EX-99.1 2 d80424dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

   1 North Brentwood Boulevard    Phone: 314.854.8000   
  

15th Floor

St. Louis, Missouri 63105

   Fax: 314.854.8003   
      www.Belden.com   

News Release

Belden Reports Solid Third Quarter 2015 Results

St. Louis, Missouri – October 28, 2015 – Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for mission-critical applications, today reported fiscal third quarter 2015 results for the period ended September 27, 2015.

Third Quarter 2015 Highlights

 

    Generated GAAP revenues of $579.3 million and adjusted revenues of $590.1 million;

 

    Achieved gross profit margins of 39.0%, increasing 270 basis points from 36.3% in the year-ago period;

 

    Expanded adjusted EBITDA margins to 16.5%, increasing 80 basis points from 15.7% in the year-ago period;

 

    Repurchased approximately 698,000 shares of Belden common stock; and

 

    Raised the expected range of full-year adjusted income from continuing operations per diluted share from $4.70 – $4.90 to $4.80 – $4.90.

Third Quarter 2015

On a GAAP basis, revenues for the quarter totaled $579.3 million, down $31.5 million, or 5.2%, compared to $610.8 million in the third quarter 2014. Gross profit margin in the third quarter was 39.0%, increasing 270 basis points from 36.3% in the year-ago period. Operating profit margin in the third quarter was 6.0%, decreasing 350 basis points from 9.5% in the year-ago period. Income from continuing operations per diluted share totaled $0.35, compared to $0.77 in the third quarter 2014.

Adjusted revenues for the quarter totaled $590.1 million, declining $23.0 million, or 3.8%, compared to $613.1 million in the third quarter 2014. Adjusted gross profit margin in the third quarter was 40.8%, increasing 320 basis points from 37.6% in the year-ago period. Adjusted EBITDA margin in the third quarter was 16.5%, increasing 80 basis points from 15.7% in the year-ago period. Adjusted income from continuing operations per diluted share totaled $1.14, compared to $1.15 in the third quarter 2014. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

John Stroup, president and CEO of Belden Inc., said, “The quarter was as we expected. Soft demand in our industrial markets, driven by a strong U.S. dollar and lower oil prices, was offset by robust demand for our Enterprise, Broadband, and Network Security solutions. I’m very pleased with our team’s ability to execute in a challenging environment, as evidenced by continued margin expansion and strong free cash flow.”


Belden Reports Solid Third Quarter 2015 Results

Outlook

“Despite a challenging economic environment, the business is benefitting from a number of favorable secular trends that we expect will continue the remainder of this year and next. Moreover, our ability to capture share and drive productivity provide us with the confidence to guide full-year earnings growth in the range of 13% to 16%. We expect free cash flow in the fourth quarter to be robust,” said Stroup.

The Company expects fourth quarter 2015 adjusted revenues to be $595 – $615 million and adjusted income from continuing operations per diluted share to be $1.45 – $1.55. For the full year ending December 31, 2015, the Company now expects adjusted revenues to be $2.353 – $2.373 billion compared to the previously guided range of $2.360 – $2.390 billion. The expected range of adjusted income from continuing operations per diluted share is now $4.80 – $4.90 compared to the previously guided range of $4.70 – $4.90.

On a GAAP basis, the Company expects fourth quarter 2015 revenues to be $586 – $606 million and income from continuing operations per diluted share to be $1.04 – $1.14. For the full year ending December 31, 2015, the Company now expects revenues to be $2.298 – $2.318 billion compared to the previously guided range of $2.303 – $2.333 billion. The expected range of income from continuing operations per diluted share is now $1.43 – $1.53 compared to the previously guided range of $0.94 – $1.14.

Earnings Conference Call

Management will host a conference call today at 8:30 am EDT to discuss results of the quarter and full-year. 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 888-256-9157; the dial-in number for participants outside the U.S. is 913-312-0977. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.


BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

 

     Three Months Ended     Nine Months Ended  
     September 27, 2015     September 28, 2014     September 27, 2015     September 28, 2014  
     (In thousands, except per share data)  

Revenues

   $ 579,266      $ 610,774      $ 1,711,978      $ 1,699,355   

Cost of sales

     (353,135     (389,042     (1,043,922     (1,097,521
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     226,131        221,732        668,056        601,834   

Selling, general and administrative expenses

     (128,140     (119,104     (396,883     (359,854

Research and development

     (38,168     (30,444     (110,999     (82,633

Amortization of intangibles

     (25,669     (15,203     (78,090     (42,739

Income from equity method investment

     348        1,030        1,459        3,240   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     34,502        58,011        83,543        119,848   

Interest expense, net

     (25,416     (21,497     (74,031     (58,259
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations before taxes

     9,086        36,514        9,512        61,589   

Income tax benefit (expense)

     5,725        (2,667     7,340        (2,571
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations

     14,811        33,847        16,852        59,018   

Loss from discontinued operations, net of tax

     (242     —          (242     —     

Loss from disposal of discontinued operations, net of tax

     —          —          (86     (562
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 14,569      $ 33,847      $ 16,524      $ 58,456   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of common shares and equivalents:

        

Basic

     42,417        43,201        42,536        43,439   

Diluted

     42,908        43,910        43,117        44,164   

Basic income (loss) per share:

        

Continuing operations

   $ 0.35      $ 0.78      $ 0.40      $ 1.36   

Discontinued operations

     (0.01     —          (0.01     —     

Disposal of discontinued operations

     —          —          —          (0.01
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 0.34      $ 0.78      $ 0.39      $ 1.35   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted income (loss) per share:

        

Continuing operations

   $ 0.35      $ 0.77      $ 0.39      $ 1.33   

Discontinued operations

     (0.01     —          (0.01     —     

Disposal of discontinued operations

     —          —          —          (0.01
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 0.34      $ 0.77      $ 0.38      $ 1.32   
  

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss)

   $ (9,803   $ 30,783      $ 4,036      $ 57,958   
  

 

 

   

 

 

   

 

 

   

 

 

 

Dividends declared per share

   $ 0.05      $ 0.05      $ 0.15      $ 0.15   


BELDEN INC.

OPERATING SEGMENT INFORMATION

(Unaudited)

 

     Broadcast Solutions      Enterprise
Connectivity
Solutions
     Industrial
Connectivity
Solutions
     Industrial
IT
Solutions
     Network Security
Solutions
     Total Segments  
     (In thousands, except percentages)  

For the three months ended September 27, 2015

                 

Segment Revenues

   $ 228,097       $ 113,773       $ 147,702       $ 59,184       $ 41,359       $ 590,115   

Segment EBITDA

     34,880         18,232         23,225         10,466         11,240         98,043   

Segment EBITDA margin

     15.3%         16.0%         15.7%         17.7%         27.2%         16.6%   

Depreciation expense

     4,261         2,922         2,810         570         1,255         11,818   

Amortization of intangibles

     12,647         136         799         1,480         10,607         25,669   

Severance, restructuring, and acquisition integration costs

     13,722         192         118         54         57         14,143   

Deferred gross profit adjustments

     419         —           —           —           10,909         11,328   

For the three months ended September 28, 2014

                 

Segment Revenues

   $ 256,587       $ 115,349       $ 171,105       $ 70,090       $ —         $ 613,131   

Segment EBITDA

     38,450         17,730         26,487         13,618         —           96,285   

Segment EBITDA margin

     15.0%         15.4%         15.5%         19.4%         n/a         15.7%   

Depreciation expense

     3,856         3,134         3,150         606         —           10,746   

Amortization of intangibles

     13,020         162         266         1,755         —           15,203   

Severance, restructuring, and acquisition integration costs

     5,794         226         2,106         1,032         —           9,158   

Purchase accounting effects of acquisitions

     —           —           —           858         —           858   

Deferred gross profit adjustments

     2,357         —           —           —           —           2,357   

For the nine months ended September 27, 2015

                 

Segment Revenues

   $ 661,098       $ 335,803       $ 461,549       $ 181,527       $ 118,102       $ 1,758,079   

Segment EBITDA

     95,726         53,214         76,078         31,731         29,913         286,662   

Segment EBITDA margin

     14.5%         15.8%         16.5%         17.5%         25.3%         16.3%   

Depreciation expense

     12,819         8,871         8,530         1,713         3,118         35,051   

Amortization of intangibles

     38,256         409         2,429         4,369         32,627         78,090   

Severance, restructuring, and acquisition integration costs

     28,543         832         3,054         2         1,102         33,533   

Purchase accounting effects of acquisitions

     —           —           267         —           9,155         9,422   

Deferred gross profit adjustments

     2,789         —           —           —           43,637         46,426   

For the nine months ended September 28, 2014

                 

Segment Revenues

   $ 675,350       $ 345,015       $ 508,667       $ 177,460       $ —         $ 1,706,492   

Segment EBITDA

     95,939         51,572         79,631         32,012         —           259,154   

Segment EBITDA margin

     14.2%         14.9%         15.7%         18.0%         n/a         15.2%   

Depreciation expense

     11,346         10,633         7,992         1,672         —           31,643   

Amortization of intangibles

     37,963         497         802         3,477         —           42,739   

Severance, restructuring, and acquisition integration costs

     34,761         2,047         10,250         1,751         —           48,809   

Purchase accounting effects of acquisitions

     7,458         286         533         1,596         —           9,873   

Deferred gross profit adjustments

     6,722         —           —           —           —           6,722   


BELDEN INC.

OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS

(Unaudited)

 

     Three Months Ended     Nine Months Ended  
     September 27, 2015     September 28, 2014     September 27, 2015     September 28, 2014  
     (In thousands)  

Total Segment Revenues

   $ 590,115      $ 613,131      $ 1,758,079      $ 1,706,492   

Deferred revenue adjustments

     (10,849     (2,357     (46,101     (7,137
  

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated Revenues

   $ 579,266      $ 610,774      $ 1,711,978      $ 1,699,355   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Segment EBITDA

   $ 98,043      $ 96,285      $ 286,662      $ 259,154   

Income from equity method investment

     348        1,030        1,459        3,240   

Eliminations

     (931     (982     (2,056     (2,760
  

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated Adjusted EBITDA (1)

     97,460        96,333        286,065        259,634   

Amortization of intangibles

     (25,669     (15,203     (78,090     (42,739

Deferred gross profit adjustments

     (11,328     (2,357     (46,426     (6,722

Severance, restructuring, and acquisition integration costs

     (14,143     (9,158     (33,533     (48,809

Depreciation expense

     (11,818     (10,746     (35,051     (31,643

Purchase accounting effects related to acquisitions

     —          (858     (9,422     (9,873
  

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated operating income

     34,502        58,011        83,543        119,848   

Interest expense, net

     (25,416     (21,497     (74,031     (58,259
  

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated income from continuing operations before taxes

   $ 9,086      $ 36,514      $ 9,512      $ 61,589   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.


BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

     September 27, 2015     December 31, 2014  
     (Unaudited)        
     (In thousands)  
ASSETS   

Current assets:

    

Cash and cash equivalents

   $ 241,897      $ 741,162   

Receivables, net

     403,436        379,777   

Inventories, net

     210,088        228,398   

Deferred income taxes

     20,727        22,157   

Other current assets

     77,227        42,656   
  

 

 

   

 

 

 

Total current assets

     953,375        1,414,150   

Property, plant and equipment, less accumulated depreciation

     311,338        316,385   

Goodwill

     1,406,593        943,374   

Intangible assets, less accumulated amortization

     684,147        461,292   

Deferred income taxes

     23,447        40,652   

Other long-lived assets

     80,463        86,974   
  

 

 

   

 

 

 
   $ 3,459,363      $ 3,262,827   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY   

Current liabilities:

    

Accounts payable

   $ 209,656      $ 272,439   

Accrued liabilities

     298,053        250,420   

Current maturities of long-term debt

     2,500        2,500   
  

 

 

   

 

 

 

Total current liabilities

     510,209        525,359   

Long-term debt

     1,914,083        1,765,422   

Postretirement benefits

     114,543        122,627   

Deferred income taxes

     111,974        10,824   

Other long-term liabilities

     35,400        31,409   

Stockholders’ equity:

    

Common stock

     503        503   

Additional paid-in capital

     601,914        595,389   

Retained earnings

     632,044        621,896   

Accumulated other comprehensive loss

     (58,519     (46,031

Treasury stock

     (402,788     (364,571
  

 

 

   

 

 

 

Total stockholders’ equity

     773,154        807,186   
  

 

 

   

 

 

 
   $ 3,459,363      $ 3,262,827   
  

 

 

   

 

 

 


BELDEN INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Unaudited)

 

     Nine Months Ended  
     September 27, 2015     September 28, 2014  
     (In thousands)  

Cash flows from operating activities:

    

Net income

   $ 16,524      $ 58,456   

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

    

Depreciation and amortization

     113,141        74,382   

Share-based compensation

     13,814        14,236   

Income from equity method investment

     (1,459     (3,240

Tax benefit related to share-based compensation

     (5,064     (4,939

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

    

Receivables

     (6,532     (44,583

Inventories

     7,979        4,188   

Accounts payable

     (55,973     (7,613

Accrued liabilities

     29,354        (24,414

Accrued taxes

     (23,884     (13,818

Other assets

     3,394        8,856   

Other liabilities

     687        3,255   
  

 

 

   

 

 

 

Net cash provided by operating activities

     91,981        64,766   

Cash flows from investing activities:

    

Cash used to acquire businesses, net of cash acquired

     (695,345     (313,065

Capital expenditures

     (39,106     (31,057

Proceeds from disposal of tangible assets

     145        1,773   

Proceeds from (payments for) disposal of business

     3,527        (956
  

 

 

   

 

 

 

Net cash used for investing activities

     (730,779     (343,305

Cash flows from financing activities:

    

Borrowings under credit arrangements

     200,000        200,000   

Tax benefit related to share-based compensation

     5,064        4,939   

Debt issuance costs paid

     (643     (6,572

Payments under borrowing arrangements

     (1,250     (1,250

Cash dividends paid

     (6,386     (6,540

Proceeds (payments) from exercise of stock options, net of withholding tax payments

     (11,517     (7,996

Payments under share repurchase program

     (39,053     (62,197
  

 

 

   

 

 

 

Net cash provided by financing activities

     146,215        120,384   

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

     (6,682     (6,047
  

 

 

   

 

 

 

Decrease in cash and cash equivalents

     (499,265     (164,202

Cash and cash equivalents, beginning of period

     741,162        613,304   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 241,897      $ 449,102   
  

 

 

   

 

 

 


BELDEN INC.

CONSOLIDATED 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; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value and transaction costs; revenue and cost of sales deferrals for certain acquired product lines subject to software revenue recognition accounting requirements; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets; amortization of intangible assets; gains (losses) on debt extinguishment; discontinued operations; 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     Nine Months Ended  
    September 27, 2015     September 28, 2014     September 27, 2015     September 28, 2014  
    (In thousands, except percentages and per share amounts)  

GAAP revenues

  $ 579,266      $ 610,774      $ 1,711,978      $ 1,699,355   

Deferred revenue adjustments

    10,849        2,357        46,101        7,137   
 

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted revenues

  $ 590,115      $ 613,131      $ 1,758,079      $ 1,706,492   
 

 

 

   

 

 

   

 

 

   

 

 

 

GAAP gross profit

  $ 226,131      $ 221,732      $ 668,056      $ 601,834   

Deferred gross profit adjustments

    11,328        2,357        46,426        6,722   

Severance, restructuring, and integration costs

    3,166        5,291        6,340        13,277   

Accelerated depreciation

    75        —          175        —     

Purchase accounting effects related to acquisitions

    —          858        267        8,300   
 

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted gross profit

  $ 240,700      $ 230,238      $ 721,264      $ 630,133   
 

 

 

   

 

 

   

 

 

   

 

 

 

GAAP gross profit margin

    39.0     36.3     39.0     35.4

Adjusted gross profit margin

    40.8     37.6     41.0     36.9

GAAP operating income

  $ 34,502      $ 58,011      $ 83,543      $ 119,848   

Amortization of intangible assets

    25,669        15,203        78,090        42,739   

Severance, restructuring, and integration costs

    14,143        9,158        33,533        48,809   

Deferred gross profit adjustments

    11,328        2,357        46,426        6,722   

Accelerated depreciation

    125        —          307        —     

Purchase accounting effects related to acquisitions

    —          858        9,422        9,873   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total operating income adjustments

    51,265        27,576        167,778        108,143   
 

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation expense

    11,693        10,746        34,744        31,643   
 

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

  $ 97,460      $ 96,333      $ 286,065      $ 259,634   
 

 

 

   

 

 

   

 

 

   

 

 

 

GAAP operating income margin

    6.0     9.5     4.9     7.1

Adjusted EBITDA margin

    16.5     15.7     16.3     15.2

GAAP income from continuing operations

  $ 14,811      $ 33,847      $ 16,852      $ 59,018   

Operating income adjustments from above

    51,265        27,576        167,778        108,143   

Tax effect of adjustments

    (17,142     (11,011     (40,219     (34,866
 

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted income from continuing operations

  $ 48,934      $ 50,412      $ 144,411      $ 132,295   
 

 

 

   

 

 

   

 

 

   

 

 

 

GAAP income from continuing operations per diluted share

  $ 0.35      $ 0.77      $ 0.39      $ 1.33   

Adjusted income from continuing operations per diluted share

  $ 1.14      $ 1.15      $ 3.35      $ 3.00   

GAAP and Adjusted diluted weighted average shares

    42,908        43,910        43,117        44,164   


BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

FREE CASH FLOW

(Unaudited)

We define free cash flow, which is a non-GAAP financial measure, as net cash provided by operating activities adjusted for capital expenditures net of the proceeds from the disposal of tangible assets, and cash payments for severance and other costs for the integration of our 2014 acquisition of Grass Valley. 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     Nine Months Ended  
    September 27, 2015     September 28, 2014     September 27, 2015     September 28, 2014  
    (In thousands)  

GAAP net cash provided by operating activities

  $ 86,935      $ 54,211      $ 91,981      $ 64,766   

Capital expenditures, net of proceeds from the disposal of tangible assets

    (11,817     (8,334     (38,961     (29,284

Cash paid for severance and other costs for the integration of our acquisition of Grass Valley

    —          9,017        —          21,785   
 

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP free cash flow

  $ 75,118      $ 54,894      $ 53,020      $ 57,267   
 

 

 

   

 

 

   

 

 

   

 

 

 


BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

2015 REVENUES AND EARNINGS GUIDANCE

 

     Year Ended    Three Months Ended
     December 31, 2015    December 31, 2015

Adjusted revenues

   $2.353 - $2.373 billion    $595 - $615 million

Deferred revenue adjustments

   ($55 million)    ($9 million)
  

 

  

 

GAAP revenues

   $2.298 - $2.318 billion    $586 - $606 million
  

 

  

 

Adjusted income from continuing operations per diluted share

   $4.80 - $4.90    $1.45 - $1.55

Amortization of intangible assets

   ($1.63)    ($0.23)

Deferred gross profit adjustments

   ($0.86)    ($0.07)

Severance, restructuring, and acquisition integration costs

   ($0.73)    ($0.11)

Purchase accounting effects of acquisitions

   ($0.15)    $0.00
  

 

  

 

GAAP income (loss) from continuing operations per diluted share

   $1.43 - $1.53    $1.04 - $1.14
  

 

  

 

Our guidance for revenues and 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 2015. Our actual results are likely to be impacted by other additional events for which information is not available, such as asset impairments, purchase accounting effects related to acquisitions, severance and other restructuring costs, gains (losses) recognized on the disposal of tangible assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known.


Belden Reports Solid Third Quarter 2015 Results

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

This release contains forward-looking statements including our expectations for the fourth quarter and full-year 2015. Forward-looking statements also include any other statements regarding future financial performance (including revenues, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. Forward-looking statements reflect management’s current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements for a number of reasons, including: the impact of a challenging global economy or a downturn in served markets; the cost and availability of raw materials including copper, plastic compounds, electronic components, and other materials; the competitiveness of the global broadcast, enterprise, and industrial markets; disruption of, or changes in, the Company’s key distribution channels; volatility in credit and foreign exchange markets; the inability to successfully complete and integrate acquisitions in furtherance of the Company’s strategic plan; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); political and economic uncertainties in the countries where the Company conducts business, including emerging markets; the inability of the Company to develop and introduce new products and competitive responses to our products; assertions that the Company violates the intellectual property of others and the ownership of intellectual property by competitors and others that prevents the use of that intellectual property by the Company; variability in the Company’s quarterly and annual effective tax rates; the impairment of goodwill and other intangible assets and the resulting impact on financial performance; the impact of regulatory requirements and other legal compliance issues; disruptions in the Company’s information systems including due to cyber-attacks; perceived or actual product failures; risks related to the use of open source software; disruptions and increased costs attendant to collective bargaining groups and other labor matters; 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, 2014, filed with the SEC on February 23, 2015. Belden disclaims any duty to update any forward looking statements as a result of new information, future developments, or otherwise, except as required by law.


Belden Reports Solid Third Quarter 2015 Results

About Belden

Belden Inc. delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial, enterprise and broadcast markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today’s applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.

Contact:

Belden Investor Relations

314-854-8054

Investor.Relations@Belden.com

BDC-E