##### 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, 2009
 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 filter þ
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
 o þ




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Table of Contents
  
 PagePart I  Financial InformationItem 1. Financial Statements and Supplementary Data
    
    
    3Item 2. Managements Discussion and Analysis of Financial Condition and Results
of Operations
    
    
    15Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    21Item 4. Controls and Procedures
    
    
    22Part II  Other InformationItem 1. Legal Proceedings
    
    
    22Item 1A. Risk Factors
    
    
    22Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    22Item 3. Defaults Upon Senior Securities
    
    
    23Item 4. Submission of Matters to a Vote of Security Holders
    
    
    23Item 5. Other Information
    
    
    23Item 6. Exhibits
    
    
    23SIGNATURES
    
    
    25EX-18.1EX-31.1EX-31.2EX-32.1EX-32.2
   2




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PART I  FINANCIAL INFORMATION
 
 ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 PREFORMED LINE PRODUCTS COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 March 31
    
    
    December 31Thousands of dollars, except share and per share data
    
    2009
    
    
    2008ASSETSCash and cash equivalents
    
    $
    20,795
    
    
    $
    19,869Accounts receivable, less allowances of $949 ($972 in 2008)
    
    
    41,006
    
    
    
    36,899Inventories  net
    
    
    45,910
    
    
    
    48,412Deferred income taxes
    
    
    2,612
    
    
    
    2,786Prepaids and other
    
    
    4,031
    
    
    
    4,704TOTAL CURRENT ASSETS
    
    
    114,354
    
    
    
    112,670Property and equipment  net
    
    
    55,009
    
    
    
    55,940Patents and other intangibles  net
    
    
    3,575
    
    
    
    3,858Goodwill
    
    
    5,296
    
    
    
    5,520Deferred income taxes
    
    
    6,771
    
    
    
    6,943Other assets
    
    
    6,267
    
    
    
    5,944TOTAL ASSETS
    
    $
    191,272
    
    
    $
    190,875LIABILITIES AND SHAREHOLDERS EQUITYNotes payable to banks
    
    $
    3,375
    
    
    $
    3,101Current portion of long-term debt
    
    
    428
    
    
    
    494Trade accounts payable
    
    
    14,520
    
    
    
    14,632Accrued compensation and amounts withheld from employees
    
    
    7,438
    
    
    
    6,606Accrued expenses and other liabilities
    
    
    5,224
    
    
    
    4,574Accrued profit-sharing and other benefits
    
    
    4,001
    
    
    
    3,687Dividends payable
    
    
    1,071
    
    
    
    1,054Income taxes payable
    
    
    954
    
    
    
    1,100TOTAL CURRENT LIABILITIES
    
    
    37,011
    
    
    
    35,248Long-term debt, less current portion
    
    
    2,491
    
    
    
    2,653Unfunded pension obligation
    
    
    11,327
    
    
    
    11,303Income taxes payable, noncurrent
    
    
    1,474
    
    
    
    1,405Deferred income taxes
    
    
    771
    
    
    
    725Other noncurrent liabilities
    
    
    2,437
    
    
    
    2,540SHAREHOLDERS EQUITYPLPC shareholders equity:Common stock  $2 par value per share, 15,000,000 shares
authorized, 5,225,630 and 5,223,830 issued and outstanding,
net of 551,059 treasury shares at par, respectively
    
    
    10,451
    
    
    
    10,448Paid in capital
    
    
    4,095
    
    
    
    3,704Retained earnings
    
    
    148,261
    
    
    
    146,624Accumulated other comprehensive loss
    
    
    (27,765
    )
    
    
    (24,511
    )TOTAL PLPC SHAREHOLDERS EQUITY
    
    
    135,042
    
    
    
    136,265Noncontrolling interest
    
    
    719
    
    
    
    736TOTAL SHAREHOLDERS EQUITY
    
    
    135,761
    
    
    
    137,001TOTAL LIABILITIES AND
SHAREHOLDERS EQUITY
    
    $
    191,272
    
    
    $
    190,875
 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 31Thousands, except per share data
    
    2009
    
    
    2008Net sales
    
    $
    58,694
    
    
    $
    59,865Cost of products sold
    
    
    40,116
    
    
    
    40,860GROSS PROFIT
    
    
    18,578
    
    
    
    19,005Costs and expensesSelling
    
    
    5,364
    
    
    
    5,574General and administrative
    
    
    7,052
    
    
    
    7,356Research and engineering
    
    
    2,061
    
    
    
    1,989Other operating expense (income)
    
    
    289
    
    
    
    (90
    )14,766
    
    
    
    14,829OPERATING INCOME
    
    
    3,812
    
    
    
    4,176Other income (expense)Interest income
    
    
    125
    
    
    
    214Interest expense
    
    
    (109
    )
    
    
    (139
    )Other income (expense)
    
    
    479
    
    
    
    (2
    )495
    
    
    
    73INCOME BEFORE INCOME TAXES AND DISCONTINUED OPERATIONS
    
    
    4,307
    
    
    
    4,249Income taxes
    
    
    1,590
    
    
    
    1,415INCOME FROM CONTINUING OPERATIONS, NET OF TAX
    
    
    2,717
    
    
    
    2,834Income from discontinued operations, net of tax
    
    
    
    
    
    
    149NET INCOME
    
    
    2,717
    
    
    
    2,983Net income (loss) attributable to noncontrolling interest, net of tax
    
    
    (5
    )
    
    
    33NET INCOME ATTRIBUTABLE TO PLPC
    
    $
    2,722
    
    
    $
    2,950BASIC EARNINGS PER SHAREIncome per share from continuing operations attributable to PLPC shareholders
    
    $
    0.52
    
    
    $
    0.52Discontinued operations attributable to PLPC common shareholders
    
    $
    
    
    
    $
    0.03Net income attributable to PLPC common shareholders
    
    $
    0.52
    
    
    $
    0.55DILUTED EARNINGS PER SHAREIncome per share from continuing operations attributable to PLPC shareholders
    
    $
    0.51
    
    
    $
    0.52Discontinued operations attributable to PLPC common shareholders
    
    $
    
    
    
    $
    0.02Net income attributable to PLPC common shareholders
    
    $
    0.51
    
    
    $
    0.54Cash dividends declared per share
    
    $
    0.20
    
    
    $
    0.20Weighted-average number of shares outstanding  basic
    
    
    5,225
    
    
    
    5,382Weighted-average number of shares outstanding  diluted
    
    
    5,305
    
    
    
    5,431Amount attributable to PLPC common shareholdersIncome from continuing operations, net of tax
    
    $
    2,722
    
    
    $
    2,801Discontinued operations, net of tax
    
    
    
    
    
    
    149Net Income
    
    $
    2,722
    
    
    $
    2,950
 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 31Thousands of dollars
    
    2009
    
    
    2008OPERATING ACTIVITIESNet income
    
    $
    2,717
    
    
    $
    2,983Less: income from discontinued operations
    
    
    
    
    
    
    149Income from continuing operations
    
    
    2,717
    
    
    
    2,834Adjustments to reconcile net income to net cash provided by operations:Depreciation and amortization
    
    
    1,704
    
    
    
    1,994Provision for accounts receivable allowances
    
    
    106
    
    
    
    177Provision for inventory reserves
    
    
    703
    
    
    
    321Deferred income taxes
    
    
    392
    
    
    
    (67
    )Share-based compensation expense
    
    
    362
    
    
    
    43Net investment in life insurance
    
    
    320
    
    
    
    (150
    )Other  net
    
    
    (83
    )
    
    
    (3
    )Changes in operating assets and liabilities:Accounts receivable
    
    
    (5,899
    )
    
    
    (2,149
    )Inventories
    
    
    717
    
    
    
    (2,775
    )Trade accounts payables and accrued liabilities
    
    
    2,632
    
    
    
    2,552Income taxes payable
    
    
    256
    
    
    
    774Other  net
    
    
    (306
    )
    
    
    (337
    )NET CASH PROVIDED BY OPERATING
ACTIVITIES
    
    
    3,621
    
    
    
    3,214INVESTING ACTIVITIESCapital expenditures
    
    
    (2,200
    )
    
    
    (3,671
    )Proceeds from the sale of discontinued operations
    
    
    750
    
    
    
    Proceeds from the sale of property and equipment
    
    
    25
    
    
    
    70NET CASH USED IN INVESTING ACTIVITIES
    
    
    (1,425
    )
    
    
    (3,601
    )FINANCING ACTIVITIESIncrease (decrease) in notes payable to banks
    
    
    366
    
    
    
    (251
    )Payments of long-term debt
    
    
    (135
    )
    
    
    (583
    )Dividends paid
    
    
    (1,054
    )
    
    
    (1,076
    )Proceeds from issuance of common shares
    
    
    33
    
    
    
    64Purchase of common shares for treasury
    
    
    (24
    )
    
    
    (151
    )NET CASH USED IN FINANCING ACTIVITIES
    
    
    (814
    )
    
    
    (1,997
    )Effects of exchange rate changes on cash and cash equivalents
    
    
    (456
    )
    
    
    (54
    )Net increase (decrease) in cash and cash equivalents
    
    
    926
    
    
    
    (2,438
    )NET CASH PROVIDED BY DISCONTINUED OPERATIONSOperating cash flows
    
    
    
    
    
    
    914Investing cash flows
    
    
    
    
    
    
    (37
    )NET CASH PROVIDED BY DISCONTINUED
OPERATIONS
    
    
    
    
    
    
    877Cash and cash equivalents at beginning of period
    
    
    19,869
    
    
    
    23,392CASH AND CASH EQUIVALENTS AT END OF
PERIOD
    
    $
    20,795
    
    
    $
    21,831
 See notes to consolidated financial statements (unaudited).
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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 312009
    
    
    2008Finished products
    
    $
    19,907
    
    
    $
    21,829Work-in-process
    
    
    2,520
    
    
    
    2,382Raw materials
    
    
    31,719
    
    
    
    32,23154,146
    
    
    
    56,442Excess of current cost over LIFO cost
    
    
    (4,655
    )
    
    
    (5,122
    )Noncurrent portion of inventory
    
    
    (3,581
    )
    
    
    (2,908
    )$
    45,910
    
    
    $
    48,412
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Property and equipment  net
  March 31
    
    
    December 312009
    
    
    2008Land and improvements
    
    $
    5,362
    
    
    $
    5,490Buildings and improvements
    
    
    46,453
    
    
    
    47,048Machinery and equipment
    
    
    90,702
    
    
    
    91,097Construction in progress
    
    
    3,264
    
    
    
    2,133145,781
    
    
    
    145,768Less accumulated depreciation
    
    
    90,772
    
    
    
    89,828$
    55,009
    
    
    $
    55,940
   Comprehensive income
  PLPC
    
    
    Noncontrolling interest
    
    
    TotalThree month period
    
    
    Three month period
    
    
    Three month periodended March 31
    
    
    ended March 31
    
    
    ended March 312009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Net income (loss)
    
    $
    2,722
    
    
    $
    2,950
    
    
    $
    (5
    )
    
    $
    33
    
    
    $
    2,717
    
    
    $
    2,983Other comprehensive income (loss), net of tax:Change in unrealized losses on
available-for-sale securities, net of tax
    
    
    (88
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (88
    )
    
    
    Foreign currency translation adjustments
    
    
    (3,249
    )
    
    
    1,904
    
    
    
    (3
    )
    
    
    
    
    
    
    (3,252
    )
    
    
    1,904Recognized net actuarial loss
    
    
    83
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    83
    
    
    
    4Total other comprehensive income (loss), net of tax
    
    
    (3,254
    )
    
    
    1,908
    
    
    
    (3
    )
    
    
    
    
    
    
    (3,257
    )
    
    
    1,908Comprehensive income (loss)
    
    $
    (532
    )
    
    $
    4,858
    
    
    $
    (8
    )
    
    $
    33
    
    
    $
    (540
    )
    
    $
    4,891
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Legal proceedings
    Three month period ended March 312009
    
    
    2008Service cost
    
    $
    216
    
    
    $
    167Interest cost
    
    
    292
    
    
    
    256Expected return on plan assets
    
    
    (183
    )
    
    
    (261
    )Recognized net actuarial loss
    
    
    132
    
    
    
    6Net periodic benefit cost
    
    $
    457
    
    
    $
    168
     8




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For the three month period ended March 312009
    
    
    2008NumeratorAmount attributable to PLPC shareholdersIncome from continuing operations
    
    $
    2,722
    
    
    $
    2,801Income from discontinued operations
    
    
    
    
    
    
    149Net income
    
    $
    2,722
    
    
    $
    2,950Denominator (in thousands)Determination of sharesWeighted-average common shares outstanding
    
    
    5,225
    
    
    
    5,382Dilutive effect  share-based awards
    
    
    80
    
    
    
    49Diluted weighted-average common shares
outstanding
    
    
    5,305
    
    
    
    5,431Earnings per common share attributable to PLPC shareholdersBasicIncome from continuing operations
    
    $
    0.52
    
    
    $
    0.52Income from discontinued operations
    
    $
    
    
    
    $
    0.03Net income
    
    $
    0.52
    
    
    $
    0.55DilutedIncome from continuing operations
    
    $
    0.51
    
    
    $
    0.52Income from discontinued operations
    
    $
    
    
    
    $
    0.02Net income
    
    $
    0.51
    
    
    $
    0.54
    March 31, 2009
    
    
    December 31, 2008Gross Carrying
    
    
    Accumulated
    
    
    Gross Carrying
    
    
    AccumulatedAmount
    
    
    Amortization
    
    
    Amount
    
    
    AmortizationFinite-lived intangible assetsPatents
    
    $
    4,807
    
    
    $
    (2,979
    )
    
    $
    4,807
    
    
    $
    (2,901
    )Land use rights
    
    
    1,191
    
    
    
    (37
    )
    
    
    1,350
    
    
    
    (32
    )Customer relationships
    
    
    1,003
    
    
    
    (410
    )
    
    
    1,003
    
    
    
    (369
    )$
    7,001
    
    
    $
    (3,426
    )
    
    $
    7,160
    
    
    $
    (3,302
    )Indefinite-lived intangible assetsGoodwill
    
    $
    5,296
    
    
    
    
    
    
    $
    5,520
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Australia
    
    
    South Africa
    
    
    Poland
    
    
    All Other
    
    
    TotalBalance at January 1, 2009
    
    $
    1,735
    
    
    $
    41
    
    
    $
    1,140
    
    
    $
    2,604
    
    
    $
    5,520Currency translation
    
    
    (18
    )
    
    
    (1
    )
    
    
    (204
    )
    
    
    (1
    )
    
    
    (224
    )Balance at March 31, 2009
    
    $
    1,717
    
    
    $
    40
    
    
    $
    936
    
    
    $
    2,603
    
    
    $
    5,296
  The 1999 Stock Option Plan
    Weighted-Weighted-
    
    
    AverageAverage
    
    
    Remaining
    
    
    AggregateNumber of
    
    
    Exercise Price per
    
    
    Contractual
    
    
    IntrinsicShares
    
    
    Share
    
    
    Term (Years)
    
    
    ValueOutstanding at January 1, 2009
    
    
    107,092
    
    
    $
    27.83Granted
    
    
    
    
    
    
    Exercised
    
    
    (1,800
    )
    
    $
    18.52Forfeited
    
    
    
    
    
    
    Outstanding (vested and expected
to vest) at March 31, 2009
    
    
    105,292
    
    
    $
    27.99
    
    
    
    5.0
    
    
    $
    1,250Exercisable at March 31, 2009
    
    
    88,542
    
    
    $
    24.20
    
    
    
    4.1
    
    
    $
    1,242
    10




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Long Term Incentive Plan of 2008
     Restricted Share AwardsPerformance
    
    
    
    
    
    
    Total
    
    
    Weighted-Averageand Service
    
    
    Service
    
    
    Restricted
    
    
    Grant-DateRequired
    
    
    Required
    
    
    Awards
    
    
    Fair ValueNonvested as of January 1, 2009
    
    
    39,364
    
    
    
    4,273
    
    
    
    43,637
    
    
    $
    54.74Granted
    
    
    75,982
    
    
    
    8,202
    
    
    
    84,184
    
    
    
    29.75Vested
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Forfeited
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Nonvested as of March 31, 2009
    
    
    115,346
    
    
    
    12,475
    
    
    
    127,821
    
    
    $
    38.28
       11




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Three month period ended March 312009
    
    
    2008Net salesPLP-USA
    
    $
    28,671
    
    
    $
    25,007Australia
    
    
    5,682
    
    
    
    6,905Brazil
    
    
    5,192
    
    
    
    6,055South Africa
    
    
    1,854
    
    
    
    1,601Canada
    
    
    2,355
    
    
    
    2,366Poland
    
    
    2,958
    
    
    
    3,935All Other
    
    
    11,982
    
    
    
    13,996Total net sales
    
    $
    58,694
    
    
    $
    59,865Intersegment salesPLP-USA
    
    $
    1,530
    
    
    $
    1,442Australia
    
    
    15
    
    
    
    (2
    )Brazil
    
    
    740
    
    
    
    585South Africa
    
    
    12
    
    
    
    193Canada
    
    
    36
    
    
    
    50Poland
    
    
    438
    
    
    
    128All Other
    
    
    2,459
    
    
    
    2,939Total intersegment sales
    
    $
    5,230
    
    
    $
    5,335Income taxesPLP-USA
    
    $
    921
    
    
    $
    549Australia
    
    
    28
    
    
    
    41Brazil
    
    
    58
    
    
    
    91South Africa
    
    
    120
    
    
    
    131Canada
    
    
    145
    
    
    
    175Poland
    
    
    106
    
    
    
    67All Other
    
    
    212
    
    
    
    361Total income taxes
    
    $
    1,590
    
    
    $
    1,415Income from continuing operations, net of taxPLP-USA
    
    $
    1,156
    
    
    $
    878Australia
    
    
    50
    
    
    
    88Brazil
    
    
    94
    
    
    
    120South Africa
    
    
    307
    
    
    
    323Canada
    
    
    322
    
    
    
    301Poland
    
    
    425
    
    
    
    200All Other
    
    
    363
    
    
    
    924Total income from continuing operations, net of tax
    
    
    2,717
    
    
    
    2,834Income from discontinued operations, net of tax
    
    
    
    
    
    
    149Net income
    
    
    2,717
    
    
    
    2,983Net income (loss) attributable to noncontrolling
interest, net of tax
    
    
    (5
    )
    
    
    33Net income attributable to PLPC
    
    $
    2,722
    
    
    $
    2,950
  14




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March 31
    
    
    December 312009
    
    
    2008Identifiable assetsPLP-USA
    
    $
    74,396
    
    
    $
    72,641Australia
    
    
    20,405
    
    
    
    19,438Brazil
    
    
    17,367
    
    
    
    16,087South Africa
    
    
    6,178
    
    
    
    5,569Canada
    
    
    8,802
    
    
    
    8,545Poland
    
    
    12,146
    
    
    
    13,920All Other
    
    
    51,978
    
    
    
    54,675Total identifiable assets
    
    $
    191,272
    
    
    $
    190,875
       
 ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    15




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Preface
   16




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Net Sales
 Three month period ended March 31Change
    
    
    Changedue to
    
    
    excludingcurrency
    
    
    currency
    
    
    %thousands of dollars
    
    2009
    
    
    2008
    
    
    Change
    
    
    translation
    
    
    translation
    
    
    changeNet salesPLP-USA
    
    $
    28,671
    
    
    $
    25,007
    
    
    $
    3,664
    
    
    $
    
    
    
    $
    3,664
    
    
    
    15
    %Australia
    
    
    5,682
    
    
    
    6,905
    
    
    
    (1,223
    )
    
    
    (2,097
    )
    
    
    874
    
    
    
    13Brazil
    
    
    5,192
    
    
    
    6,055
    
    
    
    (863
    )
    
    
    (1,758
    )
    
    
    895
    
    
    
    15South Africa
    
    
    1,854
    
    
    
    1,601
    
    
    
    253
    
    
    
    (520
    )
    
    
    773
    
    
    
    48Canada
    
    
    2,355
    
    
    
    2,366
    
    
    
    (11
    )
    
    
    (561
    )
    
    
    550
    
    
    
    23Poland
    
    
    2,958
    
    
    
    3,935
    
    
    
    (977
    )
    
    
    (1,354
    )
    
    
    377
    
    
    
    10All Other
    
    
    11,982
    
    
    
    13,996
    
    
    
    (2,014
    )
    
    
    (1,760
    )
    
    
    (254
    )
    
    
    (2
    )Consolidated
    
    $
    58,694
    
    
    $
    59,865
    
    
    $
    (1,171
    )
    
    $
    (8,050
    )
    
    $
    6,879
    
    
    
    11
    %
  Gross profit.
 Three month period ended March 31Change
    
    
    Changedue to
    
    
    excludingcurrency
    
    
    currency
    
    
    %thousands of dollars
    
    2009
    
    
    2008
    
    
    Change
    
    
    translation
    
    
    translation
    
    
    changeGross profitPLP-USA
    
    $
    9,320
    
    
    $
    8,100
    
    
    $
    1,220
    
    
    $
    
    
    
    $
    1,220
    
    
    
    15
    %Australia
    
    
    1,553
    
    
    
    2,030
    
    
    
    (477
    )
    
    
    (568
    )
    
    
    91
    
    
    
    4Brazil
    
    
    1,437
    
    
    
    1,484
    
    
    
    (47
    )
    
    
    (481
    )
    
    
    434
    
    
    
    29South Africa
    
    
    743
    
    
    
    730
    
    
    
    13
    
    
    
    (209
    )
    
    
    222
    
    
    
    30Canada
    
    
    967
    
    
    
    1,010
    
    
    
    (43
    )
    
    
    (231
    )
    
    
    188
    
    
    
    19Poland
    
    
    941
    
    
    
    934
    
    
    
    7
    
    
    
    (444
    )
    
    
    451
    
    
    
    48All Other
    
    
    3,617
    
    
    
    4,717
    
    
    
    (1,100
    )
    
    
    (601
    )
    
    
    (499
    )
    
    
    (11
    )Consolidated
    
    $
    18,578
    
    
    $
    19,005
    
    
    $
    (427
    )
    
    $
    (2,534
    )
    
    $
    2,107
    
    
    
    11
    %
  17




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Cost and expenses
 Three month period ended March 31Change
    
    
    Changedue to
    
    
    excludingcurrency
    
    
    currency
    
    
    %thousands of dollars
    
    2009
    
    
    2008
    
    
    Change
    
    
    translation
    
    
    translation
    
    
    changeCosts and expensesPLP-USA
    
    $
    8,632
    
    
    $
    7,733
    
    
    $
    899
    
    
    $
    
    
    
    $
    899
    
    
    
    12
    %Australia
    
    
    1,233
    
    
    
    1,564
    
    
    
    (331
    )
    
    
    (452
    )
    
    
    121
    
    
    
    8Brazil
    
    
    1,236
    
    
    
    1,270
    
    
    
    (34
    )
    
    
    (413
    )
    
    
    379
    
    
    
    30South Africa
    
    
    274
    
    
    
    231
    
    
    
    43
    
    
    
    (76
    )
    
    
    119
    
    
    
    52Canada
    
    
    393
    
    
    
    447
    
    
    
    (54
    )
    
    
    (93
    )
    
    
    39
    
    
    
    9Poland
    
    
    411
    
    
    
    652
    
    
    
    (241
    )
    
    
    (175
    )
    
    
    (66
    )
    
    
    (10
    )All Other
    
    
    2,587
    
    
    
    2,932
    
    
    
    (345
    )
    
    
    (432
    )
    
    
    87
    
    
    
    3Consolidated
    
    $
    14,766
    
    
    $
    14,829
    
    
    $
    (63
    )
    
    $
    (1,641
    )
    
    $
    1,578
    
    
    
    11
    %
  Operating income
  18




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##### Table of Contents



Other income.
 Income taxes
 Income from continuing operations, net of tax
 Three month period ended March 31Change
    
    
    Changedue to
    
    
    excludingcurrency
    
    
    currency
    
    
    %thousands of dollars
    
    2009
    
    
    2008
    
    
    Change
    
    
    translation
    
    
    translation
    
    
    changeIncome from continuing operationsPLP-USA
    
    $
    1,156
    
    
    $
    878
    
    
    $
    278
    
    
    $
    
    
    
    $
    278
    
    
    
    32
    %Australia
    
    
    50
    
    
    
    88
    
    
    
    (38
    )
    
    
    (16
    )
    
    
    (22
    )
    
    
    (25
    )Brazil
    
    
    94
    
    
    
    120
    
    
    
    (26
    )
    
    
    (32
    )
    
    
    6
    
    
    
    5South Africa
    
    
    307
    
    
    
    323
    
    
    
    (16
    )
    
    
    (88
    )
    
    
    72
    
    
    
    22Canada
    
    
    322
    
    
    
    301
    
    
    
    21
    
    
    
    (77
    )
    
    
    98
    
    
    
    33Poland
    
    
    425
    
    
    
    200
    
    
    
    225
    
    
    
    (210
    )
    
    
    435
    
    
    
    218All Other
    
    
    363
    
    
    
    924
    
    
    
    (561
    )
    
    
    (124
    )
    
    
    (437
    )
    
    
    (47
    )Consolidated
    
    $
    2,717
    
    
    $
    2,834
    
    
    $
    (117
    )
    
    $
    (547
    )
    
    $
    430
    
    
    
    15
    %
       19




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##### Table of Contents



20




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##### Table of Contents



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
     21




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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
  Total Number of
    
    
    Maximum NumberTotal
    
    
    Average
    
    
    Shares Purchased as
    
    
    of Shares that mayNumber
    
    
    Price
    
    
    Part of Publicly
    
    
    yet be Purchasedof Shares
    
    
    Paid per
    
    
    Announced Plans or
    
    
    under the Plans orPeriod (2009)
    
    Purchased
    
    
    Share
    
    
    Programs
    
    
    ProgramsJanuary
    
    
    
    
    
    
    
    
    
    
    185,748
    
    
    
    14,252February
    
    
    
    
    
    
    
    
    
    
    185,748
    
    
    
    14,252March
    
    
    
    
    
    
    
    
    
    
    185,748
    
    
    
    14,252Total
    
    
    
  22




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##### Table of Contents



ITEM 3. DEFAULTS UPON SENIOR SECURITIES
  
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  
 ITEM 5. OTHER INFORMATION
  
 ITEM 6. EXHIBITS
 18.1
    
    
    Preferability Letter for Change in Method of Depreciation of Ernst & Young LLP, filed
herewith.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.
  23




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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, 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;
    
    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;
    
    Those factors described under the heading Risk Factors on page 12 of the Companys
Annual Report on Form 10-K for the year ended December 31, 2008 filed on March 13, 2009.
  24




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##### Table of Contents



SIGNATURES
  May 8, 2009
    /s/  Robert G. RuhlmanRobert G. RuhlmanChairman, President and Chief Executive Officer
(Principal Executive Officer)May 8, 2009
    /s/ Eric R. GraefEric R. GraefChief Financial Officer and Vice President - Finance

(Principal Accounting Officer)  25




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##### Table of Contents



EXHIBIT INDEX
 18.1
    
    
    Preferability Letter for Change in Method of Depreciation of Ernst & Young LLP, filed
herewith.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.
  26