-- 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)

                                             (Unaudited)           (Audited)
                                               June 30,           December 31,
                                                 2010                 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 non-
     controlling 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      (Unaudited)
                                                   December 31,      June 30,
                                                        2009           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

SOURCE Asia Pacific Wire & Cable Corporation Limited

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RELATED LINKS
http://www.apwcc.com