EX-99.1 2 d480102dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO    7733 Forsyth Boulevard    Phone: 314.854.8000
   Suite 800    Fax: 314.854.8003
   St. Louis, Missouri 63105   
      www.Belden.com

News Release

Belden Reports Fourth Quarter 2012 Income from Continuing Operations of

$0.88 Per Diluted Share, a Year-over-Year Improvement of 83%, and Raises

2013 Guidance

Fourth Quarter Highlights

 

   

Grew revenue by 8.2% year-over-year;

 

   

Achieved adjusted gross profit margins of 33.2%, increasing 450 basis points from 28.7% in the year-ago period;

 

   

Improved adjusted operating profit margins to 11.5%, increasing 260 basis points from 8.9% in the year-ago period;

 

   

Increased adjusted income from continuing operations per diluted share to $0.78, up 23.8% over last year’s $0.63 per diluted share, and

 

   

Raises full-year guidance for fiscal 2013 adjusted income from continuing operations per diluted share to $3.44 – $3.69.

Full Year 2012 Highlights

 

   

Increased net income per diluted share to $4.23, up 78% over last year’s $2.38 per diluted share;

 

   

Completed inorganic portfolio improvements including the acquisitions of Miranda Technologies and PPC, the sale of the consumer electronics assets, and the divestiture of Thermax and Raydex;

 

   

Generated $145 million in free cash flow, exceeding income from continuing operations for the year, increasing our cash balance to $395 million, and

 

   

Purchased 2.1 million shares of Belden common stock for $75 million during the year, bringing the total program to date shares retired to 3.7 million under the previously announced share repurchase program.

St. Louis, Missouri – February 7, 2013 – Belden Inc. (NYSE: BDC), a global leader in signal transmission solutions for mission critical applications, today reported fiscal fourth quarter and full year 2012 results for the period ended December 31, 2012.

Fourth Quarter 2012

Revenue for the quarter totaled $477.7 million, up $36.4 million, or 8.2%, compared to $441.3 million in the fourth quarter 2011. Income from continuing operations per diluted share totaled $0.88, compared to $0.48 in the fourth quarter 2011, a year-over-year increase of 83.3%. A non-GAAP reconciliation table is provided as an appendix to this release.

Adjusted revenue for the quarter totaled $481.2 million, up $39.9 million, or 9.0%, compared to $441.3 million in the fourth quarter 2011. Adjusted income from continuing operations per diluted share totaled $0.78, compared to $0.63 in the fourth quarter 2011. The effective tax rate for the quarter was less than the 27.0% rate estimated in the Company’s previous guidance due to the recognition of favorable discrete tax items, which had a positive impact of $0.10 per diluted share.


 

Belden Reports Fourth Quarter 2012 Income from Continuing Operations of $0.88 Per

Diluted Share, a Year-over–Year Improvement of 83%, and Raises 2013 Guidance –

Page 2 of 4

 

John Stroup, President and CEO of Belden Inc., said, “Our performance in the fourth quarter was consistent with trends experienced all year; strength in industrial end-markets was offset by weaker enterprise demand. I’m pleased with the progress we’ve made on expanding margins in a challenged macroeconomic environment and believe we’re well positioned going forward.”

Full Year 2012

Revenue for the year totaled $1.84 billion, down $40 million, or 2.2%, compared to $1.88 billion in the full year 2011. Consolidated net income per diluted share totaled $4.23, compared to $2.38 in the full year 2011. This includes a gain from the disposal of discontinued operations.

Adjusted revenue for the year totaled $1.85 billion, down $30 million, or 1.9%, compared to $1.88 billion in 2011. Adjusted operating income totaled $205 million or 11.1% of adjusted revenue for the year, compared to $186 million or 9.9% of revenue in 2011. Adjusted income from continuing operations per diluted share totaled $2.80 for the year, compared to $2.40 in 2011, a 16.7% increase.

Mr. Stroup remarked, “Our 2012 results reflect an exciting year at Belden. In a challenged global economy, we grew adjusted earnings by almost 17%, while expanding margins to record levels and continuing to generate strong cash flow. I’m pleased with our ability to improve our portfolio through a series of inorganic actions. We have reached a critical point in our transformation, evolving into a provider of innovative signal transmission solutions with the following four global business platforms: Industrial IT, Industrial Connectivity, Enterprise Connectivity and Broadcast Solutions.”

Outlook

“We are off to a solid start in 2013 with an extremely strong business portfolio. We remain focused on attractive markets with favorable secular trends and share capture. With the expectation for slow global economic growth in 2013, we continue to emphasize our strategic initiatives, including our Market Delivery System and Lean Enterprise. We are confident that these initiatives position us to perform well, and we are, therefore, increasing our earnings outlook for 2013,” said Mr. Stroup.

The Company expects first quarter 2013 revenues to be $505 – $515 million and adjusted income from continuing operations per diluted share to be $0.76 – $0.81. For the full year ending December 31, 2013, the Company expects revenues to be $2.07 – $2.12 billion and adjusted income from continuing operations per diluted share to be $3.44 – $3.69.

Earnings Conference Call

Management will host a conference call today at 10:30 a.m. Eastern to discuss results of the quarter. The listen-only audio of the conference call will be broadcast live via the Internet at http://investor.belden.com. The dial-in number for participants in the U.S. is 888-599-8685; the dial-in number for participants outside the U.S. is 913-312-0403. A replay of this conference call will remain accessible in the investor relations section of the Company’s Web site for a limited time.


 

Belden Reports Fourth Quarter 2012 Income from Continuing Operations of $0.88 Per

Diluted Share, a Year-over–Year Improvement of 83%, and Raises 2013 Guidance –

Page 3 of 4

 

Use of Non-GAAP Financial Information

Adjusted results are non-GAAP measures that reflect certain adjustments the Company makes to provide insight into operating results. All GAAP to non-GAAP reconciliations accompany the consolidated financial statements included in this release and have been published to the investor relations section of the Company’s Web site at http://investor.belden.com.

Forward Looking Statements

Statements in this release other than historical facts are “forward looking statements” made in reliance upon the safe harbor of the Private Securities Litigation Reform Act of 1995. Forward looking statements include any statements regarding future revenues, costs and expenses, operating income, earnings per share, margins, cash flows, dividends, and capital expenditures. These forward looking statements are based on forecasts and projections about the markets and industries served by the Company and about general economic conditions. They reflect management’s beliefs and expectations. They are not guarantees of future performance and they involve risk and uncertainty. The Company’s actual results may differ materially from these expectations. Changes in the global economy may impact the Company’s results. Turbulence in financial markets may increase the Company’s borrowing costs. Additional factors that may cause actual results to differ from the Company’s expectations include: the Company’s reliance on key distributors in marketing products; the Company’s ability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); changes in the level of economic activity in the Company’s major geographic markets; difficulties in realigning manufacturing capacity and capabilities among the Company’s global manufacturing facilities; the competitiveness of the global cable, connectivity and networking industries; variability in the Company’s quarterly and annual effective tax rates; changes in accounting rules and interpretation of these rules which may affect the Company’s reported earnings; changes in currency exchange rates and political and economic uncertainties in the countries where the Company conducts business; demand for the Company’s products; the cost and availability of materials including copper, plastic compounds derived from fossil fuels, electronic components, and other materials; energy costs; the Company’s ability to achieve acquisition performance expectations and to integrate acquired businesses successfully; the ability of the Company to develop and introduce new products; the Company having to recognize charges that would reduce income as a result of impairing goodwill and other intangible assets; security risks and the potential for business interruption from operating in volatile countries; disruptions or failures of the Company’s (or the Company’s suppliers or customers) systems or operations in the event of a major earthquake, weather event, cyber-attack, terrorist attack, or other catastrophic event that could cause delays in completing sales, providing services, or performing other mission-critical functions; and other factors. For a more complete discussion of risk factors, please see our Annual Report on Form 10-K for the year ended December 31, 2011, filed with the SEC on February 29, 2012. Belden disclaims any duty to update any forward looking statements as a result of new information, future developments, or otherwise.


 

Belden Reports Fourth Quarter 2012 Income from Continuing Operations of $0.88 Per

Diluted Share, a Year-over–Year Improvement of 83%, and Raises 2013 Guidance –

Page 4 of 4

 

About Belden

St. Louis-based Belden Inc. designs, manufactures, and sells connectivity solutions for markets including industrial, enterprise, and broadcast. It has approximately 6,700 employees, and has manufacturing capabilities in North America, South America, Europe, and Asia, and a market presence in nearly every region of the world. Belden was founded in 1902, and today is a leader with some of the strongest brands in the signal transmission industry. For more information, visit www.belden.com.

Contact:

Belden Investor Relations

314-854-8054

Investor.Relations@Belden.com


BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

 

     Three Months Ended     Twelve Months Ended  
     December 31, 2012     December 31, 2011     December 31, 2012     December 31, 2011  
     (In thousands, except per share data)  

Revenues

   $ 477,687      $ 441,320      $ 1,840,739      $ 1,882,187   

Cost of sales

     (327,350     (317,721     (1,274,142     (1,340,666
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     150,337        123,599        566,597        541,521   

Selling, general and administrative expenses

     (89,789     (79,606     (345,926     (319,034

Research and development

     (17,976     (13,653     (65,410     (54,752

Amortization of intangibles

     (9,647     (3,219     (22,792     (13,149

Income from equity method investment

     2,450        3,973        9,704        13,169   

Asset impairment and loss on sale of assets

     (3,772     (2,549     (33,676     (2,549
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     31,603        28,545        108,497        165,206   

Interest expense

     (13,730     (11,876     (52,038     (48,118

Interest income

     300        485        1,033        1,011   

Loss on debt extinguishment

     (1,865     —          (52,450     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations before taxes

     16,308        17,154        5,042        118,099   

Income tax benefit (expense)

     23,170        5,619        38,194        (16,791
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations

     39,478        22,773        43,236        101,308   

Income from discontinued operations, net of tax

     2,428        3,754        16,774        13,037   

Gain from disposal of discontinued operations, net of tax

     124,697        —          134,480        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 166,603      $ 26,527      $ 194,490      $ 114,345   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of common shares and equivalents:

        

Basic

     44,163        46,472        45,097        47,109   

Diluted

     45,028        47,415        45,942        48,104   

Basic income (loss) per share:

        

Continuing operations

   $ 0.89      $ 0.49      $ 0.96      $ 2.15   

Discontinued operations

     0.06        0.08        0.37        0.28   

Disposal of discontinued operations

     2.82        —          2.98        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 3.77      $ 0.57      $ 4.31      $ 2.43   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted income (loss) per share:

        

Continuing operations

   $ 0.88      $ 0.48      $ 0.94      $ 2.11   

Discontinued operations

     0.05        0.08        0.36        0.27   

Disposal of discontinued operations

     2.77        —          2.93        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 3.70      $ 0.56      $ 4.23      $ 2.38   
  

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income

   $ 171,179      $ 9,447      $ 195,545      $ 100,555   
  

 

 

   

 

 

   

 

 

   

 

 

 

Dividends declared per share

   $ 0.05      $ 0.05      $ 0.20      $ 0.20   


BELDEN INC.

OPERATING SEGMENT INFORMATION

(Unaudited)

 

Three Months Ended December 31, 2012

   Americas      EMEA      Asia Pacific      Total
Segments
     Eliminations     Income from
Equity Method
Investment
     Total  
     (In thousands)  

External customer revenues

   $ 318,696       $ 81,907       $ 77,084       $ 477,687       $ —        $ —         $ 477,687   

Affiliate revenues

     6,356         33,782         414         40,552         (40,552     —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total revenues

   $ 325,052       $ 115,689       $ 77,498       $ 518,239       $ (40,552   $ —         $ 477,687   

Operating income

   $ 25,576       $ 19,153       $ 7,031       $ 51,760       $ (22,607   $ 2,450       $ 31,603   

Three Months Ended December 31, 2011

                                               

External customer revenues

   $ 268,635       $ 89,604       $ 83,081       $ 441,320       $ —        $ —         $ 441,320   

Affiliate revenues

     5,571         35,595         520         41,686         (41,686     —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total revenues

   $ 274,206       $ 125,199       $ 83,601       $ 483,006       $ (41,686   $ —         $ 441,320   

Operating income

   $ 27,510       $ 16,500       $ 2,475       $ 46,485       $ (21,913   $ 3,973       $ 28,545   

Twelve Months Ended December 31, 2012

                                               

External customer revenues

   $ 1,185,846       $ 342,473       $ 312,420       $ 1,840,739       $ —        $ —         $ 1,840,739   

Affiliate revenues

     28,612         121,973         3,218         153,803         (153,803     —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total revenues

   $ 1,214,458       $ 464,446       $ 315,638       $ 1,994,542       $ (153,803   $ —         $ 1,840,739   

Operating income

   $ 111,982       $ 60,979       $ 4,459       $ 177,420       $ (78,627   $ 9,704       $ 108,497   

Twelve Months Ended December 31, 2011

                                               

External customer revenues

   $ 1,130,616       $ 401,777       $ 349,794       $ 1,882,187       $ —        $ —         $ 1,882,187   

Affiliate revenues

     29,534         114,648         1,178         145,360         (145,360     —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total revenues

   $ 1,160,150       $ 516,425       $ 350,972       $ 2,027,547       $ (145,360   $ —         $ 1,882,187   

Operating income

   $ 124,483       $ 70,007       $ 24,814       $ 219,304       $ (67,267   $ 13,169       $ 165,206   


BELDEN INC.

SUPPLEMENTAL PRODUCT GROUP INFORMATION

(Unaudited)

 

Three Months Ended December 31, 2012

   Americas      EMEA      Asia Pacific      Total  
     (In thousands)  

Cable products

   $ 203,269       $ 32,217       $ 58,435       $ 293,921   

Networking products

     70,240         30,427         15,507         116,174   

Connectivity products

     45,187         19,263         3,142         67,592   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues

   $ 318,696       $ 81,907       $ 77,084       $ 477,687   
  

 

 

    

 

 

    

 

 

    

 

 

 

Three Months Ended December 31, 2011

                           

Cable products

   $ 197,164       $ 35,444       $ 66,629       $ 299,237   

Networking products

     28,109         33,777         13,150         75,036   

Connectivity products

     43,362         20,383         3,302         67,047   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues

   $ 268,635       $ 89,604       $ 83,081       $ 441,320   
  

 

 

    

 

 

    

 

 

    

 

 

 

Twelve Months Ended December 31, 2012

                           

Cable products

   $ 831,247       $ 136,829       $ 245,983       $ 1,214,059   

Networking products

     179,788         118,024         55,920         353,732   

Connectivity products

     174,811         87,620         10,517         272,948   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues

   $ 1,185,846       $ 342,473       $ 312,420       $ 1,840,739   
  

 

 

    

 

 

    

 

 

    

 

 

 

Twelve Months Ended December 31, 2011

                           

Cable products

   $ 835,925       $ 154,101       $ 284,962       $ 1,274,988   

Networking products

     109,399         144,896         52,893         307,188   

Connectivity products

     185,292         102,780         11,939         300,011   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues

   $ 1,130,616       $ 401,777       $ 349,794       $ 1,882,187   
  

 

 

    

 

 

    

 

 

    

 

 

 


BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

     December 31, 2012     December 31, 2011  
     (Unaudited)        
     (In thousands)  
ASSETS   

Current assets:

    

Cash and cash equivalents

   $ 395,095      $ 382,552   

Receivables, net

     300,864        288,543   

Inventories, net

     215,282        184,174   

Deferred income taxes

     19,885        17,174   

Other current assets

     28,456        21,619   

Current assets of discontinued operations

     —          60,484   
  

 

 

   

 

 

 

Total current assets

     959,582        954,546   

Property, plant and equipment, less accumulated depreciation

     307,048        280,113   

Goodwill

     778,708        336,591   

Intangible assets, less accumulated amortization

     428,273        139,515   

Deferred income taxes

     46,970        13,523   

Other long-lived assets

     64,002        63,832   
  

 

 

   

 

 

 
   $ 2,584,583      $ 1,788,120   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY   

Current liabilities:

    

Accounts payable

   $ 183,672      $ 214,507   

Accrued liabilities

     166,272        150,735   

Current maturities of long-term debt

     15,678        —     

Current liabilities of discontinued operations

     86,860        16,324   
  

 

 

   

 

 

 

Total current liabilities

     452,482        381,566   

Long-term debt

     1,135,527        550,926   

Postretirement benefits

     144,320        131,237   

Other long-term liabilities

     40,394        29,842   

Stockholders’ equity:

    

Common stock

     503        503   

Additional paid-in capital

     598,180        601,484   

Retained earnings

     461,756        276,363   

Accumulated other comprehensive loss

     (30,565     (22,709

Treasury stock

     (218,014     (161,092
  

 

 

   

 

 

 

Total stockholders’ equity

     811,860        694,549   
  

 

 

   

 

 

 
   $ 2,584,583      $ 1,788,120   
  

 

 

   

 

 

 


BELDEN INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Unaudited)

 

     Twelve Months Ended  
     December 31, 2012     December 31, 2011  
     (In thousands)  

Cash flows from operating activities:

    

Net income

   $ 194,490      $ 114,345   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization

     59,355        50,174   

Loss on debt extinguishment

     52,450        —     

Asset impairment and loss on sale of assets

     33,676        2,549   

Share-based compensation

     12,374        11,241   

Provision for inventory obsolescence

     5,085        1,160   

Pension funding less than pension expense

     593        3,812   

Tax benefit related to share-based compensation

     (4,119     (1,790

Income from equity method investment

     (9,704     (13,169

Gain from disposal of discontinued operations

     (134,480     —     

Deferred income tax expense (benefit)

     (42,750     2,294   

Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses:

    

Receivables

     5,628        4,680   

Inventories

     31,706        (22,873

Accounts payable

     (55,166     9,281   

Accrued liabilities

     (681     12,317   

Accrued taxes

     (10,760     (55

Other assets

     968        12,219   

Other liabilities

     723        (1,622
  

 

 

   

 

 

 

Net cash provided by operating activities

     139,388        184,563   

Cash flows from investing activities:

    

Cash used to acquire businesses, net of cash acquired

     (860,353     (60,519

Capital expenditures

     (41,010     (40,053

Proceeds from disposal of businesses and tangible assets

     309,423        1,213   
  

 

 

   

 

 

 

Net cash used for investing activities

     (591,940     (99,359

Cash flows from financing activities:

    

Borrowings under credit arrangements

     1,149,966        —     

Payments under borrowing arrangements

     (593,864     —     

Tax benefit related to share-based compensation

     4,119        1,790   

Proceeds from settlement of derivatives

     4,024        —     

Proceeds from exercise of stock options

     2,372        4,599   

Cash dividends paid

     (11,441     (9,410

Debt issuance costs paid

     (15,414     (3,296

Payments under share repurchase program

     (75,000     (50,000
  

 

 

   

 

 

 

Net cash provided by (used for) financing activities

     464,762        (56,317

Effect of foreign currency exchange rate changes on cash and cash equivalents

     333        (4,988
  

 

 

   

 

 

 

Increase in cash and cash equivalents

     12,543        23,899   

Cash and cash equivalents, beginning of period

     382,552        358,653   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 395,095      $ 382,552   
  

 

 

   

 

 

 


BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

(Unaudited)

We define free cash flow, which is a non-GAAP financial measure, as net cash provided by operating activities adjusted for acquisition and divestiture transaction costs, less capital expenditures, net of proceeds from the disposal of tangible assets. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from definitions used by other companies.

 

    Three Months Ended     Twelve Months Ended  
    December 31, 2012     December 31, 2011     December 31, 2012     December 31, 2011  
    (In thousands)  

GAAP net cash provided by operating activities

  $ 46,053      $ 85,101      $ 139,388      $ 184,563   

Capital expenditures

    (9,222     (18,293     (41,010     (40,053

Proceeds from the disposal of tangible assets

    8,339        7        9,575        1,213   

Working capital settlement in connection with sale of consumer electronics assets

    32,333        —           32,333        —      

Acquisition and divestiture transaction costs

    4,928        —           4,928        —      
 

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP free cash flow

  $ 82,431      $ 66,815      $ 145,214      $ 145,723   
 

 

 

   

 

 

   

 

 

   

 

 

 


BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

(Unaudited)

In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items including asset impairments, purchase accounting effects related to acquisitions, revenue and cost of sales deferrals, severance and other restructuring costs, gains (losses) recognized on the disposal of tangible assets, amortization of intangible assets, gains (losses) on debt extinguishment, settlement of the Cooper tax sharing agreement dispute, and other costs. We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.

 

     Three Months Ended     Twelve Months Ended  
     December 31, 2012     December 31, 2011     December 31, 2012     December 31, 2011  
     (In thousands, except percentages and per share amounts)  

GAAP revenues

   $ 477,687      $ 441,320      $ 1,840,739      $ 1,882,187   

Deferred revenue adjustments

     3,482        —          6,272        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted revenues

   $ 481,169      $ 441,320      $ 1,847,011      $ 1,882,187   
  

 

 

   

 

 

   

 

 

   

 

 

 

GAAP gross profit

   $ 150,337      $ 123,599      $ 566,597      $ 541,521   

Purchase accounting, severance and deferred gross profit adjustments

     9,206        2,924        25,432        2,924   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted gross profit

   $ 159,543      $ 126,523      $ 592,029      $ 544,445   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted gross profit as a percent of adjusted revenues

     33.2     28.7     32.1     28.9

GAAP operating income

   $ 31,603      $ 28,545      $ 108,497      $ 165,206   

Asset impairment and loss on sale of assets

     3,772        2,549        33,770        2,549   

Severance and other restructuring costs

     500        4,938        17,833        4,938   

Purchase accounting effects related to acquisitions

     10,062        —           21,281        —      

Amortization of intangible assets

     7,148        3,219        20,293        13,149   

Deferred gross profit adjustments

     2,038        —           2,902        —      
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating income adjustments

     23,520        10,706        96,079        20,636   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income

   $ 55,123      $ 39,251      $ 204,576      $ 185,842   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income as a percent of adjusted revenues

     11.5     8.9     11.1     9.9

GAAP income from continuing operations

   $ 39,478      $ 22,773      $ 43,236      $ 101,308   

Operating income adjustments from above

     23,520        10,706        96,079        20,636   

Loss on debt extinguishment

     1,865        —          52,450        —     

Tax benefit from Cooper tax sharing agreement settlement

     (21,043     —          (21,043     —     

Tax effect of adjustments

     (8,523     (3,455     (42,092     (6,650
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted income from continuing operations

   $ 35,297      $ 30,024      $ 128,630      $ 115,294   
  

 

 

   

 

 

   

 

 

   

 

 

 

GAAP income from continuing operations per diluted share

   $ 0.88      $ 0.48      $ 0.94      $ 2.11   

Adjusted income from continuing operations per diluted share

   $ 0.78      $ 0.63      $ 2.80      $ 2.40   

GAAP and Adjusted diluted weighted average shares

     45,028        47,415        45,942        48,104   


BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

2013 EARNINGS GUIDANCE

 

     Year Ended
December 31, 2013
  Three Months Ended
March 31, 2013

Non-GAAP income from continuing operations per diluted share

   $3.44 - $3.69   $0.76 - $0.81

Amortization of intangible assets

   ($0.74)   ($0.18)

Deferred gross profit adjustments

   ($0.15)   ($0.05)

Purchase accounting effects related to Miranda and PPC acquisitions

   ($0.14)   ($0.12)

Purchase accounting effects related to 2013 acquisitions

   *   *

GAAP income from continuing operations per diluted share

   *   *

Our guidance for income from continuing operations per diluted share is based upon the extent of information currently available regarding events and conditions that will impact our future operating results for 2013. Our actual income from continuing operations per diluted share may be impacted by other additional events for which information is not available, such as asset impairments, purchase accounting effects related to future acquisitions, severance and other restructuring costs, gains (losses) recognized on the disposal of tangible assets, gains (losses) on debt extinguishment, and other gains (losses) related to events or conditions that are not yet known.

 

* Purchase accounting effects and amortization of intangible assets related to 2013 acquisitions are not yet available.