QualityStocks would like to highlight Asia Pacific Wire & Cable Corp. (NASDAQ: APWC). Asia Pacific Wire & Cable is principally engaged in the manufacture and distribution of telecommunications (copper and fiber optic) and power cable and enameled wire products in the Asia Pacific region, primarily in Thailand, China, Singapore and Australia. The Company manufactures and distributes its own wire and cable products and also distributes wire and cable products manufactured by its principal shareholder, Pacific Electric Wire & Cable Company, a Taiwanese company ("PEWC"). The Company also provides project engineering services in the supply, delivery and installation of power cables to certain of its customers.
In the company’s news Friday,
Asia Pacific Wire & Cable reported strong, unaudited consolidated results for the second quarter and first half ended June 30, 2011.
For the second quarter of 2011, APWC reported revenues of $148.7 million, up 40 percent compared to $106.0 million reported in the comparable quarter of 2010.
Gross profit increased 15 percent to $16.4 million compared to $14.2 million reported in the second quarter of 2010.
The company reported net income attributable to APWC shareholders at $2.4 million, or $0.17 per share, compared with $3.7 million, or $0.27 per share, in the same period a year ago.
Operating income decreased 1.6 percent to $6.8 million compared to the $7.0 million reported in the year-ago quarter.
For the first half of 2011, APWC reported revenues of $270.5 million, a 28 percent increase over the first six months of 2010.
Gross profit was $29.3 million in the first half, up 14 percent from $25.6 million reported in the first half of last year.
Operating income in the first half increased 4.5 percent to $12.7 million compared to $12.2 million in the year-ago period.
The company reported net income attributable to APWC shareholders for the first half of 2011 was $5.1 million, or $0.37 per share, compared to $7.4 million, or $0.54 per share, in the year-ago period.
As of June 30, 2011, APWC reported $75.5 million in cash and cash equivalents, and $1.0 million in unrestricted short-term bank deposits, totaling $76.5 million, compared to cash and equivalents of $63.2 million as of December 31, 2010. The company reported total current assets of $370.2 million as of June 30, 2011, compared to $329.5 million at the end of 2010; total current liabilities were $191.2 million as of June 30, 2011, compared to $158.8 million at the end of 2010.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
