Preformed Line Products Announces Financial Results For The Fourth Quarter And Full Year 2015

MAYFIELD VILLAGE, Ohio, March 4, 2016 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for the fourth quarter and the full year 2015.

Net income for the quarter ended December 31, 2015 was $3,045,000, or $.58 per diluted share, compared to $2,488,000, or $.46 per diluted share, for the comparable period in 2014.  Net sales in the fourth quarter of 2015 were $91,961,000 compared to $96,179,000 in the fourth quarter of 2014.

Currency exchange rates had an unfavorable impact on 2015 fourth quarter net sales of $10,547,000, and $36,874,000 for the year.  The unfavorable impact on net income was $670,000 for the fourth quarter, and $60,000 for the year.

Net income for the year ended December 31, 2015 was $6,675,000, or $1.24 per diluted share, compared to $12,861,000, or $2.39 per diluted share in 2014.  Net sales for 2015 were $354,666,000 compared to $388,185,000 in 2014. 

Rob Ruhlman, Chairman and Chief Executive Officer, said, "The fourth quarter was our strongest sales quarter of the year.  In local currencies, sales improved 6 ½% over the fourth quarter of 2014.  Improvements in our Asia Pacific and Americas segments offset lower sales in our EMEA and U.S.A. segments reflecting the benefit of our geographic diversity.  Our full-year results include $4 million of restructuring charges as well as $7.5 million of unrealized currency losses primarily on intercompany transactions compared to $3 million in 2014."

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 two domestic manufacturing centers located in Rogers, Arkansas, 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 2014 Annual Report on Form 10-K filed with the SEC on March 12, 2015 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