##### 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, 2010

    
    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 DriveMayfield Village, Ohio
    
    44143(Address of Principal Executive Office)
    
    (Zip Code)
 (Registrants telephone number, including area code)
 Yes
þ No
o
 Yes
o No
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
    
    
    15Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    20Item 4. Controls and Procedures
    
    
    20Part II  Other InformationItem 1. Legal Proceedings
    
    
    21Item 1A. Risk Factors
    
    
    21Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    21Item 3. Defaults Upon Senior Securities
    
    
    21Item 4. (Removed and Reserved)
    
    
    21Item 5. Other Information
    
    
    21Item 6. Exhibits
    
    
    21SIGNATURES
    
    
    24Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 ITEM 1.
    
    FINANCIAL STATEMENTS
 PREFORMED LINE PRODUCTS COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 March 31
    
    
    December 312010
    
    
    2009(Thousands of dollars, except share andper share data)ASSETSCash and cash equivalents
    
    $
    24,751
    
    
    $
    24,097Accounts receivable, less allowances of $794 ($995 in 2009)
    
    
    49,277
    
    
    
    49,245Inventories  net
    
    
    58,293
    
    
    
    56,036Deferred income taxes
    
    
    3,142
    
    
    
    3,256Prepaids
    
    
    5,873
    
    
    
    4,263Other current assets
    
    
    1,138
    
    
    
    2,062TOTAL CURRENT ASSETS
    
    
    142,474
    
    
    
    138,959Property and equipment  net
    
    
    69,592
    
    
    
    67,766Patents and other intangibles  net
    
    
    7,988
    
    
    
    8,087Goodwill
    
    
    6,992
    
    
    
    6,925Deferred income taxes
    
    
    4,858
    
    
    
    4,358Other assets
    
    
    8,514
    
    
    
    9,277TOTAL ASSETS
    
    $
    240,418
    
    
    $
    235,372LIABILITIES AND SHAREHOLDERS EQUITYNotes payable to banks
    
    $
    3,570
    
    
    $
    3,181Current portion of long-term debt
    
    
    1,480
    
    
    
    1,330Trade accounts payable
    
    
    19,484
    
    
    
    18,764Accrued compensation and amounts withheld from employees
    
    
    9,770
    
    
    
    8,345Accrued expenses and other liabilities
    
    
    8,486
    
    
    
    8,375Accrued profit-sharing and other benefits
    
    
    1,859
    
    
    
    3,890Dividends payable
    
    
    1,091
    
    
    
    1,076Income taxes payable and deferred income taxes
    
    
    670
    
    
    
    1,379TOTAL CURRENT LIABILITIES
    
    
    46,410
    
    
    
    46,340Long-term debt, less current portion
    
    
    7,646
    
    
    
    3,099Unfunded pension obligation
    
    
    11,996
    
    
    
    8,678Income taxes payable, noncurrent
    
    
    
    
    
    
    1,898Deferred income taxes
    
    
    1,331
    
    
    
    1,515Other noncurrent liabilities
    
    
    1,826
    
    
    
    3,021SHAREHOLDERS EQUITYPLPC Shareholders equity:Common stock  $2 par value per share, 15,000,000 shares authorized, 5,253,140 and 5,248,298
issued and outstanding, net of 554,205 and 554,059 treasury shares at par, respectively
    
    
    10,506
    
    
    
    10,497Paid in capital
    
    
    6,448
    
    
    
    5,885Retained earnings
    
    
    166,122
    
    
    
    165,953Accumulated other comprehensive loss
    
    
    (11,481
    )
    
    
    (11,369
    )TOTAL PLPC SHAREHOLDERS EQUITY
    
    
    171,595
    
    
    
    170,966Noncontrolling interest
    
    
    (386
    )
    
    
    (145
    )TOTAL SHAREHOLDERS EQUITY
    
    
    171,209
    
    
    
    170,821TOTAL LIABILITIES AND SHAREHOLDERS EQUITY
    
    $
    240,418
    
    
    $
    235,372
 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 312010
    
    
    2009(Thousands of dollars, except share and per share data)Net sales
    
    $
    68,908
    
    
    $
    58,694Cost of products sold
    
    
    48,883
    
    
    
    40,116GROSS PROFIT
    
    
    20,025
    
    
    
    18,578Costs and expensesSelling
    
    
    6,502
    
    
    
    5,364General and administrative
    
    
    9,478
    
    
    
    7,052Research and engineering
    
    
    2,859
    
    
    
    2,061Other operating (expense) income
    
    
    (145
    )
    
    
    28918,694
    
    
    
    14,766OPERATING INCOME
    
    
    1,331
    
    
    
    3,812Other income (expense)Interest income
    
    
    83
    
    
    
    125Interest expense
    
    
    (170
    )
    
    
    (109
    )Other income
    
    
    351
    
    
    
    479264
    
    
    
    495INCOME BEFORE INCOME TAXES
    
    
    1,595
    
    
    
    4,307Income taxes
    
    
    561
    
    
    
    1,590NET INCOME
    
    
    1,034
    
    
    
    2,717Net (loss) attributable to
noncontrolling interest, net
of tax
    
    
    (98
    )
    
    
    (5
    )NET INCOME ATTRIBUTABLE TO PLPC
    
    $
    1,132
    
    
    $
    2,722BASIC EARNINGS PER SHARENet income attributable to PLPC common shareholders
    
    $
    0.22
    
    
    $
    0.52DILUTED EARNINGS PER SHARENet income attributable to PLPC common shareholders
    
    $
    0.21
    
    
    $
    0.51Cash dividends declared per share
    
    $
    0.20
    
    
    $
    0.20Weighted-average number of shares outstanding  basic
    
    
    5,252
    
    
    
    5,225Weighted-average number of shares outstanding  diluted
    
    
    5,403
    
    
    
    5,305
 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 312010
    
    
    2009(Thousands of dollars)OPERATING ACTIVITIESNet income
    
    $
    1,132
    
    
    $
    2,717Adjustments to reconcile net income to net cash provided by operations:Depreciation and amortization
    
    
    2,057
    
    
    
    1,704Provision for accounts receivable allowances
    
    
    124
    
    
    
    106Provision for inventory reserves
    
    
    513
    
    
    
    703Deferred income taxes
    
    
    (334
    )
    
    
    392Share-based compensation expense
    
    
    606
    
    
    
    362Net investment in life insurance
    
    
    (13
    )
    
    
    320Other  net
    
    
    (117
    )
    
    
    (83
    )Changes in operating assets and liabilities:Accounts receivable
    
    
    313
    
    
    
    (5,899
    )Inventories
    
    
    (1,674
    )
    
    
    717Trade accounts payables and accrued liabilities
    
    
    736
    
    
    
    2,632Income taxes payable
    
    
    (1,348
    )
    
    
    256Other  net
    
    
    (1,208
    )
    
    
    (306
    )NET CASH PROVIDED BY OPERATING ACTIVITIES
    
    
    787
    
    
    
    3,621INVESTING ACTIVITIESCapital expenditures
    
    
    (3,774
    )
    
    
    (2,200
    )Proceeds from the sale of discontinued operations
    
    
    
    
    
    
    750Proceeds from the sale of property and equipment
    
    
    100
    
    
    
    25NET CASH USED IN INVESTING ACTIVITIES
    
    
    (3,674
    )
    
    
    (1,425
    )FINANCING ACTIVITIESIncrease in notes payable to banks
    
    
    655
    
    
    
    366Proceeds from the issuance of long-term debt
    
    
    5,209
    
    
    
    Payments of long-term debt
    
    
    (935
    )
    
    
    (135
    )Dividends paid
    
    
    (1,092
    )
    
    
    (1,054
    )Proceeds from issuance of common shares
    
    
    77
    
    
    
    33Purchase of common shares for treasury
    
    
    (23
    )
    
    
    (24
    )NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES
    
    
    3,891
    
    
    
    (814
    )Effects of exchange rate changes on cash and cash equivalents
    
    
    (350
    )
    
    
    (456
    )Net increase in cash and cash equivalents
    
    
    654
    
    
    
    926Cash and cash equivalents at beginning of year
    
    
    24,097
    
    
    
    19,869CASH AND CASH EQUIVALENTS AT END OF PERIOD
    
    $
    24,751
    
    
    $
    20,795
 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
      Inventories  net
 March 31
    
    
    December 312010
    
    
    2009Finished products
    
    $
    27,951
    
    
    $
    26,161Work-in-process
    
    
    4,913
    
    
    
    3,473Raw materials
    
    
    33,221
    
    
    
    34,78866,085
    
    
    
    64,422Excess of current cost over LIFO cost
    
    
    (4,610
    )
    
    
    (4,463
    )Noncurrent portion of inventory
    
    
    (3,182
    )
    
    
    (3,923
    )$
    58,293
    
    
    $
    56,036
   6




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Property and equipment  net
  March 31
    
    
    December 312010
    
    
    2009Land and improvements
    
    $
    7,239
    
    
    $
    7,188Buildings and improvements
    
    
    52,809
    
    
    
    51,297Machinery and equipment
    
    
    105,988
    
    
    
    104,179Construction in progress
    
    
    6,001
    
    
    
    6,068172,037
    
    
    
    168,732Less accumulated depreciation
    
    
    102,445
    
    
    
    100,966$
    69,592
    
    
    $
    67,766
 Comprehensive income(loss)
  PLPC
    
    
    Noncontrolling interest
    
    
    TotalThree month period
    
    
    Three month period
    
    
    Three month periodended March 31
    
    
    ended March 31
    
    
    ended March 312010
    
    
    2009
    
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Net income (loss)
    
    $
    1,132
    
    
    $
    2,722
    
    
    $
    (98
    )
    
    $
    (5
    )
    
    $
    1,034
    
    
    $
    2,717Other comprehensive income (loss), net of tax:Change in unrealized losses onavailable-for-sale securities, net of tax
    
    
    
    
    
    
    (88
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (88
    )Foreign currency translation adjustments
    
    
    (170
    )
    
    
    (3,249
    )
    
    
    (16
    )
    
    
    (3
    )
    
    
    (186
    )
    
    
    (3,252
    )Recognized net actuarial gain
    
    
    58
    
    
    
    83
    
    
    
    
    
    
    
    
    
    
    
    58
    
    
    
    83Total other comprehensive income (loss), net of tax
    
    
    (112
    )
    
    
    (3,254
    )
    
    
    (16
    )
    
    
    (3
    )
    
    
    (128
    )
    
    
    (3,257
    )Comprehensive income (loss)
    
    $
    1,020
    
    
    $
    (532
    )
    
    $
    (114
    )
    
    $
    (8
    )
    
    $
    906
    
    
    $
    (540
    )
 Legal proceedings
    Three month period ended March 312010
    
    
    2009Service cost
    
    $
    223
    
    
    $
    216Interest cost
    
    
    322
    
    
    
    292Expected return on plan assets
    
    
    (240
    )
    
    
    (183
    )Recognized net actuarial loss
    
    
    91
    
    
    
    132Net periodic benefit cost
    
    $
    396
    
    
    $
    457
   7




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##### Table of Contents



For the three month period ended March 312010
    
    
    2009NumeratorNet income attributable to PLPC
    
    $
    1,132
    
    
    $
    2,722DenominatorDetermination of sharesWeighted average common shares outstanding
    
    
    5,252
    
    
    
    5,225Dilutive effect  share-based awards
    
    
    151
    
    
    
    80Diluted weighted average common shares outstanding
    
    
    5,403
    
    
    
    5,305Earnings per common share attributable to PLPC
shareholdersBasic
    
    $
    0.22
    
    
    $
    0.52Diluted
    
    $
    0.21
    
    
    $
    0.51
   8




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March 31, 2010
    
    
    December 31, 2009Gross Carrying
    
    
    Accumulated
    
    
    Gross Carrying
    
    
    AccumulatedAmount
    
    
    Amortization
    
    
    Amount
    
    
    AmortizationFinite-lived intangible assetsPatents
    
    $
    4,828
    
    
    $
    (3,292
    )
    
    $
    4,827
    
    
    $
    (3,213
    )Land use rights
    
    
    1,365
    
    
    
    (58
    )
    
    
    1,365
    
    
    
    (55
    )Trademark
    
    
    321
    
    
    
    (30
    )
    
    
    311
    
    
    
    Customer relationships
    
    
    5,483
    
    
    
    (629
    )
    
    
    5,372
    
    
    
    (520
    )$
    11,997
    
    
    $
    (4,009
    )
    
    $
    11,875
    
    
    $
    (3,788
    )Indefinite-lived intangible
assetsGoodwill
    
    $
    6,992
    
    
    
    
    
    
    $
    6,925
    Australia
    
    
    South Africa
    
    
    Poland
    
    
    All Other
    
    
    TotalBalance at January 1, 2010
    
    $
    2,243
    
    
    $
    52
    
    
    $
    1,161
    
    
    $
    3,469
    
    
    $
    6,925Currency translation
    
    
    66
    
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    67Balance at March 31, 2010
    
    $
    2,309
    
    
    $
    52
    
    
    $
    1,162
    
    
    $
    3,469
    
    
    $
    6,992
  The 1999 Stock Option Plan
    9




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##### Table of Contents



Weighted
    
    
    WeightedAverage
    
    
    AverageExercise
    
    
    Remaining
    
    
    AggregateNumber
    
    
    Price per
    
    
    Contractual
    
    
    Intrinsicof Shares
    
    
    Share
    
    
    Term (Years)
    
    
    ValueOutstanding at January 1, 2010
    
    
    85,502
    
    
    $
    33.29Granted
    
    
    
    
    
    $
    0.00Exercised
    
    
    (4,696
    )
    
    $
    15.13Forfeited
    
    
    
    
    
    $
    0.00Outstanding (vested and expected
to vest) at March 31, 2010
    
    
    80,806
    
    
    $
    34.34
    
    
    
    6.0
    
    
    $
    535Exercisable at March 31, 2010
    
    
    65,806
    
    
    $
    32.02
    
    
    
    5.3
    
    
    $
    535
   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, 2010
    
    
    115,346
    
    
    
    12,475
    
    
    
    127,821
    
    
    $
    38.28Granted
    
    
    66,973
    
    
    
    7,303
    
    
    
    74,276
    
    
    
    35.75Vested
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Forfeited
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Nonvested as of March 31, 2010
    
    
    182,319
    
    
    
    19,778
    
    
    
    202,097
    
    
    $
    37.35
     Share Option Awards
     11




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##### Table of Contents



WeightedWeighted
    
    
    AverageAverage
    
    
    Remaining
    
    
    AggregateNumber of
    
    
    Exercise Price
    
    
    Contractual
    
    
    IntrinsicShares
    
    
    per Share
    
    
    Term (Years)
    
    
    ValueOutstanding at January 1, 2010
    
    
    11,000
    
    
    $
    38.76Granted
    
    
    
    
    
    $
    0.00Exercised
    
    
    
    
    
    $
    0.00Forfeited
    
    
    
    
    
    $
    0.00Outstanding (vested and expected
to vest) at March 31, 2010
    
    
    11,000
    
    
    $
    38.76
    
    
    
    9.5
    
    
    $
    0.00Exercisable at March 31, 2010
    
    
    
    
    
    $
    0.00
    
    
    
    
    
    
    $
    0.00
     March 31, 2010
    
    
    December 31, 2009Fair Value
    
    
    Carrying Value
    
    
    Fair Value
    
    
    Carrying ValueLong-term debt and
related current
maturities
    
    $
    9,170
    
    
    $
    9,126
    
    
    $
    4,617
    
    
    $
    4,429
    12




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##### Table of Contents



Three month period ended March 312010
    
    
    2009Net salesPLP-USA
    
    $
    26,481
    
    
    $
    28,671Australia
    
    
    10,891
    
    
    
    5,682Brazil
    
    
    8,627
    
    
    
    5,192South Africa
    
    
    2,811
    
    
    
    1,854Canada
    
    
    2,588
    
    
    
    2,355Poland
    
    
    3,313
    
    
    
    2,958All Other
    
    
    14,197
    
    
    
    11,982Total net sales
    
    $
    68,908
    
    
    $
    58,694Intersegment salesPLP-USA
    
    $
    1,122
    
    
    $
    1,530Australia
    
    
    51
    
    
    
    15Brazil
    
    
    870
    
    
    
    740South Africa
    
    
    108
    
    
    
    12Canada
    
    
    170
    
    
    
    36Poland
    
    
    174
    
    
    
    438All Other
    
    
    4,447
    
    
    
    2,459Total intersegment sales
    
    $
    6,942
    
    
    $
    5,230
  13




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##### Table of Contents



Three month period ended March 312010
    
    
    2009Income
taxes (benefit)PLP-USA
    
    $
    (428
    )
    
    $
    921Australia
    
    
    255
    
    
    
    28Brazil
    
    
    248
    
    
    
    58South Africa
    
    
    188
    
    
    
    120Canada
    
    
    151
    
    
    
    145Poland
    
    
    38
    
    
    
    106All Other
    
    
    109
    
    
    
    212Total income taxes
    
    $
    561
    
    
    $
    1,590Net income
(loss)PLP-USA
    
    $
    (1,029
    )
    
    $
    1,156Australia
    
    
    458
    
    
    
    50Brazil
    
    
    465
    
    
    
    94South Africa
    
    
    483
    
    
    
    307Canada
    
    
    336
    
    
    
    322Poland
    
    
    132
    
    
    
    425All Other
    
    
    189
    
    
    
    363Total net income
    
    
    1,034
    
    
    
    2,717Net loss attributable to noncontrolling interest, net of tax
    
    
    (98
    )
    
    
    (5
    )Net income attributable to PLPC
    
    $
    1,132
    
    
    $
    2,722
 March 31
    
    
    December 312010
    
    
    2009AssetsPLP-USA
    
    $
    68,613
    
    
    $
    65,266Australia
    
    
    34,882
    
    
    
    31,269Brazil
    
    
    23,799
    
    
    
    25,194South Africa
    
    
    8,377
    
    
    
    7,081Canada
    
    
    8,901
    
    
    
    9,006Poland
    
    
    14,871
    
    
    
    14,777All Other
    
    
    80,573
    
    
    
    82,330240,016
    
    
    
    234,923Corporate assets
    
    
    402
    
    
    
    449Total assets
    
    $
    240,418
    
    
    $
    235,372
     14




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##### Table of Contents



ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
       Preface
   15




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##### Table of Contents



Net Sales.
 Three month period ended March 31Change
    
    
    Changedue to
    
    
    excludingcurrency
    
    
    currency
    
    
    %thousands of dollars
    
    2010
    
    
    2009
    
    
    Change
    
    
    translation
    
    

translation
    
    
    changeNet salesPLP-USA
    
    $
    26,481
    
    
    $
    28,671
    
    
    $
    (2,190
    )
    
    $
    
    
    
    $
    (2,190
    )
    
    
    (8
    )%Australia
    
    
    10,891
    
    
    
    5,682
    
    
    
    5,209
    
    
    
    2,900
    
    
    
    2,309
    
    
    
    41Brazil
    
    
    8,627
    
    
    
    5,192
    
    
    
    3,435
    
    
    
    1,879
    
    
    
    1,556
    
    
    
    30South Africa
    
    
    2,811
    
    
    
    1,854
    
    
    
    957
    
    
    
    677
    
    
    
    280
    
    
    
    15Canada
    
    
    2,588
    
    
    
    2,355
    
    
    
    233
    
    
    
    420
    
    
    
    (187
    )
    
    
    (8
    )Poland
    
    
    3,313
    
    
    
    2,958
    
    
    
    355
    
    
    
    544
    
    
    
    (189
    )
    
    
    (6
    )All Other
    
    
    14,197
    
    
    
    11,982
    
    
    
    2,215
    
    
    
    489
    
    
    
    1,726
    
    
    
    14Consolidated
    
    $
    68,908
    
    
    $
    58,694
    
    
    $
    10,214
    
    
    $
    6,909
    
    
    $
    3,305
    
    
    
    6
    %
   16




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##### Table of Contents



Gross profit
 Three month period ended March 31Change
    
    
    Changedue to
    
    
    excludingcurrency
    
    
    currency
    
    
    %thousands of dollars
    
    2010
    
    
    2009
    
    
    Change
    
    
    translation
    
    
    translation
    
    
    changeGross profitPLP-USA
    
    $
    6,592
    
    
    $
    9,320
    
    
    $
    (2,728
    )
    
    $
    
    
    
    $
    (2,728
    )
    
    
    (29
    )%Australia
    
    
    3,677
    
    
    
    1,553
    
    
    
    2,124
    
    
    
    981
    
    
    
    1,143
    
    
    
    74Brazil
    
    
    2,405
    
    
    
    1,437
    
    
    
    968
    
    
    
    521
    
    
    
    447
    
    
    
    31South Africa
    
    
    1,284
    
    
    
    743
    
    
    
    541
    
    
    
    309
    
    
    
    232
    
    
    
    31Canada
    
    
    1,084
    
    
    
    967
    
    
    
    117
    
    
    
    179
    
    
    
    (62
    )
    
    
    (6
    )Poland
    
    
    910
    
    
    
    941
    
    
    
    (31
    )
    
    
    153
    
    
    
    (184
    )
    
    
    (20
    )All Other
    
    
    4,073
    
    
    
    3,617
    
    
    
    456
    
    
    
    168
    
    
    
    288
    
    
    
    8Consolidated
    
    $
    20,025
    
    
    $
    18,578
    
    
    $
    1,447
    
    
    $
    2,311
    
    
    $
    (864
    )
    
    
    (5
    )%
  Cost and expenses
 Three month period ended March 31Change
    
    
    Changedue to
    
    
    excludingcurrency
    
    
    currency
    
    
    %thousands of dollars
    
    2010
    
    
    2009
    
    
    Change
    
    
    translation
    
    
    translation
    
    
    changeCosts and expensesPLP-USA
    
    $
    9,619
    
    
    $
    8,632
    
    
    $
    987
    
    
    $
    
    
    
    $
    987
    
    
    
    11
    %Australia
    
    
    2,350
    
    
    
    1,233
    
    
    
    1,117
    
    
    
    582
    
    
    
    535
    
    
    
    43Brazil
    
    
    1,624
    
    
    
    1,236
    
    
    
    388
    
    
    
    395
    
    
    
    (7
    )
    
    
    (1
    )South Africa
    
    
    516
    
    
    
    274
    
    
    
    242
    
    
    
    97
    
    
    
    145
    
    
    
    53Canada
    
    
    472
    
    
    
    393
    
    
    
    79
    
    
    
    77
    
    
    
    2
    
    
    
    1Poland
    
    
    725
    
    
    
    411
    
    
    
    314
    
    
    
    118
    
    
    
    196
    
    
    
    48All Other
    
    
    3,388
    
    
    
    2,587
    
    
    
    801
    
    
    
    157
    
    
    
    644
    
    
    
    25Consolidated
    
    $
    18,694
    
    
    $
    14,766
    
    
    $
    3,928
    
    
    $
    1,426
    
    
    $
    2,502
    
    
    
    17
    %
  17




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##### Table of Contents



Other income (expense).
 Income taxes.
 Net income
 Three month period ended March 31Change
    
    
    Changedue to
    
    
    excludingcurrency
    
    
    currency
    
    
    %thousands of dollars
    
    2009
    
    
    2008
    
    
    Change
    
    
    translation
    
    
    translation
    
    
    changeNet incomePLP-USA
    
    $
    (1,029
    )
    
    $
    1,156
    
    
    $
    (2,185
    )
    
    $
    
    
    
    $
    (2,185
    )
    
    
    (189
    )%Australia
    
    
    458
    
    
    
    50
    
    
    
    408
    
    
    
    190
    
    
    
    218
    
    
    
    436Brazil
    
    
    465
    
    
    
    94
    
    
    
    371
    
    
    
    58
    
    
    
    313
    
    
    
    333South Africa
    
    
    483
    
    
    
    307
    
    
    
    176
    
    
    
    112
    
    
    
    64
    
    
    
    21Canada
    
    
    336
    
    
    
    322
    
    
    
    14
    
    
    
    56
    
    
    
    (42
    )
    
    
    (13
    )Poland
    
    
    132
    
    
    
    425
    
    
    
    (293
    )
    
    
    26
    
    
    
    (319
    )
    
    
    (75
    )All Other
    
    
    189
    
    
    
    363
    
    
    
    (174
    )
    
    
    (89
    )
    
    
    (85
    )
    
    
    (23
    )Consolidated
    
    $
    1,034
    
    
    $
    2,717
    
    
    $
    (1,683
    )
    
    $
    353
    
    
    $
    (2,036
    )
    
    
    (75
    )%
   18




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##### Table of Contents



19




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##### Table of Contents



ITEM 3.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
     
 ITEM 4.
    
    CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures
  Changes in Internal Control over Financial Reporting
   20




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##### Table of Contents



PART II  OTHER INFORMATION
 
 ITEM 1.
    
    LEGAL PROCEEDINGS
  
 ITEM 1A.
    
    RISK FACTORS
  
 ITEM 2.
    
    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
  Total Number ofTotal
    
    
    
    
    
    
    Shares Purchased as
    
    
    Maximum Number ofNumber of
    
    
    Average
    
    
    Part of Publicly
    
    
    Shares that may yet beShares
    
    
    Price Paid
    
    
    Announced Plans or
    
    
    Purchased under thePeriod (2010)
    
    Purchased
    
    
    per Share
    
    
    Programs
    
    
    Plans or ProgramsJanuary
    
    
    
    
    
    
    
    
    
    
    188,748
    
    
    
    11,252February
    
    
    
    
    
    
    
    
    
    
    188,748
    
    
    
    11,252March
    
    
    
    
    
    
    
    
    
    
    188,748
    
    
    
    11,252Total
    
    
    
 
 ITEM 3.
    
    DEFAULTS UPON SENIOR SECURITIES
  
 ITEM 4.
    
    (Removed and Reserved)
  
 ITEM 5.
    
    OTHER INFORMATION
  
 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.
  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;
 
    
    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;
 
    
    The Companys success at continuing to develop proprietary technology 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
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;
  22




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##### Table of Contents




    
    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 depressed housing market on the Companys ongoing
profitability and future growth opportunities;
 
    
    The continued support by Federal, State, Local and Foreign Governments in incentive
programs for 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, 2009 filed on March 15, 2010.
  23




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##### Table of Contents



SIGNATURES
  May 6, 2010
    /s/  Robert G. RuhlmanRobert G. RuhlmanChairman, President and Chief
Executive Officer
(Principal Executive Officer)May 6, 2010
    /s/ Eric R. GraefEric R. GraefChief Financial Officer and Vice
President  Finance
(Principal Accounting Officer)  24




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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.
  25