Asia Pacific Wire & Cable Announces 2001 Year-end Financial Results.Business Editors Net Sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for 2001 Totaled $171 million Compared to $165 million in 2000; The Merger of the Company's Thai Operations is Scheduled to be Completed by the End of July July: see month. 2002 Asia Pacific Wire & Cable Corporation Limited (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : AWRCF) today announced its year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results for 2001. For 2001, the company reported net sales of $171 million compared to $165 million for 2000. The net loss and basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. loss per share for 2001 was $1.3 million and $0.12 respectively, compared to $5.1 million and $0.48 in 2000. Income from operations totaled $1.7 million for 2001 compared to $348,000 for 2000. Tom Tung, Chairman of Asia Pacific Wire & Cable, stated, "The Company continues to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution on its strategic expansion and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan as we remain committed to enhancing our share price and market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. by increasing efficiencies and maintaining a leadership position in our markets. We believe that the four-fold Adj. 1. four-fold - having four units or components; "quadruple rhythm has four beats per measure"; "quadruplex wire" quadruple, quadruplex, quadruplicate, fourfold decrease in the loss per share is evidence of our progress in this area as we continue to aggressively drive our sales efforts." "The merger of our Thai operations should also be completed by the end of July 2002 and the acquisition of CCH CCH Colegio de Ciencias y Humanidades (Spanish) CCH Certified Clinical Hypnotherapist CCH Cook County Hospital CCH Certified in Classical Homeopathy CCH Country Club Hills (Fairfax City, VA, USA) and PEWS PEWS Platoon Early Warning System , which was closed on March 22nd of this year, will immediately boost the overall profitability of the Company. It is important to note that the price of the acquisition was based on a per share value of $5.82 for APWC which management believes is an accurate measure of the assets and operations of the Company and reflects its intrinsic value Intrinsic Value 1. The value of a company or an asset based on an underlying perception of the value. 2. For call options, this is the difference between the underlying stock's price and the strike price. to shareholders," added Mr. Tung. Attached to this release are the consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. , and the 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: statements of operations and cash flows. 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 noted in the Company's SEC filings which may cause actual results to differ materially.
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars, except share data)
December 31,
2000 2001
ASSETS
Current assets:
Cash and cash equivalents $ 20,883 $ 11,350
Short-term bank deposits 11,387 7,113
Accounts receivable (note 8) 35,482 37,964
Amounts due from related parties
(note 14) 1,417 669
Inventories (note 8)
Distributed products 1,899 2,221
Finished products 14,751 13,357
Products in process 7,469 5,497
Raw materials and supplies 10,237 8,670
---------- ----------
34,356 29,745
Investments (note 4) 219 177
Deferred tax assets (note 9) 601 1,475
Other current assets 4,406 6,164
---------- ----------
Total current assets 108,751 94,657
---------- ----------
Property, plant and equipment:
Land 4,986 4,895
Buildings 21,809 21,427
Machinery and equipment 68,680 67,457
Motor vehicles 2,126 2,139
Office equipment 5,279 5,390
---------- ----------
102,880 101,308
Accumulated depreciation and
amortization (39,198) (43,169)
---------- ----------
63,682 58,139
---------- ----------
Other assets:
Long term investments (note 4) 2,499 2,596
Investment in equity investees
(note 17) 6,539 8,359
Goodwill 4,910 5,609
Other assets 336 292
Deferred tax assets (note 9) - 1,245
---------- ----------
14,284 18,101
---------- ----------
Total assets $186,717 $170,897
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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars, except share data)
December 31,
2000 2001
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank loans and overdrafts (note 5) $ 42,671 $ 33,143
Accounts payable and accrued expenses 16,679 14,573
Amounts due to related parties
(note 14) 10,571 10,538
Short-term loans from a related party
(note 14) 4,537 1,792
Income taxes 1,163 453
Current portion of long-term debt
(note 6) 3,176 5,831
Other current liabilities 1,010 717
---------- ----------
Total current liabilities 79,807 67,047
Long-term debt, less current portion
(note 6) 3,893 1,924
Long-term debt from related parties, less
current portion (note 14) 10,353 8,822
Other liabilities 268 229
Deferred income taxes (note 9) 2,159 2,299
Minority interests 22,276 27,935
---------- ----------
Total liabilities 118,756 108,256
---------- ----------
Commitments and contingencies (notes 5 and 11)
Shareholders' equity (note 7): Common stock,
$0.01 par value:
Authorized shares - 20,000,000 shares
Issued and outstanding shares - 10,733,333
in 2000 and 2001 107 107
Additional paid-in capital 96,571 96,571
Retained earnings 4,691 3,408
Accumulated other comprehensive income (33,408) (37,445)
---------- ----------
Total shareholders' equity 67,961 62,641
---------- ----------
Total liabilities and shareholders'
equity $186,717 $170,897
====== ======
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of US Dollars, except share data)
Year ended December 31,
1999 2000 2001
Net sales
Manufactured products $ 112,724 $ 133,219 $ 122,396
Distributed products 5,782 26,721 33,325
Sales, delivery and installation of
wires and cables 5,626 5,457 14,968
---------- ---------- ----------
124,132 165,397 170,689
Costs of sales (purchases from related parties
amounted to $16,534 in 1999, $36,320 in 2000
and $39,938 in 2001) (109,535) (151,217) (153,727)
---------- ---------- ----------
Gross profit 14,597 14,180 16,962
Provision for doubtful accounts (889) (527) 414
Selling, general and administrative
expenses (14,817) (11,901) (15,129)
Goodwill written off (2,142) - (506)
Impairment loss - (1,404) -
---------- ---------- ----------
Income (loss) from operations (3,251) 348 1,741
Exchange gain (loss) (771) (6,380) 230
Dividend income 44 - -
Interest income 921 709 844
Interest expense (3,082) (4,063) (3,807)
Share of net income (loss) of equity
investees (387) (2,844) (2,535)
Gain on sale of investment - 2,716 743
Gain on disposal of property - 6,634 -
Other income 253 1,530 1,820
------- ------- -------
Loss before income taxes and
minority interests (6,273) (1,350) (964)
Income taxes (note 9) (1,163) (7,584) 1,411
Minority interests 1,268 3,791 (1,730)
------- ------- -------
Net loss $(6,168) $(5,143) $(1,283)
======= ======= =======
Basic and diluted loss per share (0.57) (0.48) (0.12)
======= ======= =======
Basic and diluted weighted average
common shares outstanding 10,733,333 10,733,333 10,733,333
======== ======== ========
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US Dollars, except share data)
Year ended December 31,
1999 2000 2001
Operating activities:
Net loss (6,168) $ (5,143) $ (1,283)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Gains on disposal of fixed assets (112) (35) -
Depreciation and amortization 10,463 10,197 10,001
Goodwill written off 2,142 - 506
Deferred income taxes (666) 5,792 (2,247)
Provision for doubtful accounts 889 527 (414)
Provision for slow-moving
inventories 1,108 951 1,205
Undistributed loss of equity investees 387 2,844 2,535
Impairment loss - 1,404 -
Gain on sale of investment - (2,716) -
Gain on disposal of property - (6,634) -
Goodwill arising from investment in
subsidiary - (320) (1,341)
Minority interests (1,268) (3,791) 1,730
Foreign currency translation
adjustment 217 (11,196) 84
Changes in operating assets and liabilities
net of acquisitions of businesses:
Accounts receivable (2,277) (644) (2,068)
Inventories 3,757 (728) 3,406
Other current assets 834 (967) (1,758)
Amounts due to related
parties (1,997) 2,317 715
Accounts payable, accrued
expenses and other
liabilities (2,788) (3,271) (3,148)
------- ------- -------
Net cash provided by (used in) operating
activities 4,521 (11,413) 7,923
Investing activities:
Decrease (increase) in short-term bank
deposits (229) (6,784) 4,274
Generated from the acquisition of
subsidiaries 63 - -
Investment in equity investees - (1,153) (2,857)
Advance to equity investees - (1,330) (1,380)
Purchases of property, plant and
equipment (5,054) (11,435) (8,369)
Proceeds from disposal of property,
plant and equipment 305 16,628 4,047
Proceeds from disposal of equity
investees - 2,773 -
Proceeds from disposal of investment - 10 -
Purchases (disposal) of other assets (480) 104 44
Investment in long-term investments (32) (942) (97)
------- ------- -------
Net cash used in investing activities (5,427) (2,129) (4,338)
Financing activities:
Additions of loans from related
parties 2,468 3,000 -
Repayments of loans from related
parties (6,950) - (4,276)
Additions of long-term debt 2,668 4,692 1,041
Repayments of long-term debt (17,795) (2,168) (355)
Additions of long-term debt from a
related party 2,125 - -
Net increase (decrease) in bank loans
and overdrafts 13,821 12,133 (9,528)
------- ------- -------
Net cash provided by (used in) financing
activities (3,663) 17,657 (13,118)
Effect of exchange rate changes on cash and
cash equivalents 73 - -
------- ------- -------
Net increase (decrease) in cash and cash
equivalents (4,496) 4,115 (9,533)
Cash and cash equivalents at beginning
of year 21,264 16,768 20,883
------- ------- -------
Cash and cash equivalents at end of
year $ 16,768 $ 20,883 11,350
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