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TAIPEI, Taiwan, Aug. 04, 2016 (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 six months ended June 30, 2016.
First Half 2016 Results Revenues for the six months ended Jun 30, 2016 were $168.0 million, down from $189.0 million in the prior period. The decrease was primarily due to a drop in the average copper price in all regions, compounded by depreciation of local currencies as well as competition from other wire and cable manufacturers. APWC's 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 North Asia Region includes China and Hong Kong, and the Thailand Region contains the operations and sales inside Thailand.
Gross profit for the first six months of 2016 increased 24.0% to $13.7 million from $11.0 million in the year-ago period, representing gross margins of 8.1% and 5.8%, respectively. Gross margin was up year over year in the Thailand region primarily due to the reversal of inventory allowance of $2.7 million. The North Asia and ROW regions' margin increased because the copper price was stable for the first half of 2016 comparing to the decrease of the copper price in the same period last year.
Selling, general and administrative expenses were $12.7 million for the first six months ended June 30, 2016, down $0.4 million from $13.0 million in 2015. Operating income was $5.6 million for the first half of 2016, compared to an operating loss of $1.3 million in the first six months of 2015. The operating income increased mainly because the Company reported a gain of $4.4 million from disposal of an investment property.
Net income attributable to APWC shareholders was $3.2 million for the first six months ended June 30, 2016, compared to a net loss of $3.6 million in the corresponding period in 2015. Net income per basic and diluted share was $0.23 for the period, compared to a net loss per basic and diluted share of $0.26 in the first six months of 2015. The basic and diluted weighted average shares outstanding were 13.8 million for the first half of 2016 and 2015.
Financial Condition As of June 30, 2016, APWC had $43.6 million in cash and cash equivalents, compared to cash and cash equivalents totaling $51.3 million as of December 31, 2015.
Total current assets were $248.6 million at June 30, 2016 compared to $247.5 million at December 31, 2015. Working capital was $155.7 million as of June 30, 2016. As of June 30, 2016, short term bank loans were $33.4 million, compared to $37.7 million at December 31, 2015. The Company had no long term debt outstanding at June 30, 2016. Shareholders' equity attributable to APWC was $142.0 million at June 30, 2016, compared to $135.3 million at December 31, 2015.
The Company reported cash outflows of $4.9 million from operating activities for the first six months ended June 30, 2016, compared to cash outflows of $19.0 million in the corresponding period in 2015. The Company reduced capital expenditures to $2.3 million in the first six months of 2016 compared to $4.0 million in corresponding period in 2015.
Certain items in prior years' consolidated financial statements have been reclassified to conform to the current period's presentation in order to facilitate comparison.
We encourage shareholders to visit the Company's website for further information on recent developments
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' website or any other website 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. |
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