2003 First Quarter Results Reported by Amphenol Corporation.Business Editors/High-Tech Writers 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 16, 2003 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 NYSE See: New York Stock Exchange :APH APH American Printing House for the Blind, Inc. APH Actual Production History APH Association of Personal Historians APH Antepartum Hemorrhage APH A Pleasurable Headache (Matthew Good Band community) ) reported today that first quarter 2003 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 increased 35% to $.54 compared to $.40 per share for the 2002 period. Sales for the first quarter 2003 increased 9% to $277,774,000 compared to $255,976,000 for the 2002 period. Currency translation had the effect of increasing sales by approximately $16.8 million in the first quarter 2003 compared to the 2002 period. 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 extremely pleased with our first quarter results. Sales were up 9% compared to last year's first quarter. The 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. portion of our business, which represents 89% of our sales, was up a strong 15% over last year, and the growth was broad based across substantially all of our major end markets and all major geographic regions. The excellent results reflect our continuing development of new application specific solutions and value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. products for our customers as well as increasing our presence with the leading OEM's in our target markets. The coaxial co·ax·i·al adj. Having or mounted on a common axis. coaxial Adjective 1. Electronics (of a cable) transmitting by means of two concentric conductors separated by an insulator cable for 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). cable television networks portion of our business, which represents 11% of our sales, was down from last year as both domestic and international cable operators have curtailed their capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. for network upgrades and expansion. In addition to excellent overall top line growth, profitability and cash flow continued to be strong. Our operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. margin was 16.3% and cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses was $35.8 million. As previously announced, we are pursuing a refinancing Refinancing An extension and/or increase in amount of existing debt. of our senior credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities which, when completed, will include a redemption of our senior subordinated notes. Such refinancing will extend the maturity dates of principal in comparison to our current loan agreements. In addition, in late March we completed the acquisition of Insilco Holding Company's custom assembly business." "Notwithstanding the excellent first quarter results, the overall economic climate is uncertain and it continues to be difficult forecasting future results. I believe we are well established with leading positions in excellent and diversified diversified (di·verˑ·s markets, and we continue to increase our presence with major OEM's in these markets. However, the timing and strength of a general economic recovery is the uncertainty. Assuming a reasonable and stable economic climate and given the excellent first quarter results, I have increased confidence in achieving our earlier outlook of a 4-7% increase in revenues and a 20-25% increase in EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. (excluding debt refinancing costs) in 2003." 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 16, 2003. The toll free dial-in number to participate in this call is 800-988-0490; International dial-in number 630-395-0020; Passcode: Jepsen. There will be a replay available until 5:00 PM (EST) on Monday Monday: see week. , April 21, 2003. If you are unable to participate on the call and would like to hear a replay, the toll free dial-in number is 800-947-6442 and International dial-in replay number is 402-220-3498. 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 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 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. , industrial/automotive and military/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, 2002, 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
Three Months Ended
March 31,
2003 2002
Sales $277,774,000 $255,976,000
Net income 23,313,000 17,193,000
Earnings per share - Basic $.55 $.41
Average shares outstanding - Basic 42,572,680 42,301,349
Earnings per share - Diluted $.54 $.40
Average shares outstanding - Diluted 43,511,042 43,442,356
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(dollars in thousands)
Mar. 31, Dec. 31,
2003 2002
----------------------
(Unaudited)
ASSETS
Current Assets:
Cash and short-term cash investments $32,142 $20,659
Accounts receivable, less allowance
for doubtful accounts of $9,244
and $8,812, respectively 149,003 131,252
Inventories 209,069 205,643
Prepaid expenses and other assets 32,286 31,610
----------------------
Total current assets 422,500 389,164
Land and depreciable assets, less
accumulated depreciation of
$296,018 and $285,427, respectively 167,103 160,690
Deferred debt issuance costs 4,031 4,382
Goodwill 495,066 486,841
Deferred taxes and other assets 37,608 37,831
----------------------
$1,126,308 $1,078,908
======================
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $89,573 $88,533
Accrued interest 8,220 4,957
Accrued salaries, wages and employee benefits 27,122 24,568
Other accrued expenses 48,530 39,493
Current portion of long-term debt 82,437 78,363
----------------------
Total current liabilities 255,882 235,914
Long-term debt 566,806 565,885
Accrued pension and post employment
benefit obligations 104,695 102,418
Deferred taxes and other liabilities 6,459 7,709
Shareholders' Equity:
Common stock 43 43
Additional paid-in capital (deficit) (274,166) (274,282)
Accumulated earnings 545,753 522,440
Accumulated other comprehensive loss (79,164) (81,219)
----------------------
Total shareholders' equity 192,466 166,982
----------------------
$1,126,308 $1,078,908
======================
AMPHENOL CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(dollars in thousands, except per share data)
Three months ended
March 31,
---------------------------------------
2003 2002
---------------------------------------
Net Sales $277,774 $255,976
Costs and Expenses:
Cost of sales, excluding
depreciation and
amortization 182,653 170,735
Depreciation and
amortization expense 8,808 8,398
Selling, general and
administrative expense 41,142 36,570
---------------- -------------
Operating income 45,171 40,273
Interest expense (8,124) (12,838)
Other expenses, net (1,724) (1,186)
---------------- -------------
Income before income taxes 35,323 26,249
Provision for income taxes (12,010) (9,056)
---------------- -------------
Net income $23,313 $17,193
================ =============
Net income per
common share - Basic $0.55 $0.41
================ =============
Average common shares
outstanding - Basic 42,572,680 42,301,349
================ =============
Net income per common
share - Diluted $0.54 $0.40
================ =============
Average common shares
outstanding - Diluted 43,511,042 43,442,356
================ =============
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