Asia Pacific Wire & Cable Announces 2002 Year-End Financial Results.Business Editors NEW YORK--(BUSINESS WIRE)--June 9, 2003 Asia Pacific Wire & Cable Corporation Limited -- Net Profit Increased by Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $4.7 Million -- 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 2002 Totaled $241 Million, a 22% Increase Compared to 2001 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 2002. For 2002, the Company reported net income 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. income per share of $4.8 million and $0.35, respectively, compared to $91,000 and $0.01 in 2001. Net sales for 2002 totaled $241 million compared to $197 million for 2001, representing a 22% increase, while income from operations totaled $14 million for 2002 compared to $3.8 million for 2001, an over 260% increase. Tom Tung, Chairman of Asia Pacific Wire & Cable, stated, "In what continues to be a challenging and competitive marketplace, the Company was still able to increase both our net profit and net sales significantly compared to 2001." "The Company experienced strong growth in net sales of power cable and enameled wire Enameled wire is a thin wire coated with an insulating layer, used in electric motor coils. It is placed in the motor slots in order to create magnetic flux when electricity flows through it. It is also used in the construction of electromagnets, transformers and inductors. during 2002 with increases from $42 million to $59 million and from $65 million to $87 million, respectively, compared to 2001. Sales of telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. wire and cable remained essentially unchanged. More importantly, gross profit and gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. increased across all of our core businesses, telecommunications wire and cable, power cable and enameled wire, with total gross profit for 2002 increasing to $35 million compared to $20 million in 2001, a 75% increase. Total gross profit margin for 2002 increased to 14.4% from 10.1% compared to 2001," added Mr. Tung. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for 2000 and 2001 have been restated to include the accounts and results of Crown Century Holdings Limited ("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 its manufacturing subsidiary, Pacific Electric Wire & Cable (Shenzhen Shenzhen (shĕn`jŭn`), city (1994 est. pop. 695,600), S Guangdong prov., China, on the South China Sea, N of Hong Kong. Designated a special economic zone in 1979, the city's spectacular economic growth led China to create over a dozen more ) Co. Ltd. ("PEWS PEWS Platoon Early Warning System "), which became wholly-owned subsidiaries of the Company when it purchased 100% of the capital stock of CCH and its wholly-owned subsidiary, PEWS, on March 22, 2002. The comparative figures in this press release are based on the restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. for the periods indicated. The Company believes these figures provide a better basis for comparison of year on year figures. CCH and PEWS continue to contribute significantly to the improved financial profile of the Company. The results of operations previously reported by the separate entities and the combined amounts presented in the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. consolidated financial statements are summarized below.
(In thousands of US$) Years ended December 31,
2000 2001
Net sales:
Asia Pacific Wire & Cable Corporation
Limited and subsidiaries $165,397 $170,689
CCH and PEWS 26,797 26,622
-------- --------
192,194 197,311
======== ========
Net income(loss):
Asia Pacific Wire & Cable Corporation
Limited and subsidiaries $ (5,143) $ (1,283)
CCH and PEWS 1,703 1,374
-------- --------
(3,440) 91
======== ========
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. Conference Call Asia Pacific Wire & Cable has scheduled an investor conference call to discuss the Company's 2002 year-end results for Wednesday Wednesday: see week. , June June: see month. 11, 2003 at 9:00 a.m. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of time. To access the call by phone, participants should dial: 719-457-2637; the pass code is: 394647. A replay of the call will be available two hours after the live call, at 11:00 a.m. New York time through 8:00 p.m. New York time, Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , June 13, 2003. To access the replay, please dial 719-457-0820 and enter pass code 394647. About Asia Pacific Wire & Cable Asia Pacific Wire & Cable Corporation is a leading manufacturer of wire and cable products for the telecommunications 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,
2001 2002
(Restated)
ASSETS
Current assets:
Cash and cash equivalents $ 14,241 $ 14,431
Short-term bank deposits 7,113 3,892
Accounts receivable (note 9) 45,871 53,740
Amounts due from related parties (note 16) 669 4,675
Inventories (note 9)
Distributed products 2,221 2,750
Finished products 14,618 15,188
Products in process 5,839 7,634
Raw materials and supplies 9,943 13,948
-------- --------
32,621 39,520
Investments (note 5) 177 541
Deferred tax assets (note 10) 1,475 657
Other current assets 6,232 3,332
-------- --------
Total current assets 108,399 120,788
-------- --------
Property, plant and equipment:
Land 3,817 4,017
Land use rights 2,166 2,153
Buildings 24,310 33,191
Machinery and equipment 76,071 76,652
Motor vehicles 2,344 2,544
Office equipment 5,609 6,004
-------- --------
114,317 124,561
Accumulated depreciation and
amortization (47,391) (56,311)
-------- --------
66,926 68,250
-------- --------
Other assets:
Long term investments (note 5) 2,596 2,412
Investment in equity investees (note 20) 8,359 8,735
Goodwill (note 4) 5,609 7,607
Other assets 292 168
Deferred tax assets (note 10) 1,245 233
-------- --------
18,101 19,155
-------- --------
Total assets $193,426 $208,193
======== ========
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars, except share data)
December 31,
2001 2002
(Restated)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank loans and overdrafts (note 6) $ 35,526 $ 36,808
Accounts payable 11,241 12,767
Accrued expenses 4,405 2,408
Amounts due to related parties (note 16) 10,642 16,052
Short-term loans from a related party
(note 16) 1,792 2,251
Income taxes 453 1,450
Current portion of long-term debt (note 7) 6,495 1,125
Other current liabilities 945 1,481
-------- --------
Total current liabilities 71,499 74,342
Long-term debt, less current portion
(note 7) 1,924 675
Long-term debt from related parties, less
current portion (note 16) 8,822 8,822
Other liabilities 229 232
Deferred income taxes (note 10) 2,299 2,336
Minority interests 27,935 29,739
-------- --------
Total liabilities 112,708 116,146
-------- --------
Commitments and contingencies (notes 6
and 13)
Shareholders' equity (note 8):
Common stock, $0.01 par value:
Authorized shares - 20,000,000 shares
Issued and outstanding shares -
13,830,769 in 2001 and 2002 138 138
Additional paid-in capital 111,541 111,541
Retained earnings 6,241 11,032
Accumulated other comprehensive
income (loss) (37,202) (30,664)
-------- --------
Total shareholders' equity 80,718 92,047
-------- --------
Total liabilities and shareholders'
equity $193,426 $208,193
======== ========
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of US Dollars, except share data)
Year ended December 31,
2000 2001 2002
(Restated) (Restated)
Net sales
Manufactured products $ 160,016 $ 149,018 $ 185,742
Distributed products 26,721 33,325 24,303
Sales, delivery and installation of
wires and cables 5,457 14,968 31,134
--------- --------- ---------
192,194 197,311 241,179
Costs of sales (purchases from related
parties amounted to $47,708 in 2000,
$51,469 in 2001 and $81,910 in 2002) (174,983) (177,352) (206,435)
--------- --------- ---------
Gross profit 17,211 19,959 34,744
Selling, general and administrative
expenses (13,347) (15,616) (19,282)
Goodwill written off - (506) -
Impairment loss (1,404) - (1,559)
--------- --------- ---------
Income from operations 2,460 3,837 13,903
Exchange gain (loss) (6,226) (81) (16)
Interest income 814 901 715
Interest expense (4,500) (4,074) (2,214)
Share of net loss of equity investees (2,844) (2,535) (4,090)
Gain on share issuance by subsidiaries
and affiliates - - 1,011
Gain (loss) on sale of investment 2,716 743 (557)
Gain on disposal of property 6,634 - -
Other income 1,299 1,619 2,502
--------- --------- ---------
Income before income taxes and
minority interests 353 410 11,254
Income taxes (note 10) (7,584) 1,411 (4,683)
Minority interests 3,791 (1,730) (1,780)
--------- --------- ---------
Net (loss) income (3,440) 91 4,791
========= ========= =========
Basic and diluted (loss) income per
share (0.25) 0.01 0.35
========= ========= =========
Basic and diluted weighted average
common shares outstanding 13,830,769 13,830,769 13,830,769
========= ========= =========
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,
2000 2001 2002
Operating activities: (Restated) (Restated)
Net (loss) income $ (3,440) $ 91 $ 4,791
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities:
Gain on disposal of property, plant
and equipment (35) - (7)
Depreciation and amortization 11,291 11,210 9,805
Goodwill written off - 506 -
Deferred income taxes 5,792 (2,247) 1,867
Provision for doubtful accounts 529 (255) 968
Provision for slow-moving inventories 951 1,205 847
Undistributed loss of equity
investees 2,844 2,535 4,090
Impairment loss 1,404 - 1,559
Gain on share issuance by
subsidiaries and affiliates - - (1,011)
(Gain) loss on sale of investment (2,716) (743) 557
Gain on disposal of property (6,634) - -
Minority interests (3,791) 1,730 1,780
Foreign currency translation
adjustment (9,376) 447 5,192
Changes in operating assets and
liabilities net of acquisitions of
businesses:
Accounts receivable (1,319) (4,075) (8,836)
Inventories (1,402) 4,542 (7,746)
Other current assets (1,061) (1,662) 3,024
Amounts due to related parties 2,317 715 1,404
Accounts payable, accrued expenses
and other liabilities (2,928) (2,958) 1,065
-------- -------- --------
Net cash provided by (used in)
operating activities (7,574) 11,041 19,349
Investing activities:
Decrease (increase) in short-term
bank deposits (6,784) 4,274 3,221
Investment in equity investees (1,153) (2,857) (4,018)
Advance to equity investees (1,330) (1,380) (353)
Purchases of property, plant and
equipment (12,070) (9,116) (11,135)
Proceeds from disposal of property,
plant and equipment 16,628 4,047 266
Acquisition of additional investment
in subsidiary (320) (1,341) (1,998)
Proceeds from disposal of equity
investees 2,773 - -
Proceeds from disposal of investment 10 743 -
Disposal of other assets 104 44 -
Purchases of other assets - - (364)
Investment in long-term investments (942) (97) (197)
-------- -------- --------
Net cash used in investing activities (3,084) (5,683) (14,578)
Financing activities:
Additions of loans from related
parties 3,000 - 459
Repayments of loans from related
parties - (4,276) -
Additions of long-term debt 5,417 8,223 -
Repayments of long-term debt (2,168) (7,598) (6,619)
Repayments of bank loans (8,873) (20,956) (5,719)
Increase in bank loans 18,011 10,144 7,051
Net increase (decrease) in overdrafts 547 (917) (50)
-------- -------- --------
Net cash provided by (used in)
financing activities 15,934 (15,380) (4,878)
Effect of exchange rate changes on
cash and cash equivalents (1,849) (371) 297
-------- -------- --------
Net increase (decrease) in cash and
cash equivalents 3,427 (10,393) 190
Cash and cash equivalents at beginning
of year 21,207 24,634 14,241
-------- -------- --------
Cash and cash equivalents at end of
year $ 24,634 $ 14,241 $ 14,431
======== ======== ========
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion