$PLPC
PREFORMED LINE PRODUCTS CO

2020 Q1 Form 10-Q Financial Statement

#000156459020020469 Filed on May 01, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $102.9M $97.15M
YoY Change 5.87% -1.0%
Cost Of Revenue $69.94M $69.89M
YoY Change 0.08% 4.94%
Gross Profit $32.91M $27.27M
YoY Change 20.7% -13.49%
Gross Profit Margin 32.0% 28.06%
Selling, General & Admin $22.34M $20.73M
YoY Change 7.76% 4.7%
% of Gross Profit 67.88% 76.04%
Research & Development $4.300M $4.100M
YoY Change 4.88% 10.81%
% of Gross Profit 13.07% 15.04%
Depreciation & Amortization $3.360M $3.140M
YoY Change 7.01% -3.83%
% of Gross Profit 10.21% 11.52%
Operating Expenses $22.34M $20.73M
YoY Change 7.76% -12.89%
Operating Profit $5.153M $2.046M
YoY Change 151.86% -73.58%
Interest Expense $709.0K $368.0K
YoY Change 92.66% 31.43%
% of Operating Profit 13.76% 17.99%
Other Income/Expense, Net $549.0K -$118.0K
YoY Change -565.25% 1.72%
Pretax Income $5.100M $1.928M
YoY Change 164.52% -74.73%
Income Tax $1.451M $104.0K
% Of Pretax Income 28.45% 5.39%
Net Earnings $3.698M $1.824M
YoY Change 102.74% -67.0%
Net Earnings / Revenue 3.6% 1.88%
Basic Earnings Per Share $0.74 $0.36
Diluted Earnings Per Share $0.74 $0.36
COMMON SHARES
Basic Shares Outstanding 5.008M 5.045M
Diluted Shares Outstanding 5.017M 5.054M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.10M $43.50M
YoY Change -21.61% -4.4%
Cash & Equivalents $34.12M $43.77M
Short-Term Investments
Other Short-Term Assets $9.000M $11.80M
YoY Change -23.73% 49.37%
Inventory $92.50M $87.60M
Prepaid Expenses
Receivables $83.40M $73.60M
Other Receivables $3.500M $4.600M
Total Short-Term Assets $222.5M $220.9M
YoY Change 0.72% 1.42%
LONG-TERM ASSETS
Property, Plant & Equipment $132.4M $113.3M
YoY Change 16.86% 3.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.10M $19.10M
YoY Change 0.0% -12.79%
Total Long-Term Assets $190.8M $166.2M
YoY Change 14.8% 5.06%
TOTAL ASSETS
Total Short-Term Assets $222.5M $220.9M
Total Long-Term Assets $190.8M $166.2M
Total Assets $413.3M $387.1M
YoY Change 6.77% 2.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.50M $25.70M
YoY Change 10.89% -7.22%
Accrued Expenses $29.70M $33.90M
YoY Change -12.39% 22.38%
Deferred Revenue
YoY Change
Short-Term Debt $10.50M $7.800M
YoY Change 34.62% 333.33%
Long-Term Debt Due $3.300M $1.494M
YoY Change 120.88% 6.71%
Total Short-Term Liabilities $74.50M $70.90M
YoY Change 5.08% 15.1%
LONG-TERM LIABILITIES
Long-Term Debt $58.70M $41.80M
YoY Change 40.43% -4.57%
Other Long-Term Liabilities $25.80M $22.50M
YoY Change 14.67% 4.65%
Total Long-Term Liabilities $84.50M $64.30M
YoY Change 31.42% -1.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.50M $70.90M
Total Long-Term Liabilities $84.50M $64.30M
Total Liabilities $161.7M $136.9M
YoY Change 18.12% 6.21%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $251.5M $250.2M
YoY Change
Total Liabilities & Shareholders Equity $413.3M $387.1M
YoY Change 6.77% 2.95%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $3.698M $1.824M
YoY Change 102.74% -67.0%
Depreciation, Depletion And Amortization $3.360M $3.140M
YoY Change 7.01% -3.83%
Cash From Operating Activities -$3.055M $501.0K
YoY Change -709.78% -148.78%
INVESTING ACTIVITIES
Capital Expenditures $5.997M $2.396M
YoY Change 150.29% -11.23%
Acquisitions $0.00 $10.17M
YoY Change -100.0%
Other Investing Activities $0.00 -$10.67M
YoY Change -100.0% 147.56%
Cash From Investing Activities -$5.997M -$13.07M
YoY Change -54.1% 86.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.366M $239.0K
YoY Change 471.55% 117.27%
Debt Paid & Issued, Net $17.65M $17.35M
YoY Change 1.72% 56.17%
Cash From Financing Activities 5.711M 11.13M
YoY Change -48.71% 34.37%
NET CHANGE
Cash From Operating Activities -3.055M 501.0K
Cash From Investing Activities -5.997M -13.07M
Cash From Financing Activities 5.711M 11.13M
Net Change In Cash -5.146M -138.0K
YoY Change 3628.99% -111.59%
FREE CASH FLOW
Cash From Operating Activities -$3.055M $501.0K
Capital Expenditures $5.997M $2.396M
Free Cash Flow -$9.052M -$1.895M
YoY Change 377.68% -49.14%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2020Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOTE L &#8211; NEW ACCOUNTING STANDARDS TO BE ADOPTED</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company considers the applicability and impact of all ASUs.&nbsp;&nbsp;Recently issued ASUs that are not considered were assessed and determined to be not applicable in the current reporting period. </p>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
81086
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
73053
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
0
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
219667
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
53.68
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
55.63
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
54.60
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0.00
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
61.10
CY2020Q1 us-gaap Foreign Currency Contract Asset Fair Value Disclosure
ForeignCurrencyContractAssetFairValueDisclosure
456000
CY2020Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
456000
CY2020Q1 plpc Deferred Compensation Liability Fair Value
DeferredCompensationLiabilityFairValue
5326000
CY2020Q1 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
192000
CY2020Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
5518000
CY2019Q4 plpc Deferred Compensation Liability Fair Value
DeferredCompensationLiabilityFairValue
6059000
CY2019Q4 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
581000
CY2019Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
6640000
CY2020Q1 us-gaap Maximum Remaining Maturity Of Foreign Currency Derivatives1
MaximumRemainingMaturityOfForeignCurrencyDerivatives1
P90D
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1100000
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.05
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0
CY2019Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0
CY2018Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
65000000
CY2016Q3 plpc Debt Instrument Maturity Date Extended
DebtInstrumentMaturityDateExtended
2019-06-30
CY2018Q1 plpc Debt Instrument Maturity Date Extended
DebtInstrumentMaturityDateExtended
2021-06-30
CY2018Q1 plpc Debt To Earnings Before Interest Taxes And Depreciation Ratio
DebtToEarningsBeforeInterestTaxesAndDepreciationRatio
2.25
CY2020Q1 us-gaap Line Of Credit
LineOfCredit
38500000
CY2020Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
26500000
CY2020Q1 plpc Lessee Lease Term Description
LesseeLeaseTermDescription
the leases in effect were related to land, buildings, vehicles, office equipment and other production equipment under operating leases with lease terms of up to 99 years.
CY2020Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M12D
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P17Y3M18D
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
709000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
665000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
16000
CY2019Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
18000
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000
CY2019Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
3000
CY2020Q1 us-gaap Lease Cost
LeaseCost
727000
CY2019Q1 us-gaap Lease Cost
LeaseCost
686000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0471
CY2020Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0424
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1781000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2106000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1671000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1190000
CY2020Q1 plpc Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
9406000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
16154000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5488000
CY2020Q1 plpc Finance Lease Liability Payments Due Year Five And Thereafter
FinanceLeaseLiabilityPaymentsDueYearFiveAndThereafter
6000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10666000
CY2020Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
91000
CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
59000
CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
40000
CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
35000
CY2020Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
231000
CY2020Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
69000
CY2020Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
162000
CY2020Q1 plpc Lessee Operating Sublease Lease Receivable Payments To Be Received
LesseeOperatingSubleaseLeaseReceivablePaymentsToBeReceived
3400000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3000
CY2020Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
730000
CY2019Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
702000
CY2020Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
29000
CY2019Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
26000
CY2020Q1 plpc Debt Instrument Maturity Date Extended
DebtInstrumentMaturityDateExtended
2021-06-30

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