Delaware | 001-12561 | 36-3601505 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Company news release dated April 27, 2011, titled Belden Reports Solid First Quarter Results; Raises Full-Year Guidance |
BELDEN INC. |
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Date: April 27, 2011 | By: | /s/ Kevin L. Bloomfield | ||
Kevin L. Bloomfield | ||||
Senior Vice President, Secretary and General Counsel |
7733 Forsyth Boulevard | Phone: 314.854.8000 | |||
Suite 800 | Fax: 314.854.8003 | |||
St. Louis, Missouri 63105 | ||||
www.Belden.com |
| Increased earnings from continuing operations per diluted share to $0.46, up 53% over last years results of $0.30 per diluted share; | ||
| Grew revenue 20% year-over-year to $461.6 million; | ||
| Improved the Companys presence in emerging markets with the acquisition of Poliron, a leading Brazilian cable company; | ||
| Enhanced the Companys broadcast business with the acquisition of ICM Corp., Beldens second broadcast connectivity acquisition in the past six months; and | ||
| Raised full-year guidance for fiscal 2011 to revenues of $1.96 $2.00 billion and income from continuing operations per diluted share of $2.15 $2.30, up from prior guidance of $1.85 $1.90 billion and $2.05 $2.25, respectively. |
Three Months Ended | ||||||||
April 3, 2011 | April 4, 2010 | |||||||
(In thousands, except per share amounts) | ||||||||
Revenues |
$ | 461,628 | $ | 384,424 | ||||
Cost of sales |
(331,173 | ) | (274,014 | ) | ||||
Gross profit |
130,455 | 110,410 | ||||||
Selling, general and administrative expenses |
(74,936 | ) | (68,735 | ) | ||||
Research and development |
(13,629 | ) | (10,308 | ) | ||||
Amortization of intangibles |
(3,679 | ) | (2,713 | ) | ||||
Income from equity method investment |
3,862 | 2,641 | ||||||
Operating income |
42,073 | 31,295 | ||||||
Interest expense |
(11,808 | ) | (12,946 | ) | ||||
Interest income |
159 | 182 | ||||||
Income from continuing operations before taxes |
30,424 | 18,531 | ||||||
Income tax expense |
(8,406 | ) | (4,201 | ) | ||||
Income from continuing operations |
22,018 | 14,330 | ||||||
Loss from discontinued operations, net of tax |
(128 | ) | (2,583 | ) | ||||
Net income |
$ | 21,890 | $ | 11,747 | ||||
Weighted average number of common shares and equivalents: |
||||||||
Basic |
47,209 | 46,697 | ||||||
Diluted |
48,330 | 47,510 | ||||||
Basic income (loss) per share |
||||||||
Continuing operations |
$ | 0.47 | $ | 0.31 | ||||
Discontinued operations |
(0.01 | ) | (0.06 | ) | ||||
Net income |
$ | 0.46 | $ | 0.25 | ||||
Diluted income (loss) per share |
||||||||
Continuing operations |
$ | 0.46 | $ | 0.30 | ||||
Discontinued operations |
(0.01 | ) | (0.05 | ) | ||||
Net income |
$ | 0.45 | $ | 0.25 | ||||
Dividends declared per share |
$ | 0.05 | $ | 0.05 |
Total | ||||||||||||||||||||||||
Americas | EMEA | Asia Pacific | Segments | Eliminations | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Three Months Ended April 3, 2011 |
||||||||||||||||||||||||
External customer revenues |
$ | 276,998 | $ | 103,690 | $ | 80,940 | $ | 461,628 | $ | | $ | 461,628 | ||||||||||||
Affiliate revenues |
12,068 | 22,666 | 101 | 34,835 | (34,835 | ) | | |||||||||||||||||
Total revenues |
$ | 289,066 | $ | 126,356 | $ | 81,041 | $ | 496,463 | $ | (34,835 | ) | $ | 461,628 | |||||||||||
Operating income |
$ | 31,572 | $ | 17,098 | $ | 6,373 | $ | 55,043 | $ | (12,970 | ) | $ | 42,073 | |||||||||||
Three Months Ended April 4, 2010 |
||||||||||||||||||||||||
External customer revenues |
$ | 217,929 | $ | 90,550 | $ | 75,945 | $ | 384,424 | $ | | $ | 384,424 | ||||||||||||
Affiliate revenues |
12,737 | 14,743 | | 27,480 | (27,480 | ) | | |||||||||||||||||
Total revenues |
$ | 230,666 | $ | 105,293 | $ | 75,945 | $ | 411,904 | $ | (27,480 | ) | $ | 384,424 | |||||||||||
Operating income |
$ | 23,788 | $ | 11,061 | $ | 5,710 | $ | 40,559 | $ | (9,264 | ) | $ | 31,295 |
Americas | EMEA | Asia Pacific | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Three Months Ended April 3, 2011 |
||||||||||||||||
Cable products |
$ | 211,106 | $ | 43,211 | $ | 64,811 | $ | 319,128 | ||||||||
Networking products |
26,614 | 32,593 | 12,048 | 71,255 | ||||||||||||
Connectivity products |
39,278 | 27,886 | 4,081 | 71,245 | ||||||||||||
Total revenues |
$ | 276,998 | $ | 103,690 | $ | 80,940 | $ | 461,628 | ||||||||
Three Months Ended April 4, 2010 |
||||||||||||||||
Cable products |
$ | 186,751 | $ | 39,879 | $ | 64,681 | $ | 291,311 | ||||||||
Networking products |
13,309 | 28,374 | 7,575 | 49,258 | ||||||||||||
Connectivity products |
17,869 | 22,297 | 3,689 | 43,855 | ||||||||||||
Total revenues |
$ | 217,929 | $ | 90,550 | $ | 75,945 | $ | 384,424 | ||||||||
April 3, 2011 | December 31, 2010 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 323,085 | $ | 358,653 | ||||
Receivables, net |
322,556 | 298,266 | ||||||
Inventories, net |
208,080 | 175,659 | ||||||
Deferred income taxes |
9,231 | 9,473 | ||||||
Other current assets |
19,914 | 18,804 | ||||||
Total current assets |
882,866 | 860,855 | ||||||
Property, plant and equipment, less accumulated depreciation |
286,637 | 278,866 | ||||||
Goodwill |
353,772 | 322,556 | ||||||
Intangible assets, less accumulated amortization |
158,755 | 143,820 | ||||||
Deferred income taxes |
28,113 | 27,565 | ||||||
Other long-lived assets |
68,646 | 62,822 | ||||||
$ | 1,778,789 | $ | 1,696,484 | |||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 228,585 | $ | 212,084 | ||||
Accrued liabilities |
156,923 | 145,840 | ||||||
Total current liabilities |
385,508 | 357,924 | ||||||
Long-term debt |
551,056 | 551,155 | ||||||
Postretirement benefits |
118,668 | 112,426 | ||||||
Other long-term liabilities |
36,327 | 36,464 | ||||||
Stockholders equity: |
||||||||
Common stock |
503 | 503 | ||||||
Additional paid-in capital |
595,305 | 595,519 | ||||||
Retained earnings |
191,063 | 171,568 | ||||||
Accumulated other comprehensive income (loss) |
13,838 | (8,919 | ) | |||||
Treasury stock |
(113,479 | ) | (120,156 | ) | ||||
Total stockholders equity |
687,230 | 638,515 | ||||||
$ | 1,778,789 | $ | 1,696,484 | |||||
Three Months Ended | ||||||||
April 3, 2011 | April 4, 2010 | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: |
||||||||
Net income |
$ | 21,890 | $ | 11,747 | ||||
Adjustments to reconcile net income to net cash used for operating activities: |
||||||||
Depreciation and amortization |
12,860 | 14,614 | ||||||
Share-based compensation |
2,925 | 3,325 | ||||||
Pension funding less than (greater than) pension expense |
1,613 | (6,004 | ) | |||||
Provision for inventory obsolescence |
878 | 919 | ||||||
Tax deficiency (benefit) related to share-based compensation |
(1,668 | ) | 278 | |||||
Income from equity method investment |
(3,862 | ) | (2,641 | ) | ||||
Changes in operating assets and liabilities, net of the effects of currency exchange
rate changes and acquired businesses: |
||||||||
Receivables |
(12,431 | ) | (20,255 | ) | ||||
Inventories |
(24,622 | ) | (12,520 | ) | ||||
Accounts payable |
10,528 | 18,429 | ||||||
Accrued liabilities |
(30,638 | ) | (21,293 | ) | ||||
Accrued taxes |
7,347 | (1,191 | ) | |||||
Other assets |
(794 | ) | 3,298 | |||||
Other liabilities |
347 | (1,913 | ) | |||||
Net cash used for operating activities |
(15,627 | ) | (13,207 | ) | ||||
Cash flows from investing activities: |
||||||||
Cash used to acquire businesses, net of cash acquired |
(23,192 | ) | | |||||
Capital expenditures |
(6,798 | ) | (7,002 | ) | ||||
Proceeds from disposal of tangible assets |
1,136 | 1,824 | ||||||
Cash provided by other investing activities |
| 163 | ||||||
Net cash used for investing activities |
(28,854 | ) | (5,015 | ) | ||||
Cash flows from financing activities: |
||||||||
Payments under borrowing arrangements |
| (46,268 | ) | |||||
Cash dividends paid |
(2,392 | ) | (2,361 | ) | ||||
Tax benefit (deficiency) related to share-based compensation |
1,668 | (278 | ) | |||||
Proceeds from exercise of stock options |
3,952 | 543 | ||||||
Net cash provided by (used for) financing activities |
3,228 | (48,364 | ) | |||||
Effect of foreign currency exchange rate changes on cash and cash equivalents |
5,685 | (3,410 | ) | |||||
Decrease in cash and cash equivalents |
(35,568 | ) | (69,996 | ) | ||||
Cash and cash equivalents, beginning of period |
358,653 | 308,879 | ||||||
Cash and cash equivalents, end of period |
$ | 323,085 | $ | 238,883 | ||||