Gross profit for the quarter was $7.8 million versus $9.0 million in the year-ago period, representing gross margins of 7.7% and 9.2%, respectively. The reduction in gross margin percentage is primarily due to lower factory usage in Singapore and China and from the Company's SDI segment.
Selling, general and administrative expenses decreased 5.4% to $7.5 million from $7.9 million due to the retirement of some senior employees in the first quarter last year. Pretax income was $2.9 million in the three months ended March 31, 2012, driven primarily by a $2.2 million foreign exchange gain.
Net income attributable to APWC shareholders was $0.9 million for the year compared to $0.8 million in the corresponding period in 2012. Net income per basic and diluted share was $0.06 for both periods. The basic and diluted weighted average shares outstanding were 13.8 million for both periods.
Financial ConditionAs of March 31, 2013, APWC had $67.8 million in cash and cash equivalents, $3.1 million in unrestricted short-term bank deposits, and $11.6 million in restricted short-term bank deposits, totaling $82.5 million, compared to cash and cash equivalents and unrestricted and restricted bank deposits totaling $90.2 million as of March 31, 2012. Total current assets were $313.9 million at March 31, 2013 compared to $330.2 million at December 31, 2012. Working capital was $190.0 million at March 31, 2013. APWC ended March 31, 2013 with total short term bank loans and overdrafts of $37.2 million, down from $57.8 million at December 31, 2012. Shareholders' equity attributable to APWC was $165.2 million at March 31, 2013, compared to $161.7 million at December 31, 2012. APWC generated approximately $11.4 million of cash from operating activities during the first three months of 2013 compared to $5.6 million of cash outflows in the comparable period in 2012. Business Updates Asia Pacific Wire and Cable Company is currently completing its production lines of electronic wire for the electronics and automotive industry markets in China. Each of these sectors is high-growth markets in China. The Company expects to begin its sales efforts in the fourth quarter of the year.