Quarterly Operating Results (Unaudited)



2017	1st			2nd			3rd			4th			Year
	(In thousands, except days and per share amounts)
Number of days in quarter	92			91			91			91			365
Revenues	$	551,381		$	610,633		$	621,745		$	604,884		$	2,388,643
Gross profit	222,114			242,509			239,824			229,592			934,039
Operating income	51,337			62,481			60,791			60,081			234,690
Net income	25,581			35,891			945			30,436			92,853
Less: Net loss attributable to noncontrolling interest	(106		)	(86		)	(82		)	(83		)	(357		)
Net income attributable to Belden	25,687			35,977			1,027			30,519			93,210
Less: Preferred stock dividends	8,733			8,733			8,732			8,733			34,931
Net income (loss) attributable to Belden common stockholders	16,954			27,244			(7,705		)	21,786			58,279

Basic income (loss) per share attributable to Belden common stockholders:	$	0.40		$	0.64		$	(0.18	)	$	0.52		$	1.38

Diluted income (loss) per share attributable to Belden stockholders:	$	0.40		$	0.64		$	(0.18	)	$	0.51		$	1.37

During the financial closing process for the fourth quarter of 2017, we determined that certain consolidated financial statement amounts were not recorded correctly in prior interim periods of 2017. We have evaluated these errors and concluded that they were not material to any of our previously issued interim financial statements and did not require restatement of the quarters. The errors primarily related to recognizing revenue prior to satisfying all of the delivery criteria in one business within our Broadcast segment. The impact of the errors in the first, second, and third quarters of 2017 was an overstatement of revenues of $6.1 million, $10.4 million, and $11.8 million, respectively, and an overstatement of net income of $3.0 million, $1.3 million, and $2.6 million, respectively. The impact of the errors in the fourth quarter of 2017 was an understatement of revenues of $27.8 million and an understatement of net income of $5.2 million. All of the errors have been corrected as of December 31, 2017.

Included in the first, second, third, and fourth quarters of 2017 are severance, restructuring, and integration costs of $6.6 million, $9.6 million, $16.7 million, and $9.9 million, respectively.



2016	1st			2nd			3rd			4th			Year
	(In thousands, except days and per share amounts)
Number of days in quarter	94			91			91			90			366
Revenues	$	541,497		$	601,631		$	601,109		$	612,435		$	2,356,672
Gross profit	225,035			248,213			245,962			261,784			980,994
Operating income	40,964			62,241			61,980			58,668			223,853
Net Income	16,358			41,933			36,072			33,283			127,646
Less: Net loss attributable to noncontrolling interest	(99		)	(99		)	(88		)	(71		)	(357		)
Net income attributable to Belden	16,457			42,032			36,160			33,354			128,003
Less: Preferred stock dividends	—			—			6,695			8,733			15,428
Net income attributable to Belden common stockholders	16,457			42,032			29,465			24,621			112,575

Basic income per share attributable to Belden common stockholders:	$	0.39		$	1.00		$	0.70		$	0.58		$	2.67

Diluted income per share attributable to Belden stockholders:	$	0.39		$	0.99		$	0.69		$	0.58		$	2.65

Included in the first, second, third, and fourth quarters of 2016 are severance, restructuring, and integration costs of $8.4 million, $5.9 million, $12.8 million, and $11.7 million, respectively. Included in the fourth quarter of 2016 are royalty revenues of $10.3 million from a patent settlement during the quarter.