2004 First Quarter Record 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 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 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 2004 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 48% to a record $.40 compared to $.27 per share for the comparable 2003 period. (All per share amounts included herein have been adjusted to reflect the Company's 2 for 1 stock split effective in March 2004.) Sales for the first quarter 2004 increased 28% to $355,261,000 compared to $277,774,000 for the 2003 period. Currency translation had the effect of increasing sales by approximately $16.2 million in the first quarter 2004 compared to the 2003 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 28% compared to last year's first quarter and the 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 increased from 16.3% to 17.3%. 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 28% over last year with excellent profitability. The growth was broad based across most of our end markets and included all major geographic regions. Growth was especially strong in infrastructure and mobile handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. components for wireless communication markets. The excellent top line 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, increasing our worldwide presence with the leading companies in our target markets and improved end markets reflecting a generally strengthening economy. The improved profitability in the interconnect business is also attributable to the continuing development of new application specific products as well as higher volumes and ongoing programs of cost control. 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 11% of our sales, was up a strong 27% over a comparatively weak quarter in the prior year; however, the operating income margin in this market was 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 48% over last year and represents the ninth consecutive quarterly increase. Earnings per share of $.40 for the quarter is the highest ever, a significant accomplishment considering our long history of excellent profitability. Our operating income margin for the quarter was also strong at 17.3%, representing both a sequential One after the other in some consecutive order such as by name or number. and year-over-year increase. Furthermore, net income, that is after interest expense and taxes, exceeded 10% of sales, another indication of the Company's excellent profitability. 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 significant at $31.8 million for the quarter." "With the first quarter results, 2004 is off to a great start. I am very proud of our organization as we continue to execute well, and we have a strong position in excellent and diversified diversified (di·verˑ·s markets and continue to increase our presence with the major companies in these markets. Furthermore, while uncertainties remain, there are signs of a general economic recovery, albeit some geographic regions are more robust than others. Accordingly, assuming a continuation of the current economic climate and relatively stable currency exchange rates, we are revising upward our expectation for full year 2004 results to a sales increase in the range of 12% to 15% and earnings per share increase in the range of 25% to 30%; this compares to our prior estimates of sales and earnings per share increases of 8% to 11% and 16% to 21%, respectively. We are very confident that we are in excellent markets with a great organization, and we are very excited about the future." The Company will host a conference call to discuss its first quarter results at 1:00 PM (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) April 21, 2004. The toll free dial-in number to participate in this call is 888-396-9930; International dial-in number 630-395-0024; Passcode: Jepsen. There will be a replay available until 5:00 PM (EDT) 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 23, 2004. If you are unable to participate on the call and would like to hear a replay, the toll free dial-in number is 800-873-5254 and International dial-in replay number is 402-220-4776. A live broadcast as well as a replay until April 23, 2005 will also be available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.amphenol.com/index.cfm/fuseaction/financial.webcasts. Amphenol Corporation is one of the world's leading producers of electronic and fiber optic optic /op·tic/ (op´tik) ocular (1). op·tic or op·ti·cal adj. 1. Of or relating to the eye or vision. 2. connectors, cable and interconnect systems. Amphenol products are engineered and manufactured in the Americas A·mer·i·cas , the See America. , Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). 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. , 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 December: see month. 31, 2003, 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,
-----------------------------
2004(1) 2003(1)
------------ ------------
Sales $355,261,000 $277,774,000
Net income 35,658,000 23,313,000
Earnings per share - Basic $.41 $.27
Average shares outstanding - Basic 87,977,804 85,145,360
Earnings per share - Diluted $.40 $.27
Average shares outstanding - Diluted 89,878,164 87,022,084
(1) Per share and share amounts have been adjusted to reflect the
Company's 2 for 1 stock split effective in March 2004.
AMPHENOL CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(dollars in thousands, except per share data)
Three months ended
March 31,
-------------------------
2004 2003
-------------------------
(Unaudited)
Net Sales $355,261 $277,774
Costs and Expenses:
Cost of sales, excluding depreciation and
amortization 233,230 182,653
Depreciation and amortization expense 9,433 8,808
Selling, general and administrative expense 51,315 41,142
------------- -----------
Operating income 61,283 45,171
Interest expense (5,755) (8,124)
Other expenses, net (1,500) (1,724)
------------- -----------
Income before income taxes 54,028 35,323
Provision for income taxes (18,370) (12,010)
------------- -----------
Net income $35,658 $23,313
============= ===========
Net income per common share - Basic $0.41 $0.27
============= ===========
Average shares outstanding - Basic 87,977,804 85,145,360
============= ===========
Net income per common share - Diluted $0.40 $0.27
============= ===========
Average shares outstanding - Diluted 89,878,164 87,022,084
============= ===========
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(dollars in thousands)
Mar. 31, Dec. 31,
2004 2003
----------- ----------
(Unaudited)
ASSETS
Current Assets:
Cash and short-term cash investments $28,404 $23,533
Accounts receivable, less allowance
for doubtful accounts of $9,590
and $9,244, respectively 186,493 172,488
Inventories 224,810 221,385
Prepaid expenses and other assets 35,195 33,943
----------- -----------
Total current assets 474,902 451,349
Land and depreciable assets, less
accumulated depreciation of
$325,587 and $327,469, respectively 174,320 178,266
Deferred debt issuance costs 6,658 7,014
Goodwill 515,978 516,335
Deferred taxes and other assets 28,194 28,420
----------- -----------
$1,200,052 $1,181,384
=========== ===========
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $117,683 $116,835
Accrued interest 2,390 2,939
Accrued salaries, wages and employee benefits 33,987 31,091
Other accrued expenses 48,951 56,098
Current portion of long-term debt 10,465 10,679
----------- -----------
Total current liabilities 213,476 217,642
Long-term debt 516,550 532,280
Accrued pension and post employment
benefit obligations 101,456 100,326
Other liabilities 11,601 7,730
Shareholders' Equity:
Common stock 88 88
Additional paid-in deficit (222,853) (238,168)
Accumulated earnings 662,088 626,430
Accumulated other comprehensive loss (66,180) (64,944)
Treasury stock, at cost (16,174) 0
----------- -----------
Total shareholders' equity 356,969 323,406
----------- -----------
$1,200,052 $1,181,384
=========== ===========
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