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PLP announces third quarter financial results
MAYFIELD VILLAGE, Ohio, Nov. 9, 2015 /PRNewswire/ -- Preformed Line Products Company (Nasdaq: PLPC) today reported financial results for the third quarter and the first nine months of 2015.
Net income for the nine months ended September 30, 2015, was $3,630,000, or $.67 per diluted share, compared to $10,373,000, or$1.92 per diluted share, for the same period in 2014. Net income for the quarter ended September 30, 2015, was $206,000, or $.04per diluted share, compared to net income of $2,555,000, or $.48 per diluted share, for the comparable period in 2014.
Net sales were $262,705,000 for the first nine months of 2015 compared to $292,006,000 in the first nine months of 2014. Net sales in the third quarter of 2015 were $89,046,000 compared to sales of $102,100,000 in the third quarter of 2014.
Currency exchange rates unfavorably impacted net sales $11,574,000 for the quarter and $26,327,000 for the first nine months of 2015, while there was a favorable impact on net income of $673,000 for the quarter and $610,000 for the first nine months of 2015.
Rob Ruhlman, Chairman and Chief Executive Officer, said, "Excluding the negative impact of currency exchange rates, sales year-to-date and for the quarter were down one percent. In addition to the impact on sales and net income of translating foreign denominated financials, we also recorded currency losses of $7.5 million for the year and $4.1 million in the quarter, primarily from translating intercompany activity denominated in foreign currencies. We continue to reconfigure our worldwide operations in response to market demands and the changes we have made to date have resulted in restructuring costs of $2.1 million for the quarter and$2.7 million for the year."
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 is in Mayfield Village, 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, increases in raw material prices, the Company's ability to identify, complete and integrate acquisitions for profitable growth, workforce disruptions and other factors described under the headings "Risk Factors" and "Forward-Looking Statements" 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.
