Asia Pacific Wire & Cable Announces Second Quarter Results.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 14, 2000 Asia Pacific Wire & Cable Corporation Limited (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 ) reported operating results for the second quarter ended June June: see month. 30, 2000. Revenues in the quarter were $43,706,000 compared with $30,359,000 in the same period of 1999. The net loss for the period was $2,278,000 or $0.21 per share compared with a profit of $95,000 or $.01 per share last year. These results include a net currency exchange loss of $900,000 (0.08 per share) for the current period and a net currency exchange gain of $542,000 ($0.05 per share) for the second quarter last year. 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, "Although volume and sales in the quarter increased, profit margins decreased. The lower margins reflect on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" price competition in the face of sluggish demand and excess capacity." Revenues for the six-month period ended June 30, 2000 were $76,070,000 compared with $55,642,000 in 1999. The net loss for the six-month period was $2,028,000 or $0.19 per share compared with a loss of $1,007,000 or $0.09 per share last year. These results include a net exchange loss of $947,000 ($0.09 per share) for the current period compared to a net currency gain of $27,000 for the period last year. Mr. Horner added, "During the period we reduced our ownership in Newcall Group Ltd. from 30.9% to 25.1% and recorded a gain of $2,340,000. However, the results for the period also included an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $2,077,000 largely from the same company. Newcall Group Ltd. is a telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and internet services provider primarily in New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. still in the start-up Start-up The earliest stage of a new business venture. and market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" phase of development." Mr. Horner also mentioned, "The Company has a project engineering group in 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). specializing in value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: turn key services to the power supply industry. This division offers supply delivery and installation of power cable and is presently undertaking an $8 million contract. The project calls for laying of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 50 kilometers of high voltage The term high voltage characterizes electrical circuits, in which the voltage used is the cause of particular safety concerns and insulation requirements. High voltage is used in electrical power distribution, in cathode ray tubes, to generate X-rays and particle beams, to power cables along five distinct routes. The project is due for completion by year end and the Company will continue to bid for future contracts." Mr. Horner concluded, "There are some positive signs that the economies of 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 are improving. The Company, however, is largely influenced by the telecommunications and power infrastructure and construction sectors. The recovery of these sectors generally lags behind recovery in the general economies. 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." 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
Consolidated Income Statement
(Unaudited)
(In thousands of US Dollars)
Three Months Ended Six Months Ended
June 30 June 30
------------------ -----------------
2000 1999 2000 1999
---- ---- ---- ----
Net sales
Manufactured
products $35,809 $26,509 $64,359 $48,850
Distributed
products 5,927 3,850 8,099 6,792
Supply, Delivery
& Installation 1,970 -- 3,612 --
------- ------- ------- -------
43,706 30,359 76,070 55,642
Cost of sales 41,509 25,738 70,410 48,345
------- ------- ------- -------
Gross profit 2,197 4,621 5,660 7,297
Provision for
doubtful accounts (48) -- 55 --
Selling, general
& administrative 2,969 4,076 5,846 6,549
------- ------- ------- -------
Income from operations (724) 545 (241) 748
Exchange income (loss) (1,821) 1,141 (1,978) 46
Interest income (29) 417 139 599
Interest expense (853) (1,060) (1,553) (1,726)
Share of net income (loss)
of equity investee (1,651) (1) (2,077) (42)
Other income 1,168 180 2,894 249
------- ------- ------- -------
Income (loss) before
tax and minority
interests (3,910) 1,222 (2,816) (126)
Income taxes 789 (1,008) 191 (868)
Minority interest 843 (119) 597 (13)
------- ------- ------- -------
Net income (loss) ($2,278) $95 ($2,028) ($1,007)
======= ======= ======= =======
Income per share ($0.21) $0.01 ($0.19) ($0.09)
Issued and outstanding
shares 10,733,333 10,733,333 10,733,333 10,733,333
Note: The above results include exchange losses net of taxes and minority interests of $947,000 for the six months ended June 30, 2000 compared with a $27,000 gain for the same period last year. This was due mostly to the depreciation of the Thai Baht against the U.S. Dollar. The six month results also include a $2,340,000 gain on the sale of a portion of the Company's investment in an equity investee, Newcall Group Ltd. recorded in "other income"
Asia Pacific Wire & Cable
Corporation Limited
Consolidated Balance Sheet
(unaudited)
(In Thousands of US Dollars)
For Period Ending
June 30
------------------------------------------
2000 1999
---- ----
Assets:
Cash and equivalents $20,664 $20,480
Other current 82,124 76,127
Property, plant &
equipment (net) 71,896 78,035
Other 20,167 22,358
------- -------
Total $194,851 $197,000
======== ========
Liabilities & Shareholder
Equity:
Total Current $74,649 $63,735
Long Term debt 15,953 15,770
Other 1,877 1,278
Minority interests 27,811 30,884
------- -------
120,290 111,667
Shareholders Equity 74,561 85,333
------- -------
Total $194,851 $197,000
======== ========
Equity per Share $6.95 $7.95
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 Six Months
Ended June 30 Ended June 30
Net sales: 2000 1999 2000 1999
Manufactured ----------- ---------- ---------- ----------
products:
Telecommunications
cable $ 6,713 $ 6,431 $ 11,286 $ 9,807
Power cable 16,029 11,153 27,599 21,948
Enameled wire 10,165 6,463 20,054 12,664
Electronic Cable 2,901 2,462 5,419 4,431
Total manufactured
products 35,808 26,509 64,358 48,850
Distributed products 5,927 3,850 8,099 6,792
SDI project
engineering 1,970 -- 3,612 --
Total net sales $ 43,705 $ 30,359 $ 76,069 $ 55,642
=========== ========== ========== ==========
Gross profit:
Manufactured
products:
Telecommunications
cable $ 545 $ 1,166 $ 1,211 $ 1,872
Power cable 599 1,974 1,771 3,080
Enameled wire 768 1,025 2,080 1,618
Electronic Cable 171 361 388 564
Total manufactured
products 2,083 4,526 5,450 7,134
Distributed products 170 95 167 163
SDI project
engineering 7 -- 43 --
Total gross profit $ 2,197 $ 4,621 $ 5,660 $ 7,297
=========== ========== ========== ==========
Gross profit margin:
Manufactured
products:
Telecommunications
cable 8.1% 18.1% 10.7% 19.1%
Power cable 3.7 17.7 6.4 14.0
Enameled wire 7.6 15.9 10.4 12.8
Electronic Cable 5.9 14.7 7.2 12.7
Total manufactured
products 5.8 17.1 8.5 14.6
Distributed products 1.8 2.5 2.1 2.4
SDI project
engineering 0.4 -- 1.2 --
Total gross profit 5.0% 15.2% 7.4% 13.1%
=========== ========== ========== ==========
Tonnage (of conductor
content) sold: Tons Tons Tons Tons
----------- ---------- ---------- ----------
Manufactured
products
Telecommunication
cable 631 594 1,159 906
Power cable 5,393 3,456 8,530 6,506
Enameled wire 5,963 2,431 9,248 4,700
Total tonnage 11,987 6,481 18,937 12,112
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