$PLPC
PREFORMED LINE PRODUCTS CO

2015 Q4 Form 10-Q Financial Statement

#000119312515371886 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $91.96M $89.05M $96.18M
YoY Change -4.39% -12.79% -2.4%
Cost Of Revenue $65.90M $62.89M $66.30M
YoY Change -0.6% -9.7% -2.79%
Gross Profit $26.09M $26.16M $29.85M
YoY Change -12.59% -19.4% -1.79%
Gross Profit Margin 28.37% 29.38% 31.03%
Selling, General & Admin $17.00M $15.90M $19.10M
YoY Change -10.99% -18.85% 0.53%
% of Gross Profit 65.16% 60.79% 63.99%
Research & Development $3.600M $3.700M $3.900M
YoY Change -7.69% -15.89% 5.41%
% of Gross Profit 13.8% 14.14% 13.07%
Depreciation & Amortization $2.440M $2.890M $3.280M
YoY Change -25.61% -11.89% 5.81%
% of Gross Profit 9.35% 11.05% 10.99%
Operating Expenses $20.90M $15.90M $25.60M
YoY Change -18.36% -33.73% 7.11%
Operating Profit $5.189M $2.086M $4.248M
YoY Change 22.15% -59.38% -34.58%
Interest Expense -$100.0K $141.0K $0.00
YoY Change 0.0%
% of Operating Profit -1.93% 6.76% 0.0%
Other Income/Expense, Net $100.0K $55.00K $100.0K
YoY Change 0.0% -65.41% 0.0%
Pretax Income $5.158M $2.141M $4.373M
YoY Change 17.95% -59.56% -22.64%
Income Tax $2.100M $1.935M $1.900M
% Of Pretax Income 40.71% 90.38% 43.45%
Net Earnings $3.045M $206.0K $2.488M
YoY Change 22.39% -91.94% -20.56%
Net Earnings / Revenue 3.31% 0.23% 2.59%
Basic Earnings Per Share $0.58 $0.04 $0.46
Diluted Earnings Per Share $0.58 $0.04 $0.46
COMMON SHARES
Basic Shares Outstanding 5.272M shares 5.356M shares 5.354M shares
Diluted Shares Outstanding 5.372M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.40M $26.90M $29.60M
YoY Change 2.7% -6.27% 21.81%
Cash & Equivalents $30.39M $26.87M $29.64M
Short-Term Investments
Other Short-Term Assets $6.343M $7.904M $6.625M
YoY Change -4.26% 3.93% 110.05%
Inventory $69.91M $73.07M $80.04M
Prepaid Expenses $4.030M $5.908M $6.926M
Receivables $63.63M $66.20M $67.94M
Other Receivables $5.600M $4.700M $2.300M
Total Short-Term Assets $179.9M $193.5M $200.7M
YoY Change -10.35% -5.47% 8.04%
LONG-TERM ASSETS
Property, Plant & Equipment $91.97M $92.21M $102.5M
YoY Change -10.31% -12.3% 2.06%
Goodwill $15.82M $15.55M $17.79M
YoY Change -11.08% -15.29% 28.25%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.70M $12.48M $13.09M
YoY Change -10.58% -15.19% -23.62%
Total Long-Term Assets $143.5M $138.2M $153.3M
YoY Change -6.41% -12.19% 4.52%
TOTAL ASSETS
Total Short-Term Assets $179.9M $193.5M $200.7M
Total Long-Term Assets $143.5M $138.2M $153.3M
Total Assets $323.4M $331.7M $354.0M
YoY Change -8.64% -8.39% 6.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.40M $22.40M $22.30M
YoY Change -8.52% -9.31% 2.29%
Accrued Expenses $28.30M $12.92M $13.02M
YoY Change 117.34% 17.93% 17.12%
Deferred Revenue
YoY Change
Short-Term Debt $523.0K $1.000M $1.925M
YoY Change -72.83% -16.67% 48.08%
Long-Term Debt Due $110.0K $104.0K $116.0K
YoY Change -5.17% -15.45% -40.51%
Total Short-Term Liabilities $51.67M $55.76M $55.33M
YoY Change -6.61% -6.89% 5.96%
LONG-TERM LIABILITIES
Long-Term Debt $31.75M $31.66M $31.75M
YoY Change 0.02% -1.48% 143.21%
Other Long-Term Liabilities $6.870M $6.865M $6.445M
YoY Change 6.59% 15.24% 40.02%
Total Long-Term Liabilities $38.62M $38.52M $38.19M
YoY Change 1.13% 1.14% 116.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.67M $55.76M $55.33M
Total Long-Term Liabilities $38.62M $38.52M $38.19M
Total Liabilities $90.29M $94.28M $93.52M
YoY Change -3.45% -3.77% 33.85%
SHAREHOLDERS EQUITY
Retained Earnings $292.3M $241.6M $289.8M
YoY Change 0.85% -0.62% 21.7%
Common Stock $35.39M $32.94M $35.23M
YoY Change 0.47% 0.11% 10.56%
Preferred Stock
YoY Change
Treasury Stock (at cost) $54.57M $47.02M
YoY Change 16.06%
Treasury Stock Shares $1.018M 922.4K shares 819.4K shares
Shareholders Equity $219.0M $220.6M $242.9M
YoY Change
Total Liabilities & Shareholders Equity $323.4M $331.7M $354.0M
YoY Change -8.64% -8.39% 6.49%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $3.045M $206.0K $2.488M
YoY Change 22.39% -91.94% -20.56%
Depreciation, Depletion And Amortization $2.440M $2.890M $3.280M
YoY Change -25.61% -11.89% 5.81%
Cash From Operating Activities $12.36M $210.0K $4.180M
YoY Change 195.69% -98.02% -40.29%
INVESTING ACTIVITIES
Capital Expenditures -$4.040M -$2.070M -$3.170M
YoY Change 27.44% -31.46% -38.68%
Acquisitions
YoY Change
Other Investing Activities $1.390M -$830.0K $40.00K
YoY Change 3375.0% 315.0% -101.12%
Cash From Investing Activities -$2.650M -$2.900M -$3.140M
YoY Change -15.61% -9.66% -64.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.810M -4.150M -770.0K
YoY Change 654.55% -3.26% -86.1%
NET CHANGE
Cash From Operating Activities 12.36M 210.0K 4.180M
Cash From Investing Activities -2.650M -2.900M -3.140M
Cash From Financing Activities -5.810M -4.150M -770.0K
Net Change In Cash 3.900M -6.840M 270.0K
YoY Change 1344.44% -320.65% -103.71%
FREE CASH FLOW
Cash From Operating Activities $12.36M $210.0K $4.180M
Capital Expenditures -$4.040M -$2.070M -$3.170M
Free Cash Flow $16.40M $2.280M $7.350M
YoY Change 123.13% -83.26% -39.61%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> NOTE J &#x2013; NEW ACCOUNTING STANDARDS TO BE ADOPTED</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> In July 2015, the FASB issued Accounting Standards Update 2015-11, &#x201C;Inventory (Topic 330): Simplifying the Measurement of Inventory.&#x201D; The amendments in this Update more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). An entity should measure inventory within the scope of this Update at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this Update are effective for fiscal years beginning after December&#xA0;15, 2016 and interim periods within fiscal years beginning after December&#xA0;15, 2017. The amendments in this Update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. 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> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In April 2015, the FASB issued Accounting Standards Update 2015-05, &#x201C;Intangibles &#x2013; Goodwill and Other &#x2013; Internal-Use Software (Topic 350-40): Customer&#x2019;s Accounting for Fees Paid in a Cloud Computing Arrangement.&#x201D; The amendments in this Update provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December&#xA0;15, 2015. Earlier application is permitted. Amendments in this Update can be applied retrospectively or prospectively. The Company is currently not engaged in a cloud computing arrangement; however, it is evaluating what impact, if any, its adoption will have to the presentation of the Company&#x2019;s consolidated financial statements if it enters such an arrangement.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In April 2015, the FASB issued Accounting Standards Update 2015-04, &#x201C;Compensation &#x2013; Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer&#x2019;s Defined Benefit Obligation and Plan Assets.&#x201D; For an entity that has a significant event in an interim period that calls for a re-measurement of defined benefit plan assets and obligations, the amendments in this Update provide a practical expedient that permits the entity to re-measure defined benefit plan assets and obligations using the month-end that is closest to the date of the significant event. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December&#xA0;15, 2015. Earlier application is permitted. Amendments in this Update should be applied prospectively. 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> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In January 2015, the FASB issued Accounting Standards Update 2015-01, &#x201C;Income Statement-Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.&#x201D; This Update eliminates from GAAP the concept of extraordinary items. A material event or transaction that an entity considers to be of an unusual nature or of a type that indicates infrequency of occurrence or both shall be reported as a separate component of income from continuing operations. The nature and financial effects of each event or transaction shall be presented as a separate component of income from continuing operations or, alternatively, disclosed in notes to financial statements. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December&#xA0;15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. 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> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In August 2014, the FASB issued ASU 2014-15 &#x201C;Presentation of Financial Statements &#x2013; Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity&#x2019;s Ability to Continue as a Going Concern.&#x201D; 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> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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. In August 2015, the FASB issued ASU No.&#xA0;2015-14 deferring the effective date of the amendment to annual reporting periods beginning after December&#xA0;15, 2017. Early adoption is not 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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OtherOperatingIncomeExpenseNet
-4425000
CY2015Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
361000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1935000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7893000
CY2015Q3 us-gaap Restructuring Charges
RestructuringCharges
2100000
CY2015Q3 us-gaap Interest Expense
InterestExpense
141000
CY2015Q3 us-gaap Costs And Expenses
CostsAndExpenses
24073000
CY2015Q3 us-gaap Severance Costs1
SeveranceCosts1
700000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8010000
CY2015Q3 us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
-400000
CY2015Q3 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
88000
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-99000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
CY2015Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
62887000
CY2015Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
151000
CY2015Q3 us-gaap Business Exit Costs1
BusinessExitCosts1
1200000
CY2015Q3 plpc Research And Engineering Expense
ResearchAndEngineeringExpense
3745000
CY2015Q3 plpc Weighted Average Remaining Amortization Period By Intangible Asset
WeightedAverageRemainingAmortizationPeriodByIntangibleAsset
P21Y

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