Asia Pacific Wire & Cable Corporation Announces First-Quarter 2011 Results

TAIPEI, Taiwan, June 14, 2011 /PRNewswire-Asia-FirstCall/ -- Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC) ("APWC" or the "Company"), today announced unaudited consolidated results for the first quarter ended March 31, 2011. The Company's first quarter results were achieved prior to the elevation of its common shares to trading on NASDAQ, which took place on April 29, 2011.

In the current environment surrounding U.S.-listed China companies, the Company would like to emphasize APWC's more than 40-year history as a stable, multinational company serving Singapore, Thailand, and other countries in Southeast Asia and demonstrating solid business performance and financial results.  The Company recently completed its annual audit by the leading global firm, Ernst & Young, and has filed its annual report on form 20-F ahead of the June 30 deadline.  APWC as a company and as a brand enjoys a good reputation with its customers and operates from an extremely sound financial position with strong auditing procedures and internal controls and close adherence to SEC and other regulations.  The Company recently improved its corporate governance by appointing a highly qualified independent director, who serves on the Company's Audit Committee, in addition to improving its standing with investors through its upgrade to the NASDAQ Capital Market exchange.

First-Quarter 2011 Financial Highlights:

The Company reported continued growth in its revenue and gross profit. The Company's solid results for first-quarter 2011 reflect the sustained customer demand for its principal manufactured products, particularly for power cable, enameled wire, and telecommunications cable, across the Company's major geographic markets.

• Revenues were $121.8 million, an increase of 16.1% from $104.8 million in the same period a year ago
• Gross profit increased to $13.0 million, an increase of 13.5% from $11.4 million from the first quarter of 2010
• Gross profit margin was 10.6%, compared with 10.9% in the year-ago period
• Net income attributable to APWC shareholders was $2.7 million, compared with $3.7 million in the same period a year ago
• Basic and diluted earnings per share were $0.20, compared with $0.27 in the first quarter of 2010

First-Quarter 2011 Results

Revenues were $121.8 million, a 16.1% increase over the first quarter of 2010.  Gross profit was $13.0 million, an increase of 13.5% from $11.4 million in the same period in 2010.  Gross profit margin was 10.6%, compared with 10.9% in the first quarter of 2010.  Operating income was $5.9 million, versus $5.2 million in the year-ago period, an increase of 14.0%.  Selling, general and administrative expenses were $7.1 million, an increase of 15.6% from the first quarter of 2010.  Pretax income was $5.8 million, versus $5.7 million in the first quarter of 2010.  Income tax expense was $2.0 million in the first quarter of 2011, as compared to a benefit of $1.0 million in the year-ago quarter. Net income attributable to APWC shareholders was $2.7 million versus $3.7 million in the first quarter 2010.  Net income per basic and diluted share was $0.20, versus $0.27 in the year-ago period.

Financial Condition

As of March 31, 2011, APWC had $37.0 million in cash and cash equivalents and $37.8 million in unrestricted short-term bank deposits, totaling $74.9 million, compared to cash and equivalents of $63.2 million as of December 31, 2010.  Total current assets were $345.0 million as of March 31, 2011, compared to $329.5 million at the end of 2010, and total current liabilities were $172.0 million as of March 31, 2011, compared to $158.8 million at the end of 2010.  Working capital was $173.0 million as of March 31, 2011, versus $170.7 million at the end of 2010.  Shareholders' equity attributable to APWC was $156.9 million, compared to $153.2 million at the end of 2010.  Net book value per share increased to $11.34 from $11.08 per share at the end of 2010.

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 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, 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 --

SOURCE Asia Pacific Wire & Cable Corporation Limited