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Asia Pacific Wire & Cable Corporation Announces Nine Months 2012 Results

Stocks in this article: APWC

TAIPEI, Taiwan, Dec. 21, 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 nine months ended September 30, 2012.

Nine Months Ended September 30, 2012 Financial Highlights:

  • Revenues were $332.5 million, a decrease of 17.0% from $400.7 million in 9M 2011
  • Gross profit was $34.4 million, a decrease of 7.7% from $37.3 million in 9M 2011
  • Gross profit margin was 10.3%, compared with 9.3% in 9M 2011
  • Net income attributable to APWC shareholders was $5.7 million, an increase of 45.7% from $3.9 million in 9M 2011
  • Basic and diluted earnings per share was $0.42, an increase of 44.8% from $0.29 in 9M 2011
  • $66.7 million in cash and cash equivalents at September 30, 2012

Financial Summary

$ million USD, except EPS 9M 2012 9M 2011 % Change
Net Sales $332.5 $400.7 -17.0%
Gross Profit $34.4 $37.3 -7.7%
Selling, General and Administrative Expenses $22.9 $26.8 -14.3%
Operating Income $15.6 $12.2 +27.7%
Net Income attributable to APWC $5.7 $3.9 +45.7%
EPS $0.42 $0.29 +44.8%

Nine Months Ended September 30, 2012 Results

Revenues for the nine months ended September 30, 2012 were $332.5 million, a 17.0% decrease from $400.7 million in the year-ago period, primarily attributable to lower sales in China and suspension of Siam Pacific operations during the first quarter of 2012. Gross profit for the nine months ended September 30, 2012 decreased by 7.7% to $34.4 million from $37.3 million in the year-ago period, representing gross margins of 10.3% and 9.3%, respectively. The increase in gross margin ratio is attributable to changes in inventory provision.

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