Asia Pacific Wire & Cable Company Reports First Quarter 2014 Financial Results; Board of Directors Approves $1 Million Share

Asia Pacific Wire & Cable Company Reports First Quarter 2014 Financial
Results; Board of Directors Approves $1 Million Share Repurchase Program

  *Revenues were $109.8 million, an increase of 8.7% from $101.0 million in
    Q12013
  *Cash flows from operations were $24.4 million, up 50.8% from $16.2 million
    in Q12013
  *$80.4 million in cash and cash equivalents at March 31, 2014
  *Reduced total debt outstanding to $36.4 million at March 31, 2014 from
    $41.8 million at December 31, 2013

TAIPEI, Taiwan, Aug. 13, 2014 (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, 2014.

Financial Summary

Q1 2014 Financial Results
                    Q1 2014               Q1 2013               CHANGE
Revenues             $109.8 million        $101.0 million        +8.7%
Gross Profit         $8.4 million          $8.6 million          -2.1%
Net Income           ($1.0 million)        $1.3 million          N/A
EPS^(1)              ($0.07)               $0.09                 N/A
(1)Earnings per share are based on 13.8 million shares in Q1 2013 and Q1 2014

First Quarter 2014 Results

Revenues for the three months ended March 31, 2014 were $109.8 million, up
from $101.0 million in the prior period, primarily attributable to an increase
in sales of 24.3% in our Rest of the World region ("ROW Region") due to
increased sales volumes in its SDI.Our ROW Region consists of Singapore,
Australia and the other markets where we have operations or sales outside of
our Thailand Region and our North Asia Region.

Gross profit for the first quarter decreased 2.1% to $8.4 million from $8.6
million in the year-ago period, representing gross margins of 7.6% and 8.5%,
respectively. Gross margins were down year over year as a result of lower
selling prices in the markets.

Selling, general and administrative expenses of $6.7 million for the first
quarter of 2014 were down from $7.5 million the same period a year ago.
Operating income was a loss of $0.5 million compared to income $0.5 million in
the first quarter of 2013. The Company recorded a $2.1 million non-cash
impairment charge for trade receivables. Excluding this charge, the operating
income would have been $1.6 million in the three months ended March 31, 2014.

Net income attributable to APWC shareholders was a loss $1.0 million for the
first quarter of 2014 compared to income of $1.3 million in the corresponding
period in 2013. Net income per share was a loss of $0.07 for the period,
compared to income of $0.09 in the first three months of 2013. The weighted
average shares outstanding were 13.8 million for the first quarter of 2013 and
2014.

Financial Condition

As of March 31, 2014, APWC had $80.4 million in cash and cash equivalents,
compared to cash and cash equivalents totaling $62.5 million as of December
31, 2013. Most of the cash is held by operating subsidiaries and, in certain
instances, subject to limitations on distribution to APWC.

Total current assets were $307.0 million at March 31, 2014 compared to $302.2
million at December 31, 2013. Working capital was $175.5 million as of March
31, 2014. As of March 31, 2014, short term bank loans were $36.4 million, down
from $41.8 million at December 31, 2013. The Company had no long term debt
outstanding at March 31, 2013. Shareholders' equity attributable to APWC was
$158.1 million at March 31, 2014 compared to $157.2 million at December 31,
2013.

APWC generated approximately $24.4 million of cash from operating activities
during the three months ended March 31, 2014, an improvement of $8.2 million
compared to $16.2 million of cash inflows from operations in the corresponding
period in 2013. The Company reduced capital expenditures to $1.3 million in
the first quarter of 2014 compared to $3.1 million in the first quarter of
2013.

Business Update and Outlook

The political unrest in Thailand caused a delay in delivery for projects with
the Thailand government in the first quarter of 2014, thus revenue recognized
from government projects decreased, compared to the first quarter of
2013.However, overall revenue in the Thailand region still increased
comparing to the same period last year.The Company managed to maintain a
stable revenue growth by introducing more distributed products.

The Company provided a $2.1 million allowance for an overdue account in the
first quarter of 2014.

The revenue growth in the ROW Region was primarily due to the increase in
power cable supply, delivery, and installation (SDI) projects in the first
quarter of 2014.Increased competition and manufacturing overhead eroded the
margin for manufactured products in this region. Nevertheless, improved margin
in SDI projects made up the loss.

Share Repurchase Program

The Company announced today that its Board of Directors recently approved the
implementation of a share repurchase program, pursuant to which the Company is
authorized to repurchase up to $1 million worth of its Common Shares. The
Company plans to retain a financial adviser to manage the share repurchase
program in accordance with Rule 10b-18 under the Securities Exchange Act. Once
implemented, the common shares may be repurchased on the open market, in
negotiated transactions, in block trades or otherwise. The timing and the
extent of any purchases will depend upon market conditions, the trading price
of the common shares and other factors, subject to the restrictions relating
to volume, price and timing under applicable laws and regulations. The Company
plans to announce the date of the commencement of the share repurchase program
in the near future.

The share repurchase program will be funded from existing cash on hand and
cash generated from operations. As of March31, 2014, the Company had cash and
cash equivalents of approximately $80.4 million.The Company currently has
approximately 13.8 million shares outstanding.The Company is not obligated to
repurchase any particular amount of shares during any period and may choose to
suspend or discontinue the share repurchase program at any time.

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,
visithttp://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)
                                                  2014          2013
Sales of goods / services                          109,776       100,970
Cost of sales                                      (101,392)     (92,404)
Gross profit                                       8,384         8,566
                                                               
Other operating income                             14            
Selling, general and administrative expenses       (6,709)       (7,544)
Other operating expenses                           (2,162)       (532)
Operating profit (loss)                            (473)         490
                                                               
Finance costs                                      (281)         (484)
Finance income                                     280           332
Share of loss of associates                        (209)         0
Gain on disposal of investment - held for sale     0             232
Gain on liquidation of subsidiaries                0             0
Exchange gain                                      547           2,224
Other income                                       275           1,087
Other expense                                      (20)          0
Profit before tax                                  119           3,881
                                                               
Income taxes expense                               (1,052)       (1,315)
Profit (loss) for the period                       (933)         2,566
                                                               
Attributable to:                                                
Equity holders of the parent                       (983)         1,311
Non-controlling interests                          50            1,255
Basic and diluted earnings per share               (0.07)        0.09
Basic and diluted weighted average common shares   13,820,200    13,822,072
outstanding




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)
                                                  2014          2013
Net income (loss)                                  (933)         2,566
Other comprehensive income                                      
Other comprehensive income to be reclassified to                
profit or loss in subsequent periods:
Exchange differences on translation of foreign     2,190         5,181
operations, net of tax of $0
                                                               
Net gain (loss) on available-for-sale financial    0             (400)
assets
Income tax effect                                  0             0
                                                  0             (400)
Other comprehensive income not to be reclassified               
to profit or loss in subsequent periods:
Re-measuring losses on defined benefit plans       (1)           (19)
Income tax effect                                  0             0
Defined benefit pension plan, net of tax           (1)           (19)
Other comprehensive income (loss) for the period,  2,189         4,762
net of tax
Total comprehensive income (loss) for the period,  1,256         7,328
net of tax
Attributable to:                                                
Equity holders of the parent                       888           11,623
Non-controlling interests                          368           (4,294)
                                                  1,256         7,328


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars, except share data)

                                                        As of March As of
                                                       31, 2014,  December
                                                        (Unaudited) 31, 2013
                                                                  
ASSETS                                                             
Current assets:                                                    
Cash and cash equivalents                               $80,384     $62,509
Other current financial assets - available for sale     0           0
Other current financial assets - derivatives            0           0
Trade receivables                                       102,929     122,893
Other receivables                                       11,342      11,139
Due from related parties                                4,737       3,842
Inventories                                             103,561     98,194
Prepayments                                             1,195       1,559
Assets classified as held for sale                      0           0
Other current assets                                    2,845       2,113
                                                       306,993     302,249
Non-current assets                                                 
Other non-current financial assets - available for sale 3,225       3,189
Other non-current financial assets - held to maturity   338         335
Property, plant and equipment                           49,002      48,709
Prepaid land lease payments                             1,913       1,939
Investment properties                                   750         746
Intangible assets                                       106         104
Investments in associates                               2,696       2,937
Other non-current assets                                641         449
Deferred tax assets                                     4,190       3,978
                                                       62,861      62,386
Total assets                                            $369,854    $364,635


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars, except share data)

                                                          As of March As of
                                                         31, 2014,  December
                                                          (Unaudited) 31, 2013
                                                                    
Current liabilities:                                                  
Interest-bearing loans and borrowings                     36,367      41,789
Trade and other payables                                  50,585      41,369
Due to related parties                                    11,940      11,126
Due to immediate holding company                          0           1,732
Other current financial liabilities at fair value through 6           0
profit or loss
Accruals                                                  14,035      13,336
Income tax payable                                        10,925      9,874
Employee benefit liability                                118         419
Financial lease liabilities                               22          37
Onerous contracts provisions                              39          125
Dividend payable                                          721         348
Other current liabilities                                 6,733       7,617
                                                         131,491     127,772
                                                                    
Non-current liabilities                                              
Employee benefit liability                                5,651       5,455
Financial lease liabilities                               29          28
Provisions for employee benefit                           621         577
Deferred tax liabilities                                  2,678       2,676
                                                         8,979       8,736
Total liabilities                                         140,470     136,508
                                                                     
Equity                                                                
Issued capital                                            138         138
Additional paid-in capital                                110,608     110,608
Treasury shares                                           (38)        (38)
Retained earnings                                         50,783      51,766
Other components of equity                                (3,354)     (5,226)
Equity attributable to equity holders of the parent       158,137     157,248
Non-controlling interests                                 71,247      70,879
Total equity                                              229,384     228,127
Total liabilities and equity                              $369,854    $364,635



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)
                                                  2,014         2,013
Net cash provided by (used in) operating           $24,368       $16,159
activities
Net cash provided by investing activities          (1,258)       (1,042)
Net cash (used in) financing activities            (5,649)       (21,274)
Effect of exchange rate changes on cash and        414           1,151
cashequivalents
Net (decrease) in cash and cash equivalents        17,875       (5,006)
Cash and cash equivalents at beginning of period   62,509        72,816
Cash and cash equivalents at end of period         $80,384       $67,810

CONTACT: Company Contact:
         Asia Pacific Wire & Cable Corporation Limited
         Mr. Ivan Hsia, CFO
         Phone: +886-2-2712-2558 ext. 27
         E-mail: ivan.hsia@apwcc.com
        
         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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