EX-99 2 f20051101ex99pressrelease3q.htm EXHIBIT 99 General Cable Corporation and Subsidiaries




General Cable Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)

 

 

 

 

 

 

 

 

 

Three Fiscal Months Ended

 

Six Fiscal Months Ended

 

September 30, 2005

 

October 1, 2004

 

September 30, 2005

 

October 1, 2004

Net sales

 $       600.5

 

 $          489.3

 

 $    1,763.3

 

 $          1,485.4

Cost of sales

         540.6

 

             430.5

 

       1,564.7

 

             1,326.0

Gross profit

59.9

 

58.8

 

198.6

 

159.4

        

Selling, general and

       

    administrative expenses

42.6

 

39.1

 

129.1

 

115.9

Operating income

17.3

 

19.7

 

69.5

 

43.5

Other income (expense)

             0.1   

 

               -    

 

            -

 

               (0.9)

Net interest expense

(9.9)

 

(9.0)

 

(28.9)

 

(27.3)

        

Income before income taxes

7.5

 

10.7

 

40.6

 

15.3

Income tax provision

            (3.3)

 

               (3.3)

 

          (15.6)

 

               (4.6)

        

Net income

           4.2

 

                7.4

 

           25.0

 

                10.7

Less: preferred stock dividends

            (1.5)

 

               (1.5)

 

            (4.5)

 

                 (4.5)

Net income applicable to common shareholders

 $        2.7

 

 $             5.9

 

 $        20.5

 

 $             6.2

        

Earnings per share

       

Earnings per common share

 $        0.07

 

 $            0.15

 

 $        0.52

 

 $            0.16

Weighted average common shares

39.6

 

39.3

 

39.5

 

39.2

        

Earnings per common share-

   assuming dilution

 $        0.07

 

 $            0.15

 

 $        0.49

 

 $            0.16

        

Weighted average common shares-assuming dilution

40.9

 

40.0

 

50.9

 

39.9





General Cable Corporation and Subsidiaries

Condensed Consolidated Statements of Operations

Segment Information

(in millions)

(unaudited)


  

Three Fiscal Months Ended

 

Six Fiscal Months Ended

  

September 30, 2005

 

October 1, 2004

 

September 30, 2005

 

October 1, 2004

Revenues (as reported)

        

    Energy Segment

 

$     213.3

 

$     169.3

 

$   622.2

 

$   520.4

    Industrial & Specialty Segment

 

212.8

 

174.5

 

650.7

 

561.6

    Communications Segment

 

174.4

 

145.5

 

490.4

 

403.4

Total

 

$     600.5

 

$     489.3

 

$1,763.3

 

$1,485.4

         

Revenues (metal adjusted)

        

    Energy Segment

 

$     213.3

 

$     178.5

 

$  622.2

 

$   552.0

    Industrial & Specialty Segment

 

212.8

 

198.3

 

650.7

 

620.9

    Communications Segment

 

174.4

 

163.1

 

490.4

 

441.2

Total

 

$     600.5

 

$     539.9

 

$1,763.3

 

$1,614.1

         

Metal Pounds Sold

        

    Energy Segment

 

        72.3

 

        62.1

 

     218.1

 

       208.4

    Industrial & Specialty Segment

 

        56.7

 

         53.8

 

    174.7

 

       178.4

    Communications Segment

 

        36.2

 

         39.7

 

       106.8

 

         110.2

Total

 

     165.2

 

       155.6

 

     499.6

 

       497.0

         

Operating Profit (Loss)

        

    Energy Segment

 

$       17.8

 

$       10.8

 

$    45.5

 

$    28.2

    Industrial & Specialty Segment

 

8.0

 

8.7

 

23.5

 

18.2

    Communications Segment

 

7.1

 

3.8

 

19.6

 

5.0

Subtotal

 

32.9

 

23.3

 

88.6

 

51.4

   Corporate

 

        (15.6)

 

         (3.6)

 

      (19.1)

 

         (7.9)

Total

 

$       17.3

 

$       19.7

 

$    69.5

 

$    43.5

         

Return on Metal Adjusted Sales

        

    Energy Segment

 

8.3%

 

6.1%

 

7.3%

 

5.1%

    Industrial & Specialty Segment

 

3.8%

 

4.4%

 

3.6%

 

2.9%

    Communications Segment

 

4.1%

 

2.3%

 

4.0%

 

1.1%

 Total Company

 

2.9%

 

3.6%

 

3.9%

 

2.7%

         

Capital Expenditures

        

    Energy Segment

 

$        4.2

 

$         2.4

 

$   11.1

 

$      9.6

    Industrial & Specialty Segment

 

          3.3

 

3.4

 

         9.3

 

           9.9

    Communications Segment

 

           2.5

 

1.5

 

         5.3

 

           4.6

Total

 

$      10.0

 

$         7.3

 

$   25.7

 

$    24.1

         

Depreciation & Amortization

        

    Energy Segment

 

$        3.3

 

$         1.0

 

$     7.9

 

$      4.8

    Industrial & Specialty Segment

 

2.7

 

2.0

 

8.5

 

7.1

    Communications Segment

 

3.6

 

4.0

 

12.5

 

12.7

Subtotal

 

9.6

 

7.0

 

28.9

 

24.6

   Corporate (1)

 

           11.8

 

           0.4

 

         14.7

 

           2.7

Total

 

$      21.4

 

$         7.4

 

$   43.6

 

$    27.3

(1) Relates to the rationalization of certain plant locations.









GENERAL CABLE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in millions, except share data)



ASSETS

  

September 30,            2005

 

December 31, 2004

Current Assets:

 

(unaudited)

  
 

Cash

  

 $        51.3

 

 $            36.4

 

Receivables, net of allowances of $16.6 million at

September 30, 2005 and $16.0 million at December 31, 2004

         419.0

 

             350.9

 

Inventories

 

         317.4

 

             315.5

 

Deferred income taxes

 

           22.8

 

               23.0

 

Prepaid expenses and other

 

           31.5

 

               38.8

  

Total current assets

 

         842.0

 

             764.6

Property, plant and equipment, net

 

         328.1

 

             356.0

Deferred income taxes

 

           63.9

 

               65.7

Other non-current assets

 

           32.9

 

               34.5

  

Total assets

 

 $    1,266.9

 

 $        1,220.8

LIABILITIES AND SHAREHOLDERS' EQUITY

    

Current Liabilities:

    
 

Accounts payable

 

 $      398.1

 

 $          357.4

 

Accrued liabilities

 

         141.5

 

             108.1

 

Current portion of long-term debt

 

             1.9

 

                 1.1

  

Total current liabilities

 

         541.5

 

             466.6

Long-term debt

 

         350.4

 

             373.8

Deferred income taxes

 

           12.2

 

               15.3

Other liabilities

 

           57.7

 

               63.7

  

Total liabilities

 

         961.8

 

             919.4

Shareholders' Equity:

    
 

Redeemable convertible preferred stock,

at redemption value:

    
 

    September 30, 2005 – 2,069,867 outstanding shares

    
  

December 31, 2004 – 2,070,000 outstanding shares

    
  

     (liquidation preference of $50.00 per share)

 

         103.5

 

             103.5

 

Common stock, $0.01 par value,

    
 

  issued and outstanding shares:

    
  

September 30, 2005 -  39,740,591

(net of 4,968,755 treasury shares)

    
  

December 31, 2004 -  39,335,754

(net of 4,885,823 treasury shares)

 

             0.4

 

                 0.4

 

Additional paid-in capital

 

         148.5

 

             144.1

 

Treasury stock

 

          (52.2)

 

              (51.0)

 

Retained earnings

 

         107.4

 

               86.4

 

Accumulated other comprehensive income

 

             3.1

 

               22.4

 

Other shareholders' equity

 

            (5.6)

 

                (4.4)

  

Total shareholders' equity

 

         305.1

 

             301.4

  

Total liabilities and shareholders' equity

 

 $    1,266.9

 

 $        1,220.8