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

First Quarter Highlights

- Increased earnings from continuing operations per diluted share to $0.46, up 53% over last year's results of $0.30 per diluted share;

- Grew revenue 20% year-over-year to $461.6 million;

- Improved the Company's presence in emerging markets with the acquisition of Poliron, a leading Brazilian cable company;

- Enhanced the Company's broadcast business with the acquisition of ICM Corp., Belden's 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.


News provided by

Belden Inc.

Apr 27, 2011, 07:30 ET

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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.

Contact:



Belden Investor Relations


314-854-8054


[email protected]

BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)






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


BELDEN INC.

OPERATING SEGMENT INFORMATION

(Unaudited)



































Total





Three Months Ended April 3, 2011


Americas


EMEA


Asia Pacific


Segments


Eliminations


Total



(In thousands)

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


BELDEN INC.

SUPPLEMENTAL PRODUCT GROUP INFORMATION

(Unaudited)




























Three Months Ended April 3, 2011


Americas


EMEA


Asia Pacific


Total



(In thousands)

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


BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS






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


BELDEN INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Unaudited)






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


SOURCE Belden Inc.

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