EXHIBIT 99.1
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(dollars in thousands, except per share data)
| | Three Months Ended | |
| | March 31, | |
| | 2010 | | 2009 | |
| | | | | |
Net Sales | | $ | 770,954 | | $ | 660,012 | |
| | | | | |
Cost of sales | | 521,762 | | 453,633 | |
| | | | | |
Gross profit | | 249,192 | | 206,379 | |
| | | | | |
Selling, general and administrative expense | | 104,148 | | 95,694 | |
| | | | | |
Operating income | | 145,044 | | 110,685 | |
| | | | | |
Interest expense | | (10,013 | ) | (8,998 | ) |
Other income (expenses), net | | 459 | | (215 | ) |
| | | | | |
Income before income taxes | | 135,490 | | 101,472 | |
| | | | | |
Provision for income taxes | | (35,352 | ) | (24,422 | ) |
| | | | | |
Net income | | 100,138 | | 77,050 | |
Less: Net income attributable to noncontrolling interests | | (1,785 | ) | (2,640 | ) |
| | | | | |
Net income attributable to Amphenol Corporation | | $ | 98,353 | | $ | 74,410 | |
| | | | | |
Net income per common share - Basic | | $ | 0.57 | | $ | 0.43 | |
| | | | | |
Weighted average common shares outstanding - Basic | | 173,266,113 | | 171,185,198 | |
| | | | | |
Net income per common share - Diluted | | $ | 0.56 | | $ | 0.43 | |
| | | | | |
Weighted average common shares outstanding - Diluted | | 175,575,002 | | 173,098,475 | |
| | | | | |
Dividends declared per common share | | $ | 0.015 | | $ | 0.015 | |
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(dollars in thousands)
| | March 31, | | December 31, | |
| | 2010 | | 2009 | |
| | | | | |
ASSETS | | | | | |
| | | | | |
Current Assets: | | | | | |
Cash and cash equivalents | | $ | 431,719 | | $ | 384,613 | |
Accounts receivable, less allowance for doubtful accounts of $18,022 and $18,785, respectively | | 572,616 | (1) | 449,591 | |
Inventories, net | | 476,097 | | 461,750 | |
Other current assets | | 135,913 | | 124,441 | |
| | | | | |
Total current assets | | 1,616,345 | | 1,420,395 | |
| | | | | |
Land and depreciable assets, less accumulated depreciation of $572,922 and $575,187, respectively | | 327,211 | | 332,875 | |
Goodwill | | 1,371,800 | | 1,368,672 | |
Other long-term assets | | 95,160 | | 97,242 | |
| | | | | |
| | $ | 3,410,516 | | $ | 3,219,184 | |
| | | | | |
LIABILITIES & SHAREHOLDERS’ EQUITY | | | | | |
| | | | | |
Current Liabilities: | | | | | |
Accounts payable | | $ | 319,820 | | $ | 292,122 | |
Accrued salaries, wages and employee benefits | | 64,045 | | 64,143 | |
Accrued income taxes | | 70,117 | | 57,272 | |
Accrued acquisition-related obligations | | 5,744 | | 7,244 | |
Other accrued expenses | | 83,715 | | 81,979 | |
Short-term debt | | 49,440 | (1) | 399 | |
| | | | | |
Total current liabilities | | 592,881 | | 503,159 | |
| | | | | |
Long-term debt | | 752,543 | | 753,050 | |
Accrued pension and post employment benefit obligations | | 171,082 | | 172,235 | |
Other long-term liabilities | | 26,569 | | 27,922 | |
| | | | | |
Shareholders’ Equity: | | | | | |
Common stock | | 174 | | 174 | |
Additional paid-in capital | | 80,398 | | 71,368 | |
Accumulated earnings | | 1,870,378 | | 1,774,625 | |
Accumulated other comprehensive loss | | (100,989 | ) | (100,090 | ) |
| | | | | |
Total shareholders’ equity attributable to Amphenol Corporation | | 1,849,961 | | 1,746,077 | |
| | | | | |
Noncontrolling interests | | 17,480 | | 16,741 | |
| | | | | |
Total equity | | 1,867,441 | | 1,762,818 | |
| | | | | |
| | $ | 3,410,516 | | $ | 3,219,184 | |
NOTE 1 The Company has a $100 million receivables securitization program. In accordance with previous accounting guidance, this facility was accounted for off balance sheet as a sale of receivables. Effective January 1, 2010, the Company adopted the amendments to the Transfers and Servicing and Consolidation Topics of the Accounting Standards Codification. The adoption of these amendments has resulted in the Company reporting transactions under this facility as short-term debt and the related receivables remain on the balance sheet. At March 31, 2010, borrowings under the securitization facility were $49 million.
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
(dollars in thousands)
| | Three months ended | |
| | March 31, | |
| | 2010 | | 2009 | |
| | | | | |
Cash flow from operating activities: | | | | | |
Net income | | $ | 100,138 | | $ | 77,050 | |
Adjustments for cash flow from operating activities: | | | | | |
Depreciation and amortization | | 24,344 | | 22,991 | |
Net change in receivables sold under Receivables Securitization Facility | | (82,000 | )(1) | 6,000 | |
Stock-based compensation expense | | 5,443 | | 4,784 | |
Net change in components of working capital | | (15,286 | ) | 34,255 | |
Net change in other long-term assets and liabilities | | (796 | ) | (2,315 | ) |
| | | | | |
Cash flow provided by operating activities | | 31,843 | | 142,765 | |
| | | | | |
Cash flow from investing activities: | | | | | |
Additions to property, plant and equipment, net | | (18,353 | ) | (16,871 | ) |
(Purchase) sale of short term investments | | (8,353 | ) | 1,420 | |
Acquisitions, net of cash acquired | | (3,000 | ) | (261,464 | ) |
| | | | | |
Cash flow used in investing activities | | (29,706 | ) | (276,915 | ) |
| | | | | |
Cash flow from financing activities: | | | | | |
Borrowings under revolving credit facilities | | 19,600 | | 268,587 | |
Payments under revolving credit facilities | | (19,994 | ) | (182,700 | ) |
Net change in borrowings under Receivables Securitization Facility | | 49,000 | (1) | — | |
Proceeds from exercise of stock options | | 3,173 | | 224 | |
Excess tax benefits from stock-based payment arrangements | | 582 | | 107 | |
Payments to shareholders of noncontrolling interests | | (1,046 | ) | — | |
Dividend payments | | (2,595 | ) | (5,135 | ) |
| | | | | |
Cash flow provided by financing activities | | 48,720 | | 81,083 | |
| | | | | |
Effect of exchange rate changes on cash and cash equivalents | | (3,751 | ) | (11,401 | ) |
| | | | | |
Net change in cash and cash equivalents | | 47,106 | | (64,468 | ) |
Cash and cash equivalents balance, beginning of period | | 384,613 | | 214,987 | |
| | | | | |
Cash and cash equivalents balance, end of period | | $ | 431,719 | | $ | 150,519 | |
NOTE 1 The Company has a $100 million receivables securitization program. In accordance with previous accounting guidance, this facility was accounted for off balance sheet as a sale of receivables. Effective January 1, 2010, the Company adopted the amendments to the Transfers and Servicing and Consolidation Topics of the Accounting Standards Codification. As a result of the adoption transfers of receivables occurring on or after January 1, 2010 are reflected as debt issued in the Company’s Condensed Consolidated Statements of Cash Flow (resulting in a reduction of cash flows provided by operating activities of $82 million for the quarter ended March 31, 2010).
AMPHENOL CORPORATION
SEGMENT INFORMATION
(dollars in thousands)
(Unaudited)
| | Three months ended | |
| | March 31, | |
| | 2010 | | 2009 | |
| | | | | |
Trade Sales: | | | | | |
Interconnect Products | | $ | 703,598 | | $ | 601,958 | |
Cable Products | | 67,356 | | 58,054 | |
Consolidated | | $ | 770,954 | | $ | 660,012 | |
| | | | | |
Operating income: | | | | | |
Interconnect Products | | $ | 148,662 | | $ | 116,443 | |
Cable Products | | 10,043 | | 7,836 | |
Stock-based compensation expense | | (5,443 | ) | (4,784 | ) |
Other operating expenses | | (8,218 | ) | (8,810 | ) |
Consolidated | | $ | 145,044 | | $ | 110,685 | |
| | | | | |
ROS%: | | | | | |
Interconnect Products | | 21.1 | % | 19.3 | % |
Cable Products | | 14.9 | % | 13.5 | % |
Corporate - stock-based compensation | | -0.7 | % | -0.7 | % |
Corporate - all other | | -1.1 | % | -1.3 | % |
| | | | | |
Consolidated | | 18.8 | % | 16.8 | % |
