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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

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.

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.

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.

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.

         
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)
 
Income from

 

Total Equity Method

 

Americas EMEA Asia Pacific Segments Eliminations Investment Total

Three Months Ended December 31, 2012

(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 Three Months Ended
December 31, 2013 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.

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I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.