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Asia Pacific Wire & Cable Corporation Ltd. Reports First Quarter 2017 Financial Results

TAIPEI, Taiwan, June 21, 2017 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (NASDAQ:APWC) ("APWC" or the "Company"), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, today announced the Company's financial results for the three months ended March 31, 2017. Unless otherwise indicated, all data are reported in US dollars at the exchange rate prevailing on the date of the event or result reported.

First Three Months 2017 Financial Results (Ended March 31, 2017)
 
  First 3 Months 2017 First 3 Months 2016 CHANGE
Revenues $ 87.9 million $ 78.7 million 11.8%
Gross Profit $ 7.1 million $ 6.1 million 16.9%
Net Income $ 4.8 million $ 0.3 million 1321.4%
EPS(1) $ 0.35 $ 0.02 1650.0%
 
(1)The calculation of the earnings per share is based on 13,819,669 and 13,819,669 basic and diluted weighted common shares issued and outstanding for the three months ended March 31, 2016 and 2017, respectively.

/EIN News/ -- First Three Months 2017 Results 

Gross revenues for the three months ended March 31, 2017, were $87.9 million, an increase of 11.8% from $78.7 million in the prior year.  The increase was primarily attributable to a 36.1% revenue increase in the Thailand region due to higher demand in the public sectors and export sales. Revenues in the Company’s North Asia region increased by 7.5%, primarily due to the increase in the price of copper.  Revenues in the Company’s Rest of World region dropped by 9.7% due to increased market competition. The Company’s North Asia region includes China and Hong Kong; the Thailand region contains the operations and sales inside Thailand; the ROW region includes Singapore, Australia and the other markets where APWC has operations or sales outside of the Thailand region and North Asia region.

The gross profit for the three months ended March 31, 2017, increased by 16.9% to $7.1 million from $6.1 million in the same period last year. Gross margin was up by 4.6%, growing from 7.8% in 2016 to 8.1% this year.  In the Thailand region, gross margin grew following an increase in our product sales to high margin government projects.  In the North Asia and Rest of World regions, gross margins remained the same.

Selling, general and administrative expenses for 2016 were $5.9 million, compared to $5.9 million reported in 2016.  Operating income was $6.1 million, compared to operating income of $0.3 million in 2016.

Net income attributable to APWC shareholders was $4.8 million for the first quarter of 2017, compared to net income of $0.3 million in 2016.  The increase in net income was due, in part, to the disposal of land use rights and buildings of Ningbo Pacific Cable Co. Ltd. (NPC). Net income per share was $0.35 in the first quarter of 2017, while net income per share was $0.02 in 2016.  The weighted average number of shares issued and outstanding was 13.8 million for the three months ended March 31, 2017 and 2016.

Financial Condition

APWC reported $56.8 million in cash and cash equivalents as of March 31, 2017, compared to cash and cash equivalents of $48.2 million as of December 31, 2016.

Current assets totaled $264.2 million as of March 31, 2017, compared to $244.6 million as of December 31, 2016.  Working capital was $170.1 million as of March 31, 2016.  Short term bank loans were $37.2 million at March 31, 2017, an increase from $28.2 million at the end of 2016.  The Company had no long-term debt outstanding at March 31, 2017.  Shareholder's equity attributable to APWC was $210.1 million as of March 31, 2017, compared to $197.2 million as of December 31, 2016.

APWC reported $9.2 million in cash outflows from operations during the three months ended March 31, 2017, compared to cash generated from operations of $1.5 million in the corresponding period in 2016. Cash used in operations was mainly caused by an increase of inventory. The Company generated $7.6 million from investing activities during the three months ended March 31, 2017, compared to $1.1 million cash outflows in the same period of 2016. The cash generated was attributable, in part, to the disposal of land use rights and buildings of NPC.  APWC generated $8.0 million from financing activities during the first quarter of 2017, compared to $3.1 million in outflows in the same period of 2016. The cash generated was mainly attributable to the increase in bank loans.

We encourage shareholders to visit the Company’s website for further information (www.apwcc.com). Information on the Company's website or any other website does not constitute a portion of this release.

About Asia Pacific Wire & Cable Corporation

Asia Pacific Wire & Cable Corporation is principally engaged in the manufacture and distribution of telecommunications (copper and fiber optic) and power cable and enameled wire products in the Asia Pacific region, primarily in Thailand, China, Singapore and Australia. The Company manufactures and distributes its own wire and cable products and also distributes wire and cable products ("Distributed Products") manufactured by its principal shareholder, Pacific Electric Wire & Cable Company, a Taiwanese company ("PEWC"). The Company also provides project engineering services in the supply, delivery and installation ("SDI") of power cables to certain of its customers.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the Company, its business, and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes", "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
  For the three months
  ended March 31,  (Unaudited)
    2017       2016  
Sales of goods / services $ 87,909     $ 78,655  
               
Cost of sales   (80,759 )     (72,541 )
               
Gross profit   7,150       6,114  
       
Other operating income   4,923       237  
Selling, general and administrative expenses   (5,940 )     (5,929 )
Other operating expenses   (17 )     (99 )
Operating income/(loss)   6,116       323  
       
Finance costs   (257 )     (272 )
Finance income   115       116  
Share of loss  of associates   0       (256 )
Exchange (loss)/gain   1,208       825  
Other expense   (555 )     (156 )
Profit/(loss) before tax   6,627       580  
       
Income tax benefit/(expense)   (900 )     328  
       
Profit/(loss) for the year $ 5,727     $ 908  
       
Attributable to:      
Equity holders of the parent   4,800       336  
Non-controlling interests   927       572  
Basic and diluted earnings per share $ 0.35     $ 0.02  
Basic and diluted weighted average common shares
outstanding
  13,819,669       13,819,669  
Profit/(loss) for the year $ 5,727     $ 908  
       
Other comprehensive income      
Other comprehensive income to be reclassified to
profit or loss in subsequent periods:
     
Exchange differences on translation of foreign
operations, net of tax of $0
  7,171       5,345  
               
       
Net gain on available-for-sale financial assets   91       57  
               
Income tax effect   (18 )     (12 )
    73       45  
       
Other comprehensive income not to be reclassified to
profit or loss in subsequent periods:
     
       
Re-measuring losses on defined benefit plans   (44 )     (26 )
Income tax effect   9       6  
Defined benefit pension plan, net of tax   (35 )     (20 )
       
Other comprehensive profit/(loss) for the period, net
of tax
  7,209       5,370  
       
Total comprehensive profit/(loss) for the period, net
of tax
  12,936       6,278  
               
Attributable to:      
Equity holders of the parent   9,732       4,352  
Non-controlling interests   3,204       1,926  
  $ 12,936     $ 6,278  


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars, except share data)
  As of March 31,
2017 (Unaudited)
  As of December
31, 2016
(Audited)
       
ASSETS      
Current assets:      
Cash and cash equivalents $ 56,846   $ 48,231
Other current financial assets – at fair value
through profit or loss
  0     187
Trade receivables   74,560     79,472
Other receivables   17,714     16,918
Due from related parties   13,531     12,573
Inventories   96,381     77,407
Gross amounts due from customers for
contract work-in-progress
  59     2,045
Prepayments   1,332     1,189
Assets classified as held for sale   0     3,368
Other current assets   3,742     3,238
    264,165     244,628
Non-current assets      
Other non-current financial assets-available for
sale
  2,882     2,765
Other non-current financial assets-held to
maturity
  321     309
Property, plant and requirement   40,140     39,637
Prepaid land lease payments   1,069     1,070
Investment properties   665     653
Intangible assets   160     173
Investments in associates   820     786
Other non-current assets   442     461
Deferred tax assets   3,016     3,114
    49,515     48,968
Total assets $ 313,680   $ 293,596


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars, except share data)
  As of March 31,
2017 (Unaudited)
  As of December
31, 2016
(Audited)
       
Current liabilities:      
Interest-bearing loans and borrowings $ 37,209   $ 28,225
Trade and other payables   27,844     30,023
Due to related parties   3,095     3,096
Due to immediate holding company   1,537     1,537
Other current financial liabilities at fair value
through profit or loss
  366     0
Accruals   16,087     13,651
Current tax liabilities   3,618     3,473
Employee benefit liability   609     594
Financial lease liabilities   31     29
Provisions for employee benefit   448     422
Onerous contracts provisions   252     250
Dividend payable   458     440
Other current liabilities   2,554     5,876
    94,108     87,616
       
Non-current liabilities      
Employee benefit liability   6,447     6,058
Financial lease liabilities   49     54
Provisions for employee benefit   112     105
Other non-current liabilities   106     0
Deferred tax liabilities   2,747     2,588
    9,461     8,805
Total liabilities   103,569     96,421


Equity      
 Issued capital   138       138  
 Additional paid-in capital   110,608       110,608  
 Treasury shares   (38 )     (38 )
 Retained earnings   50,812       46,012  
 Other components of equity   (15,838 )     (20,770 )
Equity attributable to equity holders of the
parent
  145,682       135,950  
Non-controlling interests   64,429       61,225  
               
Total equity   210,111       197,175  
               
Total liabilities and equity $ 313,680     $ 293,596  


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands of U.S. Dollars)
  For the three months
  ended March 31,  (Unaudited)
    2017       2016  
Net cash (used in)/provided by operating
activities
($ 9,221 )   $ 1,512  
Net cash provided/(used in) investing activities   7,593       (1,136 )
Net cash provided/(used in) by financing
activities
  7,984       (3,146 )
Effect of exchange rate changes on cash and
cash equivalents
  2,259       1,485  
Net increase/(decrease) in cash and cash
equivalents
  8,615       (1,285 )
Cash and cash equivalents at beginning of
period
  48,231       51,303  
Cash and cash equivalents at end of period $ 56,846     $ 50,018  


Contact:

Investor Relations Contact:
MZ North America
Ted Haberfield
President
Tel: +1-760-755-2716
Email: thaberfield@mzgroup.us 
Web: www.mzgroup.us

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