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SECURITY: BWC (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
Belden is linking people
and technology by designing, manufacturing, and marketing wire, cable,
and fiber optic products for the electronic, electrical and communications
markets worldwide.
http://www.belden.com
Belden
Announces Fourth Quarter and Full Year 2009 Results
Fourth
Quarter and Full Year 2009 Highlights
Adjusted
income from continuing operations per diluted share was $0.39 in the quarter
and $1.16 for the full year.
Fourth
quarter adjusted operating margin was 8.5 percent, a 410 basis point improvement
over the prior year period.
Working
capital and inventory turns improved 1.5 and 0.7 turns on a sequential
basis to 10.9 and 7.3 turns, respectively.
Free
cash flow (cash from operations less capital expenditures) for the fourth
quarter and for the full year was $17.7 million and $111.4 million, respectively.
Revenue
and EPS, adjusted for certain items, for the first quarter of 2010 are
expected to be between $370 million and $380 million and $0.20 and $0.25
per share, respectively.
St.
Louis, Missouri - Thursday, February 4, 2010 - Belden (NYSE:BDC), a leader
in comprehensive cable, wireless signal, industrial networking and other
transmission solutions, today announced results of the fourth quarter and
full year ended December 31, 2009.
Fourth
Quarter 2009 Results
The
Company reported fourth quarter 2009 revenue of $387.8 million with an
operating profit of $16.6 million. Net income during the fourth quarter
of 2009 was $19.9 million, or $0.42 per diluted share. Revenue in the fourth
quarter of 2008 was $417.3 million with an operating loss of $482.4 million
and a net loss of $448.1 million, or a loss of $9.641 per diluted share.
Adjusted
operating income in the fourth quarter of 2009 was $33.0 million or 8.5
percent of revenue, compared to 4.4 percent a year ago. Adjusted income
from continuing operations in the fourth quarter was $18.4 million or $0.39
per diluted share, compared to $12.2 million or $0.26 per diluted share
in the fourth quarter of 2008. See the attached schedule, Adjusted Operating
Results, for a reconciliation of GAAP results to adjusted results.
Full-Year
Results
Revenue
of $1.4 billion in the year ended December 31, 2009, was approximately
29 percent lower than 2008 revenue of $2.0 billion. Operating income in
2009 was $1.6 million, and the net loss was $24.9 million, or a loss of
$0.53 per diluted share. This compares to an operating loss of $342.2 million,
and a net loss of $361.8 million or a loss of $8.10 per diluted share in
2008.
Adjusted
operating income for fiscal 2009 was $105.5 million, and adjusted income
from continuing operations was $54.4 million, or $1.16 per share. This
compares to adjusted operating income of $196.5 million and adjusted income
from continuing operations of $127.1 million, or $2.68 per share in 2008.
Discussing
the results, John Stroup, President and Chief Executive Officer of Belden
said, "Although we experienced a historic downturn as a result of the global
economic crisis in 2009, our decision to take direct, aggressive restructuring
actions early in the year allowed us to significantly improve our cost
structure and exit the year a much stronger company. I would like to thank
all of our associates for their hard work throughout this process.
"As
a result of those efforts we yielded consecutive quarters of double-digit
operating margins in our EMEA segment as well as sequential improvement
in adjusted operating earnings in our Wireless segment in the second half
of the year. Furthermore, cash flows remained very strong with full year
free cash flow exceeding $111 million, which generated an ending cash balance
of more than $308 million.
"Additionally
we are very pleased to have recently announced the hiring of two new members
to our senior leadership team, Dhrupad Trivedi and Christoph Gusenleitner,
who will lead our Wireless and EMEA segments, respectively. We are fortunate
to welcome both Dhrupad and Christoph aboard and believe their combined
expertise will be a valuable asset as we continue to grow the Company and
improve shareholder value."
Belden
CDT Inc. Has Been Formed through the Merger of Belden Inc. and Cable Design
Technologies Corp.
The
merger of Belden Inc. (NYSE: BWC) and Cable Design Technologies Corp. (NYSE:CDT)
becomes official on Thursday, July 15, 2004 as each company’s shareholders
vote on the merger in meetings held at 11:00 a.m. Central time. The new
company, Belden CDT Inc., is one of the largest U.S.-based manufacturers
of high-speed electronic cables and focuses on products for the specialty
electronics and data networking markets, including connectivity. Belden
CDT will have combined sales of approximately $1.1 billion annually, and
will have its headquarters in St. Louis, Missouri. The company expects
to begin trading on the New York Stock Exchange on Friday, July 16, under
its new ticker symbol, BDC.
Belden
CDT Inc. will be organized into five operating divisions: The Electronics
Division, led by Peter Sheehan; the Networking Division, led by Bob Matz;
the Specialty Division, led by Bob Canny; European Operations, led by Larrie
Rose; and West Penn Wire, led by Dave Harden.
The
company expects to report its results in two segments: the Electronics
Segment, representing about 60 percent of total sales, and the Networking
Segment, representing about 40 percent. The Electronics Segment serves
such diverse specialty markets as broadcasting and industrial automation
and provides highly engineered products for the aerospace and automotive
markets. The Networking Segment provides high-bandwidth metallic and fiber-optic
cables and complete connectivity solutions.
About
60 percent of the company’s sales are expected to be generated in North
America, 30 percent in Europe, and 10 percent in the rest of the world. |
