General Cable Corporation and Subsidiaries
Consolidated Statements of Operations
(in millions, except per share data)
(unaudited) |
| | | | | | | | |
| | Three Fiscal Months Ended | | Six Fiscal Months Ended |
| | July 1, 2005 | | June 30, 2004 | | July 1, 2005 | | June 30, 2004 |
Net sales | $ 608.6 | | $ 517.5 | | $ 1,162.8 | | $ 996.1 |
Cost of sales | 537.3 | | 462.3 | | 1,024.1 | | 895.5 |
Gross profit | 71.3 | | 55.2 | | 138.7 | | 100.6 |
| | | | | | | | |
Selling, general and | | | | | | | |
administrative expenses | 43.3 | | 38.1 | | 86.5 | | 76.8 |
Operating income | 28.0 | | 17.1 | | 52.2 | | 23.8 |
Other expense | - | | (0.4) | | (0.1) | | (0.9) |
Net interest expense | (9.1) | | (9.0) | | (19.0) | | (18.3) |
| | | | | | | | |
Income before income taxes | 18.9 | | 7.7 | | 33.1 | | 4.6 |
Income tax provision | (7.1) | | (2.5) | | (12.3) | | (1.3) |
| | | | | | | | |
Net income | 11.8 | | 5.2 | | 20.8 | | 3.3 |
Less: preferred stock dividends | (1.5) | | (1.5) | | (3.0) | | (3.0) |
Net income applicable to common shareholders | $ 10.3 | | $ 3.7 | | $ 17.8 | | $ 0.3 |
| | | | | | | | |
Earnings per share | | | | | | | |
Earnings per common share | $ 0.26 | | $ 0.09 | | $ 0.45 | | $ 0.01 |
Weighted average common shares | 39.4 | | 39.3 | | 39.3 | | 39.2 |
| | | | | | | | |
Earnings per common share- assuming dilution | $ 0.23 | | $ 0.09 | | $ 0.41 | | $ 0.01 |
| | | | | | | | |
Weighted average common shares-assuming dilution | 50.9 | | 39.9 | | 50.8 | | 39.9 |
General Cable Corporation and Subsidiaries
Consolidated Statements of Operations
Segment Information
(in millions)
(unaudited)
| | | Three Fiscal Months Ended | | Six Fiscal Months Ended |
| | | July 1, 2005 | | June 30, 2004 | | July 1, 2005 | | June 30, 2004 |
Revenues (as reported) | | | | | | | | |
Energy Segment | | $ 212.4 | | $ 184.6 | | $ 408.9 | | $ 351.1 |
Industrial & Specialty Segment | | 220.3 | | 191.4 | | 437.9 | | 387.1 |
Communications Segment | | 175.9 | | 141.5 | | 316.0 | | 257.9 |
Total | | $ 608.6 | | $ 517.5 | | $1,162.8 | | $ 996.1 |
| | | | | | | | | |
Revenues (metal adjusted) | | | | | | | | |
Energy Segment | | $ 212.4 | | $ 194.7 | | $ 408.9 | | $ 373.5 |
Industrial & Specialty Segment | | 220.3 | | 210.3 | | 437.9 | | 422.6 |
Communications Segment | | 175.9 | | 153.5 | | 316.0 | | 278.1 |
Total | | $ 608.6 | | $ 558.5 | | $1,162.8 | | $1,074.2 |
| | | | | | | | | |
Metal Pounds Sold | | | | | | | | |
Energy Segment | | 75.2 | | 74.7 | | 145.8 | | 146.3 |
Industrial & Specialty Segment | | 60.3 | | 58.0 | | 118.0 | | 124.5 |
Communications Segment | | 38.4 | | 37.3 | | 70.6 | | 70.6 |
Total | | 173.9 | | 170.0 | | 334.4 | | 341.4 |
| | | | | | | | | |
Operating Profit (Loss) | | | | | | | | |
Energy Segment | | $ 15.4 | | $ 9.9 | | $ 27.7 | | $ 17.4 |
Industrial & Specialty Segment | | 7.8 | | 6.7 | | 15.5 | | 9.5 |
Communications Segment | | 8.3 | | 2.1 | | 12.5 | | 1.2 |
Subtotal | | 31.5 | | 18.7 | | 55.7 | | 28.1 |
Corporate | | (3.5) | | (1.6) | | (3.5) | | (4.3) |
Total | | $ 28.0 | | $ 17.1 | | $ 52.2 | | $ 23.8 |
| | | | | | | | | |
Return on Metal Adjusted Sales | | | | | | | | |
Energy Segment | | 7.3% | | 5.1% | | 6.8% | | 4.7% |
Industrial & Specialty Segment | | 3.5% | | 3.2% | | 3.5% | | 2.2% |
Communications Segment | | 4.7% | | 1.4% | | 4.0% | | 0.4% |
Total Company | | 4.6% | | 3.1% | | 4.5% | | 2.2% |
| | | | | | | | | |
Capital Expenditures | | | | | | | | |
Energy Segment | | $ 3.7 | | $ 4.5 | | $ 6.9 | | $ 7.2 |
Industrial & Specialty Segment | | 3.4 | | 3.9 | | 6.0 | | 6.5 |
Communications Segment | | 1.4 | | 1.6 | | 2.8 | | 3.1 |
Total | | $ 8.5 | | $ 10.0 | | $ 15.7 | | $ 16.8 |
| | | | | | | | | |
Depreciation & Amortization | | | | | | | | |
Energy Segment | | $ 2.7 | | $ 1.4 | | $ 4.6 | | $ 3.8 |
Industrial & Specialty Segment | | 3.0 | | 2.5 | | 5.8 | | 5.1 |
Communications Segment | | 4.6 | | 4.0 | | 8.9 | | 8.7 |
Subtotal | | 10.3 | | 7.9 | | 19.3 | | 17.6 |
Corporate(1) | | 2.9 | | 0.9 | | 2.9 | | 2.3 |
Total | | $ 13.2 | | $ 8.8 | | $ 22.2 | | $ 19.9 |
(1) Relates to the rationalization of certain plant locations. |
GENERAL CABLE CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in millions, except share data)
ASSETS | | | July 1, 2005 | | December 31, 2004 |
Current Assets: | | (unaudited) | | |
| | Cash | | | $ 35.6 | | $ 36.4 |
| | Receivables, net of allowances of $16.4 million at July 1, 2005 and $16.0 million at December 31, 2004 | 423.3 | | 350.9 |
| | Inventories | | 333.1 | | 315.5 |
| | Deferred income taxes | | 22.9 | | 23.0 |
| | Prepaid expenses and other | | 29.8 | | 38.8 |
| | | Total current assets | | 844.7 | | 764.6 |
Property, plant and equipment, net | | 340.7 | | 356.0 |
Deferred income taxes | | 63.5 | | 65.7 |
Other non-current assets | | 33.3 | | 34.5 |
| | | Total assets | | $ 1,282.2 | | $ 1,220.8 |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | |
Current Liabilities: | | | | |
| | Accounts payable | | $ 381.5 | | $ 357.4 |
| | Accrued liabilities | | 120.3 | | 108.1 |
| | Current portion of long-term debt | | 3.6 | | 1.1 |
| | | Total current liabilities | | 505.4 | | 466.6 |
Long-term debt | | 400.4 | | 373.8 |
Deferred income taxes | | 13.4 | | 15.3 |
Other liabilities | | 64.3 | | 63.7 |
| | | Total liabilities | | 983.5 | | 919.4 |
Shareholders' Equity: | | | | |
| | Redeemable convertible preferred stock, | | | | |
| | 2,070,000 shares at redemption value | | | | |
| | | (liquidation preference of $50.00 per share) | | 103.5 | | 103.5 |
| | Common stock, $0.01 par value, | | | | |
| | issued and outstanding shares: | | | | |
| | | July 1, 2005 - 39,626,340 (net of 4,968,755 treasury shares) | | | | |
| | | December 31, 2004 - 39,335,754 (net of 4,885,823 treasury shares) | | 0.4 | | 0.4 |
| | Additional paid-in capital | | 147.2 | | 144.1 |
| | Treasury stock | | (52.2) | | (51.0) |
| | Retained earnings | | 104.7 | | 86.4 |
| | Accumulated other comprehensive income | | 1.0 | | 22.4 |
| | Other shareholders' equity | | (5.9) | | (4.4) |
| | | Total shareholders' equity | | 298.7 | | 301.4 |
| | | Total liabilities and shareholders' equity | | $ 1,282.2 | | $ 1,220.8 |
