APWC's Thai Subsidy Records FY2012 223% Net Income Growth
Stock Elevated to NASDAQ Global Market Effective February 15, 2013
TAIPEI, Taiwan, March 18, 2013 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (Nasdaq:APWC) ("APWC" or the "Company"), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, today announced that its Singapore-based, operating subsidiary, Sigma Cable Company, has been awarded in 2012 three new government contracts with a total contract value of approximately $62 million over a two year period. The Company has also announced it has met the requirements for listing on NASDAQ's Global Markets and has been trading on the elevated level of NASDAQ since February 15, 2013.
The three new contracts received from the Singapore government relate to Supply, Delivery and Installation (SDI) of low and mid voltage power cables. Sigma Cable, Asia Pacific Wire Company's Singapore subsidiary has begun work on these implementations which are expected to be completed between now and 2014.
Adding to Asia Pacific Wire's growth is the Company's 50.93%-owned and SET-listed Thai subsidy, Charoong Thai Wire and Cable (SET Ticker Symbol: CTW). CTW reported a gross margin improvement of 8.6% for the period ended December 31, 2012 and a 223% improvement in net income resulting from better operational efficiencies. As reported in 2011, Asia Pacific's Thai-subsidy recorded $186.0 million in sales, and accounted 39.4% of APWC revenues. Asia Pacific Wire Company will consolidate its majority ownership position of CTW financial results in the Company's year end 2012, 20-F filing expected to be filed in April of this year.
Separately, NASDAQ notified the Company that effective February 15, 2013, APWC's stock began trading on the NASDAQ Global Markets platform. The migration from NASDAQ's Capital Markets platform to its Global Markets platform is a function of APWC meeting NASDAQ's requirements for the migration, which includes liquidity requirements, operating history and a diversified shareholder list. There is no impact on existing shareholders from this change in trading platforms.
The Company believes that its developing SDI business in Singapore in addition to their continuing growth in China, Thailand and Australia should provide them the operating leverage needed to draw attention to APWC shares and its trajectory in US capital markets. Asia Pacific Wire Company remains eager to produce for its shareholders and has planned a more aggressive outreach campaign for 2013 with US and global investors in APWC shares.
About Asia Pacific Wire & Cable Corporation
Asia Pacific Wire & Cable Corporation 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 ("Distributed 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 ("SDI") of power cables to certain of its customers. For more information on the Company, visit http://www.apwcc.com. Information on the Company's Web site or any other Web site does not constitute a portion of this release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the Company, its business, and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes", "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
CONTACT: Company Contact: Asia Pacific Wire & Cable Corporation Limited Mr. Frank Tseng, CFO Phone: +886-2-2712-2558 ext. 66 E-mail: email@example.com www.apwcc.com Investor Relations Contact: MZ North America John Mattio, SVP Tel: +1-212-301-7130 Email: firstname.lastname@example.org www.mzgroup.usSource:Asia Pacific Wire & Cable