| | | | | | | | | |
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 29, | | June 30, | | June 29, | | June 30, | |
| | 2007 | | 2006 | | 2007 | | 2006 | |
Net sales | | $1,172.5 | | $987.1 | | $2,181.7 | | $1,791.4 | |
Cost of sales | | 999.4 | | 857.6 | | 1,848.8 | | 1,564.3 | |
Gross profit | | 173.1 | | 129.5 | | 332.9 | | 227.1 | |
| | | | | | | | | |
Selling, general and | | | | | | | | | |
administrative expenses | | 70.1 | | 59.1 | | 138.8 | | 114.5 | |
Unusual items | | | | | | | | | |
Operating income | | 103.0 | | 70.4 | | 194.1 | | 112.6 | |
Other income (expense) | | (1.5) | | 0.2 | | (1.5) | | 1.0 | |
Interest income (expense): | | | | | | | | | |
Interest expense | | (10.6) | | (12.3) | | (19.5) | | (22.4) | |
Interest income | | 3.9 | | 0.7 | | 6.9 | | 1.2 | |
Loss on extinguishment of debt | | 0.0 | | 0.0 | | (25.1) | | 0.0 | |
| | (6.7) | | (11.6) | | (37.7) | | (21.2) | |
| | | | | | | | | |
Income before income taxes | | 94.8 | | 59.0 | | 154.9 | | 92.4 | |
Income tax provision | | (31.9) | | (17.5) | | (54.1) | | (29.5) | |
Net income | | 62.9 | | 41.5 | | 100.8 | | 62.9 | |
Less: preferred stock dividends | | (0.1) | | (0.1) | | (0.2) | | (0.2) | |
Net income applicable to common shareholders | | $62.8 | | $41.4 | | $100.6 | | $62.7 | |
Earnings per share | | | | | | | | | |
Earnings per common share - basic | | $1.23 | | $0.81 | | $1.97 | | $1.24 | |
Weighted average common shares - basic | | 51.2 | | 50.8 | | 51.1 | | 50.4 | |
Earnings per common share- | | | | | | | | | |
assuming dilution | | $1.15 | | $0.80 | | $1.87 | | $1.21 | |
Weighted average common shares- | | | | | | | | | |
assuming dilution | | 54.7 | | 52.2 | | 53.8 | | 51.8 | |
| | | | | | | |
GENERAL CABLE CORPORATION AND SUBSIDIARIES |
Consolidated Balance Sheets |
(in millions, except share data) |
ASSETS | | | June 29, 2007 | | December 31, 2006 |
Current Assets: | | (unaudited) | | |
| Cash and cash equivalents | | $382.4 | | $310.5 |
| Receivables, net of allowances of $12.5 million at June 29, 2007 | | | | |
| | and $10.0 million at December 31, 2006 | | 978.9 | | 723.7 |
| Inventories | | 633.4 | | 563.1 |
| Deferred income taxes | | 110.1 | | 104.1 |
| Prepaid expenses and other | | 44.1 | | 32.9 |
| | Total current assets | | 2,148.9 | | 1,734.3 |
Property, plant and equipment, net | | 448.2 | | 416.7 |
Deferred income taxes | | 26.5 | | 28.8 |
Other non-current assets | | 56.1 | | 38.9 |
| | Total assets | | $2,679.7 | | $2,218.7 |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | |
Current Liabilities: | | | | |
| Accounts payable | | $803.4 | | $655.4 |
| Accrued liabilities | | 340.7 | | 284.3 |
| Current portion of long-term debt | | 434.1 | | 55.5 |
| | Total current liabilities | | 1,578.2 | | 995.2 |
Long-term debt | | 375.7 | | 685.1 |
Deferred income taxes | | 12.4 | | 13.2 |
Other liabilities | | 161.5 | | 90.8 |
| | Total liabilities | | 2,127.8 | | 1,784.3 |
Shareholders' Equity: | | | | |
| Redeemable convertible preferred stock, at redemption value | | | | |
| | (liquidation preference of $50.00 per share) | | | | |
| | June 29, 2007 - 101,949 outstanding shares | | | | |
| | December 31, 2006 - 101,949 outstanding shares | | 5.1 | | 5.1 |
| Common stock, $0.01 par value, issued and outstanding shares: | | | |
| | June 29, 2007 - 52,336,036 (net of 5,098,598 treasury shares) | | | | |
| | December 31, 2006 - 52,002,052 (net of 4,999,035 treasury shares) | | 0.6 | | 0.6 |
| Additional paid-in capital | | 263.0 | | 245.5 |
| Treasury stock | | (59.2) | | (53.0) |
| Retained earnings | | 320.7 | | 238.8 |
| Accumulated other comprehensive income (loss) | | 21.7 | | (2.6) |
| | Total shareholders' equity | | 551.9 | | 434.4 |
| | Total liabilities and shareholders' equity | | $2,679.7 | | $2,218.7 |
