MAYFIELD VILLAGE, Ohio, March 16 /PRNewswire-FirstCall/ -- Preformed Line Products Company (Nasdaq: PLPC) today reported financial results for the fourth quarter and the full year 2009.
Net income for the quarter ended December 31, 2009 was $10,731,000, or $1.99 per diluted share, compared to $2,761,000, or $.52 per diluted share, for the comparable period in 2008. Net income in 2009 includes a $9,087,000 gain from our recent acquisition of the Dulmison product line and after tax expenses related to the acquisition of $3,179,000. Net sales in the fourth quarter of 2009 increased 15% to $69,812,000 compared to $60,563,000 in the fourth quarter of 2008.
Currency exchange rates had a positive impact on 2009 fourth quarter net income of $201,000 and on net sales of $6,455,000.
Net income for the year ended December 31, 2009 increased 33% to $23,357,000, or $4.35 per diluted share, compared to $17,623,000, or $3.30 per diluted share in 2008. Net income in 2008 included a net gain of $756,000, or $.14 per diluted share, on the sale of a former wholly owned domestic subsidiary. Net sales for 2009 were $257,206,000 compared to $269,742,000 in 2008.Currency exchange rates had a negative impact on 2009 net income of $1,088,000. The negative currency exchange rate impact on net sales was $12,184,000. Rob Ruhlman, Chairman and Chief Executive Officer, said, "Considering the challenges we faced in 2009 from the global economic environment, I believe that we had an extremely successful year. At the beginning of the year, we said flat would be the new up in 2009 as a result of the uncertainties that we faced. Our sales were indeed flat when viewed in native currency. Net income was a record as a result of our persistence in pursuing growth initiatives over the past several years. The acquisition of the Dulmison product line in late 2009 will strengthen our market presence and integration of these operations creates opportunities for our worldwide workforce." 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.