Belden Reports Solid Results for Second Quarter 2017

ST. LOUIS--()--Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for mission-critical applications, today reported fiscal second quarter 2017 results for the period ended July 2, 2017.

“We are increasing our full-year revenue guidance to reflect the Thinklogical acquisition. We are also updating our EPS guidance to reflect the accretive impact of this acquisition and our recent debt refinancing at very favorable terms. We expect double-digit EPS growth in the second half of the year”

Second Quarter 2017

On a GAAP basis, revenues for the quarter totaled $610.6 million, increasing $9.0 million, or 1.5%, compared to $601.6 million in the second quarter 2016. Net income was $36.0 million, a decrease of $6.1 million compared to the prior-year period, primarily due to a $6.0 million increase in income tax expense. This was the result of discrete incremental benefits from tax planning initiatives in the prior year. Net income as a percentage of revenues was 5.9%, decreasing 110 basis points from 7.0% in the prior-year period. EPS totaled $0.64 compared to $0.99 in the second quarter 2016. The current quarter EPS includes a $0.20 per share dilutive impact from the mandatory convertible preferred stock issued in the third quarter 2016.

Revenues for the quarter totaled $610.6 million, increasing $7.2 million, or 1.2%, compared to adjusted revenues of $603.4 million in the second quarter 2016. Adjusted EBITDA margin in the second quarter was 18.3%, increasing 40 basis points from 17.9% in the year-ago period. Adjusted net income was $64.3 million, a decrease of $1.2 million compared to the prior-year period, primarily due to the increase in income tax expense discussed above. Adjusted EPS was $1.29 compared to $1.54 in the second quarter 2016. The current quarter adjusted EPS includes a $0.20 per share dilutive impact from the mandatory convertible preferred stock. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

John Stroup, President, CEO, and Chairman of Belden Inc., said, “Overall, the business performed in line with our expectations in the second quarter, and our proven Lean enterprise system continues to drive margin expansion in 2017. We were very pleased to complete the Thinklogical acquisition during the quarter, and we remain well-positioned with a number of other attractive inorganic opportunities.”

Outlook

“We are increasing our full-year revenue guidance to reflect the Thinklogical acquisition. We are also updating our EPS guidance to reflect the accretive impact of this acquisition and our recent debt refinancing at very favorable terms. We expect double-digit EPS growth in the second half of the year,” said Mr. Stroup.

The Company expects third quarter 2017 revenues to be $615 - $635 million. For the full year ending December 31, 2017, the Company now expects revenues to be $2.415 - $2.445 billion, compared to prior guidance of $2.355 - $2.405 billion.

The Company expects third quarter 2017 GAAP EPS to be $0.10 - $0.20. For the full year ending December 31, 2017, the Company now expects GAAP EPS to be $2.82 - $3.02, compared to the previously guided range of $3.31 - $3.56.

The Company expects third quarter 2017 adjusted EPS to be $1.35 - $1.45. For the full year ending December 31, 2017, the Company now expects adjusted EPS to be $5.35 - $5.55, compared to the previously guided range of $4.95 - $5.20.

Earnings Conference Call

Management will host a conference call today at 8:30 am ET 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 888-339-3466; the dial-in number for participants outside the U.S. is 719-325-2360. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.

       

BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 
 
Three Months Ended Six Months Ended
July 2, 2017     July 3, 2016 July 2, 2017     July 3, 2016
 
(In thousands, except per share data)
Revenues $ 610,633 $ 601,631 $ 1,162,014 $ 1,143,128
Cost of sales (368,124 ) (353,418 ) (697,391 ) (669,880 )
Gross profit 242,509 248,213 464,623 473,248
Selling, general and administrative expenses (117,771 ) (123,057 ) (230,357 ) (245,463 )
Research and development (35,144 ) (36,652 ) (69,666 ) (72,785 )
Amortization of intangibles (27,113 ) (26,263 ) (50,782 ) (51,795 )
Operating income 62,481 62,241 113,818 103,205
Interest expense, net (23,533 ) (24,049 ) (47,039 ) (48,445 )
Loss on debt extinguishment (847 )   (847 )  
Income before taxes 38,101 38,192 65,932 54,760
Income tax benefit (expense) (2,210 ) 3,741   (4,460 ) 3,531  
Net income 35,891 41,933 61,472 58,291
Less: Net loss attributable to noncontrolling interest (86 ) (99 ) (192 ) (198 )
Net income attributable to Belden 35,977 42,032 61,664 58,489
Less: Preferred stock dividends 8,733     17,466    
Net income attributable to Belden common stockholders $ 27,244   $ 42,032   $ 44,198   $ 58,489  
 
Weighted average number of common shares and equivalents:
Basic 42,283 42,085 42,249 42,046
Diluted 42,832 42,533 42,753 42,459
 
Basic income per share attributable to Belden common stockholders: $ 0.64   $ 1.00   $ 1.05   $ 1.39  
 
Diluted income per share attributable to Belden common stockholders: $ 0.64   $ 0.99   $ 1.03   $ 1.38  
 
Common stock dividends declared per share $ 0.05 $ 0.05 $ 0.10 $ 0.10
 
                   

BELDEN INC.

OPERATING SEGMENT INFORMATION

(Unaudited)

 
 

Broadcast
Solutions

Enterprise
Solutions

Industrial
Solutions

Network
Solutions

Total
Segments

 
(In thousands, except percentages)

For the three months ended July 2, 2017

Segment Revenues $ 188,071 $ 160,733 $ 159,255 $ 102,574 $ 610,633
Segment EBITDA 29,610 26,801 31,036 22,780 110,227
Segment EBITDA margin 15.7 % 16.7 % 19.5 % 22.2 % 18.1 %
Depreciation expense 4,058 2,695 3,168 1,607 11,528
Amortization of intangibles 13,453 429 640 12,591 27,113
Severance, restructuring, and acquisition integration costs 970 8,141 346 103 9,560
Purchase accounting effects related to acquisitions 1,167 1,167
 

For the three months ended July 3, 2016

Segment Revenues $ 193,521 $ 160,401 $ 147,808 $ 101,651 $ 603,381
Segment EBITDA 29,505 29,575 27,064 22,191 108,335
Segment EBITDA margin 15.2 % 18.4 % 18.3 % 21.8 % 18.0 %
Depreciation expense 4,061 3,429 2,709 1,788 11,987
Amortization of intangibles 13,420 432 601 11,810 26,263
Severance, restructuring, and acquisition integration costs 1,319 1,207 2,371 972 5,869
Deferred gross profit adjustments 494 1,256 1,750
 

For the six months ended July 2, 2017

Segment Revenues $ 356,667 $ 306,415 $ 305,436 $ 193,496 $ 1,162,014
Segment EBITDA 55,010 50,901 56,769 40,657 203,337
Segment EBITDA margin 15.4 % 16.6 % 18.6 % 21.0 % 17.5 %
Depreciation expense 8,007 5,294 6,374 3,236 22,911
Amortization of intangibles 23,468 853 1,282 25,179 50,782
Severance, restructuring, and acquisition integration costs 1,378 13,014 1,467 301 16,160
Purchase accounting effects related to acquisitions 1,167 1,167
 

For the six months ended July 3, 2016

Segment Revenues $ 364,793 $ 296,293 $ 288,899 $ 197,196 $ 1,147,181
Segment EBITDA 52,772 53,311 50,051 42,267 198,401
Segment EBITDA margin 14.5 % 18.0 % 17.3 % 21.4 % 17.3 %
Depreciation expense 8,023 6,818 5,427 3,382 23,650
Amortization of intangibles 26,351 861 1,192 23,391 51,795
Severance, restructuring, and acquisition integration costs 5,697 1,707 3,236 3,637 14,277
Purchase accounting effects related to acquisitions 195 195
Deferred gross profit adjustments 1,108 2,945 4,053
 
       

BELDEN INC.

OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS

(Unaudited)

 
 
Three Months Ended Six Months Ended
July 2, 2017     July 3, 2016 July 2, 2017     July 3, 2016
 
(In thousands)
Total Segment Revenues $ 610,633 $ 603,381 $ 1,162,014 $ 1,147,181
Deferred revenue adjustments   (1,750 )   (4,053 )
Consolidated Revenues $ 610,633   $ 601,631   $ 1,162,014   $ 1,143,128  
 
Total Segment EBITDA $ 110,227 $ 108,335 $ 203,337 $ 198,401
Income from equity method investment 2,277 661 3,284 491
Eliminations (655 ) (886 ) (1,783 ) (1,717 )
Consolidated Adjusted EBITDA (1) 111,849 108,110 204,838 197,175
Amortization of intangibles (27,113 ) (26,263 ) (50,782 ) (51,795 )
Depreciation expense (11,528 ) (11,987 ) (22,911 ) (23,650 )
Severance, restructuring, and acquisition integration costs (9,560 ) (5,869 ) (16,160 ) (14,277 )
Purchase accounting effects related to acquisitions (1,167 ) (1,167 ) (195 )
Deferred gross profit adjustments   (1,750 )   (4,053 )
Consolidated operating income 62,481 62,241 113,818 103,205
Interest expense, net (23,533 ) (24,049 ) (47,039 ) (48,445 )
Loss on debt extinguishment (847 )   (847 )  
Consolidated income before taxes $ 38,101   $ 38,192   $ 65,932   $ 54,760  
 
(1) Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.
 
       

BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 
 
July 2, 2017 December 31, 2016
(Unaudited)
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 670,360 $ 848,116
Receivables, net 419,591 388,059
Inventories, net 252,534 190,408
Other current assets 43,623 29,176
Assets held for sale 30,743   23,193  
Total current assets 1,416,851 1,478,952
Property, plant and equipment, less accumulated depreciation 319,371 309,291
Goodwill 1,453,993 1,385,995
Intangible assets, less accumulated amortization 600,417 560,082
Deferred income taxes 35,735 33,706
Other long-lived assets 36,303   38,777  
$ 3,862,670   $ 3,806,803  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 280,796 $ 258,203
Accrued liabilities 255,092 310,340
Liabilities held for sale 1,803   1,736  
Total current liabilities 537,691 570,279
Long-term debt 1,679,382 1,620,161
Postretirement benefits 109,599 104,050
Deferred income taxes 18,341 14,276
Other long-term liabilities 38,554 36,720
Stockholders’ equity:
Preferred stock 1 1
Common stock 503 503
Additional paid-in capital 1,119,763 1,116,090
Retained earnings 823,761 783,812
Accumulated other comprehensive loss (65,188 ) (39,067 )
Treasury stock (400,501 ) (401,026 )
Total Belden stockholders’ equity 1,478,339   1,460,313  
Noncontrolling interest 764   1,004  
Total stockholders’ equity 1,479,103   1,461,317  
$ 3,862,670   $ 3,806,803  
 
 

BELDEN INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Unaudited)

 
 
Six Months Ended
July 2, 2017   July 3, 2016
 
(In thousands)
Cash flows from operating activities:
Net income $ 61,472 $ 58,291
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 73,693 75,445
Share-based compensation 8,924 8,587
Loss on debt extinguishment 847
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses:
Receivables (17,982 ) (3,750 )
Inventories (42,052 ) 368
Accounts payable 14,748 (20,730 )
Accrued liabilities (55,094 ) (39,356 )
Accrued taxes (12,523 ) (17,875 )
Other assets (6,573 ) 2,457
Other liabilities 9,321   (2,867 )
Net cash provided by operating activities 34,781 60,570
Cash flows from investing activities:
Cash used to acquire businesses, net of cash acquired (166,945 ) (17,848 )
Capital expenditures (22,197 ) (25,124 )
Proceeds from disposal of tangible assets   41  
Net cash used for investing activities (189,142 ) (42,931 )
Cash flows from financing activities:
Cash dividends paid (21,688 ) (4,204 )
Payments under borrowing arrangements (5,221 ) (51,250 )
Withholding tax payments for share-based payment awards, net of proceeds from the exercise of stock options (4,726 ) (3,598 )
Debt issuance costs paid (2,044 )  
Net cash used for financing activities (33,679 ) (59,052 )
Effect of foreign currency exchange rate changes on cash and cash equivalents 10,284   434  
Decrease in cash and cash equivalents (177,756 ) (40,979 )
Cash and cash equivalents, beginning of period 848,116   216,751  
Cash and cash equivalents, end of period $ 670,360   $ 175,772  
 

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; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain revenues and gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.

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. As an example, we adjust for the purchase accounting effect of recording deferred revenue at fair value in order to reflect the revenues that would have otherwise been recorded by acquired businesses had they remained as independent entities. We believe this presentation is useful in evaluating the underlying performance of acquired companies. Similarly, we adjust for other acquisition-related expenses, such as amortization of intangibles and other impacts of fair value adjustments because they generally are not related to the acquired business' core operating performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.

Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.

       
Three Months Ended Six Months Ended
July 2, 2017     July 3, 2016 July 2, 2017     July 3, 2016
 
(In thousands, except percentages and per share amounts)
GAAP revenues $ 610,633 $ 601,631 $ 1,162,014 $ 1,143,128
Deferred revenue adjustments   1,750     4,053  
Adjusted revenues $ 610,633   $ 603,381   $ 1,162,014   $ 1,147,181  
 
GAAP gross profit $ 242,509 $ 248,213 $ 464,623 $ 473,248
Severance, restructuring, and acquisition integration costs 8,189 1,826 14,117 3,918
Deferred gross profit adjustments 1,750 4,053
Purchase accounting effects related to acquisitions 1,167 1,167 195
Accelerated depreciation 266   206   532   412  
Adjusted gross profit $ 252,131   $ 251,995   $ 480,439   $ 481,826  
 
GAAP gross profit margin 39.7 % 41.3 % 40.0 % 41.4 %
Adjusted gross profit margin 41.3 % 41.8 % 41.3 % 42.0 %
 
GAAP selling, general and administrative expenses $ (117,771 ) $ (123,057 ) $ (230,357 ) $ (245,463 )
Severance, restructuring, and acquisition integration costs 1,362   3,625   2,090   9,680  
Adjusted selling, general and administrative expenses $ (116,409 ) $ (119,432 ) $ (228,267 ) $ (235,783 )
 
GAAP research and development $ (35,144 ) $ (36,652 ) $ (69,666 ) $ (72,785 )
Severance, restructuring, and acquisition integration costs 9   418   (47 ) 679  
Adjusted research and development $ (35,135 ) $ (36,234 ) $ (69,713 ) $ (72,106 )
 
GAAP net income attributable to Belden $ 35,977 $ 42,032 $ 61,664 $ 58,489
Interest expense, net 23,533 24,049 47,039 48,445
Income tax expense (benefit) 2,210 (3,741 ) 4,460 (3,531 )
Loss on debt extinguishment 847 847
Noncontrolling interest (86 ) (99 ) (192 ) (198 )
Total non-operating adjustments 26,504   20,209   52,154   44,716  
 
Amortization of intangible assets 27,113 26,263 50,782 51,795
Severance, restructuring, and integration costs 9,560 5,869 16,160 14,277
Purchase accounting effects related to acquisitions 1,167 1,167 195
Accelerated depreciation 266 206 532 412
Deferred gross profit adjustments   1,750     4,053  
Total operating income adjustments 38,106 34,088 68,641 70,732
 
Depreciation expense 11,262   11,781   22,379   23,238  
 
Adjusted EBITDA $ 111,849   $ 108,110   $ 204,838   $ 197,175  
 
GAAP net income margin 5.9 % 7.0 % 5.3 % 5.1 %
Adjusted EBITDA margin 18.3 % 17.9 % 17.6 % 17.2 %
 
GAAP net income $ 35,891 $ 41,933 $ 61,472 $ 58,291
Operating income adjustments from above 38,106 34,088 68,641 70,732
Loss on debt extinguishment 847 847
Tax effect of adjustments (10,592 ) (10,603 ) (18,968 ) (21,030 )
Adjusted net income $ 64,252   $ 65,418   $ 111,992   $ 107,993  
 
GAAP net income $ 35,891 $ 41,933 $ 61,472 $ 58,291
Less: Net loss attributable to noncontrolling interest (86 ) (99 ) (192 ) (198 )
Less: Preferred stock dividends 8,733     17,466    
GAAP net income attributable to Belden common stockholders $ 27,244   $ 42,032   $ 44,198   $ 58,489  
 
Adjusted net income $ 64,252 $ 65,418 $ 111,992 $ 107,993
Less: Net loss attributable to noncontrolling interest (86 ) (99 ) (192 ) (198 )
Less: Amortization expense attributable to noncontrolling interest, net of tax 16 16 31 32
Less: Preferred stock dividends     17,466    
Adjusted net income attributable to Belden common stockholders $ 64,322   $ 65,501   $ 94,687   $ 108,159  
 
GAAP income per diluted share attributable to Belden common stockholders $ 0.64 $ 0.99 $ 1.03 $ 1.38
Adjusted income per diluted share attributable to Belden common stockholders $ 1.29 $ 1.54 $ 2.21 $ 2.55
 
GAAP diluted weighted average shares 42,832 42,533 42,753 42,459
Adjustment for assumed conversion of preferred stock into common stock 6,857        
Adjusted diluted weighted average shares 49,689 42,533 42,753 42,459
 

BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)

We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capital expenditures net of the 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 Six Months Ended
July 2, 2017     July 3, 2016 July 2, 2017     July 3, 2016
 
(In thousands)
GAAP net cash provided by operating activities $ 47,044 $ 47,958 $ 34,781 $ 60,570
Capital expenditures, net of proceeds from the disposal of tangible assets (11,798 ) (11,662 ) (22,197 ) (25,083 )
Non-GAAP free cash flow $ 35,246   $ 36,296   $ 12,584   $ 35,487  
 
       

BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
2017 EARNINGS GUIDANCE

 
 
Year Ended

December 31, 2017

Three Months Ended

October 1, 2017

 
Adjusted income per diluted share attributable to Belden common stockholders $5.35 - $5.55 $1.35 - $1.45
Amortization of intangible assets $(1.51) $(0.47)
Loss on debt extinguishment $(0.52) $(0.51)
Severance, restructuring, and acquisition integration costs $(0.40) $(0.21)
Purchase accounting effects related to acquisitions $(0.10) $(0.06)
GAAP income per diluted share attributable to Belden common stockholders $2.82 - $3.02 $0.10 - $0.20
 

Our guidance for income per diluted share attributable to Belden common stockholders is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impacted by other additional events for which information is not available, such as asset impairments, purchase accounting effects related to acquisitions, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of tangible assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known.

Net Income and Earnings per Share (EPS)

All references to Net Income and EPS within this earnings release refer to net income attributable to Belden and income from continuing operations per diluted share attributable to Belden common stockholders, respectively.

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. GAAP to non-GAAP reconciliations accompany the condensed 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.

Forward-Looking Statements

This release and any statements made by us concerning the release may contain forward-looking statements including our expectations for the third quarter and full-year 2017. Forward-looking statements include statements regarding future financial performance (including revenues, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. In some cases these statements are identifiable through the use of words such as “anticipate,” “believe,” “estimate,” “forecast,” “guide,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements reflect management’s current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements for a number of reasons, including, without limitation: the impact of a challenging global economy or a downturn in served markets; the competitiveness of the global broadcast, enterprise, and industrial markets; the inability to successfully complete and integrate acquisitions in furtherance of the Company’s strategic plan; volatility in credit and foreign exchange markets; variability in the Company’s quarterly and annual effective tax rates; the cost and availability of raw materials including copper, plastic compounds, electronic components, and other materials; disruption of, or changes in, the Company’s key distribution channels; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); disruptions in the Company’s information systems including due to cyber-attacks; the inability of the Company to develop and introduce new products and competitive responses to our products; the inability to retain senior management and key employees; assertions that the Company violates the intellectual property of others and the ownership of intellectual property by competitors and others that prevents the use of that intellectual property by the Company; risks related to the use of open source software; the impact of regulatory requirements and other legal compliance issues; perceived or actual product failures; political and economic uncertainties in the countries where the Company conducts business, including emerging markets; the impairment of goodwill and other intangible assets and the resulting impact on financial performance; disruptions and increased costs attendant to collective bargaining groups and other labor matters; 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, 2016, filed with the SEC on February 17, 2017. Although the content of this release represents our best judgment as of the date of this report based on information currently available and reasonable assumptions, we give no assurances that the expectations will prove to be accurate. Deviations from the expectations may be material. For these reasons, Belden cautions readers to not place undue reliance on these forward-looking statements, which speak only as of the date made. Belden disclaims any duty to update any forward-looking statements as a result of new information, future developments, or otherwise, except as required by law.

About Belden

Belden Inc. delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial, enterprise and broadcast markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today's applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.

Contacts

Belden Investor Relations
314-854-8054
Investor.Relations@Belden.com

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