EX-99 2 f20071qfinancials.htm MAY 1, 2007 8-K FINANCIALS General Cable Corporation and Subsidiaries




General Cable Corporation and Subsidiaries

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

Three Fiscal Months Ended

 

 

 

March 30,

 

March 31,

 

 

 

2007

 

2006

 

Net sales

 

 $      1,009.2

 

 $          804.3

 

Cost of sales

 

            849.4

 

             706.7

 

Gross profit

 

159.8

 

97.6

 

 

 

 

 

 

 

Selling, general and

 

 

 

 

 

    administrative expenses

 

68.7

 

55.4

 

Operating income

 

91.1

 

42.2

 

Other income

 

                 -   

 

                0.8

 

Interest income (expense):

 

 

 

 

 

                    Interest expense

 

(8.9)

 

(10.1)

 

                    Interest income

 

3.0

 

0.5

 

                    Loss on extinguishment of debt

 

(25.1)

 

0.0

 

 

 

(31.0)

 

(9.6)

 

 

 

 

 

 

 

Income before income taxes

 

60.1

 

33.4

 

Income tax provision

 

             (22.2)

 

              (12.0)

 

Net income

 

              37.9

 

               21.4

 

Less: preferred stock dividends

 

              (0.1)

 

               (0.1)

 

Net income applicable to common shareholders

 

 $           37.8

 

 $            21.3

 

Earnings per share

 

 

 

 

 

Earnings per common share - basic

 

 $           0.74

 

 $            0.43

 

Weighted average common shares - basic

 

51.1

 

50.0

 

Earnings per common share-

 

 

 

 

 

    assuming dilution

 

 $           0.71

 

 $            0.41

 

Weighted average common shares-

 

 

 

 

 

    assuming dilution

 

53.1

 

51.6

 







General Cable Corporation and Subsidiaries

Consolidated Balance Sheets

(in millions, except share data)

ASSETS

 

 

March 30,                      2007

 

December 31, 2006

Current Assets:

 

(unaudited)

 

 

 

Cash and cash equivalents

 

$299.0

 

$310.5

 

Receivables, net of allowances of $10.8 million at March 30, 2007

 

 

 

 

 

 

and $10.0 million at December 31, 2006

 

821.9

 

723.7

 

Inventories

 

569.4

 

563.1

 

Deferred income taxes

 

112.2

 

104.1

 

Prepaid expenses and other

 

42.0

 

32.9

 

 

Total current assets

 

1844.5

 

1734.3

Property, plant and equipment, net

 

426.5

 

416.7

Deferred income taxes

 

21.3

 

28.8

Other non-current assets

 

39.0

 

38.9

 

 

Total assets

 

$2,331.3

 

$2,218.7

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

Current Liabilities:

 

 

 

 

 

Accounts payable

 

$684.3

 

$655.4

 

Accrued liabilities

 

272.1

 

284.3

 

Current portion of long-term debt

 

41.2

 

55.5

 

 

Total current liabilities

 

997.6

 

995.2

Long-term debt

 

734.1

 

685.1

Deferred income taxes

 

12.3

 

13.2

Other liabilities

 

117.5

 

90.8

 

 

Total liabilities

 

1861.5

 

1784.3

Shareholders' Equity:

 

 

 

 

 

Redeemable convertible preferred stock, at redemption value

 

 

 

 

 

 

(liquidation preference of $50.00 per share)

 

 

 

 

 

 

March 30, 2007 - 101,949 outstanding shares

 

 

 

 

 

 

December 31, 2006 - 101,949 outstanding shares

 

5.1

 

5.1

 

Common stock, $0.01 par value, issued and outstanding shares:

 

 

 

 

 

 

March 30, 2007 - 52,133,939 (net of 5,041,096 treasury shares)

 

 

 

 

 

December 31, 2006 - 52,002,052 (net of 4,999,035 treasury shares)

0.6

 

0.6

 

Additional paid-in capital

 

251.2

 

245.5

 

Treasury stock

 

(55.0)

 

(53.0)

 

Retained earnings

 

257.9

 

238.8

 

Accumulated other comprehensive income (loss)

 

10.0

 

(2.6)

 

 

Total shareholders' equity

 

469.8

 

434.4

 

 

Total liabilities and shareholders' equity

 

$2,331.3

 

$2,218.7