$PLPC
PREFORMED LINE PRODUCTS CO

2016 Q4 Form 10-Q Financial Statement

#000119312516760021 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $86.43M $88.30M $89.05M
YoY Change -6.01% -0.84% -12.79%
Cost Of Revenue $57.00M $59.44M $62.89M
YoY Change -13.51% -5.47% -9.7%
Gross Profit $29.46M $28.86M $26.16M
YoY Change 12.94% 10.31% -19.4%
Gross Profit Margin 34.09% 32.68% 29.38%
Selling, General & Admin $18.40M $18.60M $15.90M
YoY Change 8.24% 16.97% -18.85%
% of Gross Profit 62.45% 64.46% 60.79%
Research & Development $3.200M $3.400M $3.700M
YoY Change -11.11% -8.11% -15.89%
% of Gross Profit 10.86% 11.78% 14.14%
Depreciation & Amortization $3.400M $3.000M $2.890M
YoY Change 39.34% 3.81% -11.89%
% of Gross Profit 11.54% 10.4% 11.05%
Operating Expenses $22.30M $18.60M $15.90M
YoY Change 6.7% 16.97% -33.73%
Operating Profit $7.164M $6.625M $2.086M
YoY Change 38.06% 217.59% -59.38%
Interest Expense -$200.0K $264.0K $141.0K
YoY Change 100.0% 87.23% 0.0%
% of Operating Profit -2.79% 3.98% 6.76%
Other Income/Expense, Net $100.0K -$91.00K $55.00K
YoY Change 0.0% -265.45% -65.41%
Pretax Income $6.990M $6.534M $2.141M
YoY Change 35.52% 205.18% -59.56%
Income Tax $1.900M $1.792M $1.935M
% Of Pretax Income 27.18% 27.43% 90.38%
Net Earnings $5.100M $4.742M $206.0K
YoY Change 67.49% 2201.94% -91.94%
Net Earnings / Revenue 5.9% 5.37% 0.23%
Basic Earnings Per Share $1.00 $0.92 $0.04
Diluted Earnings Per Share $0.99 $0.92 $0.04
COMMON SHARES
Basic Shares Outstanding 5.120M shares 5.146M shares 5.356M shares
Diluted Shares Outstanding 5.169M shares 5.372M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.70M $32.90M $26.90M
YoY Change 0.99% 22.3% -6.27%
Cash & Equivalents $30.74M $32.94M $26.87M
Short-Term Investments
Other Short-Term Assets $8.436M $6.203M $7.904M
YoY Change 33.0% -21.52% 3.93%
Inventory $74.48M $73.67M $73.07M
Prepaid Expenses $5.908M
Receivables $63.42M $69.47M $66.20M
Other Receivables $8.700M $5.500M $4.700M
Total Short-Term Assets $189.1M $192.2M $193.5M
YoY Change 5.12% -0.66% -5.47%
LONG-TERM ASSETS
Property, Plant & Equipment $105.1M $107.3M $92.21M
YoY Change 14.29% 16.4% -12.3%
Goodwill $15.77M $16.56M $15.55M
YoY Change -0.33% 6.46% -15.29%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.27M $11.36M $12.48M
YoY Change -12.21% -8.99% -15.19%
Total Long-Term Assets $151.8M $160.4M $138.2M
YoY Change 5.82% 16.05% -12.19%
TOTAL ASSETS
Total Short-Term Assets $189.1M $192.2M $193.5M
Total Long-Term Assets $151.8M $160.4M $138.2M
Total Assets $340.9M $352.6M $331.7M
YoY Change 5.43% 6.3% -8.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.00M $26.40M $22.40M
YoY Change 7.84% 17.86% -9.31%
Accrued Expenses $28.60M $32.30M $12.92M
YoY Change 1.06% 149.94% 17.93%
Deferred Revenue
YoY Change
Short-Term Debt $2.763M $300.0K $1.000M
YoY Change 428.3% -70.0% -16.67%
Long-Term Debt Due $1.448M $1.569M $104.0K
YoY Change 1216.36% 1408.65% -15.45%
Total Short-Term Liabilities $55.46M $62.82M $55.76M
YoY Change 7.33% 12.66% -6.89%
LONG-TERM LIABILITIES
Long-Term Debt $42.94M $44.23M $31.66M
YoY Change 35.24% 39.7% -1.48%
Other Long-Term Liabilities $6.495M $6.073M $6.865M
YoY Change -5.46% -11.54% 15.24%
Total Long-Term Liabilities $49.44M $50.30M $38.52M
YoY Change 28.0% 30.57% 1.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.46M $62.82M $55.76M
Total Long-Term Liabilities $49.44M $50.30M $38.52M
Total Liabilities $104.9M $113.1M $94.28M
YoY Change 16.17% 19.98% -3.77%
SHAREHOLDERS EQUITY
Retained Earnings $303.4M $299.4M $241.6M
YoY Change 3.8% 23.93% -0.62%
Common Stock $37.14M $36.70M $32.94M
YoY Change 4.92% 11.42% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $59.64M $58.97M
YoY Change 9.29%
Treasury Stock Shares $1.136M 1.122M shares 922.4K shares
Shareholders Equity $223.5M $226.5M $220.6M
YoY Change
Total Liabilities & Shareholders Equity $340.9M $352.6M $331.7M
YoY Change 5.43% 6.3% -8.39%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $5.100M $4.742M $206.0K
YoY Change 67.49% 2201.94% -91.94%
Depreciation, Depletion And Amortization $3.400M $3.000M $2.890M
YoY Change 39.34% 3.81% -11.89%
Cash From Operating Activities $4.930M $11.00M $210.0K
YoY Change -60.11% 5138.1% -98.02%
INVESTING ACTIVITIES
Capital Expenditures -$3.030M -$2.020M -$2.070M
YoY Change -25.0% -2.42% -31.46%
Acquisitions
YoY Change
Other Investing Activities -$2.500M $0.00 -$830.0K
YoY Change -279.86% -100.0% 315.0%
Cash From Investing Activities -$5.520M -$2.020M -$2.900M
YoY Change 108.3% -30.34% -9.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.140M -4.030M -4.150M
YoY Change -63.17% -2.89% -3.26%
NET CHANGE
Cash From Operating Activities 4.930M 11.00M 210.0K
Cash From Investing Activities -5.520M -2.020M -2.900M
Cash From Financing Activities -2.140M -4.030M -4.150M
Net Change In Cash -2.730M 4.950M -6.840M
YoY Change -170.0% -172.37% -320.65%
FREE CASH FLOW
Cash From Operating Activities $4.930M $11.00M $210.0K
Capital Expenditures -$3.030M -$2.020M -$2.070M
Free Cash Flow $7.960M $13.02M $2.280M
YoY Change -51.46% 471.05% -83.26%

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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 March 2016, the FASB issued ASU 2016-09, &#x201C;Compensation&#x2014;Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 provides guidance in GAAP for the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company is required to adopt ASU 2016-09 for annual periods beginning after December&#xA0;15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same 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: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> In February 2016, the FASB issued ASU 2016-02, &#x201C;Leases (Topic 842).&#x201D; The amendments in this Update require the recognition of assets and liabilities arising from lease transactions on the balance sheet and the disclosure of key information about leasing arrangements. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. Both the asset and liability will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance or an operating lease. Initial costs directly attributable to negotiating and arranging the lease will be included in the asset. For leases with a term of 12 months or less, a lessee can make an accounting policy election by class of underlying asset to not recognize an asset and corresponding liability. Lessees will also be required to provide additional qualitative and quantitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements and provide additional information about the nature of an organization&#x2019;s leasing activities. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December&#xA0;15, 2018, with early adoption 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 July 2015, the FASB issued ASU 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 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. 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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