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Asia Pacific Wire & Cable Corporation Limited Reports Full Year Financial Results



Asia Pacific Wire & Cable Corporation Limited Reports Full Year Financial
Results

  o Gross profit was $51.8 million, an increase of 18% from $43.9 million in
    FY2011
  o Net income attributable to APWC shareholders was $10.9 million vs. a loss
    of $(5.4) million in FY2011
  o Diluted earnings per share was $0.79 vs. a loss of $(0.39) in FY2011
  o $72.8 million in cash and cash equivalents at December 31, 2012

TAIPEI, Taiwan, April 30, 2013 (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 fiscal year ended December 31, 2012.

Financial Summary

 
FY2012 Financial Results
             FY 2012        FY 2011        CHANGE
Revenues     $462.3 million $471.9 million -2%
Gross Profit $51.8 million  $43.9 million  +18%
Net Income   $10.9 million  $(5.4) million +301.9%
EPS          $0.79          $(0.39)        +302.6%

* Earnings per share are based on approximately 13.8 million shares in 2011
and 2012.

"We are pleased to see our business rebound in 2012," began Yuan Chun Tang,
CEO of Asia Pacific Wire & Cable Corporation Limited. "We expect these
positive trends in profits and margins to continue throughout 2013,
particularly in our power, telecommunications and distributed products. As we
commence production of electronic wire at our Ningbo factory, we anticipate
this new product line will contribute to our sales and profitability growth
the second half of the year." Mr. Yuan concluded.

Full Year 2012 Results

Revenues for the year ended December 31, 2012 were $462.3 million, a 2%
decrease from the prior period, primarily attributable to lower sales of
APWC's low margin enameled wire and in the supply, delivery and installation
(SDI) project segment. Adding to the Company's growth were increases in power
cable sales of 2.8%, and its distributed product line sales growth of 115%
year over year.

Gross profit for fiscal year 2012 increased by 18% to $51.8 million from $43.9
million in the year-ago period, representing gross margins of 11.2% and 9.3%,
respectively. Gross margins increased 20.4% year over year as a result of APWC
sales of higher margin products including power and telecommunications cables
and distributed products where gross margins were approximately 17%, 26% and
6%, respectively.

Selling, general and administrative expenses for the year increased 6.5% to
$32.8 million from $30.8 million. Operating income increased significantly
year over year as a result of increased gross margins and the absence of
goodwill impairment charges and clean-up costs and other losses stemming from
a flood at its Thai subsidiary in 2011. In 2011, the Company incurred $12.7
million of such charges, versus a gain of $3.9 million in 2012.

Net income attributable to APWC shareholders was $10.9 million for the year
compared to a loss of $5.4 million in the corresponding period in 2011. Net
income per basic and diluted share was $0.79 for the period, compared to
$(0.39) in 2011. The basic and diluted weighted average shares outstanding
were approximately 13.8 million for both periods. 

Financial Condition

As of December 31, 2012, APWC had $72.8 million in cash and cash equivalents,
$6.2 million in unrestricted short-term bank deposits, and $11.2 million in
restricted short-term bank deposits, totaling $90.2 million, compared to cash
and cash equivalents and unrestricted and restricted bank deposits totaling
$91.2 million as of December 31, 2011.

Total current assets were $330.2 million at December 31, 2012 compared to
$288.7 million at December 31, 2011. Working capital was $183.7 million at
December 31, 2012. APWC ended 2012 with total short term bank loans and
overdrafts of $57.8 million, up from $52.8 million at December 31, 2011.
Shareholders' equity attributable to APWC was $161.7 million at December 31,
2012, compared to $146.5 million at December 31, 2011.

APWC generated approximately $11.6 million of cash from operating activities
during 2012 compared to $22.6 million in 2011, primarily due to an increase in
accounts receivable, partially offset by an improvement in inventory turns.
The Company invested $10.1 million in capital expenditures in 2012 compared to
$8.9 million in 2011 to improve equipment at its Thai subsidiary and purchase
new equipment for the Company's newly conditioned, Ningbo, China facility.  

Non-Deal Road Show

The Company is participating in a non-deal road show May 7-10 in New York
City. Frank Tseng and Ivan Hsia from the Company will be accompanied by John
Mattio, IR agency for APWC.   Investors interested in meeting with the Company
should contact John Mattio, at MZ Group N.A. at the contact information listed
below.

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. For more information on the Company, visit www.apwcc.com.
Information on the Company's Web site or any other Web site does not
constitute a portion of this release.

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.

                             - FINANCIAL TABLES -

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars, except share data)
 
                                                         As of December 31
                                                         2011       2012
ASSETS                                                               
Current assets:                                                      
Cash and cash equivalents                                $ 76,672   $ 72,816
Unrestricted short-term bank deposits                    2,529      6,210
Restricted short-term bank deposits                      12,024     11,217
Accounts receivable, net of allowance for doubtful
accounts of $4,614 and $2,580 at December 31, 2011 and   98,329     125,128
2012, respectively
Amounts due from related parties                         5,227      4,066
Inventories                                                          
Distributed products                                     2,243      12,780
Finished products                                        35,786     40,589
Consignment inventory                                    −          −
Work-in-progress                                         16,434     19,743
Raw materials and supplies                               24,552     25,409
                                                         79,015     98,521
Investments                                              −          2,378
Deferred tax                                             5,185      3,134
Prepaid expenses and other current assets                9,716      6,738
Total current assets                                     288,697    330,208
                                                                     
 Property, plant and equipment:                                      
Land                                                     5,964      6,194
Land use rights                                          2,900      2,914
Buildings                                                49,749     52,372
Machinery and equipment                                  118,984    122,584
Motor vehicles                                           4,203      4,336
Office equipment                                         6,675      6,830
Construction in progress                                 2,547      4,998
                                                         191,022    200,228
Accumulated depreciation and amortization                (148,108)  (149,832)
                                                         42,914     50,396
Investments                                              618        1,002
Investments in equity investees                          4,435      4,414
Goodwill                                                 −          −
Other assets                                             108        889
Deferred tax assets                                      517        2,475
                                                         5,678      8,780
Total assets                                             $ 337,289  $ 389,384
                                                                     
LIABILITIES AND SHAREHOLDERS' EQUITY                                 
Current liabilities:                                                 
Bank loans and overdrafts                                $ 52,813   $ 57,845
Accounts payable                                         22,148     40,616
Accrued expenses                                         10,737     13,499
Amounts due to related parties                           14,693     11,428
Short-term loans from the immediate holding company      1,732      1,732
Income tax liabilities                                   9,835      11,225
Other current liabilities                                5,783      10,149
Total current liabilities                                117,741    146,494
Other non-current liabilities                            3,678      6,060
Deferred tax liabilities                                 1,181      2,219
Total non-current liabilities                            4,859      8,279
Total liabilities                                        122,600    154,773
APWC shareholders' equity:                                           
Common shares, $0.01 par value:                                      
Authorized shares of 50,000,000 shares at December 31,               
2011 and 2012
 Issued and outstanding shares – 13,830,769 shares       138        138
Additional paid-in capital                               111,541    110,608
Retained earnings                                        34,545     45,553
Accumulated other comprehensive income                   286        5,424
                                                         146,510    161,723
Less: Treasury stock at cost (1,900 shares at $3.2899)   −          (6)
Total APWC shareholders' equity                          146,510    161,717
Non-controlling interests                                68,179     72,894
Total shareholders' equity                               214,689    234,611
Total liabilities and shareholders' equity               $  337,289 $  389,384

 
 
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of US Dollars, except share data)
 
                                                      2011          2012
                                                                     
Net sales                                                            
Manufactured products,                                $ 429,474     $ 401,023
Distributed products                                  25,500        54,797
Supply, delivery and installation of wires and        16,972        6,445
cables 
                                                      471,946       462,265
Costs of sales                                                       
Manufactured products (including purchases from
related parties amounting to $45,925, $46,953 and     (386,598)     (356,358)
$23,857 for the years ended December 31, 2010, 2011
and 2012, respectively
Distributed products (including purchases from
related parties amounting to $4,056, $7,484 and       (22,545)      (51,436)
$9,083 for the years ended December 31, 2010, 2011and
2012, respectively
Supply, delivery and installation of wires and cables (16,915)      (7,460)
Inventory impairment                                  (1,993)       4,804
                                                      (428,051)     (410,450)
Gross profit                                          43,895        51,815
                                                                     
Selling, general and administrative expenses          (30,760)      (32,794)
Recovery for doubtful accounts                        1,487         720
Impairment of long-lived assets                       −             (22)
Impairment of investments                             −             −
Impairment of goodwill                                (8,791)       −
(Charges) Recovery related to flooding                (3,947)       3,874
 Income from operations                               1,884          23,593
                                                                     
Exchange gain (loss), net                              (1,346)       2,398
Interest income                                        1,409         1,555
Interest expenses                                     (2,217)       (2,195)
Share of net loss of equity investees                 (58)          (21)
Gain on liquidation of subsidiaries                   −             279
Loss on disposal of available-for-sale securities     (68)          −
Other income, net                                     1,032         1,684
Income from continuing operations before income taxes 636           27,293
Income taxes                                          (4,566)       (8,383)
Net income (loss) from continuing operations          (3,930)       18,910
Discontinued operations                                              
                                                                     
Income from operations of discontinued SPFO
(including gain on disposal of $1,962 for the year
ended December 31, 2011, purchases from related                      
parties amounting to $4, $317 and $nil, and sales to   1,075         −
related parties amounting to $54, $693 and $nil for
the years ended December 31, 2010, 2011 and 2012,
respectively)
Income taxes                                          (229)         −
(Loss) Income from discontinued operations            846            −
Net income (loss)                                     (3,084)        −
                                                      2,355         7,961
Net income attributable to non-controlling interests
Income (loss) attributable to APWC                    $ (5,439)     $ 10,949
                                                                     
Basic and diluted earnings (loss) per share from      $ (0.49)      $   0.79
continuing operations
Basic and diluted earnings (loss) per share from               0.10 −
discontinued operations
Basic and diluted earnings (loss) per share           $  (0.39)     $   0.79
                                                                     
Basic and diluted weighted average common shares      13,830,769    13,830,751
outstanding
                                                                     

 
 
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
                                                            2011      2012
Operating activities:                                                  
Net income (loss)                                           $ (3,084) $ 18,910
Adjustments to reconcile net income (loss) to net cash                 
provided (used in) by operating activities: 
Gain on disposal of property, plant and equipment           (158)     (114)
Loss on disposal of available-for-sale securities           68        –
Depreciation                                                6,462     4,975
Deferred income taxes                                       (2,273)   1,264
Recovery for doubtful accounts                              (1,555)   (720)
Inventory impairment                                        1,993     (4,804)
Share of net loss of equity investees                       58        21
Impairment of long-lived assets                             –         22
Impairment of investments                                   –         –
Impairment of goodwill                                      8,791     –
Gain on disposal of a subsidiary                            (1,962)   –
Pension liability adjustments                               1         144
Unrealized foreign exchange difference, net                 974       26
Noncash other income                                        –         (519)
Changes in operating assets and liabilities                            
 Accounts receivable                                        34,052    (23,103)
 Inventories                                                (5,539)   (12,022)
 Other current assets                                       (7,508)   3,082
 Amounts due to/from related parties                        580       (2,102)
 Other long term assets                                     (343)     477
 Accounts payable, accrued expenses and other liabilities   (7,933)   26,111
Net cash provided by (used in) operating activities         22,624    11,648
Investing activities:                                                  
Placement of unrestricted short-term bank deposits to       (2,625)   (3,542)
financial institutions
Placement of  restricted short-term bank deposits to        (13,906)  (2,608)
financial institutions
Maturity of restricted short-term bank deposits from        11,326    3,897
financial institutions
Purchase of financial instruments                           –         (2,378)
Purchases of property, plant and equipment                  (8,888)   (10,937)
Proceed from disposal of an available-for-sale securities   24        –
Proceeds from disposal of property, plant and equipment     165       173
Decrease in investment in equity investees                  −         −
Net cash provided by (used in) investing activities         (13,904)  (15,755)
Financing activities:                                                  
Dividend paid during the year                               (3,195)   (3,067)
Repayments of bank loans                                    (22,503)  (6,000)
Proceeds from bank loans                                    31,319    9,888
Share capital repurchase                                    −         (6)
Acquisition of non-controlling interest                     −         (877)
Net cash (used in) provided by financing activities         5,621     (62)
Effect of exchange rate changes on cash and cash            (886)     313
equivalents
                                                                       
Net increase in cash and cash equivalents                   13,455    (3,856)
Cash and cash equivalents at beginning of year              63,217    76,672
Cash and cash equivalents at end of year                    $ 76,672  $ 72,816

CONTACT: Company Contact:
         Asia Pacific Wire & Cable Corporation Limited
         Mr. Frank Tseng, CFO
         Phone: +886-2-2712-2558 ext. 66
         E-mail: frank.tseng@apwcc.com
         www.apwcc.com
        
         Investor Relations Contact:
         MZ North America
         John Mattio, SVP
         Tel: +1-212-301-7130
         Email: john.mattio@mzgroup.us
         www.mzgroup.us
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