St-Louis, Missouri, 2014-02-06 Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for mission-critical applications, today reported fiscal fourth quarter and full year 2013 results for the period ended December 31, 2013.
On its regularly scheduled earnings conference call, Belden will also discuss its offer to acquire privately held Grass Valley, a leading provider of innovative technology for the broadcast market.
Fourth Quarter 2013 Highlights
Grew revenue by 6.7% year-over-year;
Achieved adjusted gross profit margins of 35.2%, increasing 200 basis points from 33.2% in the year-ago period;
Improved adjusted operating profit margins to 13.8%, increasing 230 basis points from 11.5% in the year-ago period; and
Increased adjusted income from continuing operations per diluted share to $0.91, up 16.7% over last year's $0.78 per diluted share.
Full Year 2013 Highlights
Achieved adjusted gross profit margins of 35.2%, increasing 310 basis points from 32.1% in the year-ago period;
Improved adjusted operating profit margins to 13.8%, increasing 270 basis points from 11.1% in the year-ago period;
Increased adjusted income from continuing operations per diluted share to $3.69, up 31.8% over last year's $2.80 per diluted share;
Generated a record $200 million of free cash flow for the year, exceeding adjusted income from continuing operations for the 9th year in a row; and
Purchased 1.7 million shares of Belden common stock for $93.75 million during the year, bringing the total combined program to date shares repurchased to 5.4 million.
Fourth Quarter 2013
On a GAAP basis, revenue for the quarter totaled $509.8 million, up $32.1 million, or 6.7%, compared to $477.7 million in the fourth quarter 2012. Gross margin in the fourth quarter was 34.3%, increasing 280 basis points from 31.5% in the year-ago period. Operating profit margin in the fourth quarter was 9.6%, increasing from 6.6% in the year-ago period. Income from continuing operations per diluted share totaled $0.54, compared to $0.88 in the fourth quarter 2012, a year-over-year decrease of 38.6%, largely a result of favorable discrete tax items in the year-ago period.
Adjusted revenue for the quarter totaled $515.9 million, up $34.7 million, or 7.2%, compared to $481.2 million in the fourth quarter 2012. Adjusted gross margin in the fourth quarter was 35.2%, increasing 200 basis points from 33.2% in the year-ago period. Adjusted operating profit margin in the fourth quarter was 13.8%, increasing 230 basis points from 11.5% in the year-ago period. Adjusted income from continuing operations per diluted share totaled $0.91, compared to $0.78 in the fourth quarter 2012, a year-over-year increase of 16.7%. A non-GAAP reconciliation table is provided as an appendix to this release.
John Stroup, President and CEO of Belden Inc., said, I'm pleased with the solid finish to the year. Results were as we expected, as our Enterprise and Broadcast platforms benefitted from improved year-over-year market demand.
Full Year 2013
On a GAAP basis, revenue for the year totaled $2.069 billion, up $228 million, or 12.4%, compared to $1.841 billion in the full year 2012. Gross margin in 2013 was 34.0%, increasing 320 basis points from 30.8% in the year-ago period. Operating profit margin in 2013 was 9.7%, increasing 380 basis points from 5.9% in the year-ago period. Income from continuing operations per diluted share totaled $2.34, compared to $0.94 in 2012, a year-over-year increase of 149%.
Adjusted revenue for the year totaled $2.084 billion, up $237 million, or 12.9%, compared to $1.847 billion in 2012. Adjusted gross margin in 2013 was 35.2%, increasing 310 basis points from 32.1% in the year-ago period. Adjusted operating profit margin in 2013 was 13.8%, increasing 270 basis points from 11.1% in the year-ago period. Adjusted income from continuing operations per diluted share totaled $3.69, compared to $2.80 in 2012, a year-over-year increase of 31.8%.
Mr. Stroup remarked, 2013 was a very good year at Belden. We successfully integrated two important acquisitions and transformed our structure from a legacy regional organization to its current form of four global platforms serving the Broadcast, Enterprise, and Industrial markets. While market demand made for a challenging year, we remained focused on creating value through the disciplined execution of our Belden Business System. As a result, revenue and profitability are at an all-time high, and we are well positioned for the future.
Acquisition of Grass Valley
Belden has submitted a binding offer to purchase privately held Grass Valley, a leader within the broadcast market, for $220 million. The binding offer is subject to consultation with Grass Valley's foreign labor works council, after which we will enter into a definitive agreement. Grass Valley provides innovative technologies including production switchers, cameras, servers, and editing solutions within the mission critical applications of broadcast customers. When combined with Miranda, the resulting end-to-end solution will be the most complete and compelling in the industry.
We are extremely excited to have Grass Valley join the Belden family. By combining Grass Valley and Miranda, we will create the broadcast industry's largest and most complete portfolio, said Mr. Stroup.
A full discussion of this transaction and its potential financial impact on Belden's consolidated results will accompany the fourth quarter's earnings call occurring today, February 6th at 10:30 am EST. This transaction is expected to close by March 31, 2014 and is subject to regulatory approvals, the completion of audited financial statements, and other customary closing conditions.
Outlook
Market demand appears to be stable in th
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St-Louis, Missouri, 2014-02-06 Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for mission-critical applications, today reported fiscal fourth quarter and full year 2013 results for the period ended December 31, 2013. 
