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Asia Pacific Wire And Cable Company Reports First Quarter 2013 Financial Results

About Asia Pacific Wire & Cable Corporation

Asia Pacific Wire & Cable Corporation is principally engaged in the manufacture and distribution of telecommunications (copper and fiber optic) and power cable and enameled wire products in the Asia Pacific region, primarily in Thailand, China, Singapore and Australia. The Company manufactures and distributes its own wire and cable products and also distributes wire and cable products ("Distributed Products") manufactured by its principal shareholder, Pacific Electric Wire & Cable Company, a Taiwanese company ("PEWC"). The Company also provides project engineering services in the supply, delivery and installation ("SDI") of power cables to certain of its customers. For more information on the Company, visit http://www.APWCC.com . Information on the Company's Web site or any other Web site does not constitute a portion of this release.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the Company, its business, and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes", "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
   
  For the three-months ended March 31, (Unaudited)
  2012 2013
Net sales    
 Manufactured products (sales to related parties amounted to $1,006 and $537 for the three-months ended March 31, 2012 and 2013, respectively) $91,348 $84,178
 Distributed products 6,882 16,380
 Supply, delivery and installation of wires and cables 94 412
  98,324 100,970
Cost of sales (purchases from related parties amounted to $41,480 and $23,742 for the three-months ended March 31, 2012 and 2013, respectively) (89,293) (93,194)
Gross profit 9,031 7,776
Selling, general and administrative expenses (7,894) (7,464)
Recovery(allowance) for doubtful accounts  (51) (68)
Charge related to flooding  (672) 0
Impairment of investment  0 (464)
Income from operations 414 (220)
Exchange gain, net 916 2,224
Interest income 551 332
Interest expense (449) (484)
Gain on disposal of an investment 0 556
Share of net gain of equity investees 15 0
Other income, net 883 526
Income before income taxes 2,330 2,934
Income taxes expense (1,049) (1,204)
Net income 1,281 1,730
Less: Net income attributable to non-controlling interests (448) (873)
Net income attributable to APWC 833 857
Basic and diluted earnings per share 0.06 0.06
Basic and diluted weighted average common shares outstanding  13,830,769 13,822,072
     
Other comprehensive income    
Currency translation adjustment 6,349 5,226
Pension liability adjustments (10) (33)
Other comprehensive income 6,339 5,193
Comprehensive income  7,620 6,923
Less: comprehensive income attributable to Non-controlling interest 1,935 3,909
Comprehensive income attributable to APWC shareholders 5,685 3,014
 
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars, except share data)
  As of December 31, 2012 As of March 31, 2013, (Unaudited)
     
ASSETS    
     
Current assets:    
 Cash and cash equivalents $72,816 $67,810
 Unrestricted short-term bank deposits 6,210 3,075
 Restricted short-term bank deposits 11,217 11,570
 Accounts receivable, net of allowance for doubtful accounts of $2,580 and $2,660 as at December 31, 2012 and March 31, 2013, respectively 125,128 102,382
 Amounts due from related parties 4,066 4,430
 Inventories    
  Distributed products 12,780 12,662
  Finished products 40,589 46,842
  Work-in-progress 19,743 23,797
  Raw materials and supplies 25,409 28,305
  98,521 111,605
     
 Deferred tax assets 3,134 3,317
 Prepaid expenses 6,738 8,792
 Short - term investment in held-to-maturity  2,378 956
Total current assets 330,208 313,937
     
Property, plant and equipment:    
 Land 6,194 6,523
 Land use rights 2,914 2,924
 Buildings 52,372 53,814
 Machinery and equipment 122,584 123,159
 Motor vehicles 4,336 4,508
 Office equipment 6,830 6,913
 Construction in progress 4,998 7,341
  200,228 205,182
 Accumulated depreciation and amortization (149,832) (152,047)
  50,396 53,135
Investments 1,002 1,051
Investments in equity investees 4,414 3,132
Other assets 889 766
Deferred tax assets 2,475 2,987
  8,780 7,936
Total assets $389,384 $375,008
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
     
Current liabilities:    
 Bank loans and overdrafts 57,845 37,166
 Accounts payable 40,616 36,878
 Accrued expenses 13,499 13,295
 Amounts due to related parties 11,428 12,926
 Short-term loans from the immediate holding company 1,732 1,732
 Income tax liabilities 11,225 12,353
 Other current liabilities 10,149 9,571
 Current portion of long-term debt 0 0
Total current liabilities 146,494 123,921
     
Non-current liabilities:    
     
Long-term debt, less current portion  0 0
Other non-current liabilities 6,060 6,463
Deferred tax liabilities 2,219 2,651
Total non-current liabilities 8,279 9,114
Total liabilities 154,773 133,035
     
Commitments and contingencies    
     
APWC shareholders' equity:    
 Common stock, $0.01 par value:    
  Authorized shares of 50,000,000 shares at December 31, 2012 and March 31, 2013 138 138
Issued and outstanding shares -- 13,828,869 shares (net of 1,900 treasury shares ) and 13,821,469 (net of 9,300 treasury shares) at December 31, 2012 and March 31, 2013,respectively    
 Additional paid-in capital 110,608 110,608
 Retained earnings 45,553 46,410
 Treasury stock (6) (31)
 Accumulated other comprehensive income 5,424 8,045
Total APWC shareholders' equity 161,717 165,170
Non-controlling interests 72,894 76,803
Total shareholders' equity 234,611 241,973
Total liabilities and shareholders' equity $389,384 $375,008
     
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands of U.S. Dollars)
   
  For the three-months ended March 31, (Unaudited)
  2012 2013
Net cash provided by(used in) operating activities ($5,559) $11,405
Net cash used in investing activities (437) 3,521
Net cash provided by(used in) financing activities (14,313) (21,211)
Effect of exchange rate changes on cash and cash equivalents 1,247 1,279
Net increase (decrease) in cash and cash    
  equivalents (19,063) (5,006)
Cash and cash equivalents at beginning of period 76,672 72,816
Cash and cash equivalents at end of period $57,609 $67,810
CONTACT: Company Contact:
         Asia Pacific Wire & Cable Corporation Limited
         Mr. Frank Tseng, CFO
         Phone: +886-2-2712-2558 ext. 66
         E-mail: frank.tseng@APWCC.com
         www.APWCC.com
         
         Investor Relations Contact:
         MZ North America
         John Mattio, SVP
         Tel: +1-212-301-7130
         Email: john.mattio@mzgroup.us
         www.mzgroup.us

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