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Preformed Line Products 4Q net income drops

NEW YORK (AP) -- Preformed Line Products Co. said Thursday that its net income declined 40 percent in the fourth quarter as some of its expenses rose.

The Cleveland-based maker of cabling equipment earned $5.3 million, or 98 cents per share, for the three months ended Dec. 31. That compares with $8.9 million, or $1.67 per share, a year earlier.

Selling expenses increased to $9.3 million from $9 million, while research and engineering expenses rose to $4.2 million from $3.5 million. Total costs and expenses climbed to $23.8 million from $22.2 million.

Revenue dipped 2 percent to $104.2 million from $106.1 million, hurt by unfavorable foreign currency exchange rates.

For the year, Preformed Line Products earned $29.3 million, or $5.45 per share. In the previous year it earned $31 million, or $5.78 per share.

Annual revenue climbed 4 percent to $439.2 million from $424.4 million.

Its stock fell $2.49, or 3.6 percent, to $67.36 in morning trading. The shares have traded between $50.33 and $71.50 in the past year.