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TheStreet Open House

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

Stock quotes in this article: APWC

TAIPEI, Taiwan, Oct. 16, 2013 (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 the Asia-Pacific region, today announced the Company's financial results for the six months ended June 30, 2013.

Financial Summary

1H 2013 Financial Results
       
  1H 2013 1H 2012 CHANGE
Revenues  $212.6 million $215.3 million -1.2%
Gross Profit $19.7 million $22.8 million -13.3%
Net Income  $1.3 million $5.3 million -75.9%
EPS  $0.09 $0.38 -76.3%

* Earnings per share are based on 13.8 million and 13.8 million shares in 1H 2012 and 1H 2013, respectively.

First Half 2013 Results

Revenues for the six months ended June 30, 2013 were $212.6 million, an approximate 1.2% decrease from the prior period. The slight decrease in sales was attributed to a decrease in the Company's manufactured products which include; enameled wire, telecommunications cable and power cables. Power cable sales in Thailand were the primary cause of the decrease in sales year over year mainly due to slowdown in customers' orders. Sales of telecommunications cable and enameled wire remained relatively flat year-over-year. Offsetting these declines were double digit increases in the sales of distributed products which increased by71% to $27.8 million, and the revenue recognition of contracts for Supply, Delivery and Installation ("SDI") of cable which increased by 337% to $7.1 million for the period.

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