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Belden Completes Sale of Thermax and Raydex Businesses
ST. LOUIS --(Business Wire)--
Belden Inc. (NYSE: BDC), a global leader in signal transmission
solutions for mission critical applications, announced today that it has
completed the previously announced sale of its Thermax and Raydex
businesses, serving the aerospace and defense industry, to Carlisle
Companies Incorporated for approximately $265 million.
"I'm pleased to announce the closure of this sale and look forward to
the continuing transformation taking place here at Belden. We have
already identified attractive opportunities for these proceeds in both
the acquisition of PPC and the ongoing repurchase of Belden stock," said
John Stroup, Belden's President and CEO.
The results of these divested businesses will be classified as
discontinued operations in accordance with generally accepted accounting
principles and therefore excluded from Belden's fourth quarter and full
year 2012 results from continuing operations. The company's earlier
guidance for the fourth quarter 2012 included approximately $30 million
of revenue and diluted earnings per share of $0.10 from Thermax and
Raydex. As a result of the discontinued operations classification, the
company now expects fourth quarter 2012 revenue from continuing
operations to be between $470 and $480 million and adjusted diluted
earnings per share from continuing operations to be between $0.62 and
$0.67. For the full year 2012 the company expects revenue from
continuing operations to be between $1.834 and $1.844 billion and
adjusted diluted earnings per share from continuing operations to be
between $2.63 and $2.68. A reconciliation of adjusted measures to GAAP
measures is attached.
This is consistent with the information presented at Belden's Investor
and Analyst Day on December 11th and will have no impact on
the 2013 guidance provided.
About Belden
St. Louis-based Belden Inc. designs,
manufactures, and sells connectivity solutions for markets including
industrial, enterprise, and broadcast. It has approximately 7,400
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.
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BELDEN INC.
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RECONCILIATION OF NON-GAAP MEASURES
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EARNINGS GUIDANCE
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Three Months Ended
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Year Ended
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December 31, 2012
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December 31, 2012
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Non-GAAP income from continuing operations per diluted share
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$0.62 - $0.67
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$2.63 - $2.68
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Asset impairment
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*
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($0.47)
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Severance and other restructuring costs
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*
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($0.27)
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Purchase accounting effects related to Miranda acquisition
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($0.11)
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($0.29)
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Purchase accounting effects related to PPC acquisition
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*
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*
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Amortization of intangible assets
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($0.12)
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($0.33)
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Amortization of intangible assets related to PPC acquisition
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*
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*
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Deferred gross profit adjustments
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($0.02)
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($0.03)
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Loss on debt extinguishment
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($0.03)
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($0.83)
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GAAP income from continuing operations per diluted share
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*
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*
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* 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. Our GAAP 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 the December 10, 2012 PPC acquisition are not yet
available.
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