Asia Pacific Wire & Cable Announces Third Quarter Results.NEW YORK--(BUSINESS WIRE)--Nov. 15, 1999-- 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 ) today reported operating results for the third quarter ended September September: see month. 30, 1999. Revenues for the quarter were $33,278,000 compared with $26,533,000 for the same period in 1998. The 1999 third quarter revenue included $6,660,000 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 1998. The Company recorded a net loss for the third quarter of $1,173,000, or $0.11 per share, compared with a net gain of $1,604,000, or $0.15 per share, for the same period last year. 1999 results include a net currency exchange loss of $2,577,000 ($0.24 per share) compared with a net gain from currency exchange of $1,636,000 ($0.15 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, "Volume in the quarter increased over 60% (including 21% from Charoong Thai) measured in tons (Transparent Optical Networking Services) A marketing term for providing dark fiber to a customer. The customer is responsible for generating the transmission signal and interpreting it at the other end. See dark fiber. of copper sold. If the exchange loss charge incurred primarily because of the fluctuation Fluctuation A price or interest rate change. of the Thai Bhat is excluded, net income for the quarter would have been $1,404,000 or $0.13 per share." Revenues for the nine-month period ended September 30, 1999 were $88,920,000 compared with $87,301,000 for the same period in 1998. This year's results include $19,562,000 from Charoong Thai. The net loss for the nine-month period was $2,180,000 or $0.20 per share compared with a gain of $3,897,000 or $0.36 per share for the same period last year. These results include a net exchange loss of $2,549,000 ($0.24 per share) for the current period compared to a net currency gain of $2,724,000 ($0.25 per share) for the same period last year. 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 Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). 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. The Company, however, is largely influenced by the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and power infrastructure and construction sectors. The recovery of these sectors generally lags behind recovery in the general economies. Copper prices however have started to improve 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." 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. -0-
Asia Pacific Wire & Cable
Corporation Limited
Consolidated Income Statement
(Unaudited)
(In thousands of US Dollars,
except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
1999 1998 1999 1998
---- ---- ---- ----
Net Sales
Manufactured products $30,285 $18,956 $79,135 $58,389
Distributed products 1,241 7,391 8,033 24,336
Supply, Delivery &
Installation 1,752 186 1,752 4,576
------ ----- ------ -----
33,278 26,533 88,920 87,301
Cost of Sales 28,069 23,879 76,414 77,523
------ ------ ------ ------
Gross profit 5,209 2,654 12,506 9,778
Provision for doubtful
accounts 143 4 143 264
Selling, general &
administrative 1,036 1,900 7,585 5,764
----- ----- ----- ----
Income from operations 4,030 750 4,778 3,750
Exchange gain (loss) (5,437) 2,825 (5,391) 4,555
Interest Income 16 672 615 1,396
Interest Expense (661) (748) (2,387) (1,344)
Share of net income (loss)
of an equity investee (4) (525) (46) (925)
Other income 157 974 406 1,247
----- ----- ----- -----
Income before tax and
minority interests (1,899) 3,948 (2,025) 8,679
Income Taxes 698 (1,629) (170) (3,390)
Minority Interest 28 (715) 15 (1,392)
------- ------- ------ -------
Net income (loss) ($1,173) $1,604 ($2,180) $3,897
======= ======= ======= ========
Income per share ($0.11) $0.15 ($0.20) $0.36
Issued and outstanding
shares 10,733,333 10,733,333 10,733,333 10,733,333
Note: The above results include an exchange loss of $5.4 million
for the three months ended September 30, 1999 and an
exchange gain of $2.8 million for the same period in 1998.
The exchange difference, net of taxes and minority interests
amount to a loss in 1999 of $2.6 million ($0.24 per share)
and a gain in 1998 of $1.6 million ($0.15 per share) for the
same period.
ASIA PACIFIC WIRE & CABLE CORPORATION LTD.
CONSOLIDATED SUPPLEMENTAL OPERATING DATA
(In thousands, except percentages and tonnage)
Three Months Ended Sept 30 Nine Months Ended Sept 30
---------------------------- ---------------------------
Net sales: 1999 1998 1999 1998
---- ---- ---- ----
Manufactured products:
Telecommunications cable $ 8,183 $ 4,689 $17,990 $ 14,185
Power cable 11,829 8,666 33,777 27,624
Enameled wire 7,523 5,601 20,187 16,580
Electronic cable 2,750 - 7,181 -
----------- --------- --------- ---------
Total manufactured
products 30,285 18,956 79,135 58,389
Distributed products 1,241 7,391 8,033 24,336
SDI project engineering 1,752 186 1,752 4,576
--------- --------- ------- ---------
Total net sales $ 33,278 $ 26,533 $ 88,920 $ 87,301
=========== ========= ========= =========
Gross profit:
Manufactured products:
Telecommunications cable $ 2,250 $ 762 $ 4,122 $ 3,127
Power cable 1,146 1,607 4,226 4,910
Enameled wire 1,090 267 2,708 1,274
Electronic cable 439 - 1,003 -
---------- --------- --------- ---------
Total manufactured products 4,925 2,636 12,059 9,311
Distributed products 264 66 427 495
SDI project engineering 20 (48) 20 (28)
--------- --------- --------- ---------
Total gross profit $ 5,209 $ 2,654 $ 12,506 $ 9,778
=========== ========= ========= =========
Gross profit margin:
Manufactured products:
Telecommunications cable 27.5 % 16.3 % 22.9 % 22.0
Power cable 9.7 18.5 12.5 17.8
Enameled wire 14.5 4.8 13.4 7.7
Electronic cable 16.0 - 14.0 -
----------- --------- --------- ---------
Total manufactured products 16.3 13.9 15.2 15.9
Distributed products 21.3 0.9 5.3 2.0
SDI project engineering 1.1 - 1.1 (0.6)
----------- --------- --------- ---------
Total gross profit 15.7 % 10.0 % 14.1 % 11.2
=========== ========= ========= =========
Tonnage (of copper content)
sold: Tons Tons Tons Tons
---------- --------- -------- ----------
Manufactured products
Telecommunication cable 1,497 636 2,403 2,044
Power cable 3,848 2,428 10,354 7,271
Enameled wire 2,804 1,964 7,504 5,659
Total tonnage 8,149 5,028 20,261 14,974
=========== ========= ========= =========
Consolidated Balance Sheet
(Unaudited)
(In Thousands of US Dollars,
except per share data)
September 30 September 30
-------------------------------
1999 1998
---- ----
Assets:
Cash and equivalents $ 23,055 $ 37,379
Other current 74,812 94,078
Property, plant & equipment (net) 68,500 74,422
Other 24,882 9,806
------------ -----------
Total $ 191,249 $ 215,685
============ ===========
Liabilities & Shareholder Equity:
Total Current $ 67,604 $ 66,380
Long Term debt 15,601 37,260
Minority interests 27,677 26,868
Other 1,730 315
------------ -----------
112,612 130,823
Shareholders Equity 78,637 84,862
------------ -----------
Total $ 191,249 $ 215,685
============ ===========
Equity per Share $ 7.33 $ 7.91
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