Exhibit 99.2
BELDEN INC.
THERMAX AND RAYDEX 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 and other restructuring costs, gains (losses) recognized on the disposal of tangible assets, amortization of intangible assets, gains (losses) on debt extinguishment, and other costs. We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.
Unaudited quarterly operating results of Thermax and Raydex on a GAAP and Non-GAAP basis are presented below.
In 000’s, except percentages and per share amounts
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| | | Three Months Ended | | | Year Ended | | | Three Months Ended | |
| | | April 3,
3011 | | | July 3,
2011 | | | October 2,
2011 | | | December 31,
2011 | | | December 31,
2011 | | | April 1,
2012 | | | July 1,
2012 | | | September 30,
2012 | |
Revenues | | $ | 23,405 | | | $ | 25,419 | | | $ | 27,901 | | | $ | 23,041 | | | $ | 99,766 | | | $ | 24,691 | | | $ | 25,824 | | | $ | 25,133 | |
GAAP operating income | | $ | 5,045 | | | $ | 4,765 | | | $ | 5,677 | | | $ | 6,313 | | | $ | 21,800 | | | $ | 7,452 | | | $ | 5,956 | | | $ | 4,405 | |
Amortization of intangible assets | | | 156 | | | | 156 | | | | 155 | | | | 156 | | | | 623 | | | | 151 | | | | 155 | | | | 152 | |
Severance and other restructuring costs | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 94 | |
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Total operating income adjustments | | | 156 | | | | 156 | | | | 155 | | | | 156 | | | | 623 | | | | 151 | | | | 155 | | | | 246 | |
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Adjusted operating income | | $ | 5,201 | | | $ | 4,921 | | | $ | 5,832 | | | $ | 6,469 | | | $ | 22,423 | | | $ | 7,603 | | | $ | 6,111 | | | $ | 4,651 | |
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| | | 22.2 | % | | | 19.4 | % | | | 20.9 | % | | | 28.1 | % | | | 22.5 | % | | | 30.8 | % | | | 23.7 | % | | | 18.5 | % |
GAAP net income | | $ | 3,169 | | | $ | 2,993 | | | $ | 3,567 | | | $ | 4,216 | | | $ | 13,945 | | | $ | 4,925 | | | $ | 3,936 | | | $ | 2,912 | |
Operating income adjustments | | | 156 | | | | 156 | | | | 155 | | | | 156 | | | | 623 | | | | 151 | | | | 155 | | | | 246 | |
Tax effect of adjustments | | | (58 | ) | | | (58 | ) | | | (58 | ) | | | (56 | ) | | | (230 | ) | | | (51 | ) | | | (52 | ) | | | (83 | ) |
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Adjusted net income | | $ | 3,267 | | | $ | 3,091 | | | $ | 3,665 | | | $ | 4,316 | | | $ | 14,339 | | | $ | 5,025 | | | $ | 4,039 | | | $ | 3,075 | |
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GAAP net income per diluted share | | $ | 0.07 | | | $ | 0.06 | | | $ | 0.07 | | | $ | 0.09 | | | $ | 0.29 | | | $ | 0.10 | | | $ | 0.09 | | | $ | 0.07 | |
Adjusted net income per diluted share | | $ | 0.07 | | | $ | 0.06 | | | $ | 0.08 | | | $ | 0.09 | | | $ | 0.30 | | | $ | 0.11 | | | $ | 0.09 | | | $ | 0.07 | |
GAAP diluted weighted average shares | | | 48,330 | | | | 48,414 | | | | 48,244 | | | | 47,415 | | | | 48,104 | | | | 46,938 | | | | 46,305 | | | | 44,787 | |
