EX-99.1 2 c84356exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
(LOGO)
     
For immediate release
  Eric R. Graef
April 27, 2009
  Preformed Line Products
 
  (440) 473-9249
PREFORMED LINE PRODUCTS ANNOUNCES FINANCIAL RESULTS
FOR THE QUARTER ENDED MARCH 31, 2009
   
Sales and net income decreased in US dollars for the quarter by $1.2 million and $.2 million respectively
 
   
The stronger dollar had a negative $8.7 million impact on sales and a negative $.5 million impact on net income
 
   
Excluding the negative impact of currency, net income improved 10% for the quarter and sales improved 13%
Mayfield Village, Ohio, April 27, 2009 — Preformed Line Products Company (Nasdaq:PLPC) today reported financial results for the first quarter ended March 31, 2009.
Net income for the quarter ended March 31, 2009 was $2,722,000, or $.51 per diluted share, compared to $2,950,000, or $.54 per diluted share, for the comparable period in 2008.
Net sales for the first quarter of 2009 were $58,694,000 compared to $59,865,000 in the first quarter of 2008.
Currency translation had a negative impact on sales and net income for the quarter of $8.7 million and $.5 million, respectively.
Rob Ruhlman, Chairman and Chief Executive Officer, said, “The stronger dollar had a negative affect on our consolidated sales and net income for the quarter when translating foreign financial statements into U.S. dollars. During these difficult economic times I am pleased to report a 13% increase in sales when reporting in native currency. Additionally, our net income from continuing operations improved 10% in native currency. While Q1 results are gratifying, they are only Q1 results. There remains an unprecedented level of uncertainty in the world economy and what the impact will be of government intervention in private enterprise. I expect a very challenging future.”
 
P.O. Box 91129    |    Cleveland, Ohio 44101    |    440.461.5200    |    www.preformed.com

 

 


 

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 Form 10-K filed with the SEC on March 13, 2009. The 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)
                 
In thousands, except per share data   Three month periods ended March 31,  
    2009     2008  
Net sales
  $ 58,694     $ 59,865  
Cost of products sold
    40,116       40,860  
 
           
GROSS PROFIT
    18,578       19,005  
 
               
Costs and expenses
               
Selling
    5,364       5,574  
General and administrative
    7,052       7,356  
Research and engineering
    2,061       1,989  
Other operating expenses — net
    289       (90 )
 
           
 
    14,766       14,829  
 
               
 
           
OPERATING INCOME
    3,812       4,176  
 
               
Other income (expense)
               
Interest income
    125       214  
Interest expense
    (109 )     (139 )
Other income (expense)
    479       (2 )
 
           
 
    495       73  
 
           
 
               
INCOME BEFORE INCOME TAXES AND DISCONTINUED OPERATIONS
    4,307       4,249  
 
               
Income taxes
    1,590       1,415  
 
           
 
               
INCOME FROM CONTINUING OPERATIONS, NET OF TAX
    2,717       2,834  
 
               
Income from discontinued operations, net of tax
          149  
 
               
NET INCOME
    2,717       2,983  
 
               
Less net income (loss) attributable to noncontrolling interests, net of tax
    (5 )     33  
 
           
 
               
NET INCOME ATTRIBUTABLE TO PLPC
  $ 2,722     $ 2,950  
 
           
 
               
BASIC EARNINGS PER SHARE
               
Income per share from continuing operations attributable to PLPC common shareholders
  $ 0.52     $ 0.52  
 
           
Discontinued operations attributable to PLPC common shareholders
  $     $ 0.03  
 
           
Net income attributable to PLPC common shareholders
  $ 0.52     $ 0.55  
 
           
DILUTED EARNINGS PER SHARE
               
Income per share from continuing operations attributable to PLPC common shareholders
  $ 0.51     $ 0.52  
 
           
Discontinued operations attributable to PLPC common shareholders
  $     $ 0.02  
 
           
Net income attributable to PLPC common shareholders
  $ 0.51     $ 0.54  
 
           
 
               
Cash dividends declared per share
  $ 0.20     $ 0.20  
 
           
 
               
Weighted-average number of shares outstanding — basic
    5,225       5,382  
 
           
 
               
Weighted-average number of shares outstanding — diluted
    5,305       5,431  
 
           
 
               
Amount attributable to PLPC common shareholders:
               
Income from continuing operations, net of tax
  $ 2,712     $ 2,801  
Discontinued operations, net of tax
          149  
 
           
Net Income
  $ 2,712     $ 2,950