Belden (BDC) 8-K Belden Reports Strong Fourth Quarter and Full Year 2010 Results

Exhibit 99.1

	7733 Forsyth Boulevard Suite 800 St. Louis, Missouri 63105	Phone: 314.854.8000 Fax: 314.854.8003
		www.Belden.com

News Release

Belden Reports Strong Fourth Quarter and Full Year 2010 Results

Fourth quarter earnings per diluted share increase 179% year-over-year

Fourth Quarter Highlights

• Increased non-GAAP income from continuing operations per diluted share to $0.55, up 41% over last year’s $0.39 per diluted share;

• Grew revenue 13% year-over-year to $425.2 million, from $374.7 million in the fourth quarter 2009;

• Strengthened the Company’s connectivity and networking product platforms with the acquisitions of GarrettCom and the Thomas & Betts communications products business, with combined trailing 12-month revenue of approximately $100 million;

• Generated an after-tax gain on the sale of Trapeze Networks of $44.8 million, or $0.93 per diluted share, and

• Raised guidance for fiscal 2011 to revenues of $1.85 — $1.90 billion and income from continuing operations per diluted share of $2.05 — $2.25, up from prior guidance of $1.75 — $1.80 billion and $2.00 — $2.20, respectively.

Full Year 2010 Highlights

• Increased non-GAAP income from continuing operations per diluted share to $1.77, up 53% over last year’s $1.16 per diluted share;

• Grew revenue 19% to $1.62 billion, from $1.36 billion in 2009, and

• Generated free cash flow in excess of non-GAAP net income and increased the balance of cash and cash equivalents to $358.7 million at December 31, 2010.

St. Louis, Missouri — February 3, 2011 —Belden Inc. (NYSE: BDC), a global leader in signal transmission solutions for mission critical applications, today reported fiscal fourth quarter and full year 2010 results for the period ended December 31, 2010.

Fourth Quarter 2010

Revenue for the quarter totaled $425.2 million, up $50.5 million or 13% compared to $374.7 million in the fourth quarter 2009. Earnings per diluted share totaled $1.17, compared to $0.42 in the fourth quarter 2009.

John Stroup, President and CEO of Belden Inc. said, “Our fourth quarter results reflect a strong finish to a great year. In addition, the two acquisitions we completed in the fourth quarter represent meaningful additions to our connectivity and networking product platforms.”

Non-GAAP operating income totaled $40.9 million or 9.8% of revenue, compared to $35.0 million or 9.0% of revenue in the fourth quarter 2009. Non-GAAP income from continuing operations per diluted share totaled $0.55, compared to $0.39 in the fourth quarter 2009.

Belden Reports Strong Fourth Quarter and Full Year 2010 Results — Page 2 of 3

Full Year 2010

Revenue for the year totaled $1.62 billion, up $0.26 billion or 19% compared to $1.36 billion in 2009. Earnings per diluted share totaled $2.27 for the year, compared to $(0.53) in 2009.

Non-GAAP revenue for the year totaled $1.64 billion, up $0.22 billion or 16% compared to non-GAAP revenue of $1.42 billion in 2009. Non-GAAP operating income totaled $150.1 million or 9.1% of revenue for the year, compared to $111.9 million or 7.9% of revenue in 2009. Non-GAAP income from continuing operations per diluted share totaled $1.77 for the year, compared to $1.16 in 2009.

Mr. Stroup remarked, “I am extremely pleased with the Company’s results in 2010, which include 53% earnings growth, double-digit organic growth, and another year where free cash flow exceeded net income. I am encouraged by the fact that our superior performance was achieved without the benefit of a full recovery in all of our end markets.”

Outlook

“Based on another strong quarter of performance and increased evidence of a sustainable economic recovery, we have raised our outlook for 2011. The focused efforts of the Belden team around our strategic goals, including our Market Delivery System and Lean Enterprise initiatives, position us well to take advantage of a full economic recovery,” added Mr. Stroup.

The Company expects first quarter 2011 revenues to be $445 million to $450 million and income from continuing operations per diluted share to be $0.42 to $0.45. For the full year ending December 31, 2011, the Company expects revenues to be $1.85 billion to $1.90 billion and income from continuing operations per diluted share to be $2.05 to $2.25.

Earnings Conference Call

Management will host a conference call today at 10:30 a.m. Eastern to discuss results of the quarter. The listen-only audio of the conference call will be broadcast live via the Internet athttp://investor.belden.com. The dial-in number for participants in the U.S. is 866-304-1238; the dial-in number for participants outside the U.S. is 913-312-6650. A replay of this conference call will remain accessible in the investor relations section of the Company’s Web site for a limited time.

Use of Non-GAAP Financial Information

Non-GAAP measures reflect certain adjustments the Company makes to provide insight into operating results. All GAAP to non-GAAP reconciliations accompany the consolidated financial statements included in this release and have been published to the investor relations section of the Company’s Web site athttp://investor.belden.com.

Fourth quarter 2010 non-GAAP results exclude Trapeze Networks, the communications products business acquired from Thomas & Betts, and the GarrettCom acquisition. Additional non-GAAP revenue and income adjustments exclude the impact of the deferral of revenues and cost of sales, the impact of charges associated with already announced restructuring actions, and other costs.

Forward Looking Statements

Statements in this release other than historical facts are “forward looking statements” made in reliance upon the safe harbor of the Private Securities Litigation Reform Act of 1995. Forward looking statements include any statements regarding future revenues, costs and expenses, operating income, earnings per share, margins, cash flows, dividends, and capital expenditures.

Belden Reports Strong Fourth Quarter and Full Year 2010 Results — Page 3 of 3

These forward looking statements are based on forecasts and projections about the markets and industries served by the Company and about general economic conditions. They reflect management’s beliefs and expectations. They are not guarantees of future performance and they involve risk and uncertainty. The Company’s actual results may differ materially from these expectations. The current global economic slowdown has adversely affected our results of operations and may continue to do so. Turbulence in financial markets may increase our borrowing costs. Additional factors that may cause actual results to differ from the Company’s expectations include: the Company’s reliance on key distributors in marketing products; the Company’s ability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); changes in the level of economic activity in the Company’s major geographic markets; difficulties in realigning manufacturing capacity and capabilities among the Company’s global manufacturing facilities; the competitiveness of the global cable, connectivity and networking industries, including wireless; variability in the Company’s quarterly and annual effective tax rates; changes in accounting rules and interpretation of these rules which may affect the Company’s reported earnings; changes in currency exchange rates and political and economic uncertainties in the countries where the Company conducts business; demand for the Company’s products; the cost and availability of materials including copper, plastic compounds derived from fossil fuels, and other materials; energy costs; the Company’s ability to achieve acquisition performance expectations and to integrate acquired businesses successfully; the ability of the Company to develop and introduce new products; the Company having to recognize charges that would reduce income as a result of impairing goodwill and other intangible assets; variability associated with derivative and hedging instruments; security risks and the potential for business interruption from operating in volatile countries, including Mexico; and other factors. For a more complete discussion of risk factors, please see our Annual Report on Form 10-K for the year ended December 31, 2009, filed with the SEC on February 26, 2010. Belden disclaims any duty to update any forward looking statements as a result of new information, future developments, or otherwise.

About Belden

St. Louis-based Belden Inc. designs, manufactures, and markets cable, connectivity, and networking products in markets including industrial automation, enterprise, transportation, infrastructure, and consumer electronics. It has approximately 6,600 employees, and provides value for industrial automation, enterprise, education, healthcare, entertainment and broadcast, sound and security, transportation, infrastructure, consumer electronics and other industries. Belden has manufacturing capabilities in North America, Europe, and Asia, and a market presence in nearly every region of the world. Belden was founded in 1902, and today is a leader with some of the strongest brands in the signal transmission industry. For more information, visitwww.belden.com.

Contact:

Belden Investor Relations
314-854-8054
Investor.Relations@Belden.com

BELDEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
				(In thousands, except per share data)
Revenues	$	425,176		$	374,670		$	1,617,090		$	1,362,016
Cost of sales		(303,780	)		(269,438	)		(1,149,796	)		(974,331	)
Gross profit		121,396			105,232			467,294			387,685
Selling, general and administrative expenses		(76,371	)		(67,276	)		(279,677	)		(262,473	)
Research and development		(11,499	)		(11,688	)		(42,605	)		(40,441	)
Amortization of intangibles		(3,289	)		(2,735	)		(11,189	)		(9,871	)
Income from equity method investment		3,035			2,003			11,940			6,405
Asset impairment		(16,574	)		(1,575	)		(16,574	)		(27,751	)
Loss on sale of assets		—			—			—			(17,184	)
Operating income		16,698			23,961			129,189			36,370
Interest expense		(10,916	)		(13,169	)		(49,826	)		(41,962	)
Interest income		786			244			1,184			1,043
Other income (expense)		—			—			1,465			(1,541	)
Income (loss) from continuing operations before taxes		6,568			11,036			82,012			(6,090	)
Income tax benefit (expense)		4,171			(179	)		(12,714	)		(1,175	)
Income (loss) from continuing operations		10,739			10,857			69,298			(7,265	)
Gain (loss) from discontinued operations, net of tax		849			9,058			(5,686	)		(17,636	)
Gain on disposal of discontinued operations, net of tax		44,847			—			44,847			—
Net income (loss)	$	56,435		$	19,915		$	108,459		$	(24,901	)
Weighted average number of common shares and equivalents:
Basic		46,936			46,650			46,805			46,594
Diluted		48,134			47,315			47,783			46,594
Basic income (loss) per share
Continuing operations	$	0.23		$	0.23		$	1.48		$	(0.16	)
Discontinued operations		0.02			0.20			(0.11	)		(0.37	)
Disposal of discontinued operations		0.95			—			0.95			—
Net income (loss)	$	1.20		$	0.43		$	2.32		$	(0.53	)
Diluted income (loss) per share
Continuing operations	$	0.22		$	0.23		$	1.45		$	(0.16	)
Discontinued operations		0.02			0.19			(0.11	)		(0.37	)
Disposal of discontinued operations		0.93			—			0.93			—
Net income (loss)	$	1.17		$	0.42		$	2.27		$	(0.53	)
Dividends declared per share	$	0.05		$	0.05		$	0.20		$	0.20

BELDEN INC.
OPERATING SEGMENT INFORMATION

(Unaudited)

	External								Operating
	Customer		Affiliate			Total			Income
	Revenues		Revenues			Revenues			(Loss)
			(In thousands)
Three Months Ended December 31, 2010
Americas	$	248,834	$	12,294		$	261,128		$	30,760
EMEA		92,656		23,156			115,812			11,729
Asia Pacific		83,686		—			83,686			12,001
Total Segments		425,176		35,450			460,626			54,490
Corporate expenses		—		—			—			(23,850	)
Eliminations		—		(35,450	)		(35,450	)		(13,942	)
Total	$	425,176	$	—		$	425,176		$	16,698
Three Months Ended December 31, 2009
Americas	$	205,490	$	11,616		$	217,106		$	27,992
EMEA		89,886		16,575			106,461			9,799
Asia Pacific		79,294		—			79,294			10,498
Total Segments		374,670		28,191			402,861			48,289
Corporate expenses		—		—			—			(13,570	)
Eliminations		—		(28,191	)		(28,191	)		(10,758	)
Total	$	374,670	$	—		$	374,670		$	23,961
Twelve Months Ended December 31, 2010
Americas	$	935,819	$	48,899		$	984,718		$	133,984
EMEA		365,796		76,485			442,281			63,969
Asia Pacific		315,475		62			315,537			40,147
Total Segments		1,617,090		125,446			1,742,536			238,100
Corporate expenses		—		—			—			(62,821	)
Eliminations		—		(125,446	)		(125,446	)		(46,090	)
Total	$	1,617,090	$	—		$	1,617,090		$	129,189
Twelve Months Ended December 31, 2009
Americas	$	766,569	$	43,489		$	810,058		$	117,324
EMEA		345,197		55,256			400,453			(36,828	)
Asia Pacific		250,250		—			250,250			28,794
Total Segments		1,362,016		98,745			1,460,761			109,290
Corporate expenses		—		—			—			(41,378	)
Eliminations		—		(98,745	)		(98,745	)		(31,542	)
Total	$	1,362,016	$	—		$	1,362,016		$	36,370

BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)

	Twelve Months Ended
	December 31, 2010			December 31, 2009
	(In thousands)
Cash flows from operating activities:
Net income (loss)	$	108,459		$	(24,901	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		55,279			55,857
Asset impairment		16,574			27,751
Share-based compensation		12,107			11,748
Provision for inventory obsolescence		3,210			4,550
Non-cash loss on derivatives and hedging instruments		2,893			—
Tax deficiency related to share-based compensation		110			1,564
Loss (gain) on sale of assets		(44,847	)		17,184
Income from equity method investment		(11,940	)		(6,405	)
Deferred income tax benefit		(11,577	)		(23,421	)
Pension funding in excess of pension expense		(4,289	)		(8,973	)
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses:
Receivables		(39,458	)		52,369
Inventories		(14,031	)		50,645
Deferred cost of sales		7,003			(1,036	)
Accounts payable		38,513			9,728
Accrued liabilities		7,569			(33,483	)
Deferred revenue		(15,772	)		2,564
Accrued taxes		(3,037	)		7,597
Other assets		20,206			11,665
Other liabilities		(15,423	)		(3,193	)
Net cash provided by operating activities		111,549			151,810
Cash flows from investing activities:
Proceeds from disposal of tangible assets		138,952			2,031
Cash used to acquire businesses, net of cash acquired		(119,110	)		(20,703	)
Capital expenditures		(28,194	)		(40,377	)
Net cash used for investing activities		(8,352	)		(59,049	)
Cash flows from financing activities:
Borrowings under credit arrangements		—			193,732
Payments under borrowing arrangements		(46,268	)		(193,732	)
Debt issuance costs		—			(11,810	)
Cash dividends paid		(9,412	)		(9,373	)
Tax deficiency related to share-based compensation		(110	)		(1,564	)
Proceeds from exercise of stock options		3,158			699
Cash received upon termination of derivative instruments		4,217			—
Net cash used for financing activities		(48,415	)		(22,048	)
Effect of foreign currency exchange rate changes on cash and cash equivalents		(5,008	)		10,753
Increase in cash and cash equivalents		49,774			81,466
Cash and cash equivalents, beginning of period		308,879			227,413
Cash and cash equivalents, end of period	$	358,653		$	308,879

BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31, 2010			December 31, 2009
	(Unaudited)
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	358,653		$	308,879
Receivables, net		298,266			230,360
Inventories, net		175,659			144,189
Deferred income taxes		9,473			28,115
Other current assets		18,804			14,966
Current assets of discontinued operations		—			133,329
Total current assets		860,855			859,838
Property, plant and equipment, less accumulated depreciation		278,866			298,258
Goodwill		322,556			273,126
Intangible assets, less accumulated amortization		143,820			116,592
Deferred income taxes		27,565			10,809
Other long-lived assets		62,822			61,955
	$	1,696,484		$	1,620,578
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	212,084		$	166,723
Accrued liabilities		145,840			117,206
Current maturities of long-term debt		—			46,268
Current liabilities of discontinued operations		—			31,237
Total current liabilities		357,924			361,434
Long-term debt		551,155			543,942
Postretirement benefits		112,426			121,745
Other long-term liabilities		36,464			42,409
Stockholders’ equity:
Common stock		503			503
Additional paid-in capital		595,519			591,917
Retained earnings		171,568			72,625
Accumulated other comprehensive income (loss)		(8,919	)		14,614
Treasury stock		(120,156	)		(128,611	)
Total stockholders’ equity		638,515			551,048
	$	1,696,484		$	1,620,578

BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)

In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items including asset impairments, purchase accounting effects related to acquisitions, revenue and cost of sales deferrals, severance charges, accelerated depreciation, gains (losses) recognized on the disposal of tangible assets, and other costs. We utilize the non-GAAP results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the non-GAAP results are useful to investors because they help them compare our results to previous periods and provide insights into underlying trends in the business. Non-GAAP results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.

	Three Months Ended						Twelve Months Ended
	December 31, 2010			December 31, 2009			December 31, 2010			December 31, 2009
	(In thousands, except percentages and per share amounts)
GAAP revenues	$	425,176		$	374,670		$	1,617,090		$	1,362,016
Revenues from acquisitions		(6,544	)		—			(6,544	)		—
Discontinued operations GAAP revenues		—			13,100			46,047			53,246
Deferred revenue adjustments		—			1,721			(14,771	)		2,564
Non-GAAP revenues	$	418,632		$	389,491		$	1,641,822		$	1,417,826
GAAP operating income	$	16,698		$	23,962		$	129,189		$	36,370
Asset impairment		16,574			1,575			16,574			27,751
Acquisition results and related costs		7,149			751			9,407			751
Severance and other restructuring related costs		509			11,222			10,041			53,234
Accelerated depreciation		—			1,698			2,216			2,589
Loss on sale of assets		—			—			—			17,184
Other		—			—			—			787
Discontinued operations GAAP operating loss		—			(5,381	)		(9,011	)		(28,325	)
Deferred gross profit adjustments		—			1,199			(8,292	)		1,528
Total operating income adjustments		24,232			11,064			20,935			75,499
Non-GAAP operating income	$	40,930		$	35,026		$	150,124		$	111,869
Non-GAAP operating income as a percent of non-GAAP revenues		9.8	%		9.0	%		9.1	%		7.9	%
GAAP income (loss) from continuing operations	$	10,739		$	10,857		$	69,298		$	(7,265	)
Operating income adjustments		24,232			11,064			20,935			75,499
Fees incurred to amend credit facility		—			—			—			1,541
Derivative accounting		—			—			2,749			—
Discontinued operations interest income		—			—			47			—
Tax effect of adjustments		(8,588	)		(3,488	)		(8,424	)		(15,348	)
Non-GAAP income from continuing operations	$	26,383		$	18,433		$	84,605		$	54,427
GAAP income (loss) from continuing operations per diluted share	$	0.22		$	0.23		$	1.45		$	(0.16	)
Non-GAAP income from continuing operations per diluted share	$	0.55		$	0.39		$	1.77		$	1.16
GAAP diluted weighted average shares		48,134			47,315			47,783			46,594
Adjustment for anti-dilutive shares that are dilutive under non-GAAP measures		—			—			—			405
Non-GAAP diluted weighted average shares		48,134			47,315			47,783			46,999
GAAP net cash provided by operating activities	$	56,138		$	31,874		$	111,549		$	151,810
Net capital expenditures		(8,903	)		(12,561	)		(25,769	)		(38,725	)
Non-GAAP free cash flow	$	47,235		$	19,313		$	85,780		$	113,085