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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 March 31, 2021

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 April 26, 2021: 4,912,959.

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

 

19

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

26

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

27

 

 

 

 

 

Part II - Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

28

 

 

 

 

 

Item 1A.

 

Risk Factors

 

28

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

29

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

29

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

29

 

 

 

 

 

Item 5.

 

Other Information

 

29

 

 

 

 

 

Item 6.

 

Exhibits

 

29

 

 

 

 

 

SIGNATURES

 

30

 

2


 

 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PREFORMED LINE PRODUCTS COMPANY

CONSOLIDATED BALANCE SHEETS

 

 

 

March 31, 2021

 

 

December 31, 2020

 

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

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

34,685

 

 

$

45,175

 

Accounts receivable, less allowances of $3,436 ($3,464 in 2020)

 

 

93,654

 

 

 

92,686

 

Inventories - net

 

 

99,694

 

 

 

97,537

 

Prepaids

 

 

7,642

 

 

 

15,289

 

Prepaid taxes

 

 

1,080

 

 

 

2,371

 

Other current assets

 

 

3,283

 

 

 

3,256

 

TOTAL CURRENT ASSETS

 

 

240,038

 

 

 

256,314

 

Property, plant and equipment - net

 

 

145,400

 

 

 

125,965

 

Operating lease, right-of-use assets

 

 

12,426

 

 

 

13,139

 

Intangibles - net

 

 

13,811

 

 

 

14,443

 

Goodwill

 

 

28,844

 

 

 

29,508

 

Deferred income taxes

 

 

5,459

 

 

 

10,863

 

Other assets

 

 

11,025

 

 

 

10,855

 

TOTAL ASSETS

 

$

457,003

 

 

$

461,087

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Trade accounts payable

 

$

33,945

 

 

$

31,646

 

Notes payable to banks

 

 

12,853

 

 

 

17,428

 

Operating lease liabilities, current

 

 

2,083

 

 

 

2,240

 

Current portion of long-term debt

 

 

9,033

 

 

 

5,216

 

Accrued compensation and amounts withheld from employees

 

 

16,823

 

 

 

14,736

 

Accrued expenses and other liabilities

 

 

18,001

 

 

 

17,508

 

Accrued profit-sharing and other benefits

 

 

3,104

 

 

 

8,252

 

Dividends payable

 

 

1,183

 

 

 

1,292

 

Income taxes payable

 

 

648

 

 

 

5,456

 

TOTAL CURRENT LIABILITIES

 

 

97,673

 

 

 

103,774

 

Long-term debt, less current portion

 

 

37,394

 

 

 

33,333

 

Unfunded pension obligation

 

 

5,522

 

 

 

5,826

 

Operating lease liabilities, non-current

 

 

8,190

 

 

 

8,743

 

Deferred income taxes

 

 

2,802

 

 

 

2,921

 

Other noncurrent liabilities

 

 

14,284

 

 

 

14,421

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common shares - $2 par value per share, 15,000,000 shares authorized, 4,912,959 and

   4,902,233 issued and outstanding, at March 31, 2021 and December 31, 2020,

   respectively

 

 

13,155

 

 

 

13,028

 

Common shares issued to rabbi trust, 261,781 and 265,508 shares at March 31, 2021

   and December 31, 2020, respectively

 

 

(10,820

)

 

 

(10,940

)

Deferred compensation liability

 

 

10,820

 

 

 

10,940

 

Paid-in capital

 

 

44,322

 

 

 

43,134

 

Retained earnings

 

 

385,184

 

 

 

379,035

 

Treasury shares, at cost, 1,664,517 and 1,611,927 shares at March 31, 2021 and

   December 31, 2020, respectively

 

 

(92,246

)

 

 

(88,568

)

Accumulated other comprehensive loss

 

 

(59,266

)

 

 

(54,551

)

TOTAL PREFORMED LINE PRODUCTS, COMPANY SHAREHOLDERS’ EQUITY

 

 

291,149

 

 

 

292,078

 

Noncontrolling interest

 

 

(11

)

 

 

(9

)

TOTAL SHAREHOLDERS’ EQUITY

 

 

291,138

 

 

 

292,069

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

457,003

 

 

$

461,087

 

 

See notes to consolidated financial statements (unaudited).

 

3


 

 

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED INCOME

(UNAUDITED)

 

 

 

Three Months Ended March 31

 

 

 

2021

 

 

2020

 

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

 

 

 

 

 

 

 

 

Net sales

 

$

117,553

 

 

$

102,852

 

Cost of products sold

 

 

77,361

 

 

 

69,942

 

GROSS PROFIT

 

 

40,192

 

 

 

32,910

 

Costs and expenses

 

 

 

 

 

 

 

 

Selling

 

 

9,601

 

 

 

8,905

 

General and administrative

 

 

14,394

 

 

 

13,434

 

Research and engineering

 

 

4,611

 

 

 

4,296

 

Other operating expense - net

 

 

818

 

 

 

1,122

 

 

 

 

29,424

 

 

 

27,757

 

OPERATING INCOME

 

 

10,768

 

 

 

5,153

 

Other income (expense)

 

 

 

 

 

 

 

 

Interest income

 

 

21

 

 

 

111

 

Interest expense

 

 

(463

)

 

 

(709

)

Other income - net

 

 

228

 

 

 

549

 

 

 

 

(214

)

 

 

(49

)

INCOME BEFORE INCOME TAXES

 

 

10,554

 

 

 

5,104

 

Income tax expense

 

 

3,377

 

 

 

1,451

 

NET INCOME

 

$

7,177

 

 

$

3,653

 

Net loss attributable to noncontrolling interests

 

 

2

 

 

 

45

 

NET INCOME ATTRIBUTABLE TO PREFORMED

   LINE PRODUCTS COMPANY SHAREHOLDERS

 

$

7,179

 

 

$

3,698

 

AVERAGE NUMBER OF SHARES OF COMMON STOCK

   OUTSTANDING:

 

 

 

 

 

 

 

 

Basic

 

 

4,917

 

 

 

5,008

 

Diluted

 

 

4,936

 

 

 

5,017

 

EARNINGS PER SHARE OF COMMON STOCK

   ATTRIBUTABLE TO PREFORMED LINE PRODUCTS

   COMPANY SHAREHOLDERS:

 

 

 

 

 

 

 

 

Basic

 

$

1.46

 

 

$

0.74

 

Diluted

 

$

1.45

 

 

$

0.74

 

 

See notes to consolidated financial statements (unaudited).

 

4


 

 

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

 

 

Three Months Ended March 31

 

 

 

2021

 

 

2020

 

(Thousands of dollars)

 

 

 

 

 

 

 

 

Net income

 

$

7,177

 

 

$

3,653

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(4,829

)

 

 

(16,881

)

Recognized net actuarial gain (net of tax provision of $35 and $31 for the three months ended March 31, 2021 and 2020,  respectively).

 

 

114

 

 

 

98

 

Other comprehensive loss, net of tax

 

 

(4,715

)

 

 

(16,783

)

Comprehensive loss attributable to noncontrolling interests

 

 

2

 

 

 

45

 

Comprehensive income (loss) attributable to Preformed Line Products Company shareholders

 

$

2,464

 

 

$

(13,085

)

 

See notes to consolidated financial statements (unaudited).

 

5


 

 

PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

(UNAUDITED)

 

 

 

Three Months Ended March 31

 

 

 

2021

 

 

2020

 

(Thousands of dollars)

 

 

 

 

 

 

 

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

7,177

 

 

$

3,653

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,145

 

 

 

3,357

 

Provision for accounts receivable allowances

 

 

390

 

 

 

424

 

Provision for inventory reserves

 

 

811

 

 

 

365

 

Deferred income taxes

 

 

4,921

 

 

 

1,163

 

Share-based compensation expense

 

 

1,034

 

 

 

976

 

Loss on sale of property and equipment

 

 

(16

)

 

 

0

 

Other - net

 

 

318

 

 

 

(364

)

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(3,114

)

 

 

(5,192

)

Inventories

 

 

(5,154

)

 

 

(3,481

)

Prepaid expenses

 

 

8,134

 

 

 

(1,409

)

Trade accounts payable and accrued liabilities

 

 

795

 

 

 

(2,112

)

Income taxes - net

 

 

(4,782

)

 

 

(328

)

Other - net

 

 

(423

)

 

 

(107

)

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

 

 

13,236

 

 

 

(3,055

)

INVESTING ACTIVITIES (1)

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(3,469

)

 

 

(5,997

)

Proceeds from the sale of property and equipment

 

 

4

 

 

 

0

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

(3,465

)

 

 

(5,997

)

FINANCING ACTIVITIES(1)

 

 

 

 

 

 

 

 

(Decrease) increase in notes payable to banks

 

 

(3,811

)

 

 

3,337

 

Proceeds from long-term debt

 

 

15,242

 

 

 

24,945

 

Payments of long-term debt

 

 

(27,106

)

 

 

(17,652

)

Dividends paid

 

 

(1,131

)

 

 

(1,175

)

Proceeds from issuance of common shares

 

 

0

 

 

 

236

 

Purchase of common shares for treasury

 

 

0

 

 

 

(1,602

)

Purchase of common shares for treasury from related parties

 

 

(3,678

)

 

 

(2,378

)

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES

 

 

(20,484

)

 

 

5,711

 

Effects of exchange rate changes on cash and cash equivalents

 

 

223

 

 

 

(1,805

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(10,490

)

 

 

(5,146

)

Cash, cash equivalents and restricted cash at beginning of year

 

 

45,175

 

 

 

39,263

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF

     PERIOD

 

$

34,685

 

 

$

34,117

 

 

(1) Non-cash investing and financing activities:  The Company purchased a new corporate aircraft during the period ended March 31, 2021 with a term loan in the principal amount of $20.5 million.  For further information regarding this transaction, refer to Note P, “Debt Arrangements.

 

See notes to consolidated financial statements (unaudited).

 

6


 

 

PREFORMED LINE PRODUCTS COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(In thousands, except share and per share data, unless specifically noted)

NOTE A – BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Preformed Line Products Company and subsidiaries (the “Company” or “PLPC”) have been prepared in accordance with United States of America (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.

The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from these estimates. In the opinion of management, these consolidated financial statements contain all estimates and adjustments, consisting of normal recurring accruals, required to fairly present the financial position, results of operations, and cash flows for the interim periods. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2021.

Noncontrolling interests are presented in the Company’s consolidated financial statements as if parent company investors (controlling interests) and other minority investors (noncontrolling interests) in partially-owned subsidiaries have similar economic interests in a single entity. As a result, investments in noncontrolling interests are reported as equity in the Company’s consolidated financial statements. Additionally, the Company’s consolidated financial statements include 100% of a controlled subsidiary’s earnings, rather than only its share. Transactions between the parent company and noncontrolling interests are reported in equity as transactions between stockholders, provided that these transactions do not create a change in control.

The Consolidated Balance Sheet at December 31, 2020 has been derived from the audited consolidated financial statements but does not include all of the information and notes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes to consolidated financial statements included in the Company’s 2020 Annual Report on Form 10-K filed on March 5, 2021 with the Securities and Exchange Commission. 

NOTE B – REVENUE

Revenue recognition

 

Net sales include products and shipping and handling charges, net of estimates for product returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. All revenue is recognized when the Company satisfies the performance obligations under the contract and control of the product is transferred to the customer, primarily based on shipping terms. Revenue for shipping and handling charges are recognized at the time the products are shipped to, delivered to or picked up by the customer. The Company estimates product returns based on historical return rates.

 

Disaggregated revenue

 

The Company’s revenues by segment and product type are as follows:

 

 

 

Three Months Ended March 31, 2021

 

Product Type

 

PLP-USA

 

 

The Americas

 

 

EMEA

 

Asia-Pacific

 

Consolidated

 

Energy

 

 

57

%

 

 

74

%

 

 

60

%

 

72

%

 

63

%

Communications

 

 

38

 

 

 

22

 

 

 

33

 

 

5

 

 

29

 

Special Industries

 

 

5

 

 

 

4

 

 

 

7

 

 

23

 

 

8

 

Total

 

 

100

%

 

 

100

%

 

 

100

%

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

Product Type

 

PLP-USA

 

 

The Americas

 

 

EMEA

 

Asia-Pacific

 

Consolidated

 

Energy

 

 

64

%

 

 

71

%

 

 

62

%

 

74

%

 

66

%

Communications

 

 

30

 

 

 

22

 

 

 

30

 

 

4

 

 

24

 

Special Industries

 

 

6

 

 

 

7

 

 

 

8

 

 

22

 

 

10

 

Total

 

 

100

%

 

 

100

%

 

 

100

%

 

100

%

 

100

%

7


 

 

 

NOTE C – OTHER FINANCIAL STATEMENT INFORMATION

Inventories – net

 

 

 

March 31,

2021

 

 

December 31,

2020

 

Raw materials

 

$

55,150

 

 

$

53,947

 

Work-in-process

 

 

9,251

 

 

 

9,272

 

Finished Goods

 

 

40,315

 

 

 

38,801

 

 

 

 

104,716

 

 

 

102,020

 

Excess of current cost over LIFO cost

 

 

(5,022

)

 

 

(4,483

)

  Net Inventory

 

$

99,694

 

 

$

97,537

 

 

Cost of inventories for certain material is determined using the last-in-first-out (LIFO) method and totaled approximately $32.1 million at March 31, 2021 and $32.0 million at December 31, 2020.  An actual valuation of inventories under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.  During the three-month periods ended March 31, 2021 and 2020, the net change in LIFO inventories resulted in expense of $.5 million and $.2 million, respectively, to Income before income taxes.

Property, plant and equipment—net

Major classes of Property, plant and equipment are stated at cost and were as follows:

 

 

 

March 31,

2021

 

 

December 31,

2020

 

Land and improvements

 

$

21,507

 

 

$

22,132

 

Buildings and improvements

 

 

99,366

 

 

 

97,909

 

Machinery, equipment and aircraft

 

 

195,897

 

 

 

176,377

 

Construction in progress

 

 

9,348

 

 

 

9,563

 

 

 

 

326,118

 

 

 

305,981

 

Less accumulated depreciation

 

 

(180,718

)

 

 

(180,016

)

 

 

$

145,400

 

 

$

125,965

 

 

Legal proceedings

The Company can be party to a variety of pending legal proceedings and claims arising in the normal course of business, including, but not limited to, litigation relating to employment, workers’ compensation, product liability, environmental and intellectual property. The Company has liability insurance to cover many of these claims.  

Although the outcomes of these matters are not predictable with certainty, the Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In the event the Company determines that a loss is not probable, but is reasonably possible, and the likelihood to develop what the Company believes to be a reasonable range of potential loss exists, the Company will include disclosure related to such matters.  To the extent that there is a reasonable possibility the losses could exceed amounts already accrued, the Company will adjust the accrual in the period in which the determination is made, disclose an estimate of the additional loss or range of loss and if the amount of such adjustment cannot be reasonably estimated, disclose that an estimate cannot be made.  During the year ended December 31, 2020, the Company accrued approximately $2.2 million representing its best estimate for losses to be incurred on a variety of global legal matters.  The accrual remained unchanged at $2.2 million at March 31, 2021.

The Company and its subsidiaries Helix Uniformed Ltd. (“Helix”) and Preformed Line Products (Canada) Limited (“PLPC Canada”), were each named, jointly and severally, with each of SNC-Lavalin ATP, Inc. (“SNC ATP”), HD Supply Canada Inc., by its trade names HD Supply Power Solutions and HD Supply Utilities (“HD Supply”), and Anixter Power Solutions Canada Inc. (the corporate successor to HD Supply), “Anixter” and, together with the Company, PLPC Canada, Helix, SNC ATP and HD Supply, the (“Defendants”) in a complaint filed by Altalink, L.P. (the “Plaintiff”) in the Court of Queen’s Bench of Alberta in Alberta, Canada in November 2016 (the “Complaint”).

8


 

The Complaint states that Plaintiff engaged SNC ATP to design, engineer, procure and construct numerous power distribution and transmission facilities in Alberta (the “Projects”) and that through SNC ATP and HD Supply (now Anixter), spacer dampers manufactured by Helix were procured and installed in the Projects.  The Complaint alleges that the spacer dampers have and may continue to become loose, open and detach from the conductors, resulting in damage and potential injury and a failure to perform the intended function of providing spacing and damping to the Project.  The Plaintiffs are seeking an estimated $56.0 million Canadian dollars in damages jointly and severally from the Defendants, representing the costs of monitoring and replacing the spacer dampers and remediating property damage, due to alleged defects in the design and construction of, and supply of materials for, the Projects by SNC ATP and HD Supply/Anixter and in the design of the spacer dampers by Helix.    

The Company believes the claims against it are without merit and intends to vigorously defend against such claims. The Company is unable to predict the outcome of this case, however, it has recorded a reserve for the low end of the range for potential loss associated with this matter.  If this matter is concluded in a manner adverse to the Company, it could have a material effect on the Company’s financial results. 

The Company is not a party to any other pending legal proceedings that the Company believes would, individually or in the aggregate, have a material adverse effect on its financial condition, results of operations or cash flows.

NOTE D – SHAREHOLDERS EQUITY

The following table reflects the changes in shareholders equity for the three months ended March 31, 2021 and 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Other

Comprehensive Income

(Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common

Shares

 

 

Common

Shares

Issued to

Rabbi Trust

 

 

Deferred

Compensation Liability

 

 

Paid in

Capital

 

 

Retained

Earnings

 

 

Treasury

Shares

 

 

Cumulative

Translation

Adjustment

 

 

Unrecognized

Pension

Benefit Cost

 

 

Total

Preformed

Line

Products

Company

Equity

 

 

Noncontrolling

Interests

 

 

Total

Equity

 

 

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

$

13,028

 

 

$

(10,940

)

 

$

10,940

 

 

$

43,134

 

 

$

379,035

 

 

$

(88,568

)

 

$

(47,847

)

 

$

(6,704

)

 

$

292,078

 

 

$

(9

)

 

$

292,069

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,179

 

 

 

(2

)

 

 

7,177

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,829

)

 

 

 

 

 

 

(4,829

)

 

 

 

 

 

 

(4,829

)

Recognized net actuarial gain, net of tax provision of $35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

114

 

 

 

114

 

 

 

 

 

 

 

114

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,464

 

 

 

(2

)

 

 

2,462

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,034

 

 

 

(40

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

994

 

 

 

 

 

 

 

994

 

Purchase of 52,590 common shares