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Asia Pacific Wire & Cable Corporation Announces First Half 2012 Results; Board Of Directors Approves Share Repurchase Program

Stocks in this article: APWC

TAIPEI, Taiwan, Oct. 5, 2012 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (Nasdaq:APWC) ("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 six months ended June 30, 2012.

Six Months Ended June 30, 2012 Financial Highlights:

  • Revenues were $215.3 million, a decrease of 20.4% from $270.5 million in 1H 2011
  • Gross profit was $22.8 million, a decrease of 22.4% from $29.3 million in 1H 2011
  • Gross profit margin was 10.6%, compared with 10.8% in 1H 2011
  • Net income attributable to APWC shareholders was $5.3 million, an increase of 3% from $5.1 million in 1H 2011
  • Basic and diluted earnings per share was $0.38, an increase of 2.7% from $0.37 in 1H 2011
  • $54.2 million in cash and cash equivalents at June 30, 2012

APWC's first half 2012 revenues were adversely impacted by the severe flooding in Thailand that forced the temporary closure of many businesses in Thailand during the first quarter, including the Company's Siam Pacific operations. As of April 2012, the Company's Siam Pacific manufacturing facility in Thailand was fully rehabilitated and is now functioning at full operating capacity.

Financial Summary

$ million USD, except EPS 1H 2012 1H 2011 % Change
Net Sales $215.3 $270.5 -20.4%
Gross Profit $22.8 $29.3 -22.4%
Selling, General and Administrative Expenses $15.5 $17.0 -8.5%
Operating Income $11.0 $12.7 -13.1%
Net Income $5.3 $5.1 +3.0%
EPS $0.38 $0.37 +2.7%

First Half Ended June 30, 2012 Results

Revenues for the six months ended June 30, 2012 were $215.3 million, a 20.4% decrease from $270.5 million in the year-ago period, primarily attributable to lower sales in China and sales disruptions in the Company's Siam Pacific facility while undergoing restoration work in the first quarter of 2012.

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