Published: August 02, 2010
General Cable Reports Second Quarter Results
HIGHLAND HEIGHTS, Ky. - (BUSINESS WIRE) - General Cable Corporation (NYSE: BGC), one of the most globally
diversified industrial companies, reported today results for the second
quarter ended July 2, 2010. Diluted earnings per share for the second
quarter of 2010 were $0.45. Included in these results was $0.09 per
share of non-cash convertible debt interest expense. Before the impact
of this item, adjusted non-GAAP earnings per share for the second
quarter of 2010 would have been $0.54.
Highlights
-
Reported revenues and adjusted earnings per share of $1.2
billion and $0.54, respectively, both within the range of management's
expectation
-
Seasonal demand patterns re-emerge, lifting sequential volume as
measured in metal pounds sold by 8.8% as compared to the first quarter
-
Substantially completed negotiations with the works councils of
our various operations in Spain to permanently reduce manufacturing
personnel
-
Expanded presence in emerging markets as strategic investments
in India, Peru, Mexico, South Africa and Pakistan progress
Second Quarter Results
Net sales for the second quarter of 2010 were $1,208.6 million, a
decrease of $110.6 million, or 8.4%, compared to the second quarter of
2009 on a metal-adjusted basis. Before the impact of unfavorable foreign
currency exchange rate changes of $16.3 million, net sales for the
second quarter decreased 7.1% compared to the second quarter of 2009.
Volume based on metal pounds sold, without the impact of incremental
volume from acquired businesses, decreased 8.0% in the second quarter of
2010 compared to 2009, and was up 8.8% compared to the first quarter of
2010.
Operating income in the second quarter of 2010 decreased $2.2 million to
$59.8 million compared to $62.0 million in the second quarter of 2009.
This result includes charges for severance, primarily in Spain, of $11.1
million and unfavorable adjustments to estimated research and
development credits in France of $3.1 million. Excluding the impact of
these two items, operating margin would have been 6.1% in the second
quarter of 2010 as compared to 4.7% in the second quarter of 2009 on a
metal adjusted basis. Lower overall demand and lower value added pricing
in many of the Company's end markets were partially offset by the
benefit of cost reduction efforts made throughout 2009 and, to a lesser
extent, volume growth in certain early cycle businesses.
Gregory B. Kenny, President and Chief Executive Officer of General
Cable, said, "Despite the uncertainty surrounding the nature and pace of
the recovery, I am encouraged by our results in the second quarter as
seasonal demand patterns re-emerged in ROW and North America, something
we have not seen for a couple of years. Overall volumes were less than
projected due to weaker than expected demand across a wide range of the
Company's products in May and June as well as project delays in ROW.
While we remain cautiously optimistic that we have reached the trough in
many parts of our business, we believe the recovery will be a slow and
gradual one with periods of directional uncertainty."
In ROW, volume as measured in metal pounds sold was down 6.6% in the
second quarter of 2010 compared to the second quarter of 2009 and was up
12.9% sequentially in the second quarter of 2010 compared to the first
quarter of 2010. Despite widespread stability across the majority of our
ROW businesses and strong demand for low-voltage distribution cable for
programs such as "Lights for All" in Brazil, volume was less than
expected principally due to the delay of a number of major grid
expansion projects in Brazil which have been re-scheduled to ship later
in the year as well as 2011 and 2012.
In North America, volume as measured in metal pounds sold was down 9.2%
in the second quarter of 2010 compared to the second quarter of 2009 and
was up 13.6% sequentially in the second quarter of 2010 compared to the
first quarter of 2010. The Company's early cycle products, specifically
cables for MRO, OEM and networking applications experienced a second
quarter volume improvement of 4.8% compared to the prior year as
measured by metal pounds sold. Sequentially, volumes in these businesses
were flat in the second quarter compared to the first quarter of 2010.
"In Europe, instability in the financial markets, lingering sovereign
debt concerns and tentative growth forecasts continue to subdue economic
recovery. Sequentially, volume for the second quarter of 2010 was flat
when compared to the first quarter of 2010. In Spain, we are in the
third year of extreme recessionary conditions in the domestic
construction and electrical infrastructure markets. We believe it is
unlikely this market will ever return to levels experienced at the peak
of the last cycle," Kenny continued. "As a result, we substantially
completed our negotiations with the works councils of the various
operations in Spain to permanently reduce manufacturing personnel, which
resulted in a charge of $11.1 million during the second quarter."
The Company's effective tax rate for the second quarter of 2010 was
36.1% which is higher than the Company's recent effective tax rate. This
increase is primarily due to the negative impact of non-deductible items
resulting from French research and development credit adjustments and
the tax impact of the foreign currency exchange control regulations in
Venezuela.
Liquidity
Net debt was $635.2 million at the end of the second quarter of 2010, an
increase of $128.3 million from the end of the first quarter of 2010.
The increase in net debt is principally the result of normal seasonal
investments in working capital during the quarter and, to a lesser
extent, the impact on the net cash position in Europe due to the
depreciation of the Euro relative to the US Dollar. The Company
continues to maintain adequate liquidity to fund operations, which could
include increased working capital requirements as a result of higher raw
material cost inputs, internal growth, and continuing product and
geographic expansion opportunities.
Preferred Stock Dividend
In accordance with the terms of the Company's 5.75% Series A Convertible
Redeemable Preferred Stock, the Board of Directors has declared a
regular quarterly preferred stock dividend of approximately $0.72 per
share. The dividend is payable on August 24, 2010 to preferred
stockholders of record as of the close of business on July 31, 2010. The
Company expects the quarterly dividend payment to be less than $0.1
million.
Third Quarter 2010 Outlook
For the third quarter, the Company expects to report earnings before the
impact of non-cash convertible interest expense in the range of $0.43 to
$0.55 per share. Revenues are expected to be approximately $1.15 to $1.2
billion. The Company expects sequentially flat volumes in the third
quarter and lower earnings as compared to the second quarter due to the
impact of a planned seasonal reduction of inventory and the traditional
summer holiday period in Europe. "While our markets continue to be
volatile and perhaps stabilizing, the excess capacity in the wire and
cable industry and low capacity utilization rates will continue to
challenge value-added pricing and income. With that said, we do see
areas of encouragement in the emerging markets and are well positioned
to capitalize on our recent development efforts in India, Peru, Mexico
and South Africa," Kenny concluded. Our third quarter outlook assumes a
favorable impact of preferential foreign exchange treatment for copper
purchases in Venezuela, incorporates the project delays in Brazil and is
based on current copper prices. The earnings range reflects uncertainty
around the global recovery trend and potentially volatile copper prices
which in the second quarter of 2010 recorded a high of $3.63 and a low
of $2.76. A reconciliation of expected GAAP earnings per share is as
follows:
|
|
|
Q3 2010
Outlook
|
|
Q3 2009
Actual
|
|
GAAP earnings per share
|
|
$0.34 - $0.46
|
|
$
|
0.83
|
|
|
|
|
|
Non-cash convertible interest expense
|
|
0.09
|
|
|
0.15
|
|
Adjusted Non-GAAP earnings per share
|
|
$0.43 - $0.55
|
|
$
|
0.98
|
Reconciliation of Non-GAAP Measures
In addition to reporting financial results in accordance with accounting
principles generally accepted in the United States, we discuss in this
earnings release earnings per share for the second quarter of 2010 and
2009 as adjusted for the impact of non-cash convertible debt interest
expense. This Company-defined adjusted measure is being provided because
management believes it is useful in analyzing the operating performance
of the business. This measure may be inconsistent with similar measures
presented by other companies and should only be used in conjunction with
our results reported according to accounting principles generally
accepted in the United States. A reconciliation of earnings per share as
reported to adjusted non-GAAP earnings per share follows:
|
|
|
Second Quarter EPS
|
|
|
|
2010
|
|
2009
|
|
EPS as Reported
|
|
$
|
0.45
|
|
$
|
0.59
|
|
Adjustments to reconcile EPS:
|
|
|
|
|
|
|
|
Non-cash convertible interest expense
|
|
|
0.09
|
|
|
0.15
|
|
|
|
|
|
|
|
Adjusted Non-GAAP EPS
|
|
$
|
0.54
|
|
$
|
0.74
|
General Cable will discuss second quarter results on a conference call
that will be broadcast live at 8:30 a.m. ET, August 3, 2010. The live
webcast of the Company's conference call will be available in listen
only mode and can be accessed through the Investor Relations page on our
website at www.generalcable.com.
Effective January 1, 2010, the Company changed its method of valuing all
of its inventories that used the LIFO method to the average cost method.
The Company applied this change in accounting principle retrospectively
to all prior periods presented herein.
General Cable Corporation (NYSE:BGC), a Fortune 500 Company, is a global
leader in the development, design, manufacture, marketing and
distribution of copper, aluminum and fiber optic wire and cable products
for the energy, industrial, and communications markets. Visit our
website at www.generalcable.com.
Cautionary Statement Regarding
Forward-Looking Statements
Certain statements in this press release, including, without
limitation, statements regarding future financial results and
performance, plans and objectives, capital expenditures and the
Company's or management's beliefs, expectations or opinions, are
forward-looking statements. Such forward-looking statements
generally can be identified by use of forward-looking terminology such
as "could," "anticipate," "expect," "believe," "will," "project,"
"lead," or the negative thereof or variations thereon or similar
terminology. Actual results may differ materially from those
statements as a result of factors, risks and uncertainties over which
the Company has no control. Such factors include, but are not limited
to, the economic strength and competitive nature of the geographic
markets that the Company serves; economic, political and other risks of
maintaining facilities and selling products in foreign countries
including the impact of significant fluctuations in the value of the
U.S. dollar against foreign currencies and currency devaluations;
changes in industry standards and regulatory requirements; advancing
technologies, such as fiber optic and wireless technologies; volatility
in the price of copper and other raw materials, as well as fuel and
energy and the Company's ability to reflect such volatility in its
selling prices; interruption of supplies from the Company's key
suppliers; compliance with foreign and U.S. laws applicable to our
international operations; potential adverse impact from environmental
liabilities; risks from liabilities assumed in acquisitions; substantial
indebtedness could adversely affect our business and financial
condition; potential cross-defaults on our financing arrangements if we
fail to comply with covenants and other provisions of financing
arrangements; impact of a downgrade in our financial strength; the
failure to negotiate extensions of the Company's labor agreements on
acceptable terms; the Company's ability to increase manufacturing
capacity and achieve productivity improvements; the Company's dependence
upon distributors and retailers for non-exclusive sales of certain of
the Company's products; pricing pressures in the Company's end
markets; the Company's ability to maintain the uncommitted accounts
payable or accounts receivable financing arrangements in its European
operations; the impact of any additional charges in connection with
plant closures and the Company's inventory accounting practices; the
impact of certain asbestos litigation, unexpected judgments or
settlements and environmental liabilities; the ability to successfully
identify, finance and integrate acquisitions; the impact of terrorist
attacks or acts of war which may affect the markets in which the Company
operates; the Company's ability to retain key employees; the
Company's ability to service debt requirements and maintain adequate
domestic and international credit facilities and credit lines; the
impact on the Company's operating results of its pension
accounting practices; volatility in the market price of the Company's
common stock all of which are more fully discussed in the Company's
Report on Form 10-K filed with the Securities and Exchange
Commission on March 1, 2010 as well as periodic reports filed
with the Commission. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date of this release. The Company does not undertake, and hereby
disclaims, any duty to update these forward-looking statements, although
its situation and circumstances may change in the future.
|
General Cable Corporation and Subsidiaries
|
|
Consolidated Statements of Operations
|
|
(in millions, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Fiscal Months Ended
|
|
Six Fiscal Months Ended
|
|
|
|
July 2,
|
|
July 3,
|
|
July 2,
|
|
July 3,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Net sales
|
|
$
|
1,208.6
|
|
|
$
|
1,133.1
|
|
|
$
|
2,306.6
|
|
|
$
|
2,174.4
|
|
|
Cost of sales
|
|
|
1,063.9
|
|
|
|
989.4
|
|
|
|
2,024.3
|
|
|
|
1,958.6
|
|
|
Gross profit
|
|
|
144.7
|
|
|
|
143.7
|
|
|
|
282.3
|
|
|
|
215.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
84.9
|
|
|
|
81.7
|
|
|
|
165.2
|
|
|
|
176.7
|
|
|
Operating income
|
|
|
59.8
|
|
|
|
62.0
|
|
|
|
117.1
|
|
|
|
39.1
|
|
|
Other income (expense)
|
|
|
(3.0
|
)
|
|
|
6.6
|
|
|
|
(39.5
|
)
|
|
|
10.1
|
|
|
Interest income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(18.8
|
)
|
|
|
(22.1
|
)
|
|
|
(37.8
|
)
|
|
|
(44.6
|
)
|
|
Interest income
|
|
|
1.1
|
|
|
|
0.6
|
|
|
|
2.2
|
|
|
|
1.8
|
|
|
|
|
|
(17.7
|
)
|
|
|
(21.5
|
)
|
|
|
(35.6
|
)
|
|
|
(42.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
39.1
|
|
|
|
47.1
|
|
|
|
42.0
|
|
|
|
6.4
|
|
|
Income tax (provision) benefit
|
|
|
(14.1
|
)
|
|
|
(13.1
|
)
|
|
|
(22.4
|
)
|
|
|
1.8
|
|
|
Equity in earnings of affiliated companies
|
|
|
0.3
|
|
|
|
0.2
|
|
|
|
0.6
|
|
|
|
0.3
|
|
|
Net income including noncontrolling interests
|
|
|
25.3
|
|
|
|
34.2
|
|
|
|
20.2
|
|
|
|
8.5
|
|
|
Less: preferred stock dividends
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
Less: net income attributable to noncontrolling interest
|
|
1.4
|
|
|
|
2.8
|
|
|
|
4.0
|
|
|
|
4.2
|
|
|
Net income applicable to common shareholders
|
$
|
23.8
|
|
|
$
|
31.3
|
|
|
$
|
16.0
|
|
|
$
|
4.1
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
Earnings per common share - basic
|
|
$
|
0.46
|
|
|
$
|
0.60
|
|
|
$
|
0.31
|
|
|
$
|
0.08
|
|
|
Weighted average common shares - basic
|
|
|
52.1
|
|
|
|
52.0
|
|
|
|
52.1
|
|
|
|
51.9
|
|
|
Earnings per common share-
|
|
|
|
|
|
|
|
|
|
assuming dilution
|
|
$
|
0.45
|
|
|
$
|
0.59
|
|
|
$
|
0.31
|
|
|
$
|
0.08
|
|
|
Weighted average common shares-
|
|
|
|
|
|
|
|
|
|
assuming dilution
|
|
|
53.1
|
|
|
|
52.8
|
|
|
|
53.1
|
|
|
|
52.8
|
|
|
|
|
|
|
|
|
|
|
|
|
General Cable Corporation and Subsidiaries
|
|
Consolidated Statements of Operations
|
|
Segment Information
|
|
(in millions)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Fiscal Months Ended
|
|
|
Six Fiscal Months Ended
|
|
|
|
July 2,
|
|
July 3,
|
|
|
July 2,
|
|
July 3,
|
|
|
|
2010
|
|
2009
|
|
|
2010
|
|
2009
|
|
Revenues (as reported)
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
447.6
|
|
|
$
|
394.4
|
|
|
|
$
|
854.6
|
|
|
$
|
763.6
|
|
|
Europe and Mediterranean
|
|
|
367.6
|
|
|
|
401.6
|
|
|
|
|
724.8
|
|
|
|
772.1
|
|
|
Rest of World
|
|
|
393.4
|
|
|
|
337.1
|
|
|
|
|
727.2
|
|
|
|
638.7
|
|
|
Total
|
|
$
|
1,208.6
|
|
|
$
|
1,133.1
|
|
|
|
$
|
2,306.6
|
|
|
$
|
2,174.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues (metal adjusted)
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
447.6
|
|
|
$
|
455.3
|
|
|
|
$
|
854.6
|
|
|
$
|
923.7
|
|
|
Europe and Mediterranean
|
|
|
367.6
|
|
|
|
453.1
|
|
|
|
|
724.8
|
|
|
|
918.7
|
|
|
Rest of World
|
|
|
393.4
|
|
|
|
410.8
|
|
|
|
|
727.2
|
|
|
|
837.2
|
|
|
Total
|
|
$
|
1,208.6
|
|
|
$
|
1,319.2
|
|
|
|
$
|
2,306.6
|
|
|
$
|
2,679.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metal Pounds Sold
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
73.7
|
|
|
|
81.2
|
|
|
|
|
138.6
|
|
|
|
163.5
|
|
|
Europe and Mediterranean
|
|
|
68.7
|
|
|
|
74.5
|
|
|
|
|
137.6
|
|
|
|
154.4
|
|
|
Rest of World
|
|
|
83.1
|
|
|
|
89.0
|
|
|
|
|
156.7
|
|
|
|
176.9
|
|
|
Total
|
|
|
225.5
|
|
|
|
244.7
|
|
|
|
|
432.9
|
|
|
|
494.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (loss)
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
28.6
|
|
|
$
|
13.9
|
|
|
|
$
|
59.0
|
|
|
$
|
(3.8
|
)
|
|
Europe and Mediterranean
|
|
|
3.6
|
|
|
|
20.3
|
|
|
|
|
9.5
|
|
|
|
16.2
|
|
|
Rest of World
|
|
|
27.6
|
|
|
|
27.8
|
|
|
|
|
48.6
|
|
|
|
26.7
|
|
|
Total
|
|
$
|
59.8
|
|
|
$
|
62.0
|
|
|
|
$
|
117.1
|
|
|
$
|
39.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Metal Adjusted Sales
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
6.4
|
%
|
|
|
3.1
|
%
|
|
|
|
6.9
|
%
|
|
|
-0.4
|
%
|
|
Europe and Mediterranean
|
|
|
1.0
|
%
|
|
|
4.5
|
%
|
|
|
|
1.3
|
%
|
|
|
1.8
|
%
|
|
Rest of World
|
|
|
7.0
|
%
|
|
|
6.8
|
%
|
|
|
|
6.7
|
%
|
|
|
3.2
|
%
|
|
Total Company
|
|
|
4.9
|
%
|
|
|
4.7
|
%
|
|
|
|
5.1
|
%
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
5.1
|
|
|
$
|
6.5
|
|
|
|
$
|
7.2
|
|
|
$
|
16.0
|
|
|
Europe and Mediterranean
|
|
|
6.4
|
|
|
|
26.7
|
|
|
|
|
12.6
|
|
|
|
54.6
|
|
|
Rest of World
|
|
|
18.6
|
|
|
|
7.1
|
|
|
|
|
30.0
|
|
|
|
16.5
|
|
|
Total
|
|
$
|
30.1
|
|
|
$
|
40.3
|
|
|
|
$
|
49.8
|
|
|
$
|
87.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
8.7
|
|
|
$
|
8.7
|
|
|
|
$
|
17.5
|
|
|
$
|
17.4
|
|
|
Europe and Mediterranean
|
|
|
8.6
|
|
|
|
8.2
|
|
|
|
|
18.0
|
|
|
|
15.9
|
|
|
Rest of World
|
|
|
7.8
|
|
|
|
9.1
|
|
|
|
|
15.9
|
|
|
|
17.7
|
|
|
Total
|
|
$
|
25.1
|
|
|
$
|
26.0
|
|
|
|
$
|
51.4
|
|
|
$
|
51.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by Major Product Lines
|
|
|
|
|
|
|
|
|
|
|
Electric Utility
|
|
$
|
381.6
|
|
|
$
|
370.4
|
|
|
|
$
|
700.9
|
|
|
$
|
750.4
|
|
|
Electrical Infrastructure
|
|
|
327.1
|
|
|
|
314.1
|
|
|
|
|
650.2
|
|
|
|
581.6
|
|
|
Construction
|
|
|
273.5
|
|
|
|
255.7
|
|
|
|
|
542.0
|
|
|
|
483.5
|
|
|
Communications
|
|
|
172.6
|
|
|
|
158.1
|
|
|
|
|
306.2
|
|
|
|
297.8
|
|
|
Rod Mill Products
|
|
|
53.8
|
|
|
|
34.8
|
|
|
|
|
107.3
|
|
|
|
61.1
|
|
|
Total
|
|
$
|
1,208.6
|
|
|
$
|
1,133.1
|
|
|
|
$
|
2,306.6
|
|
|
$
|
2,174.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENERAL CABLE CORPORATION AND SUBSIDIARIES
|
|
Consolidated Balance Sheets
|
|
(in millions, except share data)
|
|
Assets
|
|
July 2,
2010
|
|
December 31,
2009
|
|
Current Assets:
|
|
(unaudited)
|
|
|
|
Cash and cash equivalents
|
|
$
|
350.3
|
|
|
$
|
499.4
|
|
|
Receivables, net of allowances of $18.6 million at July 2, 2010
and $21.9 million at December 31, 2009
|
|
|
948.6
|
|
|
|
903.6
|
|
|
Inventories
|
|
|
1,136.5
|
|
|
|
1,002.4
|
|
|
Deferred income taxes
|
|
|
58.3
|
|
|
|
52.6
|
|
|
Prepaid expenses and other
|
|
|
74.4
|
|
|
|
94.7
|
|
|
Total current assets
|
|
|
2,568.1
|
|
|
|
2,552.7
|
|
|
Property, plant and equipment, net
|
|
|
972.4
|
|
|
|
1,015.3
|
|
|
Deferred income taxes
|
|
|
19.0
|
|
|
|
24.1
|
|
|
Goodwill
|
|
|
163.4
|
|
|
|
157.4
|
|
|
Intangible assets, net
|
|
|
192.0
|
|
|
|
197.6
|
|
|
Unconsolidated affiliated companies
|
|
|
9.6
|
|
|
|
10.2
|
|
|
Other non-current assets
|
|
|
52.8
|
|
|
|
56.8
|
|
|
Total assets
|
|
$
|
3,977.3
|
|
|
$
|
4,014.1
|
|
|
Liabilities and Total Equity
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
810.0
|
|
|
$
|
762.5
|
|
|
Accrued liabilities
|
|
|
320.9
|
|
|
|
361.9
|
|
|
Current portion of long-term debt
|
|
|
111.7
|
|
|
|
53.0
|
|
|
Total current liabilities
|
|
|
1,242.6
|
|
|
|
1,177.4
|
|
|
Long-term debt
|
|
|
873.8
|
|
|
|
869.3
|
|
|
Deferred income taxes
|
|
|
184.3
|
|
|
|
209.5
|
|
|
Other liabilities
|
|
|
239.0
|
|
|
|
248.1
|
|
|
Total liabilities
|
|
|
2,539.7
|
|
|
|
2,504.3
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
Total Equity:
|
|
|
|
|
|
Redeemable convertible preferred stock, at redemption value
|
|
|
|
|
|
(liquidation preference of $50.00 per share)
|
|
|
|
|
|
July 2, 2010 - 76,202 outstanding shares
|
|
|
|
|
|
December 31, 2009 - 76,202 outstanding shares
|
|
|
3.8
|
|
|
|
3.8
|
|
|
Common stock, $0.01 par value, issued and outstanding shares:
|
|
|
|
|
|
July 2, 2010 - 52,112,855 (net of 6,206,847 treasury shares)
|
|
|
|
|
|
December 31, 2009 - 52,008,052 (net of 6,187,527 treasury shares)
|
|
0.6
|
|
|
|
0.6
|
|
|
Additional paid-in capital
|
|
|
642.5
|
|
|
|
637.1
|
|
|
Treasury stock
|
|
|
(73.2
|
)
|
|
|
(72.9
|
)
|
|
Retained earnings
|
|
|
822.1
|
|
|
|
806.1
|
|
|
Accumulated other comprehensive loss
|
|
|
(86.9
|
)
|
|
|
(8.9
|
)
|
|
Total Company shareholders' equity
|
|
|
1,308.9
|
|
|
|
1,365.8
|
|
|
Noncontrolling interest
|
|
|
128.7
|
|
|
|
144.0
|
|
|
Total equity
|
|
|
1,437.6
|
|
|
|
1,509.8
|
|
|
Total liabilities and equity
|
|
$
|
3,977.3
|
|
|
$
|
4,014.1
|
|
|
|
|
|
|
|
|
|
|
|
General Cable Corporation
Len Texter, Manager, Investor Relations,
859-572-8684
Copyright © 2012, Business Wire, Inc., All rights reserved.
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