Company Quick10K Filing
Preformed Line Products
Price53.62 EPS5
Shares5 P/E12
MCap274 P/FCF13
Net Debt14 EBIT31
TEV289 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-09
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-03-10
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-11
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-03-12
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-14
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-03-15
8-K 2020-10-30
8-K 2020-10-28
8-K 2020-08-06
8-K 2020-05-05
8-K 2020-05-01
8-K 2020-04-13
8-K 2020-04-09
8-K 2020-03-16
8-K 2020-03-06
8-K 2019-11-01
8-K 2019-08-02
8-K 2019-05-07
8-K 2019-05-03
8-K 2019-03-08
8-K 2018-12-31
8-K 2018-11-19
8-K 2018-11-08
8-K 2018-08-03
8-K 2018-05-08
8-K 2018-05-04
8-K 2018-03-09

PLPC 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 plpc-ex311_10.htm
EX-31.2 plpc-ex312_8.htm
EX-32.1 plpc-ex321_7.htm
EX-32.2 plpc-ex322_6.htm

Preformed Line Products Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
4303442581728602012201420172020
Assets, Equity
1209571472302012201420172020
Rev, G Profit, Net Income
20112-7-16-252012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                      

Commission file number: 0-31164

 

Preformed Line Products Company

(Exact Name of Registrant as Specified in Its Charter)

 

 

Ohio

 

34-0676895

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

660 Beta Drive

Mayfield Village, Ohio

 

44143

(Address of Principal Executive Office)

 

(Zip Code)

(440) 461-5200

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

The number of common shares outstanding as of October 26, 2020: 4,914,543.

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of exchange on which registered

Common stock, par value $2.00 per share

 

PLPC

 

NASDAQ

 

 


 

Table of Contents

 

 

 

 

 

Page

 

 

 

 

 

Part I - Financial Information

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

3

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

23

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

34

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

34

 

 

 

 

 

Part II - Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

35

 

 

 

 

 

Item 1A.

 

Risk Factors

 

35

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

35

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

36

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

36

 

 

 

 

 

Item 5.

 

Other Information

 

36

 

 

 

 

 

Item 6.

 

Exhibits

 

36

 

 

 

 

 

SIGNATURES

 

37

 

2


 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PREFORMED LINE PRODUCTS COMPANY

CONSOLIDATED BALANCE SHEETS

 

 

 

September 30, 2020

 

 

December 31, 2019

 

(Thousands of dollars, except share and per share data)

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

41,248

 

 

$

38,929

 

Accounts receivable, less allowances of $3,536 ($3,849 in 2019)

 

 

96,712

 

 

 

83,517

 

Inventories - net

 

 

94,315

 

 

 

95,718

 

Prepaids

 

 

8,336

 

 

 

6,921

 

Prepaid taxes

 

 

2,794

 

 

 

2,601

 

Other current assets

 

 

2,517

 

 

 

4,289

 

TOTAL CURRENT ASSETS

 

 

245,922

 

 

 

231,975

 

Property, plant and equipment - net

 

 

134,440

 

 

 

124,018

 

Operating lease, right-of-use assets

 

 

12,762

 

 

 

12,453

 

Intangibles - net

 

 

13,926

 

 

 

15,116

 

Goodwill

 

 

27,689

 

 

 

27,840

 

Deferred income taxes

 

 

6,515

 

 

 

7,564

 

Other assets

 

 

10,787

 

 

 

14,605

 

TOTAL ASSETS

 

$

452,041

 

 

$

433,571

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Trade accounts payable

 

$

30,299

 

 

$

28,282

 

Notes payable to banks

 

 

15,582

 

 

 

8,696

 

Operating lease liabilities, current

 

 

2,214

 

 

 

2,062

 

Current portion of long-term debt

 

 

7,198

 

 

 

3,354

 

Accrued compensation and amounts withheld from employees

 

 

17,764

 

 

 

11,817

 

Accrued expenses and other liabilities

 

 

14,931

 

 

 

16,718

 

Accrued profit-sharing and other benefits

 

 

6,484

 

 

 

7,213

 

Dividends payable

 

 

1,256

 

 

 

1,173

 

Income taxes payable

 

 

2,467

 

 

 

1,758

 

TOTAL CURRENT LIABILITIES

 

 

98,195

 

 

 

81,073

 

Long-term debt, less current portion

 

 

45,220

 

 

 

53,722

 

Unfunded pension obligation

 

 

4,384

 

 

 

5,278

 

Operating lease liabilities, non-current

 

 

8,528

 

 

 

8,246

 

Deferred income taxes

 

 

2,890

 

 

 

3,116

 

Other noncurrent liabilities

 

 

13,246

 

 

 

13,568

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common shares - $2 par value per share, 15,000,000 shares authorized, 4,914,543 and

   4,992,979 issued and outstanding, at September 30, 2020 and December 31, 2019,

   respectively

 

 

13,013

 

 

 

12,848

 

Common shares issued to rabbi trust, 265,508 and 267,641 shares at September 30, 2020

   and December 31, 2019, respectively

 

 

(10,940

)

 

 

(10,981

)

Deferred compensation liability

 

 

10,940

 

 

 

10,981

 

Paid-in capital

 

 

42,047

 

 

 

38,854

 

Retained earnings

 

 

377,384

 

 

 

353,292

 

Treasury shares, at cost, 1,592,027 and 1,431,235 shares at September 30, 2020 and

   December 31, 2019, respectively

 

 

(87,320

)

 

 

(79,106

)

Accumulated other comprehensive loss

 

 

(65,549

)

 

 

(57,353

)

TOTAL PREFORMED LINE PRODUCTS, COMPANY SHAREHOLDERS’ EQUITY

 

 

279,575

 

 

 

268,535

 

Noncontrolling interest

 

 

3

 

 

 

33

 

TOTAL SHAREHOLDERS’ EQUITY

 

 

279,578

 

 

 

268,568

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

452,041

 

 

$

433,571

 

 

See notes to consolidated financial statements (unaudited).

 

3


 

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED INCOME

(UNAUDITED)

 

 

 

Three Months Ended September 30

 

 

Nine Months Ended September 30

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(Amounts in thousands of dollars, except earnings per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

127,463

 

 

$

119,217

 

 

$

347,944

 

 

$

331,212

 

Cost of products sold

 

 

82,549

 

 

 

79,874

 

 

 

230,554

 

 

 

226,798

 

GROSS PROFIT

 

 

44,914

 

 

 

39,343

 

 

 

117,390

 

 

 

104,414

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling

 

 

8,884

 

 

 

9,410

 

 

 

26,228

 

 

 

26,868

 

General and administrative

 

 

14,037

 

 

 

13,275

 

 

 

39,903

 

 

 

38,486

 

Research and engineering

 

 

4,541

 

 

 

4,240

 

 

 

12,950

 

 

 

12,809

 

Other operating expense - net

 

 

562

 

 

 

775

 

 

 

1,969

 

 

 

1,447

 

 

 

 

28,024

 

 

 

27,700

 

 

 

81,050

 

 

 

79,610

 

OPERATING INCOME

 

 

16,890

 

 

 

11,643

 

 

 

36,340

 

 

 

24,804

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

36

 

 

 

211

 

 

 

226

 

 

 

613

 

Interest expense

 

 

(504

)

 

 

(735

)

 

 

(1,932

)

 

 

(1,688

)

Other income (expense) - net

 

 

998

 

 

 

138

 

 

 

1,775

 

 

 

306

 

 

 

 

530

 

 

 

(386

)

 

 

69

 

 

 

(769

)

INCOME BEFORE INCOME TAXES

 

 

17,420

 

 

 

11,257

 

 

 

36,409

 

 

 

24,035

 

Income tax expense

 

 

4,458

 

 

 

3,213

 

 

 

9,306

 

 

 

6,302

 

NET INCOME

 

$

12,962

 

 

$

8,044

 

 

$

27,103

 

 

$

17,733

 

Net income (loss) attributable to noncontrolling interests

 

 

(8

)

 

 

(93

)

 

 

30

 

 

 

(54

)

NET INCOME ATTRIBUTABLE TO PREFORMED

   LINE PRODUCTS COMPANY SHAREHOLDERS

 

$

12,954

 

 

$

7,951

 

 

$

27,133

 

 

$

17,679

 

AVERAGE NUMBER OF SHARES OF COMMON STOCK

   OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

4,917

 

 

 

5,024

 

 

 

4,963

 

 

 

5,039

 

Diluted

 

 

5,011

 

 

 

5,119

 

 

 

4,998

 

 

 

5,077

 

EARNINGS PER SHARE OF COMMON STOCK

   ATTRIBUTABLE TO PREFORMED LINE PRODUCTS

   COMPANY SHAREHOLDERS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.63

 

 

$

1.58

 

 

$

5.47

 

 

$

3.51

 

Diluted

 

$

2.59

 

 

$

1.55

 

 

$

5.43

 

 

$

3.48

 

 

See notes to consolidated financial statements (unaudited).

 

4


 

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

 

 

Three Months Ended September 30

 

 

Nine Months Ended September 30

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(Thousands of dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

12,962

 

 

$

8,044

 

 

$

27,103

 

 

$

17,733

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

2,949

 

 

 

(5,897

)

 

 

(8,460

)

 

 

(3,444

)

Recognized net actuarial gain (net of tax provision of $23 and $32 for the three months ended September 30, 2020 and 2019,  respectively).  Recognized net actuarial gain (net of tax provision of $84 and $95 for the nine months ended September 30, 2020 and 2019, respectively).

 

 

75

 

 

 

108

 

 

 

264

 

 

 

294

 

Other comprehensive (income) loss, net of tax

 

 

3,024

 

 

 

(5,789

)

 

 

(8,196

)

 

 

(3,150

)

Comprehensive (income) loss attributable to noncontrolling interests

 

 

(8

)

 

 

(93

)

 

 

30

 

 

 

(54

)

Comprehensive income attributable to Preformed Line Products Company shareholders

 

$

15,978

 

 

$

2,162

 

 

$

18,937

 

 

$

14,529

 

 

See notes to consolidated financial statements (unaudited).

 

5


 

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

(UNAUDITED)

 

 

 

Nine Months Ended September 30

 

 

 

2020

 

 

2019

 

(Thousands of dollars)

 

 

 

 

 

 

 

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

27,103

 

 

$

17,733

 

Adjustments to reconcile net income to net cash provided by (used in) operations:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

10,080

 

 

 

9,844

 

Provision for accounts receivable allowances

 

 

1,374

 

 

 

1,327

 

Provision for inventory reserves

 

 

1,718

 

 

 

1,288

 

Deferred income taxes

 

 

1,064

 

 

 

(1,503

)

Share-based compensation expense

 

 

3,046

 

 

 

3,344

 

Gain (loss) on sale of property and equipment

 

 

15

 

 

 

(47

)

Other - net

 

 

(9

)

 

 

(35

)

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(17,620

)

 

 

(12,865

)

Inventories

 

 

(27

)

 

 

(6,891

)

Trade accounts payable and accrued liabilities

 

 

9,555

 

 

 

11,591

 

Income taxes - net

 

 

864

 

 

 

1,880

 

Contributions to company pension plan

 

 

(330

)

 

 

0

 

Other - net

 

 

(3,276

)

 

 

(4,997

)

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

 

33,557

 

 

 

20,669

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(24,219

)

 

 

(21,950

)

Proceeds from the sale of property and equipment

 

 

0

 

 

 

48

 

Purchase of marketable securities

 

 

0

 

 

 

(496

)

Proceeds from marketable securities

 

 

0

 

 

 

2,309

 

Purchase of company owned life insurance policy

 

 

0

 

 

 

(2,309

)

Acquisition, net of cash acquired

 

 

0

 

 

 

(18,894

)

NET CASH USED IN INVESTING ACTIVITIES

 

 

(24,219

)

 

 

(41,292

)

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Increase (decrease) in notes payable to banks

 

 

8,642

 

 

 

(1,478

)

Proceeds from long-term debt

 

 

68,789

 

 

 

70,730

 

Payments of long-term debt

 

 

(72,693

)

 

 

(41,578

)

Dividends paid

 

 

(3,188

)

 

 

(3,226

)

Proceeds from issuance of common shares