##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2011
    
    Commission file number: 0-31164
 Preformed Line Products Company
  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)
 (Registrants telephone number, including area code)
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ




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Table of Contents
 PagePart I  Financial InformationItem 1. Financial Statements
    
    
    3Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    16Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    23Item 4. Controls and Procedures
    
    
    24Part II  Other InformationItem 1. Legal Proceedings
    
    
    24Item 1A. Risk Factors
    
    
    24Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    24Item 3. Defaults Upon Senior Securities
    
    
    24Item 4. (Removed and Reserved)
    
    
    24Item 5. Other Information
    
    
    24Item 6. Exhibits
    
    
    25SIGNATURES
    
    
    26Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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PART I  FINANCIAL INFORMATION
 
 ITEM 1.
    
    FINANCIAL STATEMENTS
 PREFORMED LINE PRODUCTS COMPANY
 CONSOLIDATED BALANCE SHEETS
 (UNAUDITED)
 March 31
    
    
    December 31Thousands of dollars, except share and per share data
    
    2011
    
    
    2010ASSETSCash and cash equivalents
    
    $
    24,146
    
    
    $
    22,655Accounts receivable, less allowances of $1,511 ($1,213 in 2010)
    
    
    62,294
    
    
    
    56,102Inventories  net
    
    
    81,114
    
    
    
    73,121Deferred income taxes
    
    
    5,974
    
    
    
    4,784Prepaids
    
    
    8,638
    
    
    
    6,923Prepaid taxes
    
    
    2,060
    
    
    
    2,146Other current assets
    
    
    1,959
    
    
    
    1,611TOTAL CURRENT ASSETS
    
    
    186,185
    
    
    
    167,342Property and equipment  net
    
    
    77,987
    
    
    
    76,266Patents and other intangibles  net
    
    
    12,407
    
    
    
    12,735Goodwill
    
    
    12,388
    
    
    
    12,346Deferred income taxes
    
    
    2,882
    
    
    
    3,615Other assets
    
    
    10,014
    
    
    
    8,675TOTAL ASSETS
    
    $
    301,863
    
    
    $
    280,979LIABILITIES AND SHAREHOLDERS EQUITYNotes payable to banks
    
    $
    3,584
    
    
    $
    1,246Current portion of long-term debt
    
    
    1,258
    
    
    
    1,276Trade accounts payable
    
    
    27,710
    
    
    
    27,001Accrued compensation and amounts withheld from employees
    
    
    12,419
    
    
    
    9,848Accrued expenses and other liabilities
    
    
    9,772
    
    
    
    9,088Accrued profit-sharing and other benefits
    
    
    2,618
    
    
    
    4,464Dividends payable
    
    
    1,101
    
    
    
    1,087Income taxes payable and deferred income taxes
    
    
    4,254
    
    
    
    2,548TOTAL CURRENT LIABILITIES
    
    
    62,716
    
    
    
    56,558Long-term debt, less current portion
    
    
    14,798
    
    
    
    9,374Unfunded pension obligation
    
    
    9,681
    
    
    
    9,473Income taxes payable, noncurrent
    
    
    1,772
    
    
    
    1,768Deferred income taxes
    
    
    3,567
    
    
    
    3,606Other noncurrent liabilities
    
    
    4,811
    
    
    
    4,735SHAREHOLDERS EQUITYPLPC Shareholders equity:Common stock  $2 par value per share, 15,000,000 shares authorized,
5,272,804 and 5,270,977 issued and outstanding, net of 586,746 and
586,746 treasury shares at par, respectively
    
    
    10,546
    
    
    
    10,542Common shares issued to rabbi trust
    
    
    (1,220
    )
    
    
    (1,200
    )Paid in capital
    
    
    9,514
    
    
    
    8,748Retained earnings
    
    
    189,957
    
    
    
    184,060Accumulated other comprehensive loss
    
    
    (3,447
    )
    
    
    (6,010
    )TOTAL PLPC SHAREHOLDERS EQUITY
    
    
    205,350
    
    
    
    196,140Noncontrolling interest
    
    
    (832
    )
    
    
    (675
    )TOTAL SHAREHOLDERS EQUITY
    
    
    204,518
    
    
    
    195,465TOTAL LIABILITIES AND
SHAREHOLDERS EQUITY
    
    $
    301,863
    
    
    $
    280,979
 See notes to consolidated financial statements (unaudited).
  3




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PREFORMED LINE PRODUCTS COMPANY
 STATEMENTS OF CONSOLIDATED INCOME
 (UNAUDITED)
 Three month periods ended March 312011
    
    
    2010(Thousands, except per share data)Net sales
    
    $
    95,088
    
    
    $
    68,908Cost of products sold
    
    
    62,697
    
    
    
    48,883GROSS PROFIT
    
    
    32,391
    
    
    
    20,025Costs and expensesSelling
    
    
    8,036
    
    
    
    6,502General and administrative
    
    
    10,962
    
    
    
    9,478Research and engineering
    
    
    3,362
    
    
    
    2,859Other operating expense (income)
    
    
    (94
    )
    
    
    (145
    )22,266
    
    
    
    18,694OPERATING INCOME
    
    
    10,125
    
    
    
    1,331Other income (expense)Interest income
    
    
    151
    
    
    
    83Interest expense
    
    
    (211
    )
    
    
    (170
    )Other income
    
    
    184
    
    
    
    351124
    
    
    
    264INCOME BEFORE INCOME TAXES
    
    
    10,249
    
    
    
    1,595Income taxes
    
    
    3,395
    
    
    
    561NET INCOME
    
    
    6,854
    
    
    
    1,034Net loss attributable to
noncontrolling interest, net
of tax
    
    
    (144
    )
    
    
    (98
    )NET INCOME ATTRIBUTABLE TO PLPC
    
    $
    6,998
    
    
    $
    1,132BASIC EARNINGS PER SHARENet income attributable to PLPC common shareholders
    
    $
    1.33
    
    
    $
    0.22DILUTED EARNINGS PER SHARENet income attributable to PLPC common shareholders
    
    $
    1.30
    
    
    $
    0.21Cash dividends declared per share
    
    $
    0.20
    
    
    $
    0.20Weighted-average number of shares outstanding  basic
    
    
    5,272
    
    
    
    5,252Weighted-average number of shares outstanding  diluted
    
    
    5,400
    
    
    
    5,403
 See notes to consolidated financial statements (unaudited).
  4




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PREFORMED LINE PRODUCTS COMPANY
 STATEMENTS OF CONSOLIDATED CASH FLOWS
 (UNAUDITED)
 Three month periods ended March 312011
    
    
    2010(Thousands of dollars)OPERATING ACTIVITIESNet income
    
    $
    6,854
    
    
    $
    1,034Adjustments to reconcile net income to net cash (used in) provided by operations:Depreciation and amortization
    
    
    2,521
    
    
    
    2,057Provision for accounts receivable allowances
    
    
    335
    
    
    
    124Provision for inventory reserves
    
    
    493
    
    
    
    513Deferred income taxes
    
    
    (517
    )
    
    
    (334
    )Share-based compensation expense
    
    
    645
    
    
    
    606Excess tax benefits from share-based awards
    
    
    (47
    )
    
    
    Net investment in life insurance
    
    
    (9
    )
    
    
    (13
    )Other  net
    
    
    (60
    )
    
    
    (19
    )Changes in operating assets and liabilities:Accounts receivable
    
    
    (5,977
    )
    
    
    313Inventories
    
    
    (8,902
    )
    
    
    (1,674
    )Trade accounts payables and accrued liabilities
    
    
    1,373
    
    
    
    736Income taxes payable
    
    
    1,721
    
    
    
    (1,348
    )Other  net
    
    
    (1,372
    )
    
    
    (1,208
    )NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
    
    
    (2,942
    )
    
    
    787INVESTING ACTIVITIESCapital expenditures
    
    
    (2,358
    )
    
    
    (3,774
    )Proceeds from the sale of property and equipment
    
    
    113
    
    
    
    100Restricted cash
    
    
    (198
    )
    
    
    NET CASH USED IN INVESTING ACTIVITIES
    
    
    (2,443
    )
    
    
    (3,674
    )FINANCING ACTIVITIESIncrease in notes payable to banks
    
    
    7,847
    
    
    
    655Proceeds from the issuance of long-term debt
    
    
    
    
    
    
    5,209Payments of long-term debt
    
    
    (199
    )
    
    
    (935
    )Dividends paid
    
    
    (1,087
    )
    
    
    (1,092
    )Excess tax benefits from share-based awards
    
    
    47
    
    
    
    Proceeds from issuance of common shares
    
    
    79
    
    
    
    77Purchase of common shares for treasury
    
    
    
    
    
    
    (23
    )NET CASH PROVIDED BY FINANCING ACTIVITIES
    
    
    6,687
    
    
    
    3,891Effects of exchange rate changes on cash and cash equivalents
    
    
    189
    
    
    
    (350
    )Net increase in cash and cash equivalents
    
    
    1,491
    
    
    
    654Cash and cash equivalents at beginning of year
    
    
    22,655
    
    
    
    24,097CASH AND CASH EQUIVALENTS AT END OF PERIOD
    
    $
    24,146
    
    
    $
    24,751
 See notes to consolidated financial statements (unaudited).
  5




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PREFORMED LINE PRODUCTS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
 In thousands, except share and per share data, unless specifically noted
     Reclassifications
   Inventories  net
 March 31
    
    
    December 312011
    
    
    2010Finished products
    
    $
    39,504
    
    
    $
    34,580Work-in-process
    
    
    6,102
    
    
    
    5,830Raw materials
    
    
    44,675
    
    
    
    40,66790,281
    
    
    
    81,077Excess of current cost over LIFO cost
    
    
    (4,771
    )
    
    
    (4,801
    )Noncurrent portion of inventory
    
    
    (4,396
    )
    
    
    (3,155
    )$
    81,114
    
    
    $
    73,121
   6




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Property and equipment  net
  March 31
    
    
    December 312011
    
    
    2010Land and improvements
    
    $
    7,610
    
    
    $
    7,467Buildings and improvements
    
    
    56,602
    
    
    
    55,766Machinery and equipment
    
    
    121,118
    
    
    
    117,758Construction in progress
    
    
    5,346
    
    
    
    4,949190,676
    
    
    
    185,940Less accumulated depreciation
    
    
    112,689
    
    
    
    109,674$
    77,987
    
    
    $
    76,266
 Comprehensive income (loss)
  PLPC
    
    
    Noncontrolling interest
    
    
    TotalThree month period
    
    
    Three month period
    
    
    Three month periodended March 31
    
    
    ended March 31
    
    
    ended March 312011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011
    
    
    2010Net income (loss)
    
    $
    6,998
    
    
    $
    1,132
    
    
    $
    (144
    )
    
    $
    (98
    )
    
    $
    6,854
    
    
    $
    1,034Other comprehensive income (loss), net of tax:Foreign currency translation adjustments
    
    
    2,511
    
    
    
    (170
    )
    
    
    (13
    )
    
    
    (16
    )
    
    
    2,498
    
    
    
    (186
    )Recognized net actuarial gain, net of
tax
    
    
    52
    
    
    
    58
    
    
    
    
    
    
    
    
    
    
    
    52
    
    
    
    58Total other comprehensive income (loss), net of tax
    
    
    2,563
    
    
    
    (112
    )
    
    
    (13
    )
    
    
    (16
    )
    
    
    2,550
    
    
    
    (128
    )Comprehensive income (loss)
    
    $
    9,561
    
    
    $
    1,020
    
    
    $
    (157
    )
    
    $
    (114
    )
    
    $
    9,404
    
    
    $
    906
 Legal proceedings
   7




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Three month period ended March 312011
    
    
    2010Service cost
    
    $
    230
    
    
    $
    223Interest cost
    
    
    327
    
    
    
    322Expected return on plan assets
    
    
    (272
    )
    
    
    (240
    )Recognized net actuarial loss
    
    
    83
    
    
    
    91Net periodic benefit cost
    
    $
    368
    
    
    $
    396
     For the three month period ended March 312011
    
    
    2010NumeratorNet income attributable to PLPC
    
    $
    6,998
    
    
    $
    1,132DenominatorDetermination of sharesWeighted-average common shares outstanding
    
    
    5,272
    
    
    
    5,252Dilutive effect  share-based awards
    
    
    128
    
    
    
    151Diluted weighted-average common shares
outstanding
    
    
    5,400
    
    
    
    5,403Earnings per common share attributable to PLPC
shareholdersBasic
    
    $
    1.33
    
    
    $
    0.22Diluted
    
    $
    1.30
    
    
    $
    0.21
   8




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March 31, 2011
    
    
    December 31, 2010Gross Carrying
    
    
    Accumulated
    
    
    Gross Carrying
    
    
    AccumulatedAmount
    
    
    Amortization
    
    
    Amount
    
    
    AmortizationFinite-lived intangible assetsPatents
    
    $
    4,830
    
    
    $
    (3,601
    )
    
    $
    4,829
    
    
    $
    (3,524
    )Land use rights
    
    
    1,399
    
    
    
    (84
    )
    
    
    1,346
    
    
    
    (77
    )Tradename
    
    
    962
    
    
    
    (203
    )
    
    
    967
    
    
    
    (156
    )Customer backlog
    
    
    493
    
    
    
    (461
    )
    
    
    499
    
    
    
    (363
    )Technology
    
    
    1,762
    
    
    
    (53
    )
    
    
    1,783
    
    
    
    (37
    )Customer relationships
    
    
    8,523
    
    
    
    (1,160
    )
    
    
    8,519
    
    
    
    (1,051
    )$
    17,969
    
    
    $
    (5,562
    )
    
    $
    17,943
    
    
    $
    (5,208
    )Indefinite-lived intangible
assets
Goodwill
    
    $
    12,388
    
    
    
    
    
    
    $
    12,346
    The Americas
    
    
    EMEA
    
    
    Asia-Pacific
    
    
    TotalBalance at January 1, 2011
    
    $
    3,078
    
    
    $
    1,177
    
    
    $
    8,091
    
    
    $
    12,346Currency translation
    
    
    
    
    
    
    61
    
    
    
    (19
    )
    
    
    42Balance at March 31, 2011
    
    $
    3,078
    
    
    $
    1,238
    
    
    $
    8,072
    
    
    $
    12,388
  9




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The 1999 Stock Option Plan
     WeightedWeighted
    
    
    AverageAverage
    
    
    Remaining
    
    
    AggregateNumber of
    
    
    Exercise Price
    
    
    Contractual
    
    
    IntrinsicShares
    
    
    per Share
    
    
    Term (Years)
    
    
    ValueOutstanding at January 1, 2011
    
    
    72,057
    
    
    $
    35.89Granted
    
    
    
    
    
    
    Exercised
    
    
    (1,500
    )
    
    $
    39.10Forfeited
    
    
    (125
    )
    
    $
    15.00Outstanding (vested and expected
to vest) at March 31, 2011
    
    
    70,432
    
    
    $
    35.86
    
    
    
    5.1
    
    
    $
    2,346Exercisable at March 31, 2011
    
    
    62,932
    
    
    $
    34.83
    
    
    
    4.7
    
    
    $
    2,161
    Long Term Incentive Plan of 2008
  Restricted Share Awards
    10




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##### Table of Contents



Restricted Share AwardsPerformance
    
    
    
    
    
    
    Total
    
    
    Weighted-Averageand Service
    
    
    Service
    
    
    Restricted
    
    
    Grant-DateRequired
    
    
    Required
    
    
    Awards
    
    
    Fair ValueNonvested as of January 1, 2011
    
    
    142,955
    
    
    
    19,778
    
    
    
    162,733
    
    
    $
    33.14Granted
    
    
    61,594
    
    
    
    6,775
    
    
    
    68,369
    
    
    
    39.92Vested
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Forfeited
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Nonvested as of March 31, 2011
    
    
    204,549
    
    
    
    26,553
    
    
    
    231,102
    
    
    $
    35.15
      Deferred Compensation Plan
   11




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Share Option Awards
     WeightedWeighted
    
    
    AverageAverage
    
    
    Remaining
    
    
    AggregateNumber of
    
    
    Exercise Price
    
    
    Contractual
    
    
    IntrinsicShares
    
    
    per Share
    
    
    Term (Years)
    
    
    ValueOutstanding at January 1, 2011
    
    
    20,500
    
    
    $
    44.94Granted
    
    
    
    
    
    $
    0.00Exercised
    
    
    
    
    
    $
    0.00Forfeited
    
    
    
    
    
    $
    0.00Outstanding (vested and expected
to vest) at March 31, 2011
    
    
    20,500
    
    
    $
    44.94
    
    
    
    9.1
    
    
    $
    497Exercisable at March 31, 2011
    
    
    5,500
    
    
    $
    38.76
    
    
    
    8.8
    
    
    
    167
    12




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
    
    Level 1  Valuations based on quoted prices in active markets for identical
instruments that the Company is able to access. Since valuations are based on
quoted prices that are readily and regularly available in an active market,
valuation of these products does not entail a significant degree of judgment.
 
    
    Level 2  Valuations based on quoted prices in active markets for instruments
that are similar, or quoted prices in markets that are not active for identical or
similar instruments, and model-derived valuations in which all significant inputs
and significant value drivers are observable in active markets.
 
    
    Level 3  Valuations based on inputs that are unobservable and significant to
the overall fair value measurement.
  March 31, 2011
    
    
    December 31, 2010Fair Value
    
    
    Carrying Value
    
    
    Fair Value
    
    
    Carrying ValueLong-term debt and
related current
maturities
    
    $
    16,136
    
    
    $
    16,056
    
    
    $
    10,738
    
    
    $
    10,650
      13




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14




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Three month period ended March 312011
    
    
    2010Net salesPLP-USA
    
    $
    31,937
    
    
    $
    26,481The Americas
    
    
    20,539
    
    
    
    15,186EMEA
    
    
    15,279
    
    
    
    11,267Asia-Pacific
    
    
    27,333
    
    
    
    15,974Total net sales
    
    $
    95,088
    
    
    $
    68,908Intersegment salesPLP-USA
    
    $
    2,291
    
    
    $
    1,122The Americas
    
    
    2,081
    
    
    
    1,859EMEA
    
    
    417
    
    
    
    480Asia-Pacific
    
    
    3,218
    
    
    
    1,454Total intersegment sales
    
    $
    8,007
    
    
    $
    4,915Income taxesPLP-USA
    
    $
    1,340
    
    
    $
    (428
    )The Americas
    
    
    640
    
    
    
    357EMEA
    
    
    541
    
    
    
    243Asia-Pacific
    
    
    874
    
    
    
    389Total income taxes
    
    $
    3,395
    
    
    $
    561Net incomePLP-USA
    
    $
    1,988
    
    
    $
    (1,029
    )The Americas
    
    
    1,334
    
    
    
    819EMEA
    
    
    1,491
    
    
    
    1,095Asia-Pacific
    
    
    2,041
    
    
    
    149Total net income
    
    
    6,854
    
    
    
    1,034Income (loss) attributable to
noncontrolling interest, net of tax
    
    
    (144
    )
    
    
    (98
    )Net income attributable to PLPC
    
    $
    6,998
    
    
    $
    1,132
 March 31
    
    
    December 312011
    
    
    2010AssetsPLP-USA
    
    $
    72,694
    
    
    $
    67,268The Americas
    
    
    65,826
    
    
    
    61,358EMEA
    
    
    49,086
    
    
    
    44,526Asia-Pacific
    
    
    113,921
    
    
    
    107,481301,527
    
    
    
    280,633Corporate assets
    
    
    336
    
    
    
    346Total assets
    
    $
    301,863
    
    
    $
    280,979
      15




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##### Table of Contents



ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  
    
    Overview
    
    Recent Developments
    
    Preface
    
    Results of Operations
    
    Application of Critical Accounting Policies and Estimates
    
    Working Capital, Liquidity and Capital Resources
    
    Recently Adopted Accounting Pronouncements
    
    Recently Issued Accounting Pronouncements
        16




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Preface
  2011 Results of Operations compared to 2010
  Three month period ended March 31Thousands of dollars
    
    2011
    
    
    2010
    
    
    ChangeNet sales
    
    $
    95,088
    
    
    
    100
    %
    
    $
    68,908
    
    
    
    100
    %
    
    $
    26,180Cost of products sold
    
    
    62,697
    
    
    
    66
    %
    
    
    48,883
    
    
    
    71
    %
    
    
    13,814GROSS PROFIT
    
    
    32,391
    
    
    
    34
    %
    
    
    20,025
    
    
    
    29
    %
    
    
    12,366Costs and expenses
    
    
    22,266
    
    
    
    23
    %
    
    
    18,694
    
    
    
    27
    %
    
    
    3,572OPERATING INCOME
    
    
    10,124
    
    
    
    11
    %
    
    
    1,331
    
    
    
    2
    %
    
    
    8,793Other income
    
    
    124
    
    
    
    0
    %
    
    
    264
    
    
    
    0
    %
    
    
    (140
    )INCOME BEFORE
INCOME TAXES
    
    
    10,249
    
    
    
    11
    %
    
    
    1,595
    
    
    
    2
    %
    
    
    8,654Income taxes
    
    
    3,395
    
    
    
    4
    %
    
    
    561
    
    
    
    1
    %
    
    
    2,834NET INCOME
    
    $
    6,854
    
    
    
    7
    %
    
    $
    1,034
    
    
    
    2
    %
    
    $
    5,820
 Highlights :
 
    
    Net Sales increased 38% to $95.1 million, a quarterly record for the Company.
    
    Gross profit improved from 29% of net sales in 2010 to 34% of net sales in 2011.
    
    Operating income increased $8.8 million to $10.1 million from $1.3 million in 2010.
    
    Net income of $6.9 million increased $5.8 million from 2010.
    
    Diluted earnings per share were $1.30 per share in 2011 compared to $.21 per share in 2010.
    
    Bank debt to equity ratio of 10%.
     17




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##### Table of Contents



Net sales.
 Three month period ended March 31Change
    
    
    Changedue to
    
    
    excludingcurrency
    
    
    currency
    
    
    %thousands of dollars
    
    2011
    
    
    2010
    
    
    Change
    
    
    translation
    
    
    tranlation
    
    
    changeNet salesPLP-USA
    
    $
    31,937
    
    
    $
    26,481
    
    
    $
    5,456
    
    
    $
    
    
    
    $
    5,456
    
    
    
    21
    %The Americas
    
    
    20,539
    
    
    
    15,186
    
    
    
    5,353
    
    
    
    1,072
    
    
    
    4,281
    
    
    
    28EMEA
    
    
    15,279
    
    
    
    11,267
    
    
    
    4,012
    
    
    
    350
    
    
    
    3,662
    
    
    
    33Asia-Pacific
    
    
    27,333
    
    
    
    15,974
    
    
    
    11,359
    
    
    
    1,845
    
    
    
    9,514
    
    
    
    60Consolidated
    
    $
    95,088
    
    
    $
    68,908
    
    
    $
    26,180
    
    
    $
    3,267
    
    
    $
    22,913
    
    
    
    33
    %
   18




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##### Table of Contents



Gross profit
 Three month period ended March 31Change
    
    
    Changedue to
    
    
    excludingcurrency
    
    
    currency
    
    
    %thousands of dollars
    
    2011
    
    
    2010
    
    
    Change
    
    
    translation
    
    
    translation
    
    
    changeGross profitPLP-USA
    
    $
    11,308
    
    
    $
    6,592
    
    
    $
    4,716
    
    
    $
    
    
    
    $
    4,716
    
    
    
    72
    %The Americas
    
    
    6,199
    
    
    
    4,362
    
    
    
    1,837
    
    
    
    352
    
    
    
    1,485
    
    
    
    34EMEA
    
    
    5,129
    
    
    
    3,782
    
    
    
    1,347
    
    
    
    129
    
    
    
    1,218
    
    
    
    32Asia-Pacific
    
    
    9,755
    
    
    
    5,289
    
    
    
    4,466
    
    
    
    615
    
    
    
    3,851
    
    
    
    73Consolidated
    
    $
    32,391
    
    
    $
    20,025
    
    
    $
    12,366
    
    
    $
    1,096
    
    
    $
    11,270
    
    
    
    56
    %
   Costs and expenses.
 Three month period ended March 31Change
    
    
    Changedue to
    
    
    excludingcurrency
    
    
    currency
    
    
    %thousands of dollars
    
    2011
    
    
    2010
    
    
    Change
    
    
    translation
    
    
    translation
    
    
    changeCosts and expensesPLP-USA
    
    $
    9,832
    
    
    $
    9,619
    
    
    $
    213
    
    
    $
    
    
    
    $
    213
    
    
    
    2
    %The Americas
    
    
    3,880
    
    
    
    2,934
    
    
    
    946
    
    
    
    225
    
    
    
    721
    
    
    
    25EMEA
    
    
    2,711
    
    
    
    2,219
    
    
    
    492
    
    
    
    50
    
    
    
    442
    
    
    
    20Asia-Pacific
    
    
    5,843
    
    
    
    3,922
    
    
    
    1,921
    
    
    
    418
    
    
    
    1,503
    
    
    
    38Consolidated
    
    $
    22,266
    
    
    $
    18,694
    
    
    $
    3,572
    
    
    $
    693
    
    
    $
    2,879
    
    
    
    15
    %
   19




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##### Table of Contents



Other income.
 Income taxes
 Net income
 Three month period ended March 31Change
    
    
    Changedue to
    
    
    excludingcurrency
    
    
    currency
    
    
    %thousands of dollars
    
    2011
    
    
    2010
    
    
    Change
    
    
    translation
    
    
    translation
    
    
    changeNet incomePLP-USA
    
    $
    1,988
    
    
    $
    (1,029
    )
    
    $
    3,017
    
    
    $
    
    
    
    $
    3,017
    
    
    
    293
    %The Americas
    
    
    1,334
    
    
    
    819
    
    
    
    515
    
    
    
    87
    
    
    
    428
    
    
    
    52EMEA
    
    
    1,491
    
    
    
    1,095
    
    
    
    396
    
    
    
    41
    
    
    
    355
    
    
    
    32Asia-Pacific
    
    
    2,041
    
    
    
    149
    
    
    
    1,892
    
    
    
    63
    
    
    
    1,829
    
    
    
    1,228Consolidated
    
    $
    6,854
    
    
    $
    1,034
    
    
    $
    5,820
    
    
    $
    191
    
    
    $
    5,629
    
    
    
    544
    %
   20




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21




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##### Table of Contents




    
    The overall demand for cable anchoring and control hardware for electrical transmission
and distribution lines on a worldwide basis, which has a slow growth rate in mature markets
such as the United States (U.S.), Canada, and Western Europe and may not grow as expected
in developing regions;
 
    
    The ability of our customers to raise funds needed to build the facilities their
customers require;
    
    Technological developments that affect longer-term trends for communication lines such
as wireless communication;
    
    The decreasing demands for product supporting copper-based infrastructure due to the
introduction of products using new technologies or adoption of new industry standards;
  22




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##### Table of Contents




    
    The Companys success at continuing to develop proprietary technology and maintaining
high quality products and customer service to meet or exceed new industry performance
standards and individual customer expectations;
 
    
    The Companys success in strengthening and retaining relationships with the Companys
customers, growing sales at targeted accounts and expanding geographically;
 
    
    The extent to which the Company is successful in expanding the Companys product line or
production facilities into new areas;
 
    
    The Companys ability to identify, complete and integrate acquisitions for profitable
growth;
 
    
    The potential impact of consolidation, deregulation and bankruptcy among the Companys
suppliers, competitors and customers;
 
    
    The relative degree of competitive and customer price pressure on the Companys
products;
 
    
    The cost, availability and quality of raw materials required for the manufacture of
products;
 
    
    The effects of fluctuation in currency exchange rates upon the Companys reported
results from international operations, together with non-currency risks of investing in and
conducting significant operations in foreign countries, including those relating to
political, social, economic and regulatory factors;
 
    
    Changes in significant government regulations affecting environmental compliances;
 
    
    The telecommunication markets continued deployment of Fiber-to-the-Premises;
 
    
    The Companys ability to obtain funding for future acquisitions;
 
    
    The potential impact of the global economic condition and the depressed U.S. housing
market on the Companys ongoing profitability and future growth opportunities in our core
markets in the U.S. and other foreign countries where the financial situation is expected
to be similar going forward;
 
    
    The continued support by Federal, State, Local and Foreign Governments in incentive
programs for upgrading electric transmission lines and promoting renewable energy
deployment;
 
    
    Those factors described under the heading Risk Factors on page 13 of the Companys
Annual Report on Form 10-K for the year ended December 31, 2010 filed on March 11, 2011.
 
 ITEM 3.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
     23




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##### Table of Contents



ITEM 4.
    
    CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures
  Changes in Internal Control over Financial Reporting
  
 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.
    
    (Removed and Reserved)
  
 ITEM 5.
    
    OTHER INFORMATION
   24




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##### Table of Contents



ITEM 6.
    
    EXHIBITS
 31.1
    
    
    Certifications of the Principal Executive Officer, Robert G. Ruhlman, pursuant to Section 302
of the Sarbanes-Oxley Act of 2002, filed herewith.31.2
    
    
    Certifications of the Principal Financial Officer, Eric R. Graef, pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002, filed herewith.32.1
    
    
    Certification of the Principal Executive Officer, Robert G. Ruhlman, pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, furnished.32.2
    
    
    Certification of the Principal Accounting Officer, Eric R. Graef, pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, furnished.
  25




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##### Table of Contents



SIGNATURES
  May 6, 2011
    /s/  Robert G. RuhlmanRobert G. RuhlmanChairman, President and Chief Executive Officer
(Principal Executive Officer)May 6, 2011
    /s/ Eric R. GraefEric R. GraefChief Financial Officer and Vice President  Finance
(Principal Accounting Officer)  26




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##### Table of Contents



EXHIBIT INDEX
 31.1
    
    
    Certifications of the Principal Executive Officer, Robert G. Ruhlman, pursuant to Section 302
of the Sarbanes-Oxley Act of 2002, filed herewith.31.2
    
    
    Certifications of the Principal Financial Officer, Eric R. Graef, pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002, filed herewith.32.1
    
    
    Certification of the Principal Executive Officer, Robert G. Ruhlman, pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, furnished.32.2
    
    
    Certification of the Principal Accounting Officer, Eric R. Graef, pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, furnished.
  27