BELDEN INC. - FORM 8-K - EX-99.1

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8-K - 8-K - BELDEN INC.	d214681d8k.htm

Exhibit 99.1


		1 North Brentwood Boulevard		Phone: 314.854.8000
		15th Floor		Fax: 314.854.8003
		St. Louis, Missouri 63105
				www.Belden.com

News Release

Belden Reports Solid Growth for Second Quarter 2016

St. Louis, Missouri – July 19, 2016 – Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for mission-critical applications, today reported fiscal second quarter 2016 results for the period ended July 3, 2016.

Second Quarter 2016

On a GAAP basis, revenues for the quarter totaled $601.6 million, increasing $15.8 million, or 2.7%, compared to $585.8 million in the second quarter 2015. Gross profit margin in the second quarter was 41.3%, increasing 130 basis points from 40.0% in the year-ago period. Net income was $41.8 million, increasing from $21.7 million in the prior-year period. Net income as a percentage of revenues was 7.0% in the second quarter, increasing 330 basis points from 3.7% in the prior-year period. EPS totaled $0.98, compared to $0.50 in the second quarter 2015. The Company recognized an income tax benefit for the quarter, primarily as a result of tax planning initiatives.

Adjusted revenues for the quarter totaled $603.4 million, increasing $4.9 million, or 0.8%, compared to $598.5 million in the second quarter 2015. Adjusted gross profit margin in the second quarter was 41.8%, increasing 10 basis points from the year-ago period. Adjusted EBITDA margin in the second quarter was 17.9%, increasing 120 basis points from 16.7% in the year-ago period. Adjusted EPS increased to $1.54 from $1.21 in the second quarter 2015. Adjusted EPS includes the benefit of tax planning initiatives. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

John Stroup, President and CEO of Belden Inc., said, “We are extremely pleased to generate revenues and earnings for the second quarter that exceeded our expectations, and we are proud to report organic revenue growth for the second quarter and first half of 2016. In addition to continued success in our Enterprise platform, the Broadcast platform generated broad-based, double-digit revenue growth in the quarter. Furthermore, margin expansion continues to be exceptional across the organization, as we benefit from our robust lean enterprise system.”

Outlook

“Given our strong first half, we are once again increasing our revenue and earnings outlook for the year. In addition to continued strength in the Broadcast, Enterprise and Network Security platforms, we expect our combined Industrial businesses to return to growth in the second half of the year,” said Mr. Stroup.

On a GAAP basis, the Company expects third quarter 2016 revenues to be $593 – $613 million and EPS to be $0.66 – $0.76. For the full year ending December 31, 2016, the Company now expects revenues to be $2.348 – $2.378 billion compared to the previously guided range of $2.313 – $2.363 billion. The expected range of EPS is now $3.23 – $3.43 compared to the previously guided range of $2.84 – $3.14.

Belden Reports Solid Growth for Second Quarter 2016

The Company expects third quarter 2016 adjusted revenues to be $595 – $615 million and adjusted EPS to be $1.35 – $1.45. For the full year ending December 31, 2016, the Company now expects adjusted revenues to be $2.355 – $2.385 billion compared to the previously guided range of $2.320 – $2.370 billion. The expected range of adjusted EPS is now $5.50 – $5.70 compared to the previously guided range of $5.15 – $5.45.

Earnings Conference Call

Management will host a conference call today at 8:30 am EDT to discuss results of the quarter. The listen-only audio of the conference call will be broadcast live via the Internet at http://investor.belden.com. The dial-in number for participants in the U.S. is 888-287-5563; the dial-in number for participants outside the U.S. is 719-325-2432. A replay of this conference call will remain accessible in the investor relations section of the Company’s Web site for a limited time.

BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended						Six Months Ended
	July 3, 2016			June 28, 2015			July 3, 2016			June 28, 2015
	(In thousands, except per share data)

Revenues	$	601,631		$	585,755		$	1,143,128		$	1,132,712
Cost of sales		(353,418	)		(351,479	)		(669,880	)		(690,787	)

Gross profit		248,213			234,276			473,248			441,925
Selling, general and administrative expenses		(123,057	)		(127,584	)		(245,463	)		(267,632	)
Research and development		(36,652	)		(36,632	)		(72,785	)		(72,831	)
Amortization of intangibles		(26,263	)		(25,917	)		(51,795	)		(52,421	)

Operating income		62,241			44,143			103,205			49,041
Interest expense, net		(24,049	)		(24,769	)		(48,445	)		(48,615	)

Income from continuing operations before taxes		38,192			19,374			54,760			426
Income tax benefit		3,558			2,303			3,415			1,615

Income from continuing operations		41,750			21,677			58,175			2,041
Loss from disposal of discontinued operations, net of tax		—			(86	)		—			(86	)

Net income		41,750			21,591			58,175			1,955
Less: Net loss attributable to noncontrolling interest		(99	)		—			(198	)		—

Net income attributable to Belden stockholders	$	41,849		$	21,591		$	58,373		$	1,955


Weighted average number of common shares and equivalents:
Basic		42,085			42,655			42,046			42,596
Diluted		42,548			43,233			42,493			43,224

Basic income per share attributable to Belden stockholders:
Continuing operations	$	0.99		$	0.51		$	1.39		$	0.05
Disposal of discontinued operations		—			—			—			—

Net income	$	0.99		$	0.51		$	1.39		$	0.05


Diluted income per share attributable to Belden stockholders:
Continuing operations	$	0.98		$	0.50		$	1.37		$	0.05
Disposal of discontinued operations		—			—			—			—

Net income	$	0.98		$	0.50		$	1.37		$	0.05


Dividends declared per share	$	0.05		$	0.05		$	0.10		$	0.10

BELDEN INC.

OPERATING SEGMENT INFORMATION

(Unaudited)


	Broadcast Solutions			Enterprise Connectivity			Industrial Connectivity			Industrial IT			Network Security Solutions			Total Segments
	(In thousands, except percentages)
For the three months ended July 3, 2016

Segment Revenues	$	193,521		$	160,401		$	147,808		$	62,510		$	39,141		$	603,381
Segment EBITDA		29,505			29,575			27,064			12,676			9,515			108,335
Segment EBITDA margin		15.2	%		18.4	%		18.3	%		20.3	%		24.3	%		18.0	%

Depreciation expense		4,061			3,429			2,709			660			1,128			11,987
Amortization of intangibles		13,420			432			601			1,506			10,304			26,263
Severance, restructuring, and acquisition integration costs		1,319			1,207			2,371			943			29			5,869
Deferred gross profit adjustments		494			—			—			—			1,256			1,750

For the three months ended June 28, 2015

Segment Revenues	$	174,923		$	161,827		$	160,875		$	61,270		$	39,618		$	598,513
Segment EBITDA		22,878			29,792			28,680			10,178			8,772			100,300
Segment EBITDA margin		13.1	%		18.4	%		17.8	%		16.6	%		22.1	%		16.8	%

Depreciation expense		4,140			3,180			2,869			584			919			11,692
Amortization of intangibles		12,595			429			807			1,479			10,607			25,917
Severance, restructuring, and acquisition integration costs		3,283			83			1,163			—			378			4,907
Deferred gross profit adjustments		(924	)		—			—			—			14,364			13,440

For the six months ended July 3, 2016

Segment Revenues	$	364,793		$	296,293		$	288,899		$	116,392		$	80,804		$	1,147,181
Segment EBITDA		52,772			53,311			50,051			21,285			20,982			198,401
Segment EBITDA margin		14.5	%		18.0	%		17.3	%		18.3	%		26.0	%		17.3	%

Depreciation expense		8,023			6,818			5,427			1,184			2,198			23,650
Amortization of intangibles		26,351			861			1,192			3,016			20,375			51,795
Severance, restructuring, and acquisition integration costs		5,697			1,707			3,236			3,608			29			14,277
Purchase accounting effects of acquisitions		195			—			—			—			—			195
Deferred gross profit adjustments		1,108			—			—			—			2,945			4,053

For the six months ended June 28, 2015

Segment Revenues	$	351,423		$	303,608		$	313,847		$	122,343		$	76,743		$	1,167,964
Segment EBITDA		46,005			49,801			52,853			21,265			18,673			188,597
Segment EBITDA margin		13.1	%		16.4	%		16.8	%		17.4	%		24.3	%		16.1	%

Depreciation expense		8,113			6,394			5,720			1,143			1,863			23,233
Amortization of intangibles		25,021			861			1,630			2,889			22,020			52,421
Severance, restructuring, and acquisition integration costs		14,810			651			2,936			(52	)		1,045			19,390
Purchase accounting effects of acquisitions		—			—			267			—			9,155			9,422
Deferred gross profit adjustments		2,370			—			—			—			32,728			35,098

BELDEN INC.

OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS

(Unaudited)


	Three Months Ended						Six Months Ended
	July 3, 2016			June 28, 2015			July 3, 2016			June 28, 2015
	(In thousands)

Total Segment Revenues	$	603,381		$	598,513		$	1,147,181		$	1,167,964
Deferred revenue adjustments		(1,750	)		(12,758	)		(4,053	)		(35,252	)

Consolidated Revenues	$	601,631		$	585,755		$	1,143,128		$	1,132,712


Total Segment EBITDA	$	108,335		$	100,300		$	198,401		$	188,597
Income from equity method investment		661			343			491			1,111
Eliminations		(886	)		(544	)		(1,717	)		(1,103	)

Consolidated Adjusted EBITDA (1)		108,110			100,099			197,175			188,605
Amortization of intangibles		(26,263	)		(25,917	)		(51,795	)		(52,421	)
Deferred gross profit adjustments		(1,750	)		(13,440	)		(4,053	)		(35,098	)
Severance, restructuring, and acquisition integration costs		(5,869	)		(4,907	)		(14,277	)		(19,390	)
Depreciation expense		(11,987	)		(11,692	)		(23,650	)		(23,233	)
Purchase accounting effects related to acquisitions		—			—			(195	)		(9,422	)

Consolidated operating income		62,241			44,143			103,205			49,041
Interest expense, net		(24,049	)		(24,769	)		(48,445	)		(48,615	)

Consolidated income from continuing operations before taxes	$	38,192		$	19,374		$	54,760		$	426

(1)	Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.

BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	July 3, 2016			December 31, 2015
	(Unaudited)
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	175,772		$	216,751
Receivables, net		393,436			387,386
Inventories, net		198,625			195,942
Other current assets		51,403			37,079


Total current assets		819,236			837,158

Property, plant and equipment, less accumulated depreciation		314,697			310,629
Goodwill		1,404,099			1,385,115
Intangible assets, less accumulated amortization		614,422			655,871
Deferred income taxes		34,747			34,295
Other long-lived assets		67,689			67,534


	$	3,254,890		$	3,290,602


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	204,272		$	223,514
Accrued liabilities		291,944			323,249
Current maturities of long-term debt		2,500			2,500


Total current liabilities		498,716			549,263

Long-term debt		1,681,866			1,725,282
Postretirement benefits		106,862			105,230
Deferred income taxes		43,700			46,034
Other long-term liabilities		39,291			39,270
Stockholders’ equity:
Common stock		503			503
Additional paid-in capital		609,061			605,660
Retained earnings		733,852			679,716
Accumulated other comprehensive loss		(59,069	)		(58,987	)
Treasury stock		(401,089	)		(402,793	)

Total Belden stockholders’ equity		883,258			824,099

Noncontrolling interest		1,197			1,424


Total stockholders’ equity		884,455			825,523


	$	3,254,890		$	3,290,602

BELDEN INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Unaudited)


	Six Months Ended
	July 3, 2016			June 28, 2015
	(In thousands)
Cash flows from operating activities:
Net income	$	58,175		$	1,955
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		75,445			75,654
Share-based compensation		8,587			9,891
Tax benefit related to share-based compensation		(116	)		(5,288	)
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses:
Receivables		(3,750	)		(6,250	)
Inventories		368			(11,837	)
Accounts payable		(20,730	)		(43,689	)
Accrued liabilities		(39,356	)		(4,363	)
Accrued taxes		(17,759	)		(10,214	)
Other assets		2,457			(1,736	)
Other liabilities		(2,867	)		923

Net cash provided by operating activities		60,454			5,046

Cash flows from investing activities:
Capital expenditures		(25,124	)		(27,224	)
Cash used to acquire businesses, net of cash acquired		(17,848	)		(695,345	)
Proceeds from disposal of tangible assets		41			80

Net cash used for investing activities		(42,931	)		(722,489	)

Cash flows from financing activities:
Payments under borrowing arrangements		(51,250	)		(625	)
Cash dividends paid		(4,204	)		(4,235	)
Withholding tax payments for share-based payment awards, net of proceeds from the exercise of stock options		(3,598	)		(11,439	)
Borrowings under credit arrangements		—			200,000
Debt issuance costs paid		—			(643	)
Tax benefit related to share-based compensation		116			5,288

Net cash provided by (used for) financing activities		(58,936	)		188,346

Effect of foreign currency exchange rate changes on cash and cash equivalents		434			(3,646	)


Decrease in cash and cash equivalents		(40,979	)		(532,743	)
Cash and cash equivalents, beginning of period		216,751			741,162

Cash and cash equivalents, end of period	$	175,772		$	208,419

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; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets; amortization of intangible assets; gains (losses) on debt extinguishment; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.

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. As an example, we adjust for the purchase accounting effect of recording deferred revenue at fair value in order to reflect the revenues that would have otherwise been recorded by acquired businesses had they remained as independent entities. We believe this presentation is useful in evaluating the underlying performance of acquired companies. Similarly, we adjust for other acquisition-related expenses, such as amortization of intangibles and other impacts of fair value adjustments because they generally are not related to the acquired business’ core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.

Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.


	Three Months Ended						Six Months Ended
	July 3, 2016			June 28, 2015			July 3, 2016			June 28, 2015
	(In thousands, except percentages and per share amounts)

GAAP revenues	$	601,631		$	585,755		$	1,143,128		$	1,132,712
Deferred revenue adjustments		1,750			12,758			4,053			35,252

Adjusted revenues	$	603,381		$	598,513		$	1,147,181		$	1,167,964


GAAP gross profit	$	248,213		$	234,276		$	473,248		$	441,925
Severance, restructuring, and integration costs		1,826			1,783			3,918			3,174
Deferred gross profit adjustments		1,750			13,440			4,053			35,098
Accelerated depreciation		206			25			412			100
Purchase accounting effects related to acquisitions		—			—			195			267

Adjusted gross profit	$	251,995		$	249,524		$	481,826		$	480,564


GAAP gross profit margin		41.3	%		40.0	%		41.4	%		39.0	%
Adjusted gross profit margin		41.8	%		41.7	%		42.0	%		41.1	%

GAAP net income attributable to Belden stockholders	$	41,849		$	21,591		$	58,373		$	1,955
Interest expense, net		24,049			24,769			48,445			48,615
Loss from disposal of discontinued operations		—			86			—			86
Noncontrolling interest		(99	)		—			(198	)		—
Income tax benefit		(3,558	)		(2,303	)		(3,415	)		(1,615	)

Total non-operating adjustments		20,392			22,552			44,832			47,086
Amortization of intangible assets		26,263			25,917			51,795			52,421
Severance, restructuring, and integration costs		5,869			4,907			14,277			19,390
Deferred gross profit adjustments		1,750			13,440			4,053			35,098
Accelerated depreciation		206			42			412			182
Purchase accounting effects related to acquisitions		—			—			195			9,422

Total operating income adjustments		34,088			44,306			70,732			116,513

Depreciation expense		11,781			11,650			23,238			23,051

Adjusted EBITDA	$	108,110		$	100,099		$	197,175		$	188,605


GAAP net income margin		7.0	%		3.7	%		5.1	%		0.2	%
Adjusted EBITDA margin		17.9	%		16.7	%		17.2	%		16.1	%

GAAP income from continuing operations	$	41,750		$	21,677		$	58,175		$	2,041
Operating income adjustments from above		34,088			44,306			70,732			116,513
Tax effect of adjustments		(10,420	)		(13,768	)		(20,914	)		(23,077	)

Adjusted income from continuing operations	$	65,418		$	52,215		$	107,993		$	95,477


GAAP income from continuing operations	$	41,750		$	21,677		$	58,175		$	2,041
Less: Net loss attributable to noncontrolling interest		(99	)		—			(198	)		—

GAAP income from continuing operations attributable to Belden stockholders	$	41,849		$	21,677		$	58,373		$	2,041

Adjusted income from continuing operations	$	65,418		$	52,215		$	107,993		$	95,477
Less: Net loss attributable to noncontrolling interest		(99	)		—			(198	)		—
Less: Amortization expense attributable to noncontrolling interest, net of tax		16			—			32			—

Adjusted income from continuing operations attributable to Belden stockholders	$	65,501		$	52,215		$	108,159		$	95,477

GAAP income from continuing operations per diluted share attributable to Belden stockholders	$	0.98		$	0.50		$	1.37		$	0.05
Adjusted income from continuing operations per diluted share attributable to Belden stockholders	$	1.54		$	1.21		$	2.55		$	2.21
GAAP and Adjusted diluted weighted average shares		42,548			43,233			42,493			43,224

BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

(Unaudited)

We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capital expenditures net of the proceeds from the disposal of tangible assets. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from definitions used by other companies.


	Three Months Ended						Six Months Ended
	July 3, 2016			June 28, 2015			July 3, 2016			June 28, 2015
	(In thousands)
GAAP net cash provided by operating activities	$	47,775		$	53,251		$	60,454		$	5,046
Capital expenditures, net of proceeds from the disposal of tangible assets		(11,662	)		(11,694	)		(25,083	)		(27,144	)

Non-GAAP free cash flow	$	36,113		$	41,557		$	35,371		$	(22,098	)

BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

2016 REVENUES AND EARNINGS GUIDANCE


	Year Ended December 31, 2016	Three Months Ended October 2, 2016
Adjusted revenues	$2.355 - $2.385 billion	$595 - $615 million
Deferred revenue adjustments	($7 million)	($2 million)

GAAP revenues	$2.348 - $2.378 billion	$593 - $613 million


Adjusted income per diluted share attributable to Belden stockholders	$5.50 - $5.70	$1.35 - $1.45
Amortization of intangible assets	($1.61)	($0.41)
Severance, restructuring, and acquisition integration costs	($0.55)	($0.26)
Deferred gross profit adjustments	($0.11)	($0.02)

GAAP income per diluted share attributable to Belden stockholders	$3.23 - $3.43	$0.66 - $0.76

Our guidance for revenues and income per diluted share attributable to Belden stockholders is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the factors listed under “Forward-Looking Statements” in this release. In addition, our actual results are likely to be impacted by other additional events for which information is not available, such as asset impairments, purchase accounting effects related to acquisitions, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of tangible assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known.

Belden Reports Solid Growth for Second Quarter 2016

Net Income and Earnings per Share (EPS)

All references to Net Income and EPS within this earnings release refer to income attributable to Belden stockholders and income per diluted share attributable to Belden stockholders, respectively.

Use of Non-GAAP Financial Information

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

Forward-Looking Statements

This release contains, and statements made by us concerning the release may contain, forward-looking statements, including our expectations for the third quarter, second half and full-year 2016. Forward-looking statements also include statements regarding future financial performance (including revenues, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. In some cases these statements are identifiable through the use of words such as “anticipate,” “believe,” “estimate,” “forecast,” “guide,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements reflect management’s current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements for a number of reasons, including, without limitation: the impact of a challenging global economy or a downturn in served markets; the cost and availability of raw materials including copper, plastic compounds, electronic components, and other materials; the competitiveness of the global broadcast, enterprise, and industrial markets; disruption of, or changes in, the Company’s key distribution channels; volatility in credit and foreign exchange markets; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); the inability to successfully complete and integrate acquisitions in furtherance of the Company’s strategic plan; the inability of the Company to develop and introduce new products and competitive responses to our products; assertions that the Company violates the intellectual property of others and the ownership of intellectual property by competitors and others that prevents the use of that intellectual property by the Company; risks related to the use of open source software; the inability to retain senior management and key employees; disruptions in the Company’s information systems including due to cyber-attacks; variability in the Company’s quarterly and annual effective tax rates; perceived or actual product failures; political and economic uncertainties in the countries where the Company conducts business, including emerging markets; the impairment of goodwill and other intangible assets and the resulting impact on financial performance; the impact of regulatory requirements and other legal compliance issues; disruptions and increased costs attendant to collective bargaining groups and other labor matters; 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, 2015, filed with the SEC on February 25, 2016. Although the content of this release represents our best judgment as of the date of this report based on

Belden Reports Solid Growth for Second Quarter 2016

information currently available and reasonable assumptions, we give no assurances that the expectations will prove to be accurate. Deviations from the expectations may be material. For these reasons, Belden cautions readers to not place undue reliance on these forward-looking statements, which speak only as of the date made. Belden disclaims any duty to update any forward looking statements as a result of new information, future developments, or otherwise, except as required by law.

About Belden

Belden Inc. delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial, enterprise and broadcast markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today’s applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the Company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.

Contact:

Belden Investor Relations

314-854-8054

Investor.Relations@Belden.com

BDC-E

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