Asia Pacific Wire & Cable Corporation announces first quarter 2012 results
Friday, Jun 15, 2012Asia Pacific Wire & Cable Corporation Limited APWC +0.39% ("APWC" or the "Company"), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in selected Asia-Pacific markets, today announced consolidated financial results for the three months ended March 31, 2012.
Our first quarter 2012 results were adversely impacted by the severe flooding in Thailand that forced the temporary closure of many businesses in Thailand, including our Siam Pacific operations, reducing our sales for the quarter and resulting in a direct charge reflected in our operating results of approximately $0.7 million.
Our Siam Pacific manufacturing facility in Thailand was fully rehabilitated in April 2012 and is now functioning at full operating capacity.
First Quarter 2012 Results
Revenues for the three months ended March 31, 2012 were $98.3 million, a 19.3% decrease from $121.8 million in the year-ago period, primarily attributable to a decrease in the sales of copper based products from the Company's Siam Pacific facility which has been undergoing restoration work resulting from the flooding in Thailand in 2011. APWC sold approximately 9.7 million tons of products in the first quarter of 2012 compared to 10.6 million tons in the first quarter of 2011. Sales of distributed products increased by approximately 1.1 million units year over year, primarily attributable to increased trading from the Company's Charoong Thai Wire facility.
Gross profit for the first quarter of 2012 decreased 30.4% to $9.0 million from $13.0 million in the year-ago period, representing gross margins of 9.2% and 10.6%, respectively. These decreases were primarily attributable to lower sales volumes in part due to flooding at the Company's Siam Pacific facility.
Selling, general and administrative expenses for the first quarter of 2012 increased 11.4% to $7.9 million from $7.1 million, primarily attributable to a payout of pension to employees at the Company's Charoong Thai Wire facility. Operating income decreased to $0.4 million for the three months ended March 31, 2012 from $5.9 million in the corresponding period of 2011. The Company recorded a $0.7 million charge in the first quarter of 2012 related to the flooding in Thailand.
Net income attributable to APWC shareholders was $0.8 million for the first quarter of 2012 compared to $2.7 million in the corresponding period in 2011. Net income per basic and diluted share was $0.06 for the period, compared to $0.20 in the first quarter of 2011. The basic and diluted weighted average shares outstanding were 13.8 million for both periods.
As of March 31, 2012, APWC had $57.6 million in cash and cash equivalents, $1.0 million in unrestricted short-term bank deposits, and $12.9 million in restricted short-term bank deposits, totaling $71.5 million, compared to cash and cash equivalents and unrestricted and restricted bank deposits totaling $91.2 million as of December 31, 2011.
This decrease was primarily attributable to a decrease in accounts receivable collected at the Company's Siam Pacific facility in Thailand, which has been under restoration since the 2011 flood damage.
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.
Source: Asia Pacific Wire & Cable Corporation