$PLPC
PREFORMED LINE PRODUCTS CO

2021 Q1 Form 10-Q Financial Statement

#000156459021022362 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $117.6M $102.9M
YoY Change 14.29% 5.87%
Cost Of Revenue $77.36M $69.94M
YoY Change 10.61% 0.08%
Gross Profit $40.19M $32.91M
YoY Change 22.13% 20.7%
Gross Profit Margin 34.19% 32.0%
Selling, General & Admin $24.00M $22.34M
YoY Change 7.41% 7.76%
% of Gross Profit 59.7% 67.88%
Research & Development $4.600M $4.300M
YoY Change 6.98% 4.88%
% of Gross Profit 11.45% 13.07%
Depreciation & Amortization $3.145M $3.360M
YoY Change -6.4% 7.01%
% of Gross Profit 7.82% 10.21%
Operating Expenses $24.00M $22.34M
YoY Change 7.41% 7.76%
Operating Profit $10.77M $5.153M
YoY Change 108.97% 151.86%
Interest Expense $463.0K $709.0K
YoY Change -34.7% 92.66%
% of Operating Profit 4.3% 13.76%
Other Income/Expense, Net -$214.0K $549.0K
YoY Change -138.98% -565.25%
Pretax Income $10.55M $5.100M
YoY Change 106.94% 164.52%
Income Tax $3.377M $1.451M
% Of Pretax Income 32.0% 28.45%
Net Earnings $7.179M $3.698M
YoY Change 94.13% 102.74%
Net Earnings / Revenue 6.11% 3.6%
Basic Earnings Per Share $1.46 $0.74
Diluted Earnings Per Share $1.45 $0.74
COMMON SHARES
Basic Shares Outstanding 4.917M 5.008M
Diluted Shares Outstanding 4.936M 5.017M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.70M $34.10M
YoY Change 1.76% -21.61%
Cash & Equivalents $34.69M $34.12M
Short-Term Investments
Other Short-Term Assets $10.90M $9.000M
YoY Change 21.11% -23.73%
Inventory $99.69M $92.50M
Prepaid Expenses
Receivables $93.70M $83.40M
Other Receivables $1.000M $3.500M
Total Short-Term Assets $240.0M $222.5M
YoY Change 7.87% 0.72%
LONG-TERM ASSETS
Property, Plant & Equipment $145.4M $132.4M
YoY Change 9.82% 16.86%
Goodwill $28.84M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.50M $19.10M
YoY Change -13.61% 0.0%
Total Long-Term Assets $217.0M $190.8M
YoY Change 13.73% 14.8%
TOTAL ASSETS
Total Short-Term Assets $240.0M $222.5M
Total Long-Term Assets $217.0M $190.8M
Total Assets $457.0M $413.3M
YoY Change 10.57% 6.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.90M $28.50M
YoY Change 18.95% 10.89%
Accrued Expenses $40.00M $29.70M
YoY Change 34.68% -12.39%
Deferred Revenue
YoY Change
Short-Term Debt $12.90M $10.50M
YoY Change 22.86% 34.62%
Long-Term Debt Due $9.000M $3.300M
YoY Change 172.73% 120.88%
Total Short-Term Liabilities $97.70M $74.50M
YoY Change 31.14% 5.08%
LONG-TERM LIABILITIES
Long-Term Debt $37.40M $58.70M
YoY Change -36.29% 40.43%
Other Long-Term Liabilities $28.00M $25.80M
YoY Change 8.53% 14.67%
Total Long-Term Liabilities $65.40M $84.50M
YoY Change -22.6% 31.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.70M $74.50M
Total Long-Term Liabilities $65.40M $84.50M
Total Liabilities $165.9M $161.7M
YoY Change 2.6% 18.12%
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 $291.1M $251.5M
YoY Change
Total Liabilities & Shareholders Equity $457.0M $413.3M
YoY Change 10.57% 6.77%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $7.179M $3.698M
YoY Change 94.13% 102.74%
Depreciation, Depletion And Amortization $3.145M $3.360M
YoY Change -6.4% 7.01%
Cash From Operating Activities $13.24M -$3.055M
YoY Change -533.26% -709.78%
INVESTING ACTIVITIES
Capital Expenditures $3.469M $5.997M
YoY Change -42.15% 150.29%
Acquisitions $0.00 $0.00
YoY Change -100.0%
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$3.465M -$5.997M
YoY Change -42.22% -54.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $1.366M
YoY Change -100.0% 471.55%
Debt Paid & Issued, Net $27.11M $17.65M
YoY Change 53.56% 1.72%
Cash From Financing Activities -20.48M 5.711M
YoY Change -458.68% -48.71%
NET CHANGE
Cash From Operating Activities 13.24M -3.055M
Cash From Investing Activities -3.465M -5.997M
Cash From Financing Activities -20.48M 5.711M
Net Change In Cash -10.49M -5.146M
YoY Change 103.85% 3628.99%
FREE CASH FLOW
Cash From Operating Activities $13.24M -$3.055M
Capital Expenditures $3.469M $5.997M
Free Cash Flow $9.767M -$9.052M
YoY Change -207.9% 377.68%

Facts In Submission

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0
CY2021Q1 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
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
206183
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
60.49
CY2021Q1 us-gaap Common Stock Shares Held In Employee Trust Shares
CommonStockSharesHeldInEmployeeTrustShares
261781
CY2021Q1 us-gaap Foreign Currency Contract Asset Fair Value Disclosure
ForeignCurrencyContractAssetFairValueDisclosure
634000
CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
634000
CY2021Q1 plpc Deferred Compensation Liability Fair Value
DeferredCompensationLiabilityFairValue
7136000
CY2021Q1 us-gaap Foreign Currency Contracts Liability Fair Value Disclosure
ForeignCurrencyContractsLiabilityFairValueDisclosure
55000
CY2021Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
7191000
CY2020Q4 us-gaap Foreign Currency Contract Asset Fair Value Disclosure
ForeignCurrencyContractAssetFairValueDisclosure
359000
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
359000
CY2020Q4 plpc Deferred Compensation Liability Fair Value
DeferredCompensationLiabilityFairValue
7143000
CY2020Q4 us-gaap Foreign Currency Contracts Liability Fair Value Disclosure
ForeignCurrencyContractsLiabilityFairValueDisclosure
56000
CY2020Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
7199000
CY2021Q1 us-gaap Maximum Remaining Maturity Of Foreign Currency Derivatives1
MaximumRemainingMaturityOfForeignCurrencyDerivatives1
P90D
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
300000
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1100000
CY2021Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate
2021-01-01
CY2021Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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 – 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.  Recently issued ASUs that are not considered were assessed and determined to be not applicable in the current reporting period.  </p>
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
117553000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
102852000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3377000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1451000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
7179000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
3698000
CY2021Q1 us-gaap Assets
Assets
457003000
CY2020Q4 us-gaap Assets
Assets
461087000
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.32
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.28
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0
CY2021Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0
CY2020 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0
CY2020Q2 plpc Debt To Earnings Before Interest Taxes And Depreciation Ratio
DebtToEarningsBeforeInterestTaxesAndDepreciationRatio
2.25
CY2021Q1 us-gaap Line Of Credit
LineOfCredit
11500000
CY2021Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
53500000
CY2021Q1 plpc Long Term Letters Of Credit Outstanding
LongTermLettersOfCreditOutstanding
100000
CY2021Q1 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.
CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
698000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
709000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
103000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
16000
CY2021Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
8000
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000
CY2021Q1 us-gaap Lease Cost
LeaseCost
809000
CY2020Q1 us-gaap Lease Cost
LeaseCost
727000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0493
CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0414
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1801000
CY2021Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
306000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2188000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
215000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1532000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
126000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
738000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
79000
CY2021Q1 plpc Lessee Operating Lease Liability Payments Due Year Four And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFourAndThereafter
9801000
CY2021Q1 plpc Finance Lease Liability Payments Due Year Four And Thereafter
FinanceLeaseLiabilityPaymentsDueYearFourAndThereafter
86000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
16060000
CY2021Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
812000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5787000
CY2021Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
51000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10273000
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
761000
CY2021Q1 plpc Lessee Operating Sublease Lease Receivable Payments To Be Received
LesseeOperatingSubleaseLeaseReceivablePaymentsToBeReceived
2400000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
740000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2000
CY2021Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
8000
CY2020Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
730000
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
108000
CY2020Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
29000

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