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Second Quarter 2012 Record Results Reported By Amphenol Corporation

“The electronics revolution continues to accelerate, with new applications and higher performance requirements driving increased demand for our leading interconnect technologies in all of our end markets. This creates a significant, long-term growth opportunity for Amphenol. Importantly, our ongoing actions to enhance our competitive advantages and build sustained financial strength have created a solid base for future performance. I am confident in the ability of our outstanding management team to dynamically adjust to a constantly changing market environment, to continue to generate strong profitability and to further capitalize on the many opportunities to expand our market position.”

The Company will host a conference call to discuss its first quarter results at 1:00 PM (EST) July 18, 2012. The toll free dial-in number to participate in this call is 888-395-9624; International dial-in number is 517-623-4547; Passcode: Reardon. There will be a replay available until 11:59 P.M. (EST) on Friday, July 20, 2012. The replay numbers are toll free 800-839-2290; International toll number is 203-369-3607; Passcode: 5137.

A live broadcast as well as a replay will also be available on the Internet at http://www.amphenol.com/investors/webcasts.php.

Amphenol Corporation is one of the world’s leading producers of electronic and fiber optic connectors, cable and interconnect systems. Amphenol products are engineered and manufactured in the Americas, Europe, Asia and Africa and sold by a worldwide sales and marketing organization. Amphenol has a diversified presence as a leader in high growth areas of the interconnect market including: Military, Commercial Aerospace, Automotive, Broadband Communications, Industrial, Telecommunications and Data Communications, Wireless Devices and Wireless Infrastructure.

Statements in this press release which are other than historical facts are intended to be “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and other related laws. While the Company believes such statements are reasonable, the actual results and effects could differ materially from those currently anticipated. Please refer to [Part I, Item 1A] of the Company’s Form 10-K for the year ended December 31, 2011, for some factors that could cause the actual results to differ from estimates. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.

                                     
 
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(dollars in thousands, except per share data)
 
 
 
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
 
Net sales $ 1,061,107 $ 1,017,738 $ 2,042,711 $ 1,958,323
 
Cost of sales   726,946   696,516   1,399,279   1,332,977
 
Gross profit 334,161 321,222 643,432 625,346
 
Change in contingent acquisition related obligations - (17,813) - (17,813)
 
Selling, general and administrative
expense   127,985   124,161   251,977   242,200
 
Operating income 206,176 214,874 391,455 400,959
 
Interest expense (15,099) (11,371) (28,848) (21,387)
Other income (expenses), net   2,634   2,130   4,821   3,834
 
Income before income taxes 193,711 205,633 367,428 383,406
 
Provision for income taxes   (51,818)   (56,739)   (98,287)   (105,627)
 
Net income 141,893 148,894 269,141 277,779
Less: Net income attributable to noncontrolling interests   (951)   (1,143)   (1,636)   (2,070)
 
Net income attributable to Amphenol Corporation $ 140,942 $ 147,751 $ 267,505 $ 275,709
 
 
Net income per common share - Basic $ 0.87 $ 0.86 $ 1.65 $ 1.59
 
Weighted average common shares outstanding - Basic   161,511,550   171,194,474   162,186,707   173,170,408
 
Net income per common share - Diluted (1) $ 0.86 $ 0.85 $ 1.63 $ 1.57
 
Weighted average common shares outstanding - Diluted   163,871,565   173,592,458   164,613,352   175,707,345
 
Dividends declared per common share $ 0.105 $ 0.015 $ 0.210 $ 0.030
 

Note 1

 

Earnings per share for the 2011 quarter includes a $17.8 million ($11.2 million after tax), or $.06 per share, gain related to the adjustment of a contingent purchase price obligation for a 2010 acquisition. Excluding this effect, diluted earnings per share was $.79 and $1.51 for the three and six months ended June 30, 2011, respectively.

   
                       
 
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(dollars in thousands)
 
 
 
June 30, December 31,
2012 2011
ASSETS
 
Current Assets:
Cash and cash equivalents $ 646,014 $ 515,086
Short-term investments   134,450   133,848
Total cash, cash equivalents and short-term investments 780,464 648,934
Accounts receivable, less allowance
for doubtful accounts of $11,481
and $11,113, respectively 840,090 767,181
Inventories, net 675,342 649,862
Other current assets   130,264   115,260
 
Total current assets 2,426,160 2,181,237
 
Land and depreciable assets, less
accumulated depreciation of
$680,069 and $655,869, respectively 396,180 380,501
Goodwill 1,803,710 1,746,113
Other long-term assets   140,789   137,374
 
$ 4,766,839 $ 4,445,225
 
LIABILITIES & EQUITY
 
Current Liabilities:
Accounts payable $ 431,954 $ 377,867
Accrued salaries, wages and employee benefits 81,040 83,810
Accrued income taxes 85,653 87,315
Other accrued expenses 113,725 93,125
Short-term debt   89,284   298
 
Total current liabilities 801,656 642,415
 
Long-term debt 1,454,545 1,376,831
Accrued pension and post employment
benefit obligations 204,932 207,049
Other long-term liabilities 42,189 34,144
 
Equity:
Common stock 161 163
Additional paid-in capital 248,973 189,166
Accumulated earnings 2,135,047 2,102,497
Accumulated other comprehensive loss   (133,607)   (120,057)
 
Total shareholders' equity attributable to Amphenol Corporation 2,250,574 2,171,769
 
Noncontrolling interests   12,943   13,017
 
Total equity   2,263,517   2,184,786
 
$ 4,766,839 $ 4,445,225
 
                     
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
(dollars in thousands)
 
 
Six months ended
June 30,
2012 2011
 
Cash flow from operating activities:
Net income $ 269,141 $ 277,779
Adjustments for cash flow from operating activities:
Depreciation and amortization 58,591 57,208
Stock-based compensation expense 15,101 13,381
Change in contingent acquisition related obligations - (17,813)
Excess tax benefits from stock-based compensation payment arrangements (9,677) (5,493)
Net change in components of working capital (40,573) (115,869)
Net change in other long-term assets and liabilities   (978)   3,154
 
Cash flow provided by operating activities   291,605   212,347
 
Cash flow from investing activities:
Additions to property, plant and equipment (63,422) (46,457)
Proceeds from disposals of fixed assets 2,304 677
Purchases of short-term investments (142,330) (69,330)
Sales and maturities of short-term investments 141,728 82,324
Acquisitions, net of cash acquired   (82,349)   (51,889)
 
Cash flow used in investing activities   (144,069)   (84,675)
 
Cash flow from financing activities:
Borrowings under senior notes 498,730 -
Borrowings under credit facilities 436,036 489,200
Repayments under credit facilities (767,900) (136,821)
Payment of fees and expenses related to debt financing (4,318) (2,105)
Proceeds from exercise of stock options 35,708 21,451
Excess tax benefits from stock-based compensation payment arrangements 9,677 5,493
Payment of contingent acquisition related obligations - (40,000)
Payments to shareholders of noncontrolling interests (1,650) (27,122)
Purchase and retirement of treasury stock (201,020) (360,998)
Dividend payments   (19,500)   (5,241)
 
Cash flow used in financing activities   (14,237)   (56,143)
 
Effect of exchange rate changes on cash and cash equivalents (2,371) 13,791
 
Net change in cash and cash
equivalents 130,928 85,320
Cash and cash equivalents
balance, beginning of period   515,086   525,888
 
Cash and cash equivalents
balance, end of period $ 646,014 $ 611,208
 
                                     
AMPHENOL CORPORATION
SEGMENT INFORMATION
(dollars in thousands)
(Unaudited)
 
 
 
Three months ended Six months ended
June 30, June 30,
2012 2011 2012 2011
 
Trade Sales:
Interconnect Products $ 985,490 $ 943,752 $ 1,893,525 $ 1,821,268
Cable Products   75,617   73,986   149,186   137,055
Consolidated $ 1,061,107 $ 1,017,738 $ 2,042,711 $ 1,958,323
 
 
Operating income:
Interconnect Products $ 212,586 $ 203,380 $ 403,445 $ 397,492
Cable Products 10,458 9,500 21,134 16,959
Stock-based compensation expense (7,610) (7,061) (15,101) (13,381)
Change in contingent acquisition related obligations - 17,813 - 17,813
Other operating expenses   (9,258)   (8,758)   (18,023)   (17,924)
Consolidated $ 206,176 $ 214,874 $ 391,455 $ 400,959
 
ROS%:
Interconnect Products 21.6% 21.6% 21.3% 21.8%
Cable Products 13.8% 12.8% 14.2% 12.4%
Stock-based compensation -0.7% -0.7% -0.7% -0.7%
Change in contingent acquisition related obligations - 1.7% - 0.9%
Corporate - all other -0.9% -0.9% -0.9% -0.9%
 
Consolidated 19.4% 21.1% 19.2% 20.5%
 




Stock quotes in this article: APH 

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