,214,830 and 5,380,956 outstanding, net of 551,059 and 378,333 treasury shares at par, respectively		10,430		10,762
Paid in capital		3,012		2,720
Retained earnings		139,547		140,339
Accumulated other comprehensive income (loss)		1,012		(4,100	)
TOTAL SHAREHOLDERS’ EQUITY		154,001		149,721
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	212,342	$	203,866