EX-99 2 f20072qfinancials.htm EXHIBIT 99 - 2Q 2007 FINANCIALS Converted by EDGARwiz




General Cable Corporation and Subsidiaries

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Fiscal Months Ended

 

Six Fiscal Months Ended

 

 

 

June 29,

 

June 30,

 

June 29,

 

June 30,

 

 

 

2007

 

2006

 

2007

 

2006

 

Net sales

 

$1,172.5

 

$987.1

 

$2,181.7

 

$1,791.4

 

Cost of sales

 

999.4

 

857.6

 

1,848.8

 

1,564.3

 

Gross profit

 

173.1

 

129.5

 

332.9

 

227.1

 

 

 

 

 

 

 

 

 

 

 

Selling, general and

 

 

 

 

 

 

 

 

 

    administrative expenses

 

70.1

 

59.1

 

138.8

 

114.5

 

Unusual items

 

 

 

 

 

 

 

 

 

Operating income

 

103.0

 

70.4

 

194.1

 

112.6

 

Other income (expense)

 

(1.5)

 

0.2

 

(1.5)

 

1.0

 

Interest income (expense):

 

 

 

 

 

 

 

 

 

Interest expense

 

(10.6)

 

(12.3)

 

(19.5)

 

(22.4)

 

Interest income

 

3.9

 

0.7

 

6.9

 

1.2

 

Loss on extinguishment of debt

 

0.0

 

0.0

 

(25.1)

 

0.0

 

 

 

(6.7)

 

(11.6)

 

(37.7)

 

(21.2)

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

94.8

 

59.0

 

154.9

 

92.4

 

Income tax provision

 

(31.9)

 

(17.5)

 

(54.1)

 

(29.5)

 

Net income

 

62.9

 

41.5

 

100.8

 

62.9

 

Less: preferred stock dividends

 

(0.1)

 

(0.1)

 

(0.2)

 

(0.2)

 

Net income applicable to common shareholders

 

$62.8

 

$41.4

 

$100.6

 

$62.7

 

Earnings per share

 

 

 

 

 

 

 

 

 

Earnings per common share - basic

 

$1.23

 

$0.81

 

$1.97

 

$1.24

 

Weighted average common shares - basic

 

51.2

 

50.8

 

51.1

 

50.4

 

Earnings per common share-

 

 

 

 

 

 

 

 

 

    assuming dilution

 

$1.15

 

$0.80

 

$1.87

 

$1.21

 

Weighted average common shares-

 

 

 

 

 

 

 

 

 

    assuming dilution

 

54.7

 

52.2

 

53.8

 

51.8

 









GENERAL CABLE CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(in millions, except share data)

ASSETS

 

 

June 29,

2007

 

December 31, 2006

Current Assets:

 

(unaudited)

 

 

 

Cash and cash equivalents

 

$382.4

 

$310.5

 

Receivables, net of allowances of $12.5 million at June 29, 2007

 

 

 

 

 

 

and $10.0 million at December 31, 2006

 

978.9

 

723.7

 

Inventories

 

633.4

 

563.1

 

Deferred income taxes

 

110.1

 

104.1

 

Prepaid expenses and other

 

44.1

 

32.9

 

 

Total current assets

 

2,148.9

 

1,734.3

Property, plant and equipment, net

 

448.2

 

416.7

Deferred income taxes

 

26.5

 

28.8

Other non-current assets

 

56.1

 

38.9

 

 

Total assets

 

$2,679.7

 

$2,218.7

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

Current Liabilities:

 

 

 

 

 

Accounts payable

 

$803.4

 

$655.4

 

Accrued liabilities

 

340.7

 

284.3

 

Current portion of long-term debt

 

434.1

 

55.5

 

 

Total current liabilities

 

1,578.2

 

995.2

Long-term debt

 

375.7

 

685.1

Deferred income taxes

 

12.4

 

13.2

Other liabilities

 

161.5

 

90.8

 

 

Total liabilities

 

2,127.8

 

1,784.3

Shareholders' Equity:

 

 

 

 

 

Redeemable convertible preferred stock, at redemption value

 

 

 

 

 

 

(liquidation preference of $50.00 per share)

 

 

 

 

 

 

June 29, 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:

 

 

 

 

 

June 29, 2007 - 52,336,036 (net of 5,098,598 treasury shares)

 

 

 

 

 

 

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

 

0.6

 

0.6

 

Additional paid-in capital

 

263.0

 

245.5

 

Treasury stock

 

(59.2)

 

(53.0)

 

Retained earnings

 

320.7

 

238.8

 

Accumulated other comprehensive income (loss)

 

21.7

 

(2.6)

 

 

Total shareholders' equity

 

551.9

 

434.4

 

 

Total liabilities and shareholders' equity

 

$2,679.7

 

$2,218.7