Asia Pacific Wire & Cable Announces 1999 Results.Business & High Tech Editors NEW YORK--(BUSINESS WIRE)--March 30, 2000 Asia Pacific Wire & Cable Corporation Ltd. (NYSE NYSE See: New York Stock Exchange : AWC (Association for Women in Computing, San Francisco, CA, www.awc-hq.org) A membership organization, founded in 1978, dedicated to the advancement of women in computing. It publishes newsletters, hosts seminars and annual conferences and recognizes distinguished women in the field with its ) today reported operating results for the year ended December December: see month. 31 1999. Revenues for the year were $124,132,000 compared with $108,233,000 for the same period in 1998. The 1999 revenue included $26,813,000 from Charoong Thai, the results of which have been consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: with the Company's results since September September: see month. 1998. The Company recorded a net loss for the year of $6,168,000 or $0.57 per share, compared with a net gain of $4,120,000, or $0.38 per share, for the same period last year. 1999 results include a currency exchange loss of $771,000 ($0.07 per share) compared with a gain from currency exchange of $6,018,000 ($0.56 per share) for the same period in 1998. Larry Lar´ry n. 1. Same as Lorry, or Lorrie. D. Horner Horn´er n. 1. One who works or deal in horn or horns. 2. One who winds or blows the horn. 3. One who horns or cuckolds. 4. (Zool.) The British sand lance or sand eel (Ammodytes lanceolatus). , Chairman stated, "Sales volume of manufactured products measured by weight of copper content were up 32.8% over 1998. However, the average price of copper decreased 4.8% in the same period. The price of copper has a significant impact on the company's revenues and profits. Low copper prices generally result in low selling prices, and coupled with weak demand and competitive pricing in the recovering economic situation in Asia, resulted in lower profit margins in last year. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased due to the consolidation of several companies in 1999. Results were further adversely affected by exchange losses and interest expense. In addition we wrote off $3.1 million at Ningbo Ningbo or Ningpo (ning`bô`), city (1994 est. pop. 612,000), NE Zhejiang prov., SE China, at the confluence of the Yong (or Ningbo) and Yao rivers. Pacific Cable Co. our joint venture in Zhejiang Zhejiang (jŭ`jyäng`) or Chekiang (chĕ`kyăng`), province (1994 pop. 43,410,000), c.40,000 sq mi (103,600 sq km), SE China, on the East China Sea. The capital is Hangzhou. , China. $2.1 million was in unamortized goodwill and $1.0 million in inventories and receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . This charge was taken in view of the poor sales and operating performance." "Sales of distributed products were down 78.1% last year. The company planned this decrease in sales as it concentrates on manufactured products which provide higher profit margins." Mr. Horner added, "The weak construction sectors in Thailand Thailand (tī`lănd, –lənd), Thai Prathet Thai [land of the free], officially Kingdom of Thailand, constitutional monarchy (2005 est. pop. 65,444,000), 198,455 sq mi (514,000 sq km), Southeast Asia. and Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). and the low government infrastructure spending in Thailand adversely affected the Company's results last year. We continued to experience competitive pressures on prices and low gross margins in general in the face of weak demand and excess production capacities in the Asia Pacific region. There are some positive signs, however, that the economies of Thailand and Singapore are improving. The stock markets have recovered, foreign capital is starting to return and sovereign credit Sovereign credit is the credit of a sovereign country backed by the financial resources of that state. Sovereign credit is the opposite of sovereign debt. Fiat money is sovereign credit and sovereign bonds are sovereign debts. When money buys bonds, sovereign credit cancels sovereign debt. ratings have been upgraded. Copper prices have even started to increase and we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the future of our strong niche niche: see ecology. niche Smallest unit of a habitat that is occupied by an organism. A habitat niche is the physical space occupied by the organism; an ecological niche is the role the organism plays in the community of organisms found in the position in these markets." Mr. Horner concluded, "I am pleased to report that at the most recent Board of Directors meeting, Mr. Tom C.Y. Tung was appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. Chief Executive Officer of the Company. Tom has been a member of the Asia Pacific Wire & Cable and Pacific USA Boards for some time. He is also an Executive Director and Vice President of Pacific Electric Wire & Cable Co. In addition, Mr. Aaron Aaron (âr`ən), in the Bible, the brother of Moses and his spokesman in Egypt, and the first high priest of the Hebrews. He is presented as the instrument of God in performing many signs, such as the turning of his rod into a serpent and Chik was appointed Chief Financial Officer, succeeding Mr. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. K.F. Ma who will remain a Director of the Company. Mr. Chik has a strong financial background in both investment and commercial banking and has been a financial advisor to the Company for over a year. These appointments are effective April 1, 2000." Asia Pacific Wire & Cable Corporation is a leading manufacturer of wire and cable products for the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and power industries in selected markets in the Asia Pacific Region. Except for statements of historical fact, this news release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about the Company. Such statements are subject to significant risks and uncertainties including changes in economic and market conditions, successful implementation of growth plans, and other risks in the Companys SEC filings which may cause results to differ materially.
Asia Pacific Wire & Cable
Corporation Limited
Consolidated Income Statement
(In thousands of US Dollars)
(Audited)
Three Months Ended
December 31
------------------------
1999 1998
---- ----
Net Sales
Manufactured products $33,589 $18,864
Distributed products (2,251) 2,052
Supply, Delivery & Installation 3,874 16
------- -------
35,212 20,932
Cost of Sales 33,121 18,646
------- -------
Gross profit 2,091 2,286
Provision for
doubtful accounts 746 411
Selling, general
& administrative 7,232 2,984
Goodwill written off 2,142
------- -------
Income from operations (8,029) (1,109)
Exchange gain (loss) 4,620 1,463
Dividend income 44
Interest Income 306 463
Interest Expense (695) (660)
Share of net income
(loss) of an
equity investee (341) 1,080
Other income (153) (317)
------- -------
Income before tax
and minority interests (4,248) 920
Income Taxes (993) (803)
Minority Interest 1,253 106
------- -------
Net income (loss) ($3,988) $223
======= =======
Income per share ($0.37) $0.02
Issued and
outstanding shares 10,733,333 10,733,333
(Audited)
Twelve Months Ended
December 31
------------------------
1999 1998
---- ----
Net Sales
Manufactured products $112,724 $77,253
Distributed products 5,782 26,388
Supply, Delivery & Installation 5,626 4,592
------- -------
124,132 108,233
Cost of Sales 109,535 96,169
------- -------
Gross profit 14,597 12,064
Provision for
doubtful accounts 889 675
Selling, general
& administrative 14,817 8,748
Goodwill written off 2,142
------- -------
Income from operations (3,251) 2,641
Exchange gain (loss) (771) 6,018
Dividend income 44
Interest Income 921 1,859
Interest Expense (3,082) (2,004)
Share of net income
(loss) of an
equity investee (387) 174
Other income 253 930
------- -------
Income before tax
and minority interests (6,273) 9,618
Income Taxes (1,163) (4,193)
Minority Interest 1,268 (1,305)
------- -------
Net income (loss) ($6,168) $4,120
======= =======
Income per share ($0.57) $0.38
Issued and
outstanding shares 10,733,333 10,733,333
Asia Pacific Wire & Cable
Corporation Limited
Consolidated Balance Sheet
(audited)
(In Thousands of US Dollars)
For Period Ending
December 31 December 31
------------------------------------
1999 1998
---- ----
Assets:
Cash and equivalents $16,768 $21,264
Other current 80,582 85,228
Property, plant
& equipment (net) 73,676 75,720
Other 20,326 26,410
-------- --------
Total $191,352 $208,622
======== ========
Liabilities &
Shareholder Equity:
Total Current $65,757 $75,302
Long Term debt 12,730 13,813
Other 1,578 1,310
Minority interests 29,855 29,835
-------- --------
109,920 120,260
Shareholders Equity 81,432 88,362
-------- --------
Total $191,352 $208,622
======== ========
Equity per Share $7.59 $8.23
Issued and
Outstanding Shares 10,733,333 10,733,333
ASIA PACIFIC WIRE & CABLE CORPORATION LTD.
CONSOLIDATED SUPPLEMENTAL OPERATING DATA
(In thousands, except percentages and tonnage)
Three Months Twelve Months
Ended Dec 31 Ended Dec 31
------------ ---------------
Net sales: 1999 1998 1999 1998
---- ---- ---- ----
Manufactured
products:
Telecommunications
cable $5,653 $8,065 $23,643 $22,250
Power cable 16,485 5,308 50,262 32,932
Enameled wire 8,427 5,491 28,614 22,071
Electronic cable 3,024 10,205
------ ------ ------- -------
Total manufactured
products 33,589 18,864 112,724 77,253
Distributed
products (2,251) 2,052 5,782 26,388
SDI project
engineering 3,874 16 5,626 4,592
------ ------ ------- -------
Total net sales $35,212 $20,932 $124,132 $108,233
====== ====== ======= =======
Gross profit:
Manufactured
products:
Telecommunications
cable ($292) $545 $3,830 $3,672
Power cable 1,334 1,264 5,560 6,174
Enameled wire 773 387 3,481 1,661
Electronic cable 363 1,366
------ ------ ------- -------
Total manufactured
products 2,178 2,196 14,237 11,507
Distributed
products (205) 93 222 588
SDI project
engineering 118 (3) 138 (31)
------ ------ ------- -------
Total gross profit $2,091 $2,286 $14,597 $12,064
====== ====== ======= =======
Gross profit margin:
Manufactured products:
Telecommunications
cable (5.2)% 6.8 % 16.2 % 16.5 %
Power cable 8.1 23.8 11.1 18.7
Enameled wire 9.2 7.0 12.2 7.5
Electronic cable 12.0 13.4
------ ------ ------- -------
Total manufactured
products 6.2 11.6 12.6 14.9
Distributed
products (9.1) 4.5 3.8 2.2
SDI project
engineering 3.0 (18.8) 2.5 (6.8)
------ ------ ------- -------
Total gross profit 5.9 % 10.9 % 11.8 % 11.1 %
====== ====== ======= =======
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