Preformed Line Products Announces Second Quarter and First Half 2011 Results

MAYFIELD VILLAGE, Ohio, Aug. 8, 2011 /PRNewswire/ -- Preformed Line Products Company (Nasdaq: PLPC) today reported financial results for the second quarter and the first six months of 2011.

Net income for the quarter ended June 30, 2011 increased 38% to $8,386,000, or $1.55 per diluted share, compared to $6,096,000 or $1.13 per diluted share, for the comparable period in 2010.

Net sales in the second quarter of 2011 were $114,530,000, an increase of 39% from sales of $82,137,000 in the second quarter of 2010.

Net income for the six months ended June 30, 2011 increased 113% to $15,384,000, or $2.85 per diluted share, compared to $7,228,000, or $1.34 per diluted share for the comparable period in 2010.

Net sales increased 39% to $209,618,000 for the first six months of 2011 compared to $151,045,000 in the first six months of 2010.

Currency exchange rates favorably impacted sales by $6,969,000 for the second quarter and $10,257,000 for the first six months of 2011, while the favorable impact on net income was $389,000 for the second quarter and $582,000 for the first six months of 2011.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "We have now had two consecutive quarters of record sales with the 2nd quarter exceeding the $100 million threshold for the first time in the Company's history.  Sales in all four of our segments have grown double digit percentages for the year.  This includes sales in Europe, Middle East and Africa where the European economy is still struggling.  Our net income is up 38% for the quarter and 113% for the year.  We attribute our success to our global business combinations, newly developed products and improved demand."

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 "Risk Factors" and "Forward-Looking Statements" in the Company's 2010 Annual Report on Form 10-K filed with the SEC on March 11, 2011 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