Asia Pacific Wire & Cable Announces Certain Unaudited Financial and Operating Results in Advance of Its Annual General Meeting.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 -- Asia Pacific Wire & Cable Corporation Limited (Pink Sheets:AWRCF) (the "Company") announced today certain unaudited financial and operating results in advance of its annual general meeting of shareholders (the "Meeting") which is taking place today at 10:00 a.m. (New York time) at the principal executive offices of the Company located at Room B, 7th Fl., No. 132, Sec. 3, Min-Sheng East Road, Taipei, 105, Taiwan, ROC. The record date for the Meeting was August 3, 2007. All shareholders of record as of the record date have been invited to attend the Meeting. Shareholders who cannot attend the Meeting in person have been invited to participate by dialing into the telephone numbers provided in the proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other distributed to all shareholders of record. The results reported for the Company and certain of its subsidiaries are for the fiscal year ended December 31, 2006, and for the first six months of fiscal year 2007. All figures are in U.S. dollars unless otherwise noted. For the fiscal year ended December 31, 2006, the consolidated unaudited Company revenues were approximately $469.7 million, a 39.3% increase from the fiscal year ended December 31, 2005, and the Company's gross profit was approximately $60.0 million, a 61.3% increase from the fiscal year ended December 31, 2005. For the first six months of fiscal year 2007, the consolidated unaudited Company revenues were approximately $236.8 million, an 18.3% increase from the first six months of fiscal year 2006, and the gross profit was approximately $17.8 million, a 41.8% decrease from the first six months of fiscal year 2006. The Company reported that, at December 31, 2006, its cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. deposits totaled approximately $39.0 million, a 5.2% decrease from the fiscal year ended December 31, 2005, and that its bank debts, accounts payable and related party debt totaled approximately $130.0 million. The Company notes that the percentage changes indicated above from the fiscal year 2005 unaudited results take into account certain adjustments to the fiscal year 2005 unaudited results attributable to the elimination of intercompany transactions Intercompany transaction Transaction carried out between two units of the same corporation. and audit adjustments at certain operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . The Company also wishes to announce certain financial results for Charoong Thai Wire and Cable Public Company Ltd. ("CTW CTW Total Carat Weight CTW Children's Television Workshop CTW Corporate Travel World CTW Conquer the World CTW Context-Tree Weighting CTW Changing the World CTW Carbon Trade Watch CTW Computer Trade Weekly CTW Communications Theory Workshop "), the Company's 50.4% controlled Thai subsidiary, for the fiscal year ended December 31, 2006. Calculated at an exchange rate of $1.00 to Bt 38.4724, CTW's gross revenue for the fiscal year ended December 31, 2006, was approximately $257.6 million, a 48.9% increase from the fiscal year ended December 31, 2005, and net income was approximately $13.6 million, a 69.9% increase from the fiscal year ended December 31, 2005. All reported results are unaudited (with the exception of CTW) and are subject to adjustment upon audit. One of the agenda items for today's Meeting is a vote on the appointment of auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together so that the Company's financial statements for the past three years may be audited. The audit of the Company's financial statements for fiscal year 2004 was suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. , in part, due to differing viewpoints between the auditors and the Company over the possible need for prior period adjustments. The Company and those auditors believe they have now resolved that difference in viewpoint. Accordingly, the Company has determined to withdraw the termination letter dated December 30, 2005, delivered to Ernst & Young LLP LLP - Lower Layer Protocol ("E&Y") and to retract TO RETRACT. To withdraw a proposition or offer before it has been accepted. 2. This the party making it has a right to do is long as it has not been accepted; for no principle of law or equity can, under these circumstances, require him to persevere in it. the statements made regarding E&Y in the Company's press release of the same date. In addition, the Board of Directors is recommending to the shareholders that they approve the reappointment reappointment Hospital practice The renewal of medical staff membership and privileges of a practitioner whose previous service on the medical staff has met the staff's standard of Pt care. See Appointment. of E&Y to complete the audit for the 2004 fiscal year, and E&Y has informed the Company that, subject to shareholder approval, E&Y will resume work on completing the audit for the 2004 fiscal year. A priority goal of the Company is to once again become current in its financial reporting. To that end, the Board of Directors is recommending that shareholders approve Moores Rowland Singapore to undertake audits of the Company's financial statements for the current fiscal year and 2005 and 2006. About Asia Pacific Wire & Cable 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. This press 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. based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. |
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