Asia Pacific Wire and Cable Company Reports First Quarter 2013 Financial Results

Asia Pacific Wire and Cable Company Reports First Quarter 2013 Financial
Results

  oQ1 2013 net revenues increased 2.7% year-over-year to $101.0 million
  oNet income attributable to APWC shareholders was $0.9 million
  oEarnings per share was $0.06 in Q1 2013 and Q1 2012
  o$67.8 million in cash and cash equivalents at March 31, 2013

TAIPEI, Taiwan, July 2, 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 three months ended March 31, 2013.

Financial Summary
First Quarter 2013 Financial Results
                                                             
                    Q1 2013               Q1 2012              CHANGE
Revenues            $101.0 million        $98.3 million        +2.7%
Gross Profit         $7.8 million          $9.0 million         -13.9%
Net Income           $0.9 million          $0.8 million         +2.9%
EPS                 $0.06                 $0.06                -
* Earnings per share are based on 13.8 million shares in Q1 2012 and Q1 2013.

First Quarter 2013 Results

Revenues for the year ended March 31, 2013 were $101.0 million, a 2.7%
increase from the prior period. Reduced sales of manufactured products
including enameled and high voltage wire were partially offset by higher sales
of distributed products and SDI projects for the quarter. Revenues for the
three months ended March 31, 2013 were as follows: enameled wire sales of
$40.0 million, power cable sales of $39.3 million, telecommunication cable
sales of $4.8 million, distributed products sales of $16.3 million and SDI
(Supply, Delivery and Installation) of wires and cables sales of $0.4 million.

Gross profit for the quarter was $7.8 million versus $9.0 million in the
year-ago period, representing gross margins of 7.7% and 9.2%, respectively.
The reduction in gross margin percentage is primarily due to lower factory
usage in Singapore and China and from the Company's SDI segment.

Selling, general and administrative expenses decreased 5.4% to $7.5 million
from $7.9 million due to the retirement of some senior employees in the first
quarter last year. Pretax income was $2.9 million in the three months ended
March 31, 2012, driven primarily by a $2.2 million foreign exchange gain.

Net income attributable to APWC shareholders was $0.9 million for the year
compared to $0.8 million in the corresponding period in 2012. Net income per
basic and diluted share was $0.06 for both periods. The basic and diluted
weighted average shares outstanding were 13.8 million for both periods.

Financial Condition

As of March 31, 2013, APWC had $67.8 million in cash and cash equivalents,
$3.1 million in unrestricted short-term bank deposits, and $11.6 million in
restricted short-term bank deposits, totaling $82.5 million, compared to cash
and cash equivalents and unrestricted and restricted bank deposits totaling
$90.2 million as of March 31, 2012.

Total current assets were $313.9 million at March 31, 2013 compared to $330.2
million at December 31, 2012. Working capital was $190.0 million at March 31,
2013. APWC ended March 31, 2013 with total short term bank loans and
overdrafts of $37.2 million, down from $57.8 million at December 31, 2012.
Shareholders' equity attributable to APWC was $165.2 million at March 31,
2013, compared to $161.7 million at December 31, 2012.

APWC generated approximately $11.4 million of cash from operating activities
during the first three months of 2013 compared to $5.6 million of cash
outflows in the comparable period in 2012.

Business Updates

Asia Pacific Wire and Cable Company is currently completing its production
lines of electronic wire for the electronics and automotive industry markets
in China. Each of these sectors is high-growth markets in China. The Company
expects to begin its sales efforts in the fourth quarter of the year.

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
http://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.

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
                                                  
                                                  For the three-months
                                                   ended March 31, (Unaudited)
                                                  2012          2013
Net sales                                                       
Manufactured products (sales to related parties
amounted to $1,006 and $537 for the three-months   $91,348       $84,178
ended March 31, 2012 and 2013, respectively)
Distributed products                              6,882         16,380
Supply, delivery and installation of wires and    94            412
cables
                                                  98,324        100,970
Cost of sales (purchases from related parties
amounted to $41,480 and $23,742 for the            (89,293)      (93,194)
three-months ended March 31, 2012 and 2013,
respectively)
Gross profit                                       9,031         7,776
Selling, general and administrative expenses       (7,894)       (7,464)
Recovery(allowance) for doubtful accounts         (51)          (68)
Charge related to flooding                        (672)         0
Impairment of investment                          0             (464)
Income from operations                             414           (220)
Exchange gain, net                                 916           2,224
Interest income                                    551           332
Interest expense                                   (449)         (484)
Gain on disposal of an investment                  0             556
Share of net gain of equity investees              15            0
Other income, net                                  883           526
Income before income taxes                         2,330         2,934
Income taxes expense                               (1,049)       (1,204)
Net income                                         1,281         1,730
Less: Net income attributable to non-controlling   (448)         (873)
interests
Net income attributable to APWC                    833           857
Basic and diluted earnings per share               0.06          0.06
Basic and diluted weighted average common shares   13,830,769    13,822,072
outstanding
                                                               
Other comprehensive income                                      
Currency translation adjustment                    6,349         5,226
Pension liability adjustments                      (10)          (33)
Other comprehensive income                         6,339         5,193
Comprehensive income                              7,620         6,923
Less: comprehensive income attributable to         1,935         3,909
Non-controlling interest
Comprehensive income attributable to APWC          5,685         3,014
shareholders


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars, except share data)
                                                         As of     As of March
                                                        December  31, 2013,
                                                         31, 2012  (Unaudited)
                                                                 
ASSETS                                                            
                                                                 
Current assets:                                                   
Cash and cash equivalents                               $72,816   $67,810
Unrestricted short-term bank deposits                   6,210     3,075
Restricted short-term bank deposits                     11,217    11,570
Accounts receivable, net of allowance for doubtful
accounts of $2,580 and $2,660 as atDecember 31, 2012    125,128   102,382
and March 31, 2013, respectively
Amounts due from related parties                        4,066     4,430
Inventories                                                      
Distributed products                                   12,780    12,662
Finished products                                      40,589    46,842
Work-in-progress                                       19,743    23,797
Raw materials and supplies                             25,409    28,305
                                                        98,521    111,605
                                                                 
Deferred tax assets                                     3,134     3,317
Prepaid expenses                                        6,738     8,792
Short - term investment in held-to-maturity            2,378     956
Total current assets                                     330,208   313,937
                                                                 
Property, plant and equipment:                                    
Land                                                    6,194     6,523
Land use rights                                         2,914     2,924
Buildings                                               52,372    53,814
Machinery and equipment                                 122,584   123,159
Motor vehicles                                          4,336     4,508
Office equipment                                        6,830     6,913
Construction in progress                                4,998     7,341
                                                        200,228   205,182
Accumulated depreciation and amortization               (149,832) (152,047)
                                                        50,396    53,135
Investments                                              1,002     1,051
Investments in equity investees                          4,414     3,132
Other assets                                             889       766
Deferred tax assets                                      2,475     2,987
                                                        8,780     7,936
Total assets                                             $389,384  $375,008
                                                                 
LIABILITIES AND SHAREHOLDERS' EQUITY                              
                                                                 
Current liabilities:                                              
Bank loans and overdrafts                               57,845    37,166
Accounts payable                                        40,616    36,878
Accrued expenses                                        13,499    13,295
Amounts due to related parties                          11,428    12,926
Short-term loans from the immediate holding company     1,732     1,732
Income tax liabilities                                  11,225    12,353
Other current liabilities                               10,149    9,571
Current portion of long-term debt                       0         0
Total current liabilities                                146,494   123,921
                                                                 
Non-current liabilities:                                          
                                                                 
Long-term debt, less current portion                    0         0
Other non-current liabilities                            6,060     6,463
Deferred tax liabilities                                 2,219     2,651
Total non-current liabilities                            8,279     9,114
Total liabilities                                        154,773   133,035
                                                                 
Commitments and contingencies                                     
                                                                 
APWC shareholders' equity:                                        
Common stock, $0.01 par value:                                   
Authorized shares of 50,000,000 shares at December 31, 138       138
2012 and March 31, 2013
Issued and outstanding shares -- 13,828,869 shares (net
of 1,900 treasury shares ) and 13,821,469 (net of 9,300           
treasury shares) at December 31, 2012 and March 31,
2013,respectively
Additional paid-in capital                              110,608   110,608
Retained earnings                                       45,553    46,410
Treasury stock                                          (6)       (31)
Accumulated other comprehensive income                  5,424     8,045
Total APWC shareholders' equity                          161,717   165,170
Non-controlling interests                                72,894    76,803
Total shareholders' equity                               234,611   241,973
Total liabilities and shareholders' equity               $389,384  $375,008
                                                                 

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)
                                                         2012       2013
Net cash provided by(used in) operating activities        ($5,559)   $11,405
Net cash used in investing activities                     (437)      3,521
Net cash provided by(used in) financing activities        (14,313)   (21,211)
Effect of exchange rate changes on cash and               1,247      1,279
cashequivalents
Net increase (decrease) in cash and cash                            
 equivalents                                             (19,063)   (5,006)
Cash and cash equivalents at beginning of period          76,672     72,816
Cash and cash equivalents at end of period                $57,609    $67,810

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