|
7701 Forsyth Boulevard Suite 800 St. Louis, Missouri 63105 |
Phone: 314.854.8000 Fax: 314.854.8003 www.Belden.com |
From:
|
Belden | |||
| Dee Johnson | ||||
| 314.854.8054 | ||||
| § | On January 11 and January 16, the Company completed the sale of two manufacturing facilities previously closed as part of its regional manufacturing strategy, providing net cash proceeds of $6.7 million during the quarter. | ||
| § | On February 16, the Company expanded its credit facility from $165 million to $225 million and prepaid its $62 million private placement notes. | ||
| § | On March 16, the Company completed an offering of $350 million of senior subordinated notes due 2017 at an interest rate of 7.0%. |
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| § | The acquisition of Hirschmann Automation and Control on March 26. | ||
| § | The acquisition of LTK Wiring Company Limited on March 27. | ||
| § | The announcement on March 28 of plans to acquire Lumberg Automation Components. | ||
| § | The exchange of the Companys $110 million of convertible debentures, to insert a net share settlement feature, on April 20. One hundred percent of the issue was exchanged. |
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| | comparative condensed consolidated statements of operations for the three-month periods ended March 25, 2007, and March 26, 2006. | ||
| | segment results for the same periods. | ||
| | condensed consolidated balance sheets as of March 25, 2007, and December 31, 2006. | ||
| | a supplemental schedule of adjusted consolidated results for the quarter, excluding severance charges, asset impairment, adjusted depreciation, and a loss recognized on the disposal of certain tangible assets. |
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| Three Months Ended | ||||||||
| March 25, 2007 | March 26, 2006 | |||||||
| (In thousands, except per share amounts) | ||||||||
Revenues |
$ | 336,703 | $ | 321,905 | ||||
Cost of sales |
(246,014 | ) | (248,490 | ) | ||||
Gross profit |
90,689 | 73,415 | ||||||
Selling, general and administrative expenses |
(52,049 | ) | (46,459 | ) | ||||
Asset impairment |
(1,392 | ) | | |||||
Operating income |
37,248 | 26,956 | ||||||
Interest expense |
(2,526 | ) | (3,792 | ) | ||||
Interest income |
2,743 | 995 | ||||||
Other expense |
(2,016 | ) | (217 | ) | ||||
Income from continuing operations before taxes |
35,449 | 23,942 | ||||||
Income tax expense |
(13,435 | ) | (9,002 | ) | ||||
Income from continuing operations |
22,014 | 14,940 | ||||||
Loss from discontinued operations, net of tax |
| (1,330 | ) | |||||
Loss on disposal of discontinued operations, net of tax |
| (4,298 | ) | |||||
Net income |
$ | 22,014 | $ | 9,312 | ||||
Weighted average number of common shares and
equivalents: |
||||||||
Basic |
44,465 | 42,550 | ||||||
Diluted |
51,689 | 49,307 | ||||||
Basic income (loss) per share: |
||||||||
Continuing operations |
$ | 0.50 | $ | 0.35 | ||||
Discontinued operations |
| (0.03 | ) | |||||
Disposal of discontinued operations |
| (0.10 | ) | |||||
Net income |
0.50 | 0.22 | ||||||
Diluted income (loss) per share: |
||||||||
Continuing operations |
$ | 0.44 | $ | 0.32 | ||||
Discontinued operations |
| (0.03 | ) | |||||
Disposal of discontinued operations |
| (0.09 | ) | |||||
Net income |
0.44 | 0.20 | ||||||
Dividends declared |
$ | 0.05 | $ | 0.05 | ||||
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| External | Operating | |||||||||||||||
| Customer | Affiliate | Total | Income | |||||||||||||
| Revenues | Revenues | Revenues | (Loss) | |||||||||||||
| (In thousands) | ||||||||||||||||
Three Months Ended March 25, 2007 |
||||||||||||||||
Belden Americas |
$ | 186,298 | $ | 11,278 | $ | 197,576 | $ | 34,308 | ||||||||
Specialty Products |
56,653 | 12,423 | 69,076 | 10,315 | ||||||||||||
Europe |
81,948 | 2,708 | 84,656 | 3,802 | ||||||||||||
Asia Pacific |
11,804 | | 11,804 | 1,527 | ||||||||||||
Total Segments |
336,703 | 26,409 | 363,112 | 49,952 | ||||||||||||
Finance and Administration |
| | | (7,940 | ) | |||||||||||
Eliminations |
| (26,409 | ) | (26,409 | ) | (4,764 | ) | |||||||||
Total Continuing Operations |
$ | 336,703 | $ | | $ | 336,703 | $ | 37,248 | ||||||||
Three Months Ended March 26, 2006 |
||||||||||||||||
Belden Americas |
$ | 178,395 | $ | 15,034 | $ | 193,429 | $ | 31,378 | ||||||||
Specialty Products |
57,689 | 5,248 | 62,937 | 6,557 | ||||||||||||
Europe |
73,012 | 2,136 | 75,148 | (1,140 | ) | |||||||||||
Asia Pacific |
12,809 | | 12,809 | 1,453 | ||||||||||||
Total Segments |
321,905 | 22,418 | 344,323 | 38,248 | ||||||||||||
Finance and Administration |
| | | (6,265 | ) | |||||||||||
Eliminations |
| (22,418 | ) | (22,418 | ) | (5,027 | ) | |||||||||
Total Continuing Operations |
$ | 321,905 | $ | | $ | 321,905 | $ | 26,956 | ||||||||
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| March 25, | December 31, | |||||||
| 2007 | 2006 | |||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 602,530 | $ | 254,151 | ||||
Receivables |
230,503 | 217,908 | ||||||
Inventories, net |
191,722 | 202,248 | ||||||
Deferred income taxes |
34,632 | 34,664 | ||||||
Other current assets |
12,017 | 10,465 | ||||||
Total current assets |
1,071,404 | 719,436 | ||||||
Property, plant and equipment, less accumulated depreciation |
267,613 | 272,285 | ||||||
Goodwill, less accumulated amortization |
275,554 | 275,134 | ||||||
Intangible assets, less accumulated amortization |
70,424 | 70,964 | ||||||
Other long-lived assets |
28,555 | 18,149 | ||||||
| $ | 1,713,550 | $ | 1,355,968 | |||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued liabilities |
$ | 214,422 | $ | 200,008 | ||||
Current maturities of long-term debt |
| 62,000 | ||||||
Total current liabilities |
214,422 | 262,008 | ||||||
Long-term debt |
460,000 | 110,000 | ||||||
Postretirement benefits other than pensions |
43,539 | 43,397 | ||||||
Deferred income taxes |
66,188 | 71,399 | ||||||
Other long-term liabilities |
26,074 | 25,263 | ||||||
Stockholders equity: |
||||||||
Common stock |
503 | 503 | ||||||
Additional paid-in capital |
623,651 | 591,416 | ||||||
Retained earnings |
370,503 | 348,069 | ||||||
Accumulated other comprehensive income |
20,083 | 15,013 | ||||||
Treasury stock |
(111,413 | ) | (111,100 | ) | ||||
Total stockholders equity |
903,327 | 843,901 | ||||||
| $ | 1,713,550 | $ | 1,355,968 | |||||
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| As | ||||||||||||
| Reported | Adjustments | Adjusted | ||||||||||
| (In thousands, except percentages and per share amounts) | ||||||||||||
Three Months Ended March 25, 2007 |
||||||||||||
Revenues |
$ | 336,703 | $ | | $ | 336,703 | ||||||
Gross profit |
$ | 90,689 | $ | 1,543 | $ | 92,232 | ||||||
as a percent of revenues |
26.9 | % | 27.4 | % | ||||||||
Operating income |
$ | 37,248 | $ | 3,273 | $ | 40,521 | ||||||
as a percent of revenues |
11.1 | % | 12.0 | % | ||||||||
Income from continuing operations |
$ | 22,014 | $ | 2,515 | $ | 24,529 | ||||||
as a percent of revenues |
6.5 | % | 7.3 | % | ||||||||
Income from continuing operations per diluted share |
$ | 0.44 | $ | 0.05 | $ | 0.49 | ||||||
Three Months Ended March 26, 2006 |
||||||||||||
Revenues |
$ | 321,905 | $ | | $ | 321,905 | ||||||
Gross profit |
$ | 73,415 | $ | 1,638 | $ | 75,053 | ||||||
as a percent of revenues |
22.8 | % | 23.3 | % | ||||||||
Operating income |
$ | 26,956 | $ | 2,399 | $ | 29,355 | ||||||
as a percent of revenues |
8.4 | % | 9.1 | % | ||||||||
Income from continuing operations |
$ | 14,940 | $ | 2,161 | $ | 17,101 | ||||||
as a percent of revenues |
4.6 | % | 5.3 | % | ||||||||
Income from continuing operations per diluted share |
$ | 0.32 | $ | 0.04 | $ | 0.36 | ||||||
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