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8-K Filing
Belden (BDC) 8-KFinancial statements and exhibits
Filed: 28 May 03, 12:00am
CDT ANNOUNCES THIRD QUARTER 2003 RESULTS |
Pittsburgh, PA, May 28, 2003 - Cable Design Technologies (NYSE:CDT) today announced net income for its fiscal third quarter ended April 30, 2003 of $2.0 million, or $0.05 per diluted share. |
Total sales for the third quarter 2003 were $122.1 million versus $129.8 million last year. Favorable foreign currency translation effects had an approximately $7.0 million positive impact on sales as compared to the same period last year. |
Cost of goods sold for the third quarter 2003 included charges of $0.7 million primarily relating to exiting leased warehouse space and increasing reserves against inventory to reflect on-going weakness in the telecommunications market. |
Selling, general and administrative expenses were $23.2 million during the quarter as compared to $23.6 million last year. SG&A for the third quarter of this year included charges of $0.9 million relating to severance payments and a loss to adjust certain real estate held for sale to fair market value. In addition, the effect of foreign currency translation had a $1.3 million negative impact on the current quarter SG&A as compared to the same period last year. |
The previously mentioned cost of goods sold and SG&A charges totaling $1.6 million during the quarter had an after tax impact of $0.02 per diluted share. |
Network Communication segment sales for the third quarter 2003 were $70.5 million and represented 57.7% of total company revenues and compares to $77.9 million for last year’s third quarter. Gigabit network cable represented 90% of Category 5 and above network cable sales. |
Specialty Electronic segment sales for the third quarter 2003 were $51.6 million compared to $51.9 million for the same period last year. |
During the third fiscal quarter 2003, the Company reduced debt by approximately $4 million on a cash basis. Capital expenditures and depreciation and amortization expense were approximately $1.4 million and $4.9 million, respectively, for the quarter. |
Fred Kuznik, CEO of CDT stated, “The ongoing weaknesses in the global economy continue to require us to streamline our businesses. These actions, combined with our focus on improving our |
processes through centralization will pay off with improved financial performance. We continue to reduce operating expenses, generate positive cash flows, and pay down debt which we believe positions us to take advantage of any economic upturn.” |
About CDT |
Cable Design Technologies (www.cdtc.com) is a leading designer and manufacturer of high bandwidth network connectivity products used in computer interconnect, switching and wireless applications and electronic data and signal transmission products that are used in automation and process control and specialty applications. |
Safe Harbor Provision |
Certain statements in this press release are forward-looking statements that are based on information currently available to management, management’s beliefs and a number of assumptions concerning future events. These statements include future financial results and performance, capital expenditures, length of market downturn and timing of any turnaround. These forward looking statements are subject to various uncertainties and other factors, which could cause the actual results to differ materially from those currently expected, including the level of market demand for the Company’s products, competitive pressures, economic conditions in the U.S. and other countries where the Company operates, working capital needs, information technology spending, the ability to achieve reductions in costs, the ability to continue to integrate acquisitions, price fluctuations of raw materials and the potential unavailability thereof, foreign currency fluctuations, technological obsolescence, environmental matters, industry competition and other specific factors discussed in the Company’s Annual Report on Form 10-K for the year ended July 31, 2002 and other Securities and Exchange Commission filings by the Company. The Company does not intend to update this information to reflect developments or information obtained after the date hereof and disclaims any legal obligation to the contrary. |
(more) |
CABLE DESIGN TECHNOLOGIES CORPORATION & SUBSIDIARIES Condensed Consolidated Statements of Operations - Unaudited (Dollars In thousands) |
| Three Months Ended | Nine Months Ended | |||||
| |||||||
2003 |
| 2002 |
| 2003 |
| 2002 | |
NET SALES | $ 122,127 |
| $ 129,777 |
| $ 355,192 |
| $ 373,615 |
Cost of sales | 93,558 |
| 94,639 |
| 273,060 |
| 277,215 |
|
|
|
| ||||
GROSS PROFIT | 28,569 |
| 35,138 |
| 82,132 |
| 96,400 |
Selling, general and administrative expenses | 23,237 |
| 23,557 |
| 68,443 |
| 74,971 |
Amortization of goodwill | - |
| 510 |
| - |
| 1,535 |
Research & development expenses | 1,026 |
| 1,249 |
| 2,879 |
| 3,709 |
Business restructuring (income) expense, net | (71) |
| 369 |
| 8,457 |
| 5,224 |
|
|
|
| ||||
INCOME FROM OPERATIONS | 4,377 |
| 9,453 |
| 2,353 |
| 10,961 |
Interest expense, net | 1,219 |
| 1,856 |
| 4,310 |
| 4,979 |
Other (income) expense, net | (352) |
| 674 |
| (103) |
| 416 |
|
|
|
| ||||
Income (loss) before income taxes and minority interest | 3,510 |
| 6,923 |
| (1,854) |
| 5,566 |
Income tax provision (benefit) | 1,187 |
| 2,805 |
| (996) |
| 2,374 |
Minority interest expense, net | 267 |
| 263 |
| 495 |
| 257 |
|
|
|
| ||||
Net income (loss) from continuing operations | 2,056 |
| 3,855 |
| (1,353) |
| 2,935 |
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net of tax | - |
| 2 |
| (636) |
| (1,542) |
Loss on sale of business, net of tax | (47) |
| - |
| (32,055) |
| - |
|
|
|
| ||||
Net (loss) income from discontinued operations | (47) |
| 2 |
| (32,691) |
| (1,542) |
|
|
|
|
|
|
|
|
NET INCOME (LOSS) | $ 2,009 | $ 3,857 | $(34,044) | $ 1,393 | |||
|
|
|
| ||||
NET INCOME (LOSS) PER COMMON SHARE: |
|
|
|
|
|
|
|
Continuing operations | $ 0.05 |
| $ 0.09 |
| $ (0.03) |
| $ 0.07 |
Discontinued operations | 0.00 |
| 0.00 |
| (0.73) |
| (0.04) |
|
|
|
| ||||
| $ 0.05 |
| $ 0.09 |
| $ (0.76) |
| $ 0.03 |
|
|
|
| ||||
Weighted average common shares outstanding | 44,569,872 |
| 44,361,841 |
| 44,532,838 |
| 44,178,362 |
Weighted average common shares outstanding | 44,630,160 |
| 44,681,611 |
| 44,532,838 |
| 44,669,326 |
CABLE DESIGN TECHNOLOGIES CORPORATION & SUBSIDIARIES Condensed Consolidated Balance Sheets - Unaudited (In thousands) |
April 30, | July 31, | ||
| |||
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | $ 10,977 | $ 16,754 | |
Accounts receivable, net | 76,692 | 83,619 | |
Inventories | 116,368 | 114,181 | |
Other current assets | 33,752 | 28,108 | |
Assets held for sale | 5,822 | — | |
Current assets of discontinued operations | — | 29,739 | |
Total current assets | 243,611 | 272,401 | |
Property, plant and equipment, net | 209,181 | 212,976 | |
Goodwill, net | 66,169 | 62,988 | |
Intangible assets, net | 5,608 | 6,232 | |
Other assets | 4,323 | 4,439 | |
Non-current assets of discontinued operations | — | 26,751 | |
Total assets | $ 528,892 | $ 585,787 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Current Liabilities: | |||
Short-term obligations | $ — | $ 550 | |
Current maturities of long-term debt | 2,357 | 2,442 | |
Other current liabilities | 69,429 | 64,212 | |
Current liabilities of discontinued operations | — | 5,491 | |
Total current liabilities | 71,786 | 72,695 | |
Long-term debt, excluding current maturities | 81,403 | 108,908 | |
Other non-current liabilities | 33,088 | 42,717 | |
Total liabilities | 186,277 | 224,320 | |
Minority interest in subsidiaries | 5,575 | 4,567 | |
Stockholders’ Equity: | |||
Common stock | 484 | 481 | |
Paid in capital | 202,281 | 200,714 | |
Deferred compensation | (828) | — | |
Retained earnings | 176,008 | 210,052 | |
Treasury stock | (45,188) | (45,188) | |
Accumulated other comprehensive income (loss) | 4,283 | (9,159) | |
Total stockholders’ equity | 337,040 | 356,900 | |
Total liabilities and stockholders’ equity | $ 528,892 | $ 585,787 | |