PREFORMED LINE PRODUCTS CO

Previous wording

The following discussion describes our results of operations for the three months ended March 31, 2026 and 2025. Our consolidated financial statements are prepared in conformity with United States ("U.S.") generally accepted accounting principles ("GAAP"). Our discussions of the financial results include non-GAAP measures (e.g., foreign currency impact) to provide additional information concerning our financial results and provide information that we believe is useful to the readers of our financial statements in the assessment of our performance and operating trends.

Current wording

The following discussion describes our results of operations for the three and six months ended June 30, 2026 and 2025. Our consolidated financial statements are prepared in conformity with United States ("U.S.") generally accepted accounting principles ("GAAP"). Our discussions of the financial results include non-GAAP measures (e.g., foreign currency impact) to provide additional information concerning our financial results and provide information that we believe is useful to the readers of our financial statements in the assessment of our performance and operating trends.

Previous wording

Net sales of $176.3 million increased $27.7 million for the three months ended March 31, 2026 year-over-year, mainly due to an increase in energy and communication sales, led by PLP-USA. Tariffs and geopolitical developments continue to present headwinds related to raw material imports and commodity prices, impacting essential inputs like steel, aluminum and plastic resins. While we continue to manage trade matters and commodity prices proactively, further tariff increases or geopolitical events may give rise to inflationary pressures, which may require further price adjustments to maintain profit margin, and any price increases may have a negative effect on demand. Please see Note 5 of the Notes to the Consolidated Financial Statements for further considerations on tariffs and potential refunds as a result of the February 2026 Supreme Court ruling.

Current wording

Net sales of $212.7 million increased $43.1 million for the three months ended June 30, 2026 year-over-year and net sales of $389.0 million increased $70.8 million for the six months ended June 30, 2026 year-over-year, mainly due to an increase in energy and, to a lesser extent, communication sales, led by PLP-USA. While these sales amounts are the highest in the Company's history, tariffs, especially Section 232 tariffs, and geopolitical developments continue to present headwinds related to raw material imports and commodity prices, impacting essential inputs like steel, aluminum and plastic resins. While we continue to manage trade matters and commodity prices proactively, further tariff increases or geopolitical events may give rise to inflationary pressures, which may require further price adjustments to maintain profit margin, and any price increases may have a negative effect on demand. Please see Note 5 of the Notes to the Consolidated Financial Statements for further considerations on tariffs and refund process as a result of the February 2026 Supreme Court ruling.

Previous wording

Our financial statements are subject to fluctuations in the exchange rates of foreign currencies in relation to the U.S. dollar. The fluctuations of foreign currencies during the three months ended March 31, 2026 and March 31, 2025 had a favorable impact on net sales of $7.2 million andunfavorable impact of $4.4 million, respectively. The effect of currency translation had a favorable impact of$0.1 million and an unfavorable impact of$0.2 millionon net income during the three months ended March 31, 2026 and 2025, respectively. On a reportable segment basis, the impact of foreign currency translation on net sales and net income for the three months ended March 31, 2026, was as follows:

Current wording

Our financial statements are subject to fluctuations in the exchange rates of foreign currencies in relation to the U.S. dollar. The fluctuations of foreign currencies during the three and six months ended June 30, 2026 had a favorable impact on net sales of $6.0 million and $13.2 million, respectively. The fluctuations on foreign currencies had a favorable impact of $0.5 million and $0.7 million on net income for the three and six months ended June 30, 2026. The fluctuations of foreign currencies during the three and six months ended June 30, 2025 had an unfavorable impact on net sales of $0.5 million and $4.9 million, respectively. The fluctuations on foreign currencies during the three and six months ended June 30, 2025 had a de minimis impact and unfavorable impact of $0.3 million on net income, respectively. On a reportable segment basis, the impact of foreign currency translation on net sales and net income for the three and six months ended June 30, 2026, was as follows:

Previous wording

While uncertainty remains in the global economy due to trade matters and geopolitical instability, we believe our business portfolio, including our significant U.S. manufacturing footprint, as well as our financial position, are sound and strategically well-positioned. We remain focused on assessing our global market opportunities and overall manufacturing capacity in conjunction with the requirements of local manufacturing in the markets that we serve. As necessary, we will modify redundant processes and further utilize our global manufacturing network to manage costs, including tariff impacts, increase sales volume and deliver value to our customers. We closely monitor developments in trade policy and geo-political instability and actively evaluate strategies to mitigate the impact of tariffs or supply chain constraints, including sourcing alternatives, where needed. We have continued to invest in the business to expand into new markets for the Company, evaluate strategic mergers and acquisitions, improve efficiency, develop new products and increase our capacity. As of March 31, 2026, our liquidity remains strong with our bank debt to equity percentage at 8.9%. We can borrow needed funds at a competitive interest rate under the Facility.

Current wording

While uncertainty remains in the global economy due to trade matters and geopolitical instability, we believe our business portfolio, which is focused on key megatrends impacting both the power and telecommunications markets, as well as our significant U.S. manufacturing footprint, and financial position, are sound and strategically well-positioned. We remain focused on assessing our global market opportunities and overall manufacturing capacity in conjunction with the requirements of local manufacturing in the markets that we serve. As necessary, we will modify redundant processes and further utilize our global manufacturing network to manage costs, including tariff impacts, increase sales volume and deliver value to our customers. We closely monitor developments in trade policy and geo-political instability and actively evaluate strategies to mitigate the impact of tariffs or supply chain constraints, including sourcing alternatives, where needed. We have continued to invest in the business to expand into new markets for the Company, evaluate strategic mergers and acquisitions, improve efficiency, develop new products and increase our capacity. As of June 30, 2026, our liquidity remains strong with our bank debt to equity percentage at 8.6%. We can borrow needed funds at a competitive interest rate under the Facility.

Previous wording

Net sales. In 2026, net sales were $176.3 million, an increase of $27.7 million, or 19%, compared to 2025. Excluding the effect of currency translation, net sales increased 14% as summarized in the following table:

Current wording

Net sales. In 2026, net sales were $212.7 million, an increase of $43.1 million, or 25%, compared to 2025. Excluding the effect of currency translation, net sales increased 22% as summarized in the following table:

Previous wording

The increase in PLP-USA net sales of $19.3 million, or 26%, was primarily due to higher volumes in energy and communications sales. International net sales for the three months ended March 31, 2026 were favorably affected by $7.2 million when local currencies were converted to U.S. dollars. The following discussion of changes in net sales excludes the effect of currency translation. The Americas net sales of $25.1 million increased $0.5 million, or 2%, primarily due to higher volumes in communications sales due to the acquisition of JAP Telecom in May 2025. EMEA net sales of $33.3 million increased $0.1 million primarily due to higher volumes in special industry sales. Asia-Pacific net sales of $24.6 million increased $0.6 million, or 3%, primarily due to higher volumes in energy product sales and communications sales.

Current wording

The increase in PLP-USA net sales of $25.0 million, or 32%, was primarily due to higher volumes in energy sales, and to a lesser extent, communications sales. International net sales for the three months ended June 30, 2026 were favorably affected by $6.0 million when local currencies were converted to U.S. dollars. The following discussion of changes in net sales excludes the effect of currency translation. The Americas net sales of $34.0 million increased $2.8 million, or 10%, primarily due to higher volumes in energy sales mainly due to the acquisition of Delta Star in May 2026. EMEA net sales of $41.7 million increased $8.2 million primarily due to higher volumes in energy sales. Asia-Pacific net sales of $32.7 million increased $1.2 million, or 4%, primarily due to higher volumes in energy sales and special industry sales.

Previous wording

Gross profit. Gross profit of $55.2 million for 2026 increased $6.5 million, or 14%, compared to 2025. Excluding the effect of currency translation, gross profit increased $4.6 million, or 9%, as summarized in the following table:

Current wording

Gross profit. Gross profit of $73.0 million for 2026 increased $17.6 million, or 32%, compared to 2025. Excluding the effect of currency translation, gross profit increased $15.7 million, or 28%, as summarized in the following table:

Previous wording

PLP-USA gross profit of $32.5 million increased by $5.7 million, or 21%, compared to the same period in 2025, primarily due to higher sales volumes and the benefit of price increases enacted in 2025, partially offset by higher tariff and manufacturing costs. International gross profit for the period ended March 31, 2026 was favorably impacted by $2.0 million when local currencies were translated to U.S. dollars. The following discussion of gross profit changes excludes the effects of currency translation. The Americas gross profit decreased $0.9 million, or 13%, which was primarily the result of unfavorable product mix. EMEA gross profit decreased $0.7 million, or 7%, primarily due to unfavorable product mix and increased manufacturing costs. Asia-Pacific gross profit increased $0.5 million, or 8%, which was primarily driven by higher sales volumes.

Current wording

PLP-USA gross profit of $39.2 million increased by $11.2 million, or 40%, compared to the same period in 2025, primarily due to higher sales volumes, favorable product mix and the benefit of price increases enacted in 2025, partially offset by increased material, tariff and manufacturing costs. International gross profit for the period ended June 30, 2026 was favorably impacted by $1.9 million when local currencies were translated to U.S. dollars. The following discussion of gross profit changes excludes the effects of currency translation. The Americas gross profit increased $1.6 million, or 18%, which was primarily the result of favorable product mix. EMEA gross profit increased $3.4 million, or 36%, primarily due to higher sales volumes and favorable product mix. Asia-Pacific gross profit decreased $0.4 million, or 5%, which was primarily driven by increased material costs.

Previous wording

Costs and expenses. Costs and expenses of $41.5 million for the three months ended March 31, 2026 increased $6.0 million, or 17%, when compared to 2025. Excluding the effect of currency translation and intercompany transactions, costs and expenses increased $4.4 million, or 12%, as summarized in the following table:

Current wording

Costs and expenses. Costs and expenses of $45.1 million for the three months ended June 30, 2026 increased $6.8 million, or 18%, when compared to 2025. Excluding the effect of currency translation and intercompany transactions, costs and expenses increased $5.8 million, or 15%, as summarized in the following table:

Previous wording

Excluding intercompany transactions, PLP-USA costs and expenses increased $3.0 million, or 18% year-over-year, primarily due to increased selling and personnel costs supporting strategic market growth initiatives in core product offerings in both energy and communications. International costs and expenses for the three months ended March 31, 2026 were unfavorably impacted when local currencies were translated to U.S. dollars and favorably impacted by intercompany transactions with PLP-USA. The following discussion of costs and expenses excludes the effect of currency translation and intercompany transactions. The Americas costs and expenses of $5.9 million increased $1.0 million primarily due to increases in personnel and administrative costs. EMEA costs and expenses of $7.9 million increased by $0.3 million primarily due to increases in selling, administrative and engineering costs. Asia-Pacific costs and expenses of $5.8 million increased $0.1 million primarily due to an increase in personnel costs.

Current wording

Excluding intercompany transactions, PLP-USA costs and expenses increased $4.5 million, or 26% year-over-year, primarily due to increased selling and personnel costs supporting strategic market growth initiatives in core product offerings in both energy and communications. International costs and expenses for the three months ended June 30, 2026 were unfavorably impacted when local currencies were translated to U.S. dollars and favorably impacted by intercompany transactions with PLP-USA. The following discussion of costs and expenses excludes the effect of currency translation and intercompany transactions. The Americas costs and expenses of $7.2 million increased $0.5 million primarily due to increases in personnel costs and selling costs. EMEA costs and expenses of $8.6 million increased by $0.8 million primarily due to increases in personnel and selling costs. Asia-Pacific costs and expenses of $6.4 million had a de minimis change.

Previous wording

Other Income, net. Other income, net of $0.6 million for the three months ended March 31, 2026 was favorable by $0.1 million when compared to $0.5 million of Other income, net for the three months ended March 31, 2025. The favorable movement was mainly due to an increase in interest income.

Current wording

Other Income, net. Other income, net of $0.5 million for the three months ended June 30, 2026 was favorable by $0.3 million when compared to $0.2 million of Other income, net for the three months ended June 30, 2025. The favorable movement was mainly due to an increase in interest income.

Previous wording

Income taxes. Income taxes for the three months ended March 31, 2026 and 2025 were $3.8 million and $2.1 million based on pre-tax income of $14.3 million and $13.7 million, respectively. The tax rate for the three months ended March 31, 2026 and 2025 was 26% and 16%, respectively. The higher effective tax rates for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to a valuation allowance of approximately $1.3 million recorded on deferred tax assets related to the Company's French subsidiary.

Current wording

Income taxes. Income taxes for the three months ended June 30, 2026 and 2025 were $6.9 million and $4.6 million based on pre-tax income of $28.4 million and $17.3 million, respectively. The tax rate for the three months ended June 30, 2026 and 2025 was 24% and 27%, respectively. The lower effective tax rate for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was mainly due to the impact from certain nondeductible compensation adjustments in Q2 2025.

Previous wording

Net income. As a result of the preceding items, net income for the three months ended March 31, 2026 was $10.5 million, compared to $11.6 million for 2025. Excluding the effect of currency translation, net income decreased $1.1 million as summarized in the following table. The decrease in net income was due to the increase in income taxes as described above:

Current wording

Net income. As a result of the preceding items, net income for the three months ended June 30, 2026 was $21.5 million, compared to $12.7 million for 2025. Excluding the effect of currency translation, net income increased $8.3 million as summarized in the following table. The increase in net income was due to increases in operating income as described above

Previous wording

Our investments include expenditures required for equipment and facilities as well as expenditures in support of our strategic initiatives. During the first three months of 2026, we used cash of $10.0 million for capital expenditures, mainly related to new facilities in the EMEA region. We ended the first three months of 2026 with $69.5 million of cash, cash equivalents and restricted cash (collectively, “Cash”). Our Cash is held in various locations throughout the world. At March 31, 2026, the majority of our Cash was held outside the U.S. We expect most accumulated non-U.S. Cash balances will remain outside of the U.S. and that we will meet U.S. liquidity needs through future operating cash flows, use of U.S. Cash balances, external borrowings, or some combination of these sources. We complete comprehensive reviews of our significant customers and their creditworthiness by analyzing financial statements for customers where we have identified a measure of increased risk. We closely monitor payments and developments which may signal possible customer credit issues. We currently have not identified any potential material impact on our liquidity from customer credit issues.

Current wording

Our investments include expenditures required for equipment and facilities as well as expenditures in support of our strategic initiatives. During the first six months of 2026, we used cash of $17.0 million for capital expenditures, mainly related to new facilities in the EMEA region. We ended the first six months of 2026 with $76.2 million of cash, cash equivalents and restricted cash (collectively, “Cash”). Our Cash is held in various locations throughout the world. At June 30, 2026, the majority of our Cash was held outside the U.S. We expect most accumulated non-U.S. Cash balances will remain outside of the U.S. and that we will meet U.S. liquidity needs through future operating cash flows, use of U.S. Cash balances, external borrowings, or some combination of these sources. We complete comprehensive reviews of our significant customers and their creditworthiness by analyzing financial statements for customers where we have identified a measure of increased risk. We closely monitor payments and developments which may signal possible customer credit issues. We currently have not identified any potential material impact on our liquidity from customer credit issues.

Previous wording

Total debt, including notes payable, at March 31, 2026 was $41.9 million. The Company maintained a credit facility (the "Facility") with PNC Bank, National Association ("PNC") with a capacity of $60.0 million and a maturity date of June 30, 2028. The interest rate is defined as the Secured Overnight Financing Rate (“SOFR”) plus 1.225% unless the Company’s funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 3.00 to 1, at which point the SOFR spread becomes 1.600%. At March 31, 2026, the Company had utilized $7.1 million with $52.9 million available on the Facility. There were no long-term outstanding letters of credit on the Facility as of March 31, 2026. Our bank debt to equity percentage was 8.9%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At March 31, 2026, the Company was in compliance with these covenants.

Current wording

Total debt, including notes payable, at June 30, 2026 was $42.8 million. The Company maintained a credit facility (the "Facility") with PNC Bank, National Association ("PNC") with a capacity of $60.0 million and a maturity date of June 30, 2028. The interest rate is defined as the Secured Overnight Financing Rate (“SOFR”) plus 1.225% unless the Company’s funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 3.00 to 1, at which point the SOFR spread becomes 1.600%. At June 30, 2026, the Company had utilized $6.7 million with $53.3 million available on the Facility. There were no long-term outstanding letters of credit on the Facility as of June 30, 2026. Our bank debt to equity percentage was 8.6%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At June 30, 2026, the Company was in compliance with these covenants.

Previous wording

On January 19, 2021, the Company received funding for a term loan from PNC Equipment Finance, LLC in the principal amount of $20.5 million for the full amount of the purchase price for a new corporate aircraft. As of March 31, 2026, $10.1 million was outstanding on this debt facility, of which $2.1 million was classified as current. The aircraft has been pledged as collateral against the loan.

Current wording

On January 19, 2021, the Company received funding for a term loan from PNC Equipment Finance, LLC in the principal amount of $20.5 million for the full amount of the purchase price for a new corporate aircraft. As of June 30, 2026, $9.6 million was outstanding on this debt facility, of which $2.1 million was classified as current. The aircraft has been pledged as collateral against the loan.

Previous wording

The Company has other borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. At March 31, 2026 and December 31, 2025, $24.8 million and $20.9 million were outstanding, of which $5.2 million and $4.6 million were classified as current, respectively. Of the $24.8 million outstanding at March 31, 2026, $16.5 million is attributable to the Poland subsidiary and $7.5 million is attributable to the Spain subsidiary. These facilities support commitments made in the ordinary course of business.

Current wording

The Company has other borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. At June 30, 2026 and December 31, 2025, $26.5 million and $20.9 million were outstanding, of which $4.8 million and $4.6 million were classified as current, respectively. Of the $26.5 million outstanding at June 30, 2026, $17.7 million is attributable to the Poland subsidiary and $7.1 million is attributable to the Spain subsidiary. These facilities support commitments made in the ordinary course of business.

Previous wording

On July 16, 2025, PLP Poland (Belos) S.A. ("PLP Poland"), a subsidiary of the Company, entered into a non-revolving investment loan with Bank Polska Kasa Opieki Spółka Akcyjna ("Bank Pekao S.A") to finance the construction of a new manufacturing plant for an amount up to PLN100.3 million ($26.9 million). The maturity date of the loan is January 31, 2035 and is payable in annual installments in the amounts of PLN5.3 million ($1.4 million) in 2026, PLN9.0 million ($2.4 million) in 2027, PLN9.6 million ($2.6 million) in 2028 through 2034, and PLN18.8 million ($4.9 million) in 2035.

Current wording

On July 16, 2025, PLP Poland (Belos) S.A. ("PLP Poland"), a subsidiary of the Company, entered into a non-revolving investment loan with Bank Polska Kasa Opieki Spółka Akcyjna ("Bank Pekao S.A") to finance the construction of a new manufacturing plant for an amount up to PLN100.3 million ($26.7 million) with a maturity date of January 31, 2035.

Previous wording

Net cash provided by operating activities for the three months ended March 31, 2026 was $6.0 million compared to $5.7 million in the comparable prior year three-month period. The $0.3 million increase was primarily a result of the net favorable movement in non-cash items including shared based compensation and depreciation and amortization, offset by changes in operating assets and liabilities.

Current wording

Net cash provided by operating activities for the six months ended June 30, 2026 was $31.3 million compared to $32.6 million in the comparable prior year six-month period. The $1.3 million decrease was primarily a result of the increase in net income, the net favorable movement in non-cash items, including share based compensation and depreciation and amortization, offset by changes in operating assets and liabilities.

Previous wording

Net cash used in investing activities for the three months ended March 31, 2026 was $9.9 million compared to $9.7 million in the comparable prior year three-month period. The $0.2 million change was primarily a result of a reduction in proceeds from the sale of investments year over year.

Current wording

Net cash used in investing activities for the six months ended June 30, 2026 was $25.9 million compared to $22.2 million in the comparable prior year six-month period. The $3.7 million change was primarily a result of the acquisition of Delta Star in May 2026 and lower net proceeds from investments, partially offset by a decrease in capital expenditures.

Previous wording

Net cash used in financing activities for the three months ended March 31, 2026 was $10.0 million compared to a nominal amount for the comparable prior year three-month period. The $10.0 million change was primarily the result of share repurchases from related parties and a reduction in the net payments of notes payable to banks.

Current wording

Net cash used in financing activities for the six months ended June 30, 2026 was $13.0 million compared to $4.8 million in the comparable prior year six-month period. The $8.2 million change was primarily the result of share repurchases from related parties and a reduction in proceeds from long term debt.

Previous wording

We have commitments under operating leases primarily for office and manufacturing space, transportation equipment, office and computer equipment and finance leases primarily for equipment. At March 31, 2026, we had $1.5 million of current operating lease liabilities and $5.5 million of noncurrent operating lease liabilities. Total liabilities related to finance lease obligations were approximately $0.6 million at March 31, 2026.

Current wording

We have commitments under operating leases primarily for office and manufacturing space, transportation equipment, office and computer equipment and finance leases primarily for equipment. At June 30, 2026, we had $1.9 million of current operating lease liabilities and $6.8 million of noncurrent operating lease liabilities. Total liabilities related to finance lease obligations were approximately $0.6 million at June 30, 2026.

Previous wording

As of March 31, 2026, the Company had total outstanding guarantees of $13.7 million. Additionally, certain domestic and foreign customers require the Company to issue letters of credit or performance bonds as a condition of placing an order. As of March 31, 2026, the Company had total outstanding letters of credit of $3.7 million.

Current wording

As of June 30, 2026, the Company had total outstanding guarantees of $13.8 million. Additionally, certain domestic and foreign customers require the Company to issue letters of credit or performance bonds as a condition of placing an order. As of June 30, 2026, the Company had total outstanding letters of credit of $3.6 million.

Previous wording

The Company has other borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. At March 31, 2026, and December 31, 2025, $24.8 million and $20.9 million were outstanding, of which $5.2 million and $4.6 million were classified as current, respectively. Of the $24.8 million outstanding at March 31, 2026, $16.5 million is attributable to the Poland subsidiary and $7.5 million is attributable to the Spain subsidiary. These facilities support commitments made in the ordinary course of business.

Current wording

The Company has other borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. At June 30, 2026, and December 31, 2025, $26.5 million and $20.9 million were outstanding, of which $4.8 million and $4.6 million were classified as current, respectively. Of the $26.5 million outstanding at June 30, 2026, $17.7 million is attributable to the Poland subsidiary and $7.1 million is attributable to the Spain subsidiary. These facilities support commitments made in the ordinary course of business.

Previous wording

This Form 10-Q and other documents we file with the SEC contain forward-looking statements regarding the Company’s and management’s beliefs and expectations. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. As a general matter, forward-looking statements are those focused upon future plans, objectives or performance (as opposed to historical items) and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Use of words such “anticipates,” “believes,” “may,” “should,” “will,” “would,” “could,” “plans,” “projects,” “expects,” “estimates,” “predicts,” “targets,” “forecasts,” “intends,” “contemplates,” and similar words may identify forward-looking statements. Such forward-looking statements are subject to uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control. Such uncertainties and factors could cause the Company’s actual results to differ materially from those matters expressed in or implied by such forward-looking statements.

Current wording

This Form 10-Q and other documents we file with the SEC contain forward-looking statements regarding the Company’s and management’s beliefs and expectations. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. As a general matter, forward-looking statements are those focused upon future plans, objectives or performance (as opposed to historical items) and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Use of words such as “anticipates,” “believes,” “may,” “should,” “will,” “would,” “could,” “plans,” “projects,” “expects,” “estimates,” “predicts,” “targets,” “forecasts,” “intends,” “contemplates,” and similar words may identify forward-looking statements. Such forward-looking statements are subject to uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control. Such uncertainties and factors could cause the Company’s actual results to differ materially from those matters expressed in or implied by such forward-looking statements.

Previous wording

•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, Australia and Western Europe and may grow slowly or experience prolonged delay in developing regions despite expanding power needs;

Current wording

•The overall demand for cable anchoring and control hardware for electrical transmission and distribution lines on a worldwide basis, which, historically, has a slow growth rate in mature markets such as the United States (“U.S.”), Canada, Australia and Western Europe and may grow slowly or experience prolonged delay in developing regions despite expanding power needs;