Introduction HomeNews

Asia Pacific Wire & Cable Corporation Announces First Half Year 2010 Financial Results and AGM

-- Revenues Increase by 39.9% and Net Income Increases by More than 95% Versus Year-Ago

TAIPEI, Taiwan, Sept. 2 /PRNewswire-Asia-FirstCall/ -- Asia Pacific Wire & Cable Corporation Limited (OTC Bulletin Board: AWRCF) ("APWC" or the "Company") updates its unaudited consolidated results for the 1H ended June 30, 2010. The original release was issued earlier today.

1H 2010 Financial Highlights

The Company reported that the strong momentum in the first quarter of 2010 continued through the second quarter, and demand for our products continued to remain strong-particularly for enameled wire and power cable. During the first half of the year, the copper price has remained within a stable range. The majority of our products and services are used in industrial, power and telecommunications infrastructure in the growing Asia-Pacific region.

Revenues in the first half ended June 30, 2010 were $210.9 million, a
39.9% increase over the year-ago period
Gross profit was $25.6 million in the first half of 2010, versus $20.4
million in the year-ago period
Net income attributable to APWC shareholders was $7.4 million, versus
$3.8 million in the year-ago period

 

First-Half 2010 Results

Revenues in the first half ended June 30, 2010 were $210.9 million, a 39.9% increase over the year-ago period. Gross profit was $25.6 million in the first half of 2010, versus $20.4 million in the year-ago period, representing a gross margin of 12.2% versus 13.5%, respectively. Operating income in the first half of 2010 was $12.2 million, versus $4.7 million in the year-ago period, an increase of 259.6%. SG&A expenses were down by 1.2 million, when compared with same period last year at 14.2 million. Bad debt allowances were also reduced by 1 million. This is primarily due to the fact that the Company continued to tighten cost controls into second quarter, particularly in the areas of inventory, expenses, and account receivable collections. Net income attributable to APWC shareholders was $7.4 million versus $3.8 million in the year-ago period, an increase of 94.7%. Net income per basic and diluted share was $0.54 in the first half of 2010, versus $0.27 in the year-ago period, a 200% increase.

Financial Conditions

As of June 30, 2010, the Company had $43.2 million in cash and cash equivalents, compared to $41.5 million as of December 31, 2009. Total current assets were $266.0 million as of June 30, 2010, compared to $239.0 million at the end of 2009, and total current liabilities were $126.5 million as of June 30, 2010, compared to $111.9 million at the end of 2009. Working capital was $139.5 million as of June 30, 2010, versus $127.1 million at the end of 2009. Shareholders' equity attributable to APWC was $134.7 million, compared to $127.4 million at the end of 2009. Net book value per share attributable to APWC increased from $9.21 in the year ago to $9.74 by $0.53, an improvement of 5.8%.

Annual General Meeting

In addition, the Company announces its annual general meeting of shareholders as follows:

Date: Friday, September 3, 2010
Time: 9:00 p.m. (Taipei time) / 9:00 a.m. (New York time)
Location: 132 Min-Sheng East Road, Section 3, Room B, 7th Fl., Taipei, 105 Taiwan, ROC

The Meeting is being held for the purposes below, and additional details will be provided in the Notice of Meeting and related proxy statement that will be provided to shareholders.

1. To read and approve the written record of the last Annual General
Meeting of the Shareholders held on September 29, 2009;
2. To approve the reappointment of Ernst & Young LLP as the independent
auditor for the current fiscal year;
3. To elect ten (10) members of the Board of Directors, each for a term
ending on the date of the next Annual General Meeting;
4. To approve the compensation to be paid to the Directors; and
5. To transact such other business as may properly come before the Meeting
or any adjournment or postponement thereof.

 

The Company is announcing a record date of July 30, 2010 for shareholders who wish to vote at the Annual General Meeting. All shareholders of record as of July 30th shall be entitled to one vote per share on all matters put to shareholders at the Annual General Meeting, all as more fully described in the Notice of Meeting and related proxy statement that will be provided to shareholders of record.

Shareholders not able to attend the Meeting in person will be invited to participate by conference telephone by dialing into the Meeting on one of the conference call-in numbers that will be provided in the Notice of Meeting.

Upcoming Events

The Company will attend the Brean Murray, Carret & Co. 2010 China Growth Conference in New York, City from November 17 - 18, 2010. Management will be available for one-on-one meetings at the conference.

About Asia Pacific Wire & Cable Corporation

Asia Pacific Wire & Cable Corporation is a leading manufacturer and distributor of telecommunications (copper and fiber-optic) and power cable and enameled-wire products in the Asia-Pacific region, primarily in China, Thailand, Singapore and Australia. For more information on the Company, visit http://www.apwcc.com . Information on the Company's Web site or any other Web site does not constitute a portion of this release.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the Company, and its business, and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes", "expects" 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 anticipated, believed, estimated or expected. 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.

 

financial tables follow

 ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousand U.S. Dollars)
  3 Months Ended March 31,

(Unaudited)   (Audited)

June 30, 

2010


December 31,

2009

ASSETS



CURRENT ASSETS:
Cash and cash equivalents  $43,220
$41,534
Unrestricted short-term bank deposits --   --
Restricted short-term bank      
deposits 20,139   13,145
Accounts receivable 106,685   101,849
Amounts due from related parties 8,887   5,664
Inventories 79,554   69,047
Investments 65   106
Deferred tax assets 1,951   2,595
Prepaid expenses 4,594    3,928
Other current assets 912   1,180
       
Total current assets   266,007   239,048
       
Total property, plant and equipment (net)   42,876     43,640
       
OTHER ASSETS:      

Long term investments  

598   580
Investment in equity investees 3,238     3,263
Goodwill     8,801      8,801
Other assets  141   107
Deferred tax assets  1,971   613
  14,749     13,364
       
TOTAL ASSETS $323,632 $296,052
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
CURRENT LIABILITIES:    
Bank loans and overdrafts $58,689 $37,185
Accounts payable 27,076 33,706
Accrued expenses  8,873 9,244
Amounts due to related parties 17,175 17,487
Short-term loans from immediate    
holding 1,732 1,732
Income taxes 7,173 7,059
Current portion of long-term debt -- --
Deferred tax liabilities   35 --
Other current liabilities 5,795 5,496
     
Total current liabilities 126,548

111,909

     
Other liabilities 889  546
Deferred tax liabilities 1,352 

1,005

     
Total liabilities 128,789

113,460

     
SHAREHOLDERS' EQUITY:    
Common stock, $0.01 par value:    

Authorized shares - 50,000,000 shares

Issued and outstanding shares

   
13,830,769 in 2008 and 2009 138 138
Additional paid-in capital 111,541 111,541
Retained earnings 33,346 25,909
Accumulated other comprehensive loss (10,313)

(10,196)

     
Total APWC shareholders' equity 134,712 127,392
     
Non-controlling Interests 60,131 55,200
     
Total shareholders' Equity $194,843

$182,592

     
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $323,632

$296,052

   

 

NET BOOK VALUE PER SHARE $9.74 $9.21
   

 

ISSUED AND OUTSTANDING SHARES 13,830,769

13,830,769

   

 

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousand U.S. Dollars, except share data)

 
  Six Months Ending
    June 30,
(unaudited)
  2010 2009
Net Sales $210,875 $150,684
Cost of Sales (185,245) (130,308)

Gross Profit

25,630 20,376
     
Selling, general and administrative expenses  (13,058) (14,210)
Provision for doubtful debts (400) (1,414)
Impairment loss of long-lived assets -- (76)

Income from Operations

12,172 4,676
     
Exchange gain (loss), net  1,141 (120)
Interest income   
249 218
Interest expense      (1,200) (1,433)
Share of net gain (loss) of equity investees (25) 13
Gain on share issuance by subsidiaries and affiliates -- --
Impairment of investment  -- --
Gain on disposal of subsidiaries -- 554
Other income   469 640
Income Before Taxes and Noncontrolling    

Interest 

12,806 4,548
     

Income taxes 

 (1,588) 1,958
     
Net Income 11,218

6,506

Less: Income attributable to the noncontrolling interests    (3,780)

(2,709)

     
Net Income Attributable to APWC

7,438

3,797
     
Basic and Diluted Income Per Share $0.54

$0.27

     
Basic and Diluted Weighted Average Common Shares Outstanding 13,830,769

13,830,769

     

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US Dollars)

 

Audited

December 31,

2009

(Unaudited)
June 30,
2010
Net cash provided by (used in) operating activities 18,407 (9,906)
Net cash provided by investing activities         7,877 (8,753)
Net cash provided by (used in) financing activities (21,710)

20,981

Effect of exchange rate changes on cash and cash equivalents  (550)

(636)

Net increase in cash and cash equivalents 4,024 1,686
Cash and cash equivalents at beginning of period 37,510

341,534

Cash and cash equivalents at end of period $41,534 $43,220
     

 

 

 

Contact:

For more information, please contact:
Company Contact:
Asia Pacific Wire & Cable Corporation Limited
Mr. Frank Tseng, CFO
Phone: +886-2-2712-2558 ext. 66
Email: frank.tseng@apwcc.com
Web:   http://www.apwcc.com

 

Investor Relations Contact:
CCG Investor Relations
Mr. John Harmon, CFA, Senior Account Manager
Phone: +1-646-833-3424 (New York)
Email: john.harmon@ccgir.com
Web:   http://www.ccgir.com


《 BACK 》