2003 Fourth Quarter and Full Year Results Reported by Amphenol Corporation and Announcement of Stock Split.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)--Jan. 21, 2004 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 fourth 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 42% to $ .74 compared to $.52 per share for the 2002 period. Sales for the fourth quarter 2003 increased 28% to $342,039,000 compared to $267,046,000 for the 2002 period. Currency translation had the effect of increasing sales by approximately $17.6 million in the fourth quarter 2003 compared to the 2002 period. For the year ended December December: see month. 31, 2003, diluted earnings per share before refinancing Refinancing An extension and/or increase in amount of existing debt. costs was $2.52 compared to $1.85 per share for 2002. Such per share amount for the year 2003 excludes the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. effect of expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt in conjunction with the refinancing of the Company's debt in the second quarter 2003. Including such one-time expenses, diluted earnings per share for the year ended December 31, 2003 was $2.36. Sales for the year ended December 31, 2003 were $1,239,504,000 compared to $1,062,002,000 for 2002. Currency translation had the effect of increasing sales by approximately $63.9 million for the year 2003 when compared to 2002. The Company also announced that it will effect a 2 for 1 stock split for shareholders of record as of March 17, 2004. The Company expects the additional shares will be distributed on or about March 29, 2004. 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 fourth quarter results. Sales were up 28% compared to last year's fourth 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 87% of our sales, was up a strong 28% over last year with excellent profitability. The growth was broad based across all of our end markets comprising mobile communications, computer/data communications, industrial, automotive and military/aerospace markets and the sales increase included 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 worldwide presence with the leading companies in our target markets. In the fourth quarter, we also acquired a relatively small U.S. manufacturer of antennas for wireless network infrastructure. The acquisition complements and broadens our product offering to this global market. 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 portion of our business, which is primarily 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 and represents 13% of our sales, was also up a strong 29% over a comparatively weak quarter in the prior year; however, operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in this market continue to be adversely impacted by increasing material costs." "In addition to excellent overall top line growth, profitability and cash flow continued to be strong. Earnings per share for the quarter was up 42% over last year and represents the eighth consecutive quarterly increase. Earnings per share for the year of $2.52 per share, excluding the one-time refinancing expenses, matches our all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal record year of 2000. Our consolidated 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 for the quarter was strong at 16.8%, representing both a sequential and year-over-year increase. 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 also excellent at $54.1 million for the quarter and $159.4 million for the year. During the year, we have reinvested the strong cash flow in the business and also reduced our outstanding debt by $101.3 million." "I am also very pleased to announce that the following members of our operating management team have been appointed Corporate officers: Gary Anderson
Gary Anderson (born July 16, 1959 in Parys, Free State, South Africa) is a former American football placekicker. , Senior Vice President and Group General Manager, Aerospace and Industrial Operations; Jamie Jamie is a given name, derived as a pet form of James. However, it has been used as an independent given name in English speaking countries for several generations. Though Jamie was originally exclusively male, since the 1950s it has also been used as a female given name, Fraser Fraser, river, Canada Fraser, chief river of British Columbia, Canada, c.850 mi (1,370 km) long. It rises in the Rocky Mts., at Yellowhead Pass, near the British Columbia–Alta. line and flows northwest through the Rocky Mt. , Senior Vice President and Group General Manager, Interconnect Systems; Mark Twaalfhoven, Senior Vice President and Group General Manager, Commercial Connectors; Luc LUC Loyola University Chicago LUC Land Use Control LUC Limburg University Centre (Netherlands) LUC Lowest Unit Charge LUC Local User Council LUC Landed Unit Cost (Australian business term) Walter Wal·ter , Bruno 1876-1962. German conductor noted for his interpretations of Mozart and Mahler. Noun 1. Walter - German conductor (1876-1962) Bruno Walter , Senior Vice President and Group General Manager, European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Military and Aerospace Operations; Udo Naujoks, Vice President and Group General Manager, Amphenol Tuchel Electronics; and Adam Norwitt, Vice President and Group General Manager, RF and Microwave Products." "We had an excellent year in 2003 and look to the future with great enthusiasm based on our excellent product portfolio and technological capabilities, our strong position in excellent and diversified diversified (di·verˑ·s markets, our increasing presence with the major companies in these markets and an outstanding management team. Our enthusiasm and confidence in the future is also reflected in our decision to effect a 2 for 1 stock split in the first quarter 2004, which should further improve the liquidity and trading in our stock. We are also encouraged by the increasing signs of a general economic recovery. Assuming a continuation of the current economic climate and relatively stable currency exchange rates, I believe that in 2004 we can achieve an increase in revenues in the range of 8%-11% and an 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. in the range of 16%-21% (excluding the 2003 one-time refinancing expenses)." The Company will host a conference call to discuss its fourth quarter and full year results at 1:00 PM (EST EST electroshock therapy. EST abbr. electroshock therapy ) January 21, 2004. The toll free dial-in number to participate in this call is 888-809-8968; International dial-in number 773-756-4633; Passcode: Jepsen. There will be a replay available until 5:00 PM (EST) on Friday, January 23, 2004. The toll free replay dial-in number is 800-945-7991 and International dial-in replay number is 402-220-3590. 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 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 Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. 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 Year Ended
December 31, December 31,
------------------------- ------------------------------
(Unaudited)
2003 2002 2003 2002
---- ---- ---- ----
Sales $342,039,000 $267,046,000 $1,239,504,000 $1,062,002,000
Net income $32,986,000 $22,482,000 $103,990,000(1) $80,344,000
Earnings per
share - basic $.75 $.53 $2.42(1) $1.89
Average shares
outstanding -
basic 43,799,231 42,558,472 43,050,344 42,445,849
Earnings per
share -
diluted $.74 $.52 $2.36(1) $1.85
Average shares
outstanding -
diluted 44,794,777 43,465,327 44,065,860 43,445,600
(1.) Includes a one-time charge for expenses incurred in the early
extinguishment of debt in the second quarter 2003 of $10,367,000, less
tax benefit of $3,525,000, or $.16 per basic and diluted share.
AMPHENOL CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(dollars in thousands, except per share data)
Three months ended Twelve months ended
December 31, December 31,
------------------------- -----------------------
2003 2002 2003 2002
----------- ----------- ----------- ----------
(Unaudited)
Net Sales $342,039 $267,046 $1,239,504 $1,062,002
Costs and Expenses:
Cost of sales,
excluding
depreciation and
amortization 226,194 175,019 820,724 700,302
Depreciation and
amortization
expense 9,500 8,813 37,007 34,825
Selling, general
and administrative
expense 48,727 38,772 177,353 152,928
--------- --------- ---------- ----------
Operating income 57,618 44,442 204,420 173,947
Interest expense (6,508) (8,752) (29,505) (45,930)
Other expenses, net (1,131) (1,367) (6,987) (5,355)
Expense for early
extinguishment of debt 0 0 (10,367) 0
--------- --------- ---------- ----------
Income before
income taxes 49,979 34,323 157,561 122,662
Provision for
income taxes (16,993) (11,841) (53,571) (42,318)
--------- --------- ---------- ----------
Net income $32,986 $22,482 $103,990 $80,344
========= ========= ========== ==========
Net income per common
share - Basic $0.75 $0.53 $2.42 $1.89
========= ========= ========== ==========
Average shares
outstanding -
Basic 43,799,231 42,558,472 43,050,344 42,445,849
========== ========== ========== ==========
Net income per common
share - Diluted $0.74 $0.52 $2.36 $1.85
========= ========== ========== ===========
Average shares
outstanding -
Diluted 44,794,777 43,465,327 44,065,860 43,445,600
========== ========== ========== ===========
Pro forma net income and
earnings per share
excluding expense for
early extinguishment of debt:
------------------------------
Net income $103,990
Expense for early extinguishment of debt,
net of taxes of $3,525 6,842
------------
Net income excluding expense for early
extinguishment of debt $110,832
============
Net income per common share - Basic $2.57
============
Net income per common share - Diluted $2.52
============
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(dollars in thousands)
Dec. 31, Dec. 31,
2003 2002
---------- -----------
ASSETS
Current Assets:
Cash and short-term cash investments $23,533 $20,659
Accounts receivable, less allowance
for doubtful accounts of $9,244
and $8,812, respectively 172,488 131,252
Inventories 221,385 205,643
Prepaid expenses and other assets 33,943 31,610
------------ ----------
Total current assets 451,349 389,164
Land and depreciable assets, less
accumulated depreciation of
$325,972 and $285,427, respectively 178,266 160,690
Deferred debt issuance costs 7,014 4,382
Goodwill 516,335 486,841
Deferred taxes and other assets 28,420 37,831
------------ ----------
$1,181,384 $1,078,908
=========== ===========
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $116,835 $88,533
Accrued interest 2,939 4,957
Accrued salaries, wages and employee benefits 31,091 24,568
Other accrued expenses 56,098 39,493
Current portion of long-term debt 10,679 78,363
------------ ----------
Total current liabilities 217,642 235,914
Long-term debt 532,280 565,885
Accrued pension and post employment
benefit obligations 100,326 102,418
Other liabilities 7,730 7,709
Shareholders' Equity:
Common stock 44 43
Additional paid-in deficit (238,124) (274,282)
Accumulated earnings 626,430 522,440
Accumulated other comprehensive loss (64,944) (81,219)
------------ ----------
Total shareholders' equity 323,406 166,982
------------ ----------
$1,181,384 $1,078,908
=========== ===========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion