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Asia Pacific Wire & Cable Corporation Announces Nine-Month 2010 Financial Results

TAIPEI, Taiwan, Nov. 17, 2010 /PRNewswire-Asia-FirstCall/ -- Asia Pacific Wire & Cable Corporation Limited (OTC Bulletin Board:AWRCF.ob - News) ("APWC" or the "Company"), today announced its unaudited consolidated results for the nine-month period ended September 30, 2010.

First Nine-Month Period of 2010 Financial Highlights:

The Company reported strong results the first nine-month period of 2010 with solid demand for its products, particularly for enameled wire, power cable, and in Thailand and China.

1. Revenues were $325.2 million for the nine-month period ended September 30, 2010, a 28.8% increase from $252.4 million in the same period a year ago
2. Gross profit was $40.8 million for the nine-month period ended September 30, 2010, a 27.5% increase from $32.0 million in the same period a year ago
3. Net income attributable to APWC shareholders was $11.1 million for the nine-month period ended September 30, 2010, a 91.4% increase from $5.8 million in the same period a year ago
4. Basic and diluted earnings per share were $0.80 for the nine-month period ended September 30, 2010, up 90.5% from $0.42 per share in the same period a year ago

 

First Nine-Month Period of 2010 Results

Revenues for the nine-month period ended September 30, 2010 were $325.2 million, a 28.8% increase over the year-ago period. Gross profit was $40.8 million for the nine-month period ended September 30, 2010, versus $32.0 million in the year-ago period, representing gross margins of 12.5% and 12.7%, respectively. Operating income for the nine-month period ended September 30, 2010 was $19.8 million, versus $9.7 million in the year-ago period, an increase of 104.1%. Selling, general and administrative expenses declined $0.4 million versus the same period last year on higher revenues. The allowance for doubtful debts also decreased by $0.7 million. Net income attributable to APWC shareholders was $11.1 million versus $5.8 million in the year-ago period, an increase of 91.4%. Net income per basic and diluted share was $0.80 for the nine-month period ended September 30, 2010, versus $0.42 in the year-ago period, a 90.5% increase.

Financial Condition

As of September 30, 2010, APWC had $50.1 million in cash and cash equivalents, compared to $41.5 million as of December 31, 2009. Total current assets were $294.4 million as of September 30, 2010, compared to $239.0 million at the end of 2009, and total current liabilities were $136.7 million as of September 30, 2010, compared to $111.9 million at the end of 2009. Working capital was $157.7 million as of September 30, 2010, versus $127.1 million at the end of 2009. Shareholders' equity attributable to APWC was $147.8 million, compared to $127.4 million at the end of 2009. Net book value per share increased to $10.69 from $9.21 at the end of 2009, an increase of $1.48 and an improvement of 16.1%.

Conference Call Information

The Company will host a conference call at 9:00 a.m. ET on Wednesday, November 17, 2010, to discuss its first nine-month 2010 financial results.

To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: +1 (866) 388-3973. International callers should dial +1 (706) 643-7308. The conference ID for the call is 24311757.

If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Wednesday, November 17, 2010 at 10:00 a.m. ET. To access the replay, dial +1 (800) 642-1687. International callers should dial +1 (706) 645-9291 and enter the conference ID 24311757.

Upcoming Events

The Company will present on November 18, 2010 at 9:20 a.m. ET in Track III of the Brean Murray, Carret & Co. 2010 China Growth Conference, which will be held during November 17-18, 2010 at the Millennium Broadway Hotel in New York City. Management will also be available for one-on-one meetings at the conference.

The Company will also hold meetings with investors in the Northeast on November 17 and 19, 2010.

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.

 

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

Nine-Month Period Ended
September 30,
(Unaudited)

2010 2009
Net sales $325,220 $252,445
Cost of sales (284,401) (220,475)
Gross profit 40,819 31,970



Selling, general and administrative expenses (20,498) (20,944)
Allowance for doubtful debts (486) (1,222)
Impairment loss of long-lived assets -- (76)
Income from operations 19,835 9,728



Exchange gain, net 2,540 39
Interest income 401 323
Interest expense (1,901) (1,989)
Share of net gain (loss) of equity investees (14) 21
Gain on liquidation of subsidiaries -- 560
Other income, net 974 976
Income before taxes and noncontrolling interest 21,835 9,658



Income taxes (3,468) 135



Net income 18,367 9,793



Less: Income attributable to the non-controlling interests (7,285) (4,015)



Net income attributable to APWC $11,082 $5,778



Basic and diluted income per share $0.80 $0.42



Basic and diluted weighted average common shares outstanding 13,830,769 13,830,769

 

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousand U.S. Dollars, except per-share data)

(Unaudited) (Audited)

September 30, December 31,

2010 2009
ASSETS




CURRENT ASSETS:

Cash and cash equivalents $50,098 $41,534
Unrestricted short-term bank deposits 2,538 -
Restricted short-term bank deposits 16,091 13,145
Accounts receivable 118,192 101,849
Amounts due from related parties 8,473 5,664
Inventories 89,448 69,047
Investments 112 106
Deferred tax assets 2,052 2,595
Prepaid expenses 5,977 3,928
Other current assets 1,398 1,180
Total current assets 294,379 239,048



Total property, plant and equipment (net) 43,995 43,640



OTHER ASSETS:

Long term investments 643 580
Investment in equity investees 3,249 3,263
Goodwill 8,801 8,801
Other assets 132 107
Deferred tax assets 2,925 613

15,750 13,364



TOTAL ASSETS $354,124 $296,052






LIABILITIES AND SHAREHOLDERS' EQUITY




CURRENT LIABILITIES:

Bank loans and overdrafts $58,901 $37,185
Accounts payable 33,512 33,706
Accrued expenses 10,913 9,244
Amounts due to related parties 17,975 17,487
Short-term loans from immediate holding 1,732 1,732
Income tax liabilities 8,577 7,059
Deferred tax liabilities 50 --
Other current liabilities 4,992 5,496
Total current liabilities 136,652 111,909



Other liabilities 892 546
Deferred tax liabilities 1,352 1,005
Total liabilities 138,896 113,460



Commitments and contingencies -- --



SHAREHOLDERS' EQUITY:

Common stock, $0.01 par value:

 Authorized shares - 50,000,000 shares was effective on December 31, 2009 and September 30, 2010

 Issued and outstanding shares – 13,830,769 138 138
 Additional paid-in capital 111,541 111,541
Retained earnings 37,172 25,908
Accumulated other comprehensive loss (1,005) (10,195)
Total APWC shareholders' equity 147,846 127,392



Non-controlling interests 67,382 55,200



Total shareholders' equity $215,228 $182,592



TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $354,124 $296,052



NET BOOK VALUE PER SHARE $10.69 $9.21



ISSUED AND OUTSTANDING SHARES 13,830,769 13,830,769

 

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

Nine-Month Period Ended
September 30,
(Unaudited)

2010 2009
Net cash provided by (used in) operating activities ($7,933) $5,229
Net cash provided by (used in) investing activities (6,974) 9,022
Net cash provided by (used in) financing activities 19,710 (21,346)



Effect of exchange rate changes on cash and cash equivalents 3,761 1,556



Net increase (decrease) in cash and cash equivalents 8,564 (5,539)
Cash and cash equivalents at beginning of period 41,534 37,510



Cash and cash equivalents at end of period $50,098 $31,971

 

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


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