Belden Reports Solid First Quarter 2011 Results; Raises Full-Year Guidance

ST. LOUIS, April 27, 2011 /PRNewswire/ -- Belden Inc. (NYSE: BDC), a global leader in signal transmission solutions for mission critical applications, today reported fiscal first quarter 2011 results for the period ended April 3, 2011.

First Quarter Results

Revenue for the quarter totaled $461.6 million, up $77.2 million or 20% compared to $384.4 million in the first quarter 2010.  Earnings from continuing operations per diluted share for the quarter totaled $0.46, compared to $0.30 for the period ended April 4, 2010.  

Results for the current quarter include the acquisitions of GarrettCom and the Thomas & Betts communications products business completed in the fourth quarter 2010, plus the acquisition of ICM Corp. completed in January 2011.  Due to the closing of the Poliron transaction on April 1, 2011, first quarter 2011 revenues and earnings were unaffected by that acquisition.

John Stroup, President and CEO of Belden Inc., said, "We are benefiting from strategic portfolio actions that were immediately accretive to earnings and are expected to contribute increasingly to our business over the long term.  In addition to these changes to our portfolio, we are experiencing a return to growth in many of our end markets, particularly in the industrial sector.  Further, we have been able to leverage this growth into expanded operating margin and continued investment in our strategic priorities."

Mr. Stroup continued, "We also recently expanded the Company's financial capacity with the execution of a 5-year, $400 million revolving credit facility.  This new facility offers significant improvements in the flexibility and cost of any future short-term borrowings."

Outlook

"Based on this very solid start to the year, I am increasingly confident that Belden will deliver another year of improved operating performance in 2011.  We are well positioned on a global basis despite minor disruptions to Belden's business resulting from the earthquake in Japan and turmoil in the Middle East and North Africa, which have been incorporated in our forecast," said Mr. Stroup.

The Company expects second quarter 2011 revenues to be $510 – $515 million and income from continuing operations per diluted share of $0.58 – $0.61.  For the full year ending December 31, 2011, the Company expects revenues to be $1.96 – $2.00 billion and income from continuing operations per diluted share of $2.15 – $2.30.

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 866-304-1238; the dial-in number for participants outside the U.S. is 913-312-6650.  A replay of this conference call will remain accessible in the investor relations section of the Company's Web site for a limited time.

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. There can be no assurance that the recent improvement in the global economy will continue. Turbulence in financial markets may increase our 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, 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; 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, 2010, filed with the SEC on February 25, 2011. Belden disclaims any duty to update any forward looking statements as a result of new information, future developments, or otherwise.

About Belden

St. Louis−based Belden Inc. designs, manufactures, and markets cable, connectivity, and networking products in markets including industrial automation, enterprise, transportation, infrastructure, and consumer electronics. It has approximately 6,900 employees, and provides value for industrial automation, enterprise, education, healthcare, entertainment and broadcast, sound and security, transportation, infrastructure, consumer electronics and other industries. Belden has manufacturing capabilities in North 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.

SOURCE Belden Inc.