Preformed Line Products Announces Financial Results For The Fourth Quarter And Full Year 2013

MAYFIELD VILLAGE, Ohio, March 14, 2014 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for the fourth quarter and the full year 2013.

Net income for the quarter ended December 31, 2013 decreased 41% to $3,132,000, or $.58 per diluted share, compared to $5,273,000, or $.98 per diluted share, for the comparable period in 2012.  Net sales in the fourth quarter of 2013 decreased 5% to $98,543,000 compared to $104,200,000 in the fourth quarter of 2012.

Currency exchange rates had a negative impact on 2013 fourth quarter net sales of $2,993,000 and the impact on net income was insignificant.

Net income for the year ended December 31, 2013 decreased 30% to $20,587,000, or $3.77 per diluted share, compared to $29,286,000, or $5.45 per diluted share in 2012.  Net sales for 2013 decreased 7% to $409,776,000 compared to $439,192,000 in 2012. 

Currency exchange rates had a negative impact on 2013 net income of $444,000 and on net sales of $10,498,000.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "The world economies continued to struggle during the year and utilities deferred spending in the face of economic uncertainty and global turmoil. Most foreign currencies weakened further against the U.S. dollar during the year, resulting in a negative impact when translating foreign denominated income statements into U.S. dollars, as well as having to record currency losses on our loans and receivables from foreign subsidiaries. While the numbers are disappointing, particularly in light of multiple record years to this point, I am proud of the team's performance in the face of adversity. As always, we are focused on product development while controlling expenses and modifying our operational structure where necessary, in the interest of improving productivity. We are fully prepared to provide superior products and service to our customers throughout the world as economies recover."

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 Argentina, Australia, Brazil, Canada, China, England, France,  Indonesia, Malaysia, Mexico, New Zealand, Poland, Russia, 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, the Company's ability to develop new products and improve productivity, 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 2012 Annual Report on Form 10-K filed with the SEC on March 15, 2013 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