EX-99.1 2 y01887exv99w1.htm EX-99.1

EX-99.1

Exhibit 99.1

Asia Pacific Wire & Cable Corporation Limited
Room B, 7th Fl., No. 132, Sec. 3, Min-Sheng East Road, Taipei, 105, Taiwan, ROC
Tel: (886) 2-2712-2558, Fax: (886) 2-2712-3557

FOR IMMEDIATE RELEASE

October 16, 2008

Contacts:
Asia Pacific Wire & Cable		Ling Yun Wu		(886) 2-2712-2558
		Samuel See		(65) 6663-2132
Mandelbaum Partners		Michael Mandelbaum		(310) 785-0810

ASIA PACIFIC WIRE & CABLE REPORTS FINANCIAL RESULTS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2008

NEW YORK, NY — October 16, 2008 — Asia Pacific Wire & Cable Corporation (OTCBB: AWRCF) (the “Company”) announced today its unaudited financial results for the six-month period ended June 30, 2008. The six-month results are unaudited and subject to subsequent adjustment.

The Company reported net sales of $273.9 million for the six-month period ended June 30, 2008, representing an increase of 15.6% over net sales of $236.9 million for the six-month period ended June 30, 2007. Copper and aluminum sales for the six-month period ended June 30, 2008 totaled 28,001 tons, an increase of 13.6% over the 24,654 tons recorded for the six-month period ended June 30, 2007. Net profit was $1.8 million, or $0.13 per share, for the six-month period ended June 30, 2008, an increase of 7.9% over net profit of $1.7 million, or $0.12 per share, for the six-month period ended June 30, 2007.

The Singapore, China and Australia operations each made significant contributions during the first six months of 2008, helping the Company realize year-over-year performance gains.

The Company also announced that during the first six months of 2008, Sigma Cable Company Private Limited, a subsidiary in Singapore, secured two key contracts from SP PowerAsset Limited, a Singapore government enterprise, worth a total of $113 million. The first is a $69 million supply contract for low-voltage power cables, and the second is a $44 million supply and installation contract for high-voltage power cables. The contracts are for the period from 2008 to 2010.

The Company anticipates several challenges in the near-term, including the impact of falling copper prices, the current worldwide financial and economic uncertainty, the political instability in Thailand, and the recent introduction in China of changes in labor policies and taxation of foreign-invested enterprises, which have particularly affected the Company’s enameled wire

business in Shenzhen. The Company is taking actions to address these challenges, including steps to reduce inventory, accounts receivables and operating costs across operations while continuing to offer quality products and premier services to maintain and expand its customer base and markets.

About Asia Pacific Wire & Cable

Asia Pacific Wire & Cable Corporation is a leading manufacturer of wire and cable products for the telecommunications, power and enameled wire industries in selected markets in the Asia Pacific region.

# # #

Except for statements of historical facts, this news release contains certain forward-looking statements about the Company. Such statements are subject to significant risks and uncertainties including changes in economic and market conditions, successful implementation of growth plans, and other risks noted in the Company’s SEC filings, which may cause actual results to differ materially.

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

		UNAUDITED
		(SUBJECT TO ADJUSTMENT)
		SIX-MONTH PERIOD ENDED JUNE 30,
(In thousand of US Dollars, except share data)		2008				2007
NET SALES
Manufactured products			252,118				229,390
Distributed products			10,867				5,884
Sales, delivery and installation of wires and cables			10,875				1,667
			273,860				236,941
COST OF SALES			(253,435	)			(217,711	)
GROSS PROFIT			20,425				19,230
Selling, general and administrative expenses			(16,166	)			(13,741	)
Provision for doubtful debts			(93	)			(1,985	)
INCOME FROM OPERATIONS			4,166				3,503
Exchange gain			1,358				2,426
Interest income			403				716
Interest expense			(2,825	)			(3,411	)
Share of net gain of equity investees			86				113
Other income			573				1,196
			3,761				4,543
INCOME BEFORE TAXES AND MINORITY INTERESTS
Income taxes			(2,254	)			(2,653	)
Minority interests			316				(200	)
NET INCOME			1,823				1,690
BASIC AND DILUTED INCOME PER SHARE			0.13				0.12
BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING			13,830,769				13,830,769

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2008

		UNAUDITED
		(SUBJECT TO ADJUSTMENT)
		JUNE 30,
(In thousand of US Dollars)		2008				2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			37,690				27,858
Unrestricted short-term bank deposits			6,574				3,077
Restricted short-term bank deposits			9,219				12,110
Accounts receivable			137,737				132,835
Amounts due from related parties			6,985				7,674
Inventories			97,854				105,379
Investments			2,343				276
Deferred tax assets			1,611				1,684
Prepaid expenses			4,743				12,428
Other current assets			3,303				2,282
Total current assets			308,059				305,603
PROPERTY, PLANT AND EQUIPMENT:
Land			5,016				5,235
Land use rights			1,951				1,753
Buildings			43,182				43,762
Machinery and equipment			103,094				108,510
Motor vehicles			3,193				3,297
Office equipment			10,392				9,523
Assets held for development			7,284				6,684
			174,112				178,764
Accumulated depreciation and amortization			(121,059	)			(121,712	)
Total property, plant and equipment			53,053				57,052
OTHER ASSETS:
Long term investments			584				610
Investment in equity investees			4,333				4,344
Goodwill			8,801				8,801
Other assets			905				733
Deferred tax assets			2,692				2,649
			17,315				17,137
TOTAL ASSETS			378,427				379,792

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2008

		UNAUDITED
		(SUBJECT TO ADJUSTMENT)
		JUNE 30,
(In thousand of US Dollars)		2008				2007
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Bank loans and overdrafts			90,061				101,035
Accounts payable			40,403				25,972
Accrued expenses			4,673				7,854
Amounts due to related parties			29,440				34,731
Short-term loans from a related party			1,974				2,646
Income taxes			5,654				7,035
Deferred income taxes			539				1,113
Other current liabilities			5,858				6,021
Total current liabilities			178,602				186,407
Other liabilities			1,292				1,248
Deferred income taxes			1,225				1,225
Total liabilities			181,119				188,880
Minority interests			59,446				63,413
SHAREHOLDERS’ EQUITY:
Common stock, $0.01 par value:
Authorized shares — 20,000,000 shares Issued and outstanding shares — 13,830,769 shares			138				138
Additional paid-in capital			111,541				111,541
Retained earnings			31,290				25,098
Accumulated other comprehensive loss			(5,107	)			(9,278	)
Total shareholders’ equity			137,862				127,499
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			378,427				379,792