EXHIBIT 99
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General Cable Corporation and Subsidiaries Consolidated Statements of Operations (in millions, except per share data) (unaudited) |
| | Three Fiscal Months Ended | | Six Fiscal Months Ended |
| | June 30, 2006 | | July 1, 2006 | | June 30, 2006 | | July 1, 2005 |
Net sales | | $987.1 | | $608.6 | | $1,791.4 | | $1,162.8 |
Cost of sales | | 857.6 | | 537.3 | | 1,564.3 | | 1,024.1 |
Gross profit | | 129.5 | | 71.3 | | 227.1 | | 138.7 |
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Selling, general and administrative expenses | | 59.1 | | 43.3 | | 114.5 | | 86.5 |
Operating income | | 70.4 | | 28.0 | | 112.6 | | 52.2 |
Other income (expense) | | 0.2 | | - | | 1.0 | | (0.1) |
Interest income (expense): | |
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Interest expense | | (12.3) | | (10.6) | | (22.4) | | (20.9) |
Interest income | | 0.7 | | 1.5 | | 1.2 | | 1.9 |
| | (11.6) | | (9.1) | | (21.2) | | (19.0) |
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Income before income taxes | | 59.0 | | 18.9 | | 92.4 | | 33.1 |
Income tax provision | | (17.5) | | (7.1) | | (29.5) | | (12.3) |
Net income | | 41.5 | | 11.8 | | 62.9 | | 20.8 |
Less: preferred stock dividends | | (0.1) | | (1.5) | | (0.2) | | (3.0) |
Net income applicable to common shareholders | | $41.4 | | $10.3 | | $62.7 | | $17.8 |
Earnings per share | |
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Earnings per common share | | $0.81 | | $0.26 | | $1.24 | | $0.45 |
Weighted average common shares | | 50.8 | | 39.4 | | 50.4 | | 39.3 |
Earnings per common share- assuming dilution | | $0.80 | | $0.23 | | $1.21 | | $0.41 |
Weighted average common shares – assuming dilution | | 52.2 | | 50.9 | | 51.8 | | 50.8 |
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General Cable Corporation and Subsidiaries Consolidated Statements of Operations Segment Information (in millions) (unaudited) |
| | Three Fiscal Months Ended | | | Six Fiscal Months Ended | |
| | June 30, | | July 1, | | | June 30, | | July 1, | |
| | 2006 | | 2005 | | | 2006 | | 2005 | |
Revenues (as reported) | | | | | | | | | | |
Energy Segment | | $359.5 | | $212.4 | | | $659.6 | | $408.9 | |
Industrial & Specialty Segment | | 443.1 | | 252.1 | | | 797.3 | | 493.3 | |
Communications Segment | | 184.5 | | 144.1 | | | 334.5 | | 260.6 | |
Total | | $987.1 | | $608.6 | | | $1,791.4 | | $1,162.8 | |
Revenues (metal adjusted) | | | | | | | | | | |
Energy Segment | | $359.5 | | $272.2 | | | $659.6 | | $495.5 | |
Industrial & Specialty Segment | | 443.1 | | 370.6 | | | 797.3 | | 659.2 | |
Communications Segment | | 184.5 | | 183.8 | | | 334.5 | | 323.6 | |
Total | | $987.1 | | $826.6 | | | $1,791.4 | | $1,478.3 | |
Metal Pounds Sold | | | | | | | | | | |
Energy Segment | | 99.2 | | 75.2 | | | 188.7 | | 145.8 | |
Industrial & Specialty Segment | | 79.3 | | 64.0 | | | 159.6 | | 124.4 | |
Communications Segment | | 34.0 | | 34.7 | | | 65.8 | | 64.2 | |
Total | | 212.5 | | 173.9 | | | 414.1 | | 334.4 | |
Operating Profit (Loss) | | | | | | | | | | |
Energy Segment | | $25.2 | | $15.4 | | | $43.7 | | $27.7 | |
Industrial & Specialty Segment | | 30.8 | | 10.2 | | | 50.7 | | 19.4 | |
Communications Segment | | 14.4 | | 5.9 | | | 18.2 | | 8.6 | |
Subtotal | | 70.4 | | 31.5 | | | 112.6 | | 55.7 | |
Corporate | | - | | (3.5) | | | - | | (3.5) | |
Total | | $70.4 | | $28.0 | | | $112.6 | | $52.2 | |
Return on Metal Adjusted Sales | | | | | | | | | | |
Energy Segment | | 7.0% | | 5.7% | | | 6.6% | | 5.6% | |
Industrial & Specialty Segment | | 7.0% | | 2.8% | | | 6.4% | | 2.9% | |
Communications Segment | | 7.8% | | 3.2% | | | 5.4% | | 2.7% | |
Total Company | | 7.1% | | 3.4% | | | 6.3% | | 3.5% | |
Capital Expenditures | | | | | | | | | | |
Energy Segment | | $6.6 | | $3.7 | | | $10.0 | | $6.9 | |
Industrial & Specialty Segment | | 6.1 | | 3.5 | | | 9.5 | | 6.3 | |
Communications Segment | | 1.9 | | 1.3 | | | 3.1 | | 2.5 | |
Total | | $14.6 | | $8.5 | | | $22.6 | | $15.7 | |
Depreciation & Amortization | | | | | | | | | | |
Energy Segment | | $4.7 | | $2.7 | | | $9.4 | | $4.6 | |
Industrial & Specialty Segment | | 4.6 | | 3.4 | | | 9.1 | | 6.4 | |
Communications Segment | | 3.7 | | 4.2 | | | 7.0 | | 8.3 | |
Subtotal | | 13.0 | | 10.3 | | | 25.5 | | 19.3 | |
Corporate | | - | | 2.9 | | | - | | 2.9 | |
Total | | $13.0 | | $13.2 | | | $25.5 | | $22.2 | |
GENERAL CABLE CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in millions, except share data)
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ASSETS | | 30-Jun-06 | | 31-Dec-05 |
| | (unaudited) | | |
Current Assets: | |
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Cash | | $59.0 | | $72.2 |
Receivables, net of allowances of $10.3 million at June 30, 2006 and $8.6 million at December 31, 2005 | | 791.7 | | 542.9 |
Inventories | | 399.2 | | 363.9 |
Deferred income taxes | | 47.6 | | 41.9 |
Prepaid expenses and other | | 70.1 | | 48.6 |
Total current assets | | 1,367.6 | | 1,069.5 |
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Property, plant and equipment, net | | 368.7 | | 366.4 |
Deferred income taxes | | 53.9 | | 52.5 |
Other non-current assets | | 33.3 | | 34.8 |
Total assets | | $1,823.5 | | $1,523.2 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY | |
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Current Liabilities: | |
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Accounts payable | | $647.8 | | $472.3 |
Accrued liabilities | | 209.6 | | 212.2 |
Current portion of long-term debt | | 20.0 | | 6.4 |
Total current liabilities | | 877.4 | | 690.9 |
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Long-term debt | | 425.3 | | 445.2 |
Deferred income taxes | | 13.1 | | 13.4 |
Other liabilities | | 106.4 | | 80.4 |
Total liabilities | | 1,422.2 | | 1,229.9 |
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Shareholders’ Equity: | |
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Redeemable convertible preferred stock, | |
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June 30, 2006 – 101,949 outstanding shares December 31, 2005 – 129,916 outstanding shares (liquidation preference of $50.00 per share) | | 5.1 | | 6.5 |
Common stock, $0.01 par value, issued and outstanding shares: | |
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June 30, 2006 – 51,078,781 (net of 4,998,730 treasury shares) December 31, 2005 – 49,520,209 (net of 4,968,755 treasury shares) | | 0.6 | | 0.5 |
Additional paid-in capital | | 269.4 | | 246.3 |
Treasury stock | | (53.0) | | (52.2) |
Retained earnings | | 166.5 | | 103.8 |
Accumulated other comprehensive income (loss) | | 12.7 | | (6.8) |
Other shareholders’ equity | | - | | (4.8) |
Total shareholders’ equity | | 401.3 | | 293.3 |
Total liabilities and shareholders’ equity | | $1,823.5 | | $1,523.2 |