2002 First Quarter Results Reported by Amphenol Corporation.Business Editors WALLINGFORD Wallingford, town (1990 pop. 40,822), New Haven co., S Conn.; inc. 1670. Its silverware industry dates from c.1835. Fruit growing and the manufacture of plastics, steel, precision instruments, and hardware are among the town's other industries. , Conn.--(BUSINESS WIRE)--April 17, 2002 Amphenol Amphenol Corporation (NYSE: APH) is a major producer of electronic and fiber optic connectors, cable and interconnect systems. Amphenol is a portmanteau from the corporation's original name, American Phenolic Corp. Corporation (NYSE-APH) reported today that first quarter 2002 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of was $.40 compared to $.67 per share for the 2001 period. Sales for the first quarter 2002 were $255,976,000 compared to $316,672,000 for the 2001 period. Currency translation had the effect of decreasing sales by approximately $5.3 million in the first quarter 2002 when compared to the 2001 period. The Company has adopted Financial Accounting Standard No. 142 "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ," which had the effect, beginning January January: see month. 1, 2002, of eliminating the amortization of goodwill. Had such standard been in effect for 2001, diluted earnings per share for the first quarter 2001 would have been $.75. Amphenol Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Martin H. Loeffler, stated: "I am very pleased with our first quarter results in what continues to be a challenging environment. While sales were down approximately 17% on a constant dollar basis compared to the first quarter 2001, sales were comparable to the third and fourth quarter last year giving us confidence that we have stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. from the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. that began in early 2001. Compared to the first quarter 2001, sales in the first quarter 2002 were down in the broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). , telecom and datacom (DATA COMmunications) See communications and CA-DATACOM/DB. Datacom - A DBMS from Computer Associates International. communications markets, and to a lesser degree industrial markets, partially offset by increases in aerospace and defense markets. However, sales in communications markets in the first quarter 2002 were generally comparable to activity in the fourth quarter 2001. Operating profit margins Operating profit margin The ratio of operating profit to net sales. , while down from 2001 levels, remain strong and are well above industry averages. I am also pleased that the Company generated significant cash flow in the quarter. In addition, in late March we acquired a relatively small specialty cable manufacturing company in Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. that should meaningfully participate in the building of the Brazilian communications infrastructure. "It continues to be difficult forecasting the future. Economic forecasters that previously anticipated recovery in the second half of this year generally seem to be forecasting a more gradual and deferred recovery especially as it relates to technology markets. I believe the first quarter has established a solid foundation for growth, and our second quarter outlook suggests sequential improvement in sales and profitability, in part due to seasonal factors. While we are uncertain as to the timing of an economic recovery, we are very confident that our unique position in communications related markets will provide a strong platform for future expansion. In addition, we will continue to benefit from our geographic diversity, our diverse strength in military aerospace, industrial and automotive markets and being very proactive in cost reduction programs. We are excited by the opportunities we have developed, and the long term outlook for the Company is excellent." The Company will host a conference call to discuss its first quarter results at 1:00 PM (EST EST electroshock therapy. EST abbr. electroshock therapy ), April 17, 2002. The toll free dial-in number to participate in this call is 800-857-1782; International dial-in number 630-395-0029; Passcode: Jepsen. There will be a replay available until 5:00 PM EST on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , April 19, 2002. If you are unable to participate on the call and would like to hear a replay, the toll free dial-in number is 888-566-0633 and International dial-in replay number is 402/998-0729. The replay will be available through Friday, April 19. Amphenol Corporation is one of the world's leading producers of electronic and fiber optic connectors, cable and interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. systems. Amphenol products are engineered and manufactured in the Americas A·mer·i·cas , the See America. , Europe and Asia and sold by a worldwide sales and marketing organization. The primary end markets for the Company's products are communication systems for the converging con·verge v. con·verged, con·verg·ing, con·verg·es v.intr. 1. a. To tend toward or approach an intersecting point: lines that converge. b. technologies of voice, video and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , including wired and wireless internet and broadband networks  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. , and industrial, automotive and aerospace applications. Statements in this press release which are other than historical facts are intended to be "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Securities Exchange Act of 1934, the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 1 of the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001, 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
FINANCIAL SUMMARY
(Unaudited)
Three Months Ended
March 31,
2002 2001
Sales $255,976,000 $316,672,000
Net income 17,193,000 28,505,000
Earnings per share - Basic $.41 $.68
Average shares outstanding -
Basic 42,301,349 41,686,908
Earnings per share - Diluted $.40 $.67
Average shares outstanding -
Diluted 43,442,356 42,720,779
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(dollars in thousands, except per share data)
Three months ended
March 31,
2002 2001
Net Sales $255,976 $316,672
Costs and Expenses:
Cost of sales, excluding
depreciation and amortization 170,735 199,501
Depreciation and amortization expense 8,398 8,151
Selling, general and administrative
expenses 36,570 43,988
Amortization of goodwill - 3,514
Operating income 40,273 61,518
Interest expense (12,838) (14,210)
Other expense, net (1,186) (1,938)
Income before income taxes 26,249 45,370
Provision for income taxes (9,056) (16,865)
Net income $17,193 $28,505
Net income per common share - basic $0.41 $0.68
Average common shares outstanding
- basic 42,301,349 41,686,908
Net income per common share - diluted $0.40 $0.67
Average common shares outstanding
- diluted 43,442,356 42,720,779
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(dollars in thousands)
Mar. 31, Dec. 31,
2002 2001
(Unaudited)
ASSETS
Current Assets:
Cash and short-term cash investments $26,797 $27,975
Accounts receivable, less allowance
for doubtful accounts of $5,343
and $5,191, respectively 116,451 113,370
Inventories 201,499 208,316
Prepaid expenses and other assets 19,239 20,596
Total current assets 363,986 370,257
Land and depreciable assets, less
accumulated depreciation of $257,188
and $251,201, respectively 160,486 164,887
Deferred debt issuance costs 5,444 5,795
Excess of cost over fair value of net
assets acquired - net 461,550 460,442
Other assets 31,085 25,362
--------- ---------
$1,022,551 $1,026,743
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $83,159 $80,501
Accrued interest 11,937 8,499
Accrued salaries, wages and
employee benefits 26,919 24,700
Other accrued expenses 32,889 29,995
Current portion of long-term debt 54,663 59,705
Total current liabilities 209,567 203,400
Long-term debt 639,949 660,614
Deferred taxes and other liabilities 52,921 58,796
Shareholders' Equity:
Common stock 42 42
Additional paid-in deficit (280,122) (280,224)
Accumulated earnings 459,289 442,096
Accumulated other comprehensive loss (59,095) (57,981)
Total shareholders' equity 120,114 103,933
--------- ---------
$1,022,551 $1,026,743
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