TAIPEI, Taiwan, Dec. 09, 2016 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (APWC) ("APWC" or the "Company"), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, today announced the Company's financial results for the nine months ended September 30, 2016. Unless otherwise indicated, all data are reported in US dollars at the exchange rate prevailing on the date of the event or result reported.
Revenues for the nine months ended September 30, 2016, were $274.6 million, down from $291.1 million in the prior year. The decrease was primarily attributable to a 14.5% revenue decrease in Thailand, where revenues in the local currency ("THB") decreased by 10.66% due to competition and economic slowdown. The Thailand region's revenues decreased by 14.47% when converted to USD due to the depreciation of THB, which depreciated by 4.45% compared to the comparable period in 2015. Revenues in the Company's North Asia region and ROW region decreased slightly by 1.1% and 2.1% respectively. APWC's ROW region includes Singapore, Australia and the other markets where APWC has operations or sales outside of the Thailand region and North Asia region. The North Asia region includes China and Hong Kong, and the Thailand region contains the operations and sales inside Thailand.
The gross profit for the nine months ended September 30, 2016, increased by 31.9% to $22.1 million from $16.7 million in the same period last year. Gross margin was up by 39.7%, growing from 5.7% in the first nine months of 2015 to 8.0% this year. In the Thailand region, gross margin grew following an increase in high margin government projects. In the North Asia region, the gross margin increased because the copper price did not fluctuate adversely compared to the prior year. The ROW region's gross margin remained unchanged compared to the comparable period in 2015.
Selling, general and administrative expenses of $18.3 million were reported for the first nine months of 2016, compared to $18.9 million booked for the comparable period a year ago. Operating income was $8.1 million, compared to an operating loss of ($2.2) million in the comparable nine-month period last year.
Net income attributable to APWC shareholders was $5.1 million for the first nine months of 2016, compared to the net loss of ($6.1) million in 2015. Net income per share was $0.37 for the year to date, while a net loss of ($0.44) per share was reported for the comparable period a year ago. The weighted average number of shares outstanding was 13.8 million for the first nine months of each of 2016 and 2015.
APWC reported $42.7 million in cash and cash equivalents as of September 30, 2016, compared to cash and cash equivalents of $51.3 million on December 31, 2015.
Current assets totaled $254.4 million on September 30, 2016, compared to $247.5 million as of December 31, 2015. Working capital was $159.6 million as of September 30, 2016. Short term bank loans were reported at $36.6 million on the same date, down from $37.7 million at the end of 2015. The Company had no long-term debt outstanding at September 30, 2016. Shareholder's equity attributable to APWC was $207.1 million as of September 30, 2016, compared to $194.1 million on December 31, 2015.
APWC used $7.2 million in cash from operating activities during the nine months ended September 30, 2016, compared to $17.5 million in the corresponding period in 2015. The Company reduced capital expenditures to $4.3 million in the first nine months of 2016 compared to $5.4 million in the corresponding period in 2015.
We encourage shareholders to visit the Company's website for further information.
About Asia Pacific Wire & Cable Corporation
Asia Pacific Wire & Cable Corporation is principally engaged in the manufacture and distribution of telecommunications (copper and fiber optic) and power cable and enameled wire products in the Asia Pacific region, primarily in Thailand, China, Singapore and Australia. The Company manufactures and distributes its own wire and cable products and also distributes wire and cable products ("Distributed Products") manufactured by its principal shareholder, Pacific Electric Wire & Cable Company, a Taiwanese company ("PEWC"). The Company also provides project engineering services in the supply, delivery and installation ("SDI") of power cables to certain of its customers. For more information on the Company, visit www.apwcc.com. Information on the Company's website or any other website does not constitute a portion of this release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the Company, 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.