Belden Reports Strong Results For Third Quarter 2016

Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for mission-critical applications, today reported fiscal third quarter 2016 results for the period ended October 2, 2016.

Third Quarter 2016

On a GAAP basis, revenues for the quarter totaled $601.1 million, increasing $21.8 million, or 3.8%, compared to $579.3 million in the third quarter 2015. Gross profit margin in the third quarter was 40.9%, increasing 190 basis points from 39.0% in the year-ago period. Net income was $35.7 million, increasing from $14.6 million in the prior-year period. Net income as a percentage of revenues was 5.9% in the third quarter, increasing 340 basis points from 2.5% in the prior-year period. EPS totaled $0.68, compared to $0.35 in the third quarter 2015.

Adjusted revenues for the quarter totaled $602.5 million, increasing 2.1%, compared to $590.1 million in the third quarter 2015. Adjusted gross profit margin in the third quarter was 41.6%, increasing 80 basis points from the year-ago period. Adjusted EBITDA margin in the third quarter was 18.5%, increasing 200 basis points from 16.5% in the year-ago period. Adjusted EPS increased by 13.2% to $1.29 from $1.14 in the third quarter 2015. 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 pleased to deliver another quarter of organic revenue growth, margin expansion and double-digit earnings growth. Our team continues to execute well and our Lean enterprise system is clearly driving sustainable productivity improvements and strong free cash flow."

Outlook

"Our balanced portfolio and proven business system allow us to perform well under a variety of market situations. When paired with our strong balance sheet and optimism around acquisition-related opportunities, we feel confident Belden is well-positioned for success," said Mr. Stroup.

On a GAAP basis, the Company expects fourth quarter 2016 revenues to be $604 - $624 million and EPS to be $0.91 - $1.01. For the full year ending December 31, 2016, the Company now expects revenues to be $2.348 - $2.368 billion compared to the previously guided range of $2.348 - $2.378 billion. The expected range of EPS is now $2.94 - $3.04 compared to the previously guided range of $2.88 - $3.08.

The Company expects fourth quarter 2016 adjusted revenues to be $605 - $625 million and adjusted EPS to be $1.36 - $1.46. For the full year ending December 31, 2016, the Company now expects adjusted revenues to be $2.355 - $2.375 billion compared to the previously guided range of $2.355 - $2.385 billion. The expected range of adjusted EPS is now $5.20 - $5.30 compared to the previously guided range of $5.15 - $5.35.

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 Nine Months Ended
October 2, 2016 September 27, 2015 October 2, 2016 September 27, 2015
(In thousands, except per share data)
 
Revenues $ 601,109 $ 579,266 $ 1,744,237 $ 1,711,978
Cost of sales   (355,147 )   (353,135 )   (1,025,027 )   (1,043,922 )
Gross profit 245,962 226,131 719,210 668,056
Selling, general and administrative expenses (126,662 ) (127,792 ) (372,125 ) (395,424 )
Research and development (33,512 ) (38,168 ) (106,297 ) (110,999 )
Amortization of intangibles   (23,808 )   (25,669 )   (75,603 )   (78,090 )
Operating income 61,980 34,502 165,185 83,543
Interest expense, net   (23,513 )   (25,416 )   (71,958 )   (74,031 )
Income from continuing operations before taxes 38,467 9,086 93,227 9,512
Income tax benefit (expense)   (2,902 )   5,725     513     7,340  
Income from continuing operations 35,565 14,811 93,740 16,852
Loss from discontinued operations, net of tax - (242 ) - (242 )
Loss from disposal of discontinued operations, net of tax   -     -     -     (86 )
Net income 35,565 14,569 93,740 16,524
Less: Net loss attributable to noncontrolling interest   (88 )   -     (286 )   -  
Net income attributable to Belden 35,653 14,569 94,026 16,524
Less: Preferred stock dividends   6,695     -     6,695     -  
Net income attributable to Belden common stockholders $ 28,958   $ 14,569   $ 87,331   $ 16,524  
 
 
Weighted average number of common shares
and equivalents:
Basic 42,126 42,417 42,073 42,536
Diluted 42,601 42,908 42,532 43,117
 
Basic income (loss) per share attributable to Belden common
stockholders:
Continuing operations $ 0.69 $ 0.35 $ 2.08 $ 0.40
Discontinued operations - (0.01 ) - (0.01 )
Disposal of discontinued operations   -     -     -     -  
Net income $ 0.69   $ 0.34   $ 2.08   $ 0.39  
 
Diluted income (loss) per share attributable to Belden common
stockholders:
Continuing operations $ 0.68 $ 0.35 $ 2.05 $ 0.39
Discontinued operations - (0.01 ) - (0.01 )
Disposal of discontinued operations   -     -     -     -  
Net income $ 0.68   $ 0.34   $ 2.05   $ 0.38  
 
Common stock dividends declared per share $ 0.05 $ 0.05 $ 0.15 $ 0.15
 
                       
BELDEN INC.
OPERATING SEGMENT INFORMATION
(Unaudited)
 
 

Broadcast Solutions

Enterprise Connectivity Solutions

Industrial Connectivity Solutions

Industrial IT Solutions

Network Security Solutions

Total Segments
(In thousands, except percentages)

For the three months ended October 2, 2016
 
Segment Revenues $ 196,173 $ 156,658 $ 149,847 $ 60,168 $ 39,622 $ 602,468
Segment EBITDA 36,545 27,294 23,649 12,771 11,677 111,936
Segment EBITDA margin 18.6 % 17.4 % 15.8 % 21.2 % 29.5 % 18.6 %
 
Depreciation expense 4,063 3,210 2,738 565 1,027 11,603
Amortization of intangibles 10,955 431 604 1,501 10,317 23,808
Severance, restructuring, and acquisition integration costs 174 5,573 4,746 2,302 - 12,795
Deferred gross profit adjustments 283 - - - 1,076 1,359
 

For the three months ended September 27, 2015
 
Segment Revenues $ 186,722 $ 155,148 $ 147,702 $ 59,184 $ 41,359 $ 590,115
Segment EBITDA 27,369 25,705 23,225 10,466 11,240 98,005
Segment EBITDA margin 14.7 % 16.6 % 15.7 % 17.7 % 27.2 % 16.6 %
 
Depreciation expense 4,027 3,156 2,810 570 1,255 11,818
Amortization of intangibles 12,354 429 799 1,480 10,607 25,669
Severance, restructuring, and acquisition integration costs 13,722 192 118 54 57 14,143
Deferred gross profit adjustments 419 - - - 10,909 11,328
 

For the nine months ended October 2, 2016
 
Segment Revenues $ 560,966 $ 452,951 $ 438,746 $ 176,560 $ 120,426 $ 1,749,649
Segment EBITDA 89,317 80,605 73,700 34,056 32,659 310,337
Segment EBITDA margin 15.9 % 17.8 % 16.8 % 19.3 % 27.1 % 17.7 %
 
Depreciation expense 12,086 10,028 8,165 1,749 3,225 35,253
Amortization of intangibles 37,306 1,292 1,796 4,517 30,692 75,603
Severance, restructuring, and acquisition integration costs 5,871 7,280 7,982 5,910 29 27,072
Purchase accounting effects of acquisitions 195 - - - - 195
Deferred gross profit adjustments 1,391 - - - 4,021 5,412
 

For the nine months ended September 27, 2015
 
Segment Revenues $ 538,145 $ 458,756 $ 461,549 $ 181,527 $ 118,102 $ 1,758,079
Segment EBITDA 73,374 75,506 76,078 31,731 29,913 286,602
Segment EBITDA margin 13.6 % 16.5 % 16.5 % 17.5 % 25.3 % 16.3 %
 
Depreciation expense 12,140 9,550 8,530 1,713 3,118 35,051
Amortization of intangibles 37,375 1,290 2,429 4,369 32,627 78,090
Severance, restructuring, and acquisition integration costs 28,532 843 3,054 2 1,102 33,533
Purchase accounting effects of acquisitions - - 267 - 9,155 9,422
Deferred gross profit adjustments 2,789 - - - 43,637 46,426
 
 
BELDEN INC.
OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS
(Unaudited)
                Three Months Ended     Nine Months Ended
October 2, 2016     September 27, 2015 October 2, 2016     September 27, 2015
(In thousands)
 
Total Segment Revenues $ 602,468 $ 590,115 $ 1,749,649 $ 1,758,079
Deferred revenue adjustments   (1,359 )   (10,849 )   (5,412 )   (46,101 )
Consolidated Revenues $ 601,109   $ 579,266   $ 1,744,237   $ 1,711,978  
 
Total Segment EBITDA $ 111,936 $ 98,005 $ 310,337 $ 286,602
Income from equity method investment 586 348 1,077 1,459
Eliminations   (977 )   (893 )   (2,694 )   (1,996 )
Consolidated Adjusted EBITDA (1) 111,545 97,460 308,720 286,065
Amortization of intangibles (23,808 ) (25,669 ) (75,603 ) (78,090 )
Deferred gross profit adjustments (1,359 ) (11,328 ) (5,412 ) (46,426 )
Severance, restructuring, and acquisition integration costs (12,795 ) (14,143 ) (27,072 ) (33,533 )
Depreciation expense (11,603 ) (11,818 ) (35,253 ) (35,051 )
Purchase accounting effects related to acquisitions   -     -     (195 )   (9,422 )
Consolidated operating income 61,980 34,502 165,185 83,543
Interest expense, net   (23,513 )   (25,416 )   (71,958 )   (74,031 )
Consolidated income from continuing operations before taxes $ 38,467   $ 9,086   $ 93,227   $ 9,512  
 
 
(1) Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.
 
       
BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
October 2, 2016 December 31, 2015
(Unaudited)
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 748,305 $ 216,751
Receivables, net 400,528 387,386
Inventories, net 193,500 195,942
Other current assets   55,345     37,079  
 
Total current assets 1,397,678 837,158
 
Property, plant and equipment, less accumulated depreciation 323,110 310,629
Goodwill 1,399,847 1,385,115
Intangible assets, less accumulated amortization 590,785 655,871
Deferred income taxes 30,596 34,295
Other long-lived assets   69,947     67,534  
 
$ 3,811,963   $ 3,290,602  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 220,827 $ 223,514
Accrued liabilities 294,209 323,249
Current maturities of long-term debt   2,500     2,500  
 
Total current liabilities 517,536 549,263
 
Long-term debt 1,690,932 1,725,282
Postretirement benefits 106,779 105,230
Deferred income taxes 45,381 46,034
Other long-term liabilities 38,283 39,270
Stockholders' equity:
Preferred stock 1 -
Common stock 503 503
Additional paid-in capital 1,114,348 605,660
Retained earnings 760,688 679,716
Accumulated other comprehensive loss (62,876 ) (58,987 )
Treasury stock   (400,718 )   (402,793 )
Total Belden stockholders' equity   1,411,946     824,099  
Noncontrolling interest   1,106     1,424  
Total stockholders' equity   1,413,052     825,523  
 
$ 3,811,963   $ 3,290,602  
 
       
BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
 
Nine Months Ended
October 2, 2016 September 27, 2015
(In thousands)
Cash flows from operating activities:
Net income $ 93,740 $ 16,524
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 110,857 113,141
Share-based compensation 13,943 13,814
Tax benefit related to share-based compensation (623 ) (5,064 )
Changes in operating assets and liabilities, net of the effects of currency exchange
rate changes and acquired businesses:
Receivables (9,843 ) (6,532 )
Inventories 5,626 7,979
Accounts payable (3,889 ) (55,973 )
Accrued liabilities (43,594 ) 29,354
Accrued taxes (16,752 ) (23,884 )
Other assets 2,798 1,935
Other liabilities   (5,457 )   687  
Net cash provided by operating activities 146,806 91,981
 
Cash flows from investing activities:
Capital expenditures (36,057 ) (39,106 )
Cash used to acquire businesses, net of cash acquired (17,848 ) (695,345 )
Proceeds from disposal of tangible assets 282 145
Proceeds from disposal of business - 3,527
Other   (971 )   -  
Net cash used for investing activities (54,594 ) (730,779 )
 
Cash flows from financing activities:
Proceeds from issuance of preferred stock, net 501,498 -
Tax benefit related to share-based compensation 623 5,064
Borrowings under credit arrangements - 200,000
Payments under borrowing arrangements (51,875 ) (1,250 )
Dividends paid on common stock (6,307 ) (6,386 )
Withholding tax payments for share-based payment awards, net of proceeds from the exercise of stock options (5,302 ) (11,517 )
Debt issuance costs paid - (643 )
Payments under share repurchase program   -     (39,053 )
Net cash provided by financing activities 438,637 146,215
 
Effect of foreign currency exchange rate changes on cash and cash equivalents   705     (6,682 )
 
Increase (decrease) in cash and cash equivalents 531,554 (499,265 )
Cash and cash equivalents, beginning of period   216,751     741,162  
Cash and cash equivalents, end of period $ 748,305   $ 241,897  
 
               
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 Nine Months Ended
October 2, 2016 September 27, 2015 October 2, 2016 September 27, 2015
(In thousands, except percentages and per share amounts)
 
GAAP revenues $ 601,109 $ 579,266 $ 1,744,237 $ 1,711,978
Deferred revenue adjustments   1,359     10,849     5,412     46,101  
Adjusted revenues $ 602,468   $ 590,115   $ 1,749,649   $ 1,758,079  
 
GAAP gross profit $ 245,962 $ 226,131 $ 719,210 $ 668,056
Severance, restructuring, and integration costs 2,897 3,166 6,815 6,340
Deferred gross profit adjustments 1,359 11,328 5,412 46,426
Accelerated depreciation 206 75 618 175
Purchase accounting effects related to acquisitions   -     -     195     267  
Adjusted gross profit $ 250,424   $ 240,700   $ 732,250   $ 721,264  
 

GAAP gross profit margin
40.9 % 39.0 % 41.2 % 39.0 %
Adjusted gross profit margin 41.6 % 40.8 % 41.9 % 41.0 %
 
GAAP net income attributable to Belden $ 35,653 $ 14,569 $ 94,026 $ 16,524
 
Interest expense, net 23,513 25,416 71,958 74,031
Income tax expense (benefit) 2,902 (5,725 ) (513 ) (7,340 )
Loss from discontinued operations - 242 - 242
Loss from disposal of discontinued operations - - - 86
Noncontrolling interest   (88 )   -     (286 )   -  
Total non-operating adjustments   26,327     19,933     71,159     67,019  
 
Amortization of intangible assets 23,808 25,669 75,603 78,090
Severance, restructuring, and integration costs 12,795 14,143 27,072 33,533
Deferred gross profit adjustments 1,359 11,328 5,412 46,426
Accelerated depreciation 222 125 634 307
Purchase accounting effects related to acquisitions   -     -     195     9,422  
Total operating income adjustments   38,184     51,265     108,916     167,778  
 
Depreciation expense 11,381 11,693 34,619 34,744
       
Adjusted EBITDA $ 111,545   $ 97,460   $ 308,720   $ 286,065  
 
GAAP net income margin 5.9 % 2.5 % 5.4 % 1.0 %
Adjusted EBITDA margin 18.5 % 16.5 % 17.6 % 16.3 %
 
GAAP income from continuing operations $ 35,565 $ 14,811 $ 93,740 $ 16,852
Operating income adjustments from above 38,184 51,265 108,916 167,778
Tax effect of adjustments   (12,313 )   (17,142 )   (33,227 )   (40,219 )
Adjusted income from continuing operations $ 61,436   $ 48,934   $ 169,429   $ 144,411  
 
GAAP income from continuing operations $ 35,565 $ 14,811 $ 93,740 $ 16,852
Less: Net loss attributable to noncontrolling interest (88 ) - (286 ) -
Less: Preferred stock dividends   6,695     -     6,695     -  
GAAP income from continuing operations attributable to Belden common stockholders $ 28,958   $ 14,811   $ 87,331   $ 16,852  
 
Adjusted income from continuing operations $ 61,436 $ 48,934 $ 169,429 $ 144,411
Less: Net loss attributable to noncontrolling interest (88 ) - (286 ) -
Less: Amortization expense attributable to noncontrolling interest, net of tax 16 - 48 -
Less: Preferred stock dividends   6,695     -     6,695     -  
Adjusted income from continuing operations attributable to Belden common stockholders $ 54,813   $ 48,934   $ 162,972   $ 144,411  
 
GAAP income from continuing operations per diluted share attributable to Belden common stockholders $ 0.68 $ 0.35 $ 2.05 $ 0.39
Adjusted income from continuing operations per diluted share attributable to Belden common stockholders $ 1.29 $ 1.14 $ 3.83 $ 3.35
 
GAAP and Adjusted diluted weighted average shares 42,601 42,908 42,532 43,117
 
               
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 Nine Months Ended
October 2, 2016 September 27, 2015 October 2, 2016 September 27, 2015
(In thousands)
GAAP net cash provided by operating activities $ 86,352 $ 86,935 $ 146,806 $ 91,981
Capital expenditures, net of proceeds from
the disposal of tangible assets   (10,692 )   (11,817 )   (35,775 )   (38,961 )
Non-GAAP free cash flow $ 75,660   $ 75,118   $ 111,031   $ 53,020  
 
BELDEN INC.        
RECONCILIATION OF NON-GAAP MEASURES
2016 REVENUES AND EARNINGS GUIDANCE
 
Year Ended Three Months Ended
December 31, 2016   December 31, 2016
Adjusted revenues $2.355 - $2.375 billion $605 - $625 million
Deferred revenue adjustments ($7 million) ($1 million)
GAAP revenues $2.348 - $2.368 billion   $604 - $624 million
 
Adjusted income per diluted share attributable to Belden common stockholders $5.20 - $5.30 $1.36 - $1.46
Amortization of intangible assets ($1.56) ($0.30)
Severance, restructuring, and acquisition integration costs

($0.54)
($0.08)
Deferred gross profit adjustments ($0.11) ($0.02)
Loss on debt extinguishment ($0.03) ($0.03)
Purchase accounting effects ($0.02) ($0.02)
GAAP income per diluted share attributable to Belden common stockholders $2.94 - $3.04 $0.91 - $1.01
 
 
 
Our guidance for revenues and income per diluted share attributable to Belden common 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.
 

Net Income and Earnings per Share (EPS)

All references to Net Income and EPS within this earnings release refer to net income attributable to Belden and income from continuing operations per diluted share attributable to Belden common 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 fourth quarter, 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 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.

BDC-E

View source version on businesswire.com: http://www.businesswire.com/news/home/20161102005409/en/

Copyright Business Wire 2010

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX