$PLPC
Preformed Line Products Co

2014 Q4 Form 10-Q Financial Statement

#000119312514402476 Filed on November 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $96.18M $102.1M $100.8M
YoY Change -2.4% 1.26% -11.71%
Cost Of Revenue $66.30M $69.65M $69.17M
YoY Change -2.79% 0.69% -8.63%
Gross Profit $29.85M $32.46M $31.66M
YoY Change -1.79% 2.51% -17.78%
Gross Profit Margin 31.03% 31.79% 31.4%
Selling, General & Admin $19.10M $19.60M $19.26M
YoY Change 0.53% 1.75% -12.98%
% of Gross Profit 63.99% 60.38% 60.83%
Research & Development $3.900M $4.399M $3.714M
YoY Change 5.41% 18.44% -4.77%
% of Gross Profit 13.07% 13.55% 11.73%
Depreciation & Amortization $3.280M $3.280M $2.910M
YoY Change 5.81% 12.71% 3.56%
% of Gross Profit 10.99% 10.11% 9.19%
Operating Expenses $25.60M $24.00M $22.97M
YoY Change 7.11% 4.45% 3.8%
Operating Profit $4.248M $5.135M $8.267M
YoY Change -34.58% -37.89% -37.18%
Interest Expense $0.00 $141.0K $121.0K
YoY Change 16.53% -15.97%
% of Operating Profit 0.0% 2.75% 1.46%
Other Income/Expense, Net $100.0K $159.0K $277.0K
YoY Change 0.0% -42.6% 10.36%
Pretax Income $4.373M $5.294M $8.544M
YoY Change -22.64% -38.04% -36.29%
Income Tax $1.900M $2.739M $2.440M
% Of Pretax Income 43.45% 51.74% 28.56%
Net Earnings $2.488M $2.555M $6.104M
YoY Change -20.56% -58.14% -34.25%
Net Earnings / Revenue 2.59% 2.5% 6.05%
Basic Earnings Per Share $0.46 $0.48 $1.14
Diluted Earnings Per Share $0.46 $0.48 $1.12
COMMON SHARES
Basic Shares Outstanding 5.354M shares 5.372M shares 5.361M shares
Diluted Shares Outstanding 5.376M shares 5.449M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.60M $28.70M $31.20M
YoY Change 21.81% -8.01% 11.03%
Cash & Equivalents $29.64M $28.72M $31.15M
Short-Term Investments
Other Short-Term Assets $6.625M $7.605M $3.638M
YoY Change 110.05% 109.04% -73.25%
Inventory $80.04M $79.42M $73.93M
Prepaid Expenses $6.926M
Receivables $67.94M $72.77M $73.92M
Other Receivables $2.300M $3.800M $3.200M
Total Short-Term Assets $200.7M $204.7M $198.7M
YoY Change 8.04% 3.03% -4.34%
LONG-TERM ASSETS
Property, Plant & Equipment $102.5M $105.1M $98.45M
YoY Change 2.06% 6.79% 9.39%
Goodwill $17.79M $18.36M $14.97M
YoY Change 28.25% 22.62%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.09M $14.71M $13.57M
YoY Change -23.62% 8.39% -18.24%
Total Long-Term Assets $153.3M $157.4M $146.4M
YoY Change 4.52% 7.55% 7.3%
TOTAL ASSETS
Total Short-Term Assets $200.7M $204.7M $198.7M
Total Long-Term Assets $153.3M $157.4M $146.4M
Total Assets $354.0M $362.1M $345.0M
YoY Change 6.49% 4.95% 0.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.30M $24.70M $23.80M
YoY Change 2.29% 3.78% -4.8%
Accrued Expenses $13.02M $10.96M $10.29M
YoY Change 17.12% 6.53% -72.57%
Deferred Revenue
YoY Change
Short-Term Debt $1.925M $1.200M $500.0K
YoY Change 48.08% 140.0% -28.57%
Long-Term Debt Due $116.0K $123.0K $191.0K
YoY Change -40.51% -35.6% -52.25%
Total Short-Term Liabilities $55.33M $59.88M $57.08M
YoY Change 5.96% 4.92% -16.43%
LONG-TERM LIABILITIES
Long-Term Debt $31.75M $32.13M $14.95M
YoY Change 143.21% 114.93% 0.34%
Other Long-Term Liabilities $6.445M $5.957M $4.692M
YoY Change 40.02% 26.96% -77.97%
Total Long-Term Liabilities $38.19M $38.09M $19.64M
YoY Change 116.31% 93.92% -45.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.33M $59.88M $57.08M
Total Long-Term Liabilities $38.19M $38.09M $19.64M
Total Liabilities $93.52M $97.98M $76.72M
YoY Change 33.85% 27.71% -29.55%
SHAREHOLDERS EQUITY
Retained Earnings $289.8M $243.1M $239.7M
YoY Change 21.7% 1.41%
Common Stock $35.23M $32.90M $30.55M
YoY Change 10.56% 7.69%
Preferred Stock
YoY Change
Treasury Stock (at cost) $47.02M
YoY Change
Treasury Stock Shares 819.4K shares 819.4K shares 732.6K shares
Shareholders Equity $242.9M $252.6M $251.1M
YoY Change
Total Liabilities & Shareholders Equity $354.0M $362.1M $345.0M
YoY Change 6.49% 4.95% 0.27%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $2.488M $2.555M $6.104M
YoY Change -20.56% -58.14% -34.25%
Depreciation, Depletion And Amortization $3.280M $3.280M $2.910M
YoY Change 5.81% 12.71% 3.56%
Cash From Operating Activities $4.180M $10.60M $2.130M
YoY Change -40.29% 397.65% -83.44%
INVESTING ACTIVITIES
Capital Expenditures -$3.170M -$3.020M -$5.070M
YoY Change -38.68% -40.43% 91.32%
Acquisitions
YoY Change
Other Investing Activities $40.00K -$200.0K $410.0K
YoY Change -101.12% -148.78% 4000.0%
Cash From Investing Activities -$3.140M -$3.210M -$4.670M
YoY Change -64.03% -31.26% 76.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -770.0K -4.290M 1.830M
YoY Change -86.1% -334.43% -114.25%
NET CHANGE
Cash From Operating Activities 4.180M 10.60M 2.130M
Cash From Investing Activities -3.140M -3.210M -4.670M
Cash From Financing Activities -770.0K -4.290M 1.830M
Net Change In Cash 270.0K 3.100M -710.0K
YoY Change -103.71% -536.62% -72.9%
FREE CASH FLOW
Cash From Operating Activities $4.180M $10.60M $2.130M
Capital Expenditures -$3.170M -$3.020M -$5.070M
Free Cash Flow $7.350M $13.62M $7.200M
YoY Change -39.61% 89.17% -53.58%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> NOTE J &#x2013; NEW ACCOUNTING STANDARDS TO BE ADOPTED</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In April 2014, the FASB issued ASU 2014-08, &#x201C;Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&#x201D;, or ASU 2014-08. ASU 2014-08 changes the criteria for reporting a discontinued operation. Under the new pronouncement, a disposal of a part of an organization that has a major effect on its operations and financial results is a discontinued operation. The Company is required to adopt ASU 2014-08 prospectively for all disposals or components of the business classified as held for sale during fiscal period beginning after December&#xA0;15, 2014 and is currently evaluating what impact, if any, its adoption will have to the presentation of the Company&#x2019;s consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In May 2014, the FASB issued ASU No.&#xA0;2014-09, &#x201C;Revenue from Contracts with Customers (Topic 606)&#x201D; or ASU 2014-09. ASU 2014-09 requires an entity to recognize revenue in a matter that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the amendment provides five steps that an entity should apply when recognizing revenue. The amendment also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. An entity can either adopt this amendment retrospectively to each prior reporting period presented or retrospectively with cumulative effect of initially applying the update recognized at the date of initial application. The amendment is effective for annual reporting periods beginning after December&#xA0;15, 2016. Early adoption is not permitted. The Company is currently evaluating what impact, if any, its adoption will have to the Company&#x2019;s consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In August 2014, the FASB issued ASU 2014-15 &#x201C;Presentation of Financial Statements &#x2013; Going Concern (Subtop 205-40): Disclosure of Uncertainties about an Entity&#x2019;s Ability to Continue as a Going Concern. ASU 2014-15 provides guidance in GAAP about management&#x2019;s responsibility to evaluate whether there is substantial doubt about an entity&#x2019;s ability to continue as a going concern and to provide related footnote disclosures. The Company is required to adopt ASU 2014-15 prospectively for the annual period ending after December&#xA0;15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating what impact, if any, its adoption will have to the presentation of the Company&#x2019;s consolidated financial statements.</p> </div>
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