Asia Pacific Wire & Cable Announces Write Downs for Fiscal Year 2002.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 19, 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) announced today that fiscal year 2002 results will be adversely affected by the write downs the Company has determined it will incur this year. David Sun, chief executive officer of Asia Pacific Wire & Cable stated, "The Company foresees that profitability will be adversely affected for the fiscal year 2002 due to impairment in goodwill and fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → . The exact value of impairment cannot be accurately quantified now as they are subject to verification in our year-end audit." The impairment in goodwill arises in several of the Company's equity investees, primarily for Loxpac Pacific Co., Ltd. which carries a goodwill of approximately $4.0 million (the Company's effective portion is approximately 65% thereof, net of minority interest). The assessment of impairment in goodwill is in line with the adoption of the FASB Statement FASB Statement A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting No. 142 this fiscal year relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the accounting for goodwill and other intangible assets. This FASB Statement was issued in June 2001 and is fully effective for fiscal year 2002. In addition, impairment to the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of certain discontinued fixed assets will have an adverse impact on earnings, specifically with respect to the Company's copper telecommunications cable operations in China which have been affected by increased competition and the growing trend toward the replacement of copper telecommunication cables with fiber optic cables Noun 1. fiber optic cable - a cable made of optical fibers that can transmit large amounts of information at the speed of light fibre optic cable transmission line, cable, line - a conductor for transmitting electrical or optical signals or electric power in the China market. The net book value of such assets is approximately $1.9 million. 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. |
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