Preformed Line Products Announces Financial Results for the Fourth Quarter and Full Year 2010

MAYFIELD VILLAGE, Ohio, March 10, 2011 /PRNewswire/ -- Preformed Line Products Company (Nasdaq: PLPC) today reported financial results for the fourth quarter and the full year 2010.

Net income for the quarter ended December 31, 2010 was $6,006,000, or $1.13 per diluted share, compared to $10,731,000, or $1.99 per diluted share, for the comparable period in 2009.  Net income in 2009 includes a $9,087,000 gain realized from the acquisition of the Dulmison business and after tax costs related to the acquisition of $3,179,000.   Net sales in the fourth quarter of 2010 increased 34% to $93,318,000 compared to $69,812,000 in the fourth quarter of 2009.

Currency exchange rates had a positive impact on 2010 fourth quarter net income of $250,000 and on net sales of $1,766,000.

Net income for the year ended December 31, 2010 was $23,113,000, or $4.33 per diluted share, compared to $23,357,000, or $4.35 per diluted share in 2009.  Net sales for 2010 increased 32% to $338,305,000 compared to $257,206,000 in 2009.  

Currency exchange rates had a positive impact on 2010 net income of $1,114,000 and on net sales of $14,076,000.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "I am proud of our team for their worldwide dedication to the integration of the Dulmison business, which we acquired in December 2009.  Their success in implementing this acquisition was a major reason we accomplished record sales and net income from our operations in 2010.  Our fourth quarter earnings from operations were the strongest in the Company's history.  Going forward, we expect that the manufacturing leverage provided by this acquisition will assist in partially offsetting sharply increasing commodity pricing worldwide."  

Founded in 1947, Preformed Line Products is an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for energy, communications and broadband network companies.

Preformed's world headquarters are in Cleveland, Ohio, and the Company operates three domestic manufacturing centers located in Rogers, Arkansas, Albuquerque, New Mexico, and Albemarle, North Carolina.  The Company serves its worldwide market through international operations in Australia, Brazil, Canada, China, England, Indonesia, Malaysia, Mexico, New Zealand, Poland, South Africa, Spain and Thailand.

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company's and management's beliefs and expectations concerning the Company's future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties which may cause results to differ materially from those set forth in those statements.  Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include the strength of the economy and demand for the Company's products, increases in raw material prices, the Company's ability to identify, complete and integrate acquisitions for profitable growth, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2009 Annual Report on Form 10-K filed with the SEC on March 15, 2010 and subsequent filings with the SEC.  The Annual Report on Form 10-K and the Company's other filings with the SEC can be found on the SEC's website at http://www.sec.gov.  The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

SOURCE Preformed Line Products Company