|By Business Wire||
|November 8, 2012 07:32 AM EST||
Belden Inc. (NYSE: BDC), a global leader in signal transmission solutions for mission-critical applications, today reported third quarter 2012 results for the period ended September 30, 2012.
Third Quarter Highlights
- Achieved record adjusted gross profit margins of 33.1%, increasing 370 basis points from 29.4% in the year-ago period;
- Improved adjusted operating profit margins to 12.1%, increasing 150 basis points from 10.6% in the year-ago period;
- Generated $54 million of free cash flow, increasing cash and cash equivalents to $386 million;
- Purchased 655,017 shares of Belden common stock for $25.0 million during the quarter, bringing the total program-to-date shares retired to 3.71 million under the previously announced share repurchase program; and
- Updated guidance for full year 2012 adjusted revenue of $1.94 – $1.95 billion and increased the low end of the range of adjusted income from continuing operations per diluted share to $3.00 – $3.05.
Third Quarter Results
Revenue for the quarter totaled $490.4 million, up 1% compared to $484.0 million in the second quarter 2012. A loss from continuing operations of $1.14 per diluted share included recent debt refinancing costs of $0.76 per share, impairment charges of $0.57 per share primarily resulting from the pending consumer electronics asset sale, restructuring charges of $0.27 per share, purchase accounting effects related to acquisitions of $0.19 per share, and amortization of intangibles of $0.12 per share.
Adjusted revenue for the quarter totaled $493.2 million, up 2% compared to $484.0 million in the second quarter 2012. Adjusted income from continuing operations per diluted share for the quarter totaled $0.77, compared to $0.70 per diluted share in the third quarter 2011.
John Stroup, President and CEO of Belden Inc., commented, "I am proud of our third quarter results, including record adjusted gross profit margins and strong free cash flow generation. Our ability to perform well in this weakened macro-economic climate is the result of our stronger portfolio and unique business system that is proving effective in a variety of business environments. Additionally, we believe the strategic actions discussed on our second quarter earnings call put us in a better position to execute well for the remainder of the year.”
For the full year 2012, the Company expects adjusted revenues to be $1.94 – $1.95 billion and adjusted income from continuing operations per diluted share to be $3.00 – $3.05.
“Clearly, the weak demand environment presents challenges and the uncertainty affects our visibility. We believe this climate is likely to continue, therefore we’ll focus on driving improvements to the business through the implementation of our strategic plan. Despite these pressures, we remain committed to our full year EPS guidance. We expect our fourth quarter 2012 adjusted revenues to be $500 – $510 million and adjusted income from continuing operations per diluted share to be $0.72 – $0.77,” said Mr. Stroup.
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 website at http://investor.belden.com.
Adjusted results exclude 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, and other costs.
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 website 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. 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.
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 7,400 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, 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.
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME|
|Three Months Ended||Nine Months Ended|
|September 30, 2012||October 2, 2011||September 30, 2012||October 2, 2011|
|(In thousands, except per share data)|
|Cost of sales||(343,593||)||(366,962||)||(998,287||)||(1,077,772||)|
|Selling, general and administrative expenses||(100,120||)||(85,355||)||(261,277||)||(244,671||)|
|Research and development||(19,020||)||(13,641||)||(48,082||)||(41,800||)|
|Amortization of intangibles||(7,798||)||(3,371||)||(13,603||)||(10,397||)|
|Income from equity method investment||2,553||1,479||7,254||9,196|
|Operating income (loss)||(7,609||)||51,863||94,707||152,148|
|Loss on debt extinguishment||(50,585||)||-||(50,585||)||-|
|Income (loss) from continuing operations before taxes||(71,915||)||40,384||6,540||116,428|
|Income tax benefit (expense)||20,781||(9,019||)||8,991||(28,164||)|
|Income (loss) from continuing operations||(51,134||)||31,365||15,531||88,264|
|Gain from disposal of discontinued operations, net of tax||9,783||-||9,783||-|
|Income (loss) from discontinued operations, net of tax||2,574||(162||)||2,574||(446||)|
|Net income (loss)||$||(38,777||)||$||31,203||$||27,888||$||87,818|
|Weighted average number of common|
|shares and equivalents:|
|Basic income (loss) per share:|
|Disposal of discontinued operations||0.22||-||0.22||-|
|Diluted income (loss) per share:|
|Disposal of discontinued operations||0.22||-||0.21||-|
|Comprehensive income (loss)||$||(24,687||)||$||4,134||$||24,366||$||91,108|
|Dividends declared per share||$||0.05||$||0.05||$||0.15||$||0.15|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|September 30, 2012||December 31, 2011|
|Cash and cash equivalents||$||385,639||$||382,716|
|Deferred income taxes||15,648||19,660|
|Income tax receivable||21,471||-|
|Other current assets||18,977||21,832|
|Current assets held for sale||52,829||-|
|Total current assets||1,002,978||925,421|
|Property, plant and equipment, less accumulated depreciation||290,815||286,933|
|Intangible assets, less accumulated amortization||290,153||151,683|
|Deferred income taxes||-||12,219|
|Other long-lived assets||75,229||63,832|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Current maturities of long-term debt||12,770||-|
|Current liabilities held for sale||20,664||-|
|Total current liabilities||409,509||381,566|
|Deferred income taxes||118||-|
|Other long-term liabilities||24,598||29,842|
|Additional paid-in capital||595,640||601,484|
|Accumulated other comprehensive loss||(26,231||)||(22,709||)|
|Total stockholders’ equity||648,881||694,549|
|CONDENSED CONSOLIDATED CASH FLOW STATEMENTS|
|Nine Months Ended|
|September 30, 2012||October 2, 2011|
|Cash flows from operating activities:|
|Adjustments to reconcile net income to net cash provided by operating activities:|
|Loss on debt extinguishment||50,585||-|
|Depreciation and amortization||40,541||37,676|
|Provision for inventory obsolescence||3,341||1,285|
|Pension funding less than pension expense||730||2,782|
|Tax benefit related to share-based compensation||(3,947||)||(1,802||)|
|Income from equity method investment||(7,254||)||(9,196||)|
|Gain from disposal of discontinued operations||(9,783||)||-|
|Deferred income tax benefit||(11,284||)||(6,619||)|
|Changes in operating assets and liabilities, net of the effects of currency exchange|
|rate changes and acquired businesses:|
|Net cash provided by operating activities||93,335||99,462|
|Cash flows from investing activities:|
|Cash used to acquire businesses, net of cash acquired||(341,942||)||(59,708||)|
|Proceeds from disposal of tangible assets||1,236||1,206|
|Net cash used for investing activities||(372,494||)||(80,262||)|
|Cash flows from financing activities:|
|Borrowings under credit arrangements||945,250||-|
|Payments under borrowing arrangements||(575,784||)||-|
|Payments under share repurchase program||(75,000||)||(25,000||)|
|Debt issuance costs paid||(15,116||)||(3,296||)|
|Cash dividends paid||(6,990||)||(7,090||)|
|Proceeds from exercise of stock options||2,372||4,554|
|Proceeds from settlement of derivatives||4,024||-|
|Tax benefit related to share-based compensation||3,947||1,802|
|Net cash provided by (used for) financing activities||282,703||(29,030||)|
|Effect of foreign currency exchange rate changes on cash and cash equivalents||(621||)||(633||)|
|Increase (decrease) in cash and cash equivalents||2,923||(10,463||)|
|Cash and cash equivalents, beginning of period||382,716||358,653|
|Cash and cash equivalents, end of period||$||385,639||$||348,190|
|OPERATING SEGMENT INFORMATION|
Three Months Ended September 30, 2012
|External customer revenues||$||324,111||$||83,327||$||82,929||$||490,367||$||-||$||-||$||490,367|
|Operating income (loss)||$||21,331||$||5,224||$||(16,641||)||$||9,914||$||(20,076||)||$||2,553||$||(7,609||)|
|Three Months Ended October 2, 2011|
|External customer revenues||$||325,248||$||103,713||$||90,752||$||519,713||$||-||$||-||$||519,713|
|Nine Months Ended September 30, 2012|
|External customer revenues||$||932,508||$||270,857||$||235,335||$||1,438,700||$||-||$||-||$||1,438,700|
|Operating income (loss)||$||102,317||$||43,728||$||(2,573||)||$||143,472||$||(56,019||)||$||7,254||$||94,707|
|Nine Months Ended October 2, 2011|
|External customer revenues||$||927,978||$||322,901||$||266,713||$||1,517,592||$||-||$||-||$||1,517,592|
|SUPPLEMENTAL PRODUCT GROUP INFORMATION|
Three Months Ended September 30, 2012
Three Months Ended October 2, 2011
Nine Months Ended September 30, 2012
Nine Months Ended October 2, 2011
|RECONCILIATION OF NON-GAAP MEASURES|
|In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items including asset impairments, purchase accounting effects related to acquisitions, revenue and cost of sales deferrals, severance and other restructuring costs, gains (losses) recognized on the disposal of tangible assets, amortization of intangible assets, gains (losses) on debt extinguishment, and other costs. We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.|
|Three Months Ended||Nine Months Ended|
|September 30, 2012||October 2, 2011||September 30, 2012||October 2, 2011|
|(In thousands, except percentages and per share amounts)|
|Purchase accounting effects related to acquisitions||1,710||-||1,710||-|
|Deferred revenue adjustments||1,080||-||1,080||-|
|GAAP operating income (loss)||$||(7,609||)||$||51,863||$||94,707||$||152,148|
|Severance and other restructuring costs||17,427||-||17,427||-|
|Purchase accounting effects related to acquisitions||11,219||-||11,219||-|
|Amortization of intangible assets||7,798||3,371||13,603||10,397|
|Deferred gross profit adjustments||864||-||864||-|
|Total operating income adjustments||67,306||3,371||73,111||10,397|
|Adjusted operating income||$||59,697||$||55,234||$||167,818||$||162,545|
|Adjusted operating income as a percent of adjusted revenues||12.1||%||10.6||%||11.6||%||10.7||%|
|GAAP income (loss) from continuing operations||$||(51,134||)||$||31,365||$||15,531||$||88,264|
|Operating income adjustments from above||67,306||3,371||73,111||10,397|
|Loss on debt extinguishment||50,585||-||50,585||-|
|Tax effect of adjustments||(31,572||)||(1,091||)||(33,568||)||(3,369||)|
|Adjusted income from continuing operations||$||35,185||$||33,645||$||105,659||$||95,292|
|GAAP income (loss) from continuing operations per diluted share||$||(1.14||)||$||0.65||$||0.34||$||1.83|
|Adjusted income from continuing operations per diluted share||$||0.77||$||0.70||$||2.28||$||1.97|
|GAAP diluted weighted average shares||44,787||48,244||46,249||48,329|
|Adjustment for anti-dilutive shares that are dilutive under adjusted measures||769||-||-||-|
|Adjusted diluted weighted average shares||45,556||48,244||46,249||48,329|
|RECONCILIATION OF NON-GAAP MEASURES|
|We define free cash flow, which is a non-GAAP financial measure, as net cash provided by operating activities less capital expenditures, net of proceeds from the disposal of tangible assets. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from definitions used by other companies.|
|Three Months Ended||Nine Months Ended|
|September 30, 2012||October 2, 2011||September 30, 2012||October 2, 2011|
|GAAP net cash provided by operating activities||$||62,773||$||68,312||$||93,335||$||99,462|
|Capital expenditures, net of proceeds from the disposal of tangible assets||(9,152||)||(6,893||)||(30,552||)||(20,554||)|
|Non-GAAP free cash flow||$||53,621||$||61,419||$||62,783||$||78,908|
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