EX-99.1 2 companynewsreleasedatedmay.htm EX-99.1 Document

Exhibit 99.1
 
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  1 North Brentwood Boulevard  Phone: 314.854.8000
  15th Floor  Fax: 314.854.8003
  St. Louis, Missouri 63105  
    www.Belden.com
News Release

Belden Reports Strong Results for First Quarter 2022


St. Louis, Missouri – May 4, 2022 - Belden Inc. (NYSE: BDC), a leading global supplier of specialty networking solutions, today reported fiscal first quarter 2022 results for the period ended April 3, 2022.

First Quarter 2022

Revenues for the quarter totaled $610.4 million, increasing $101.7 million, or 20%, compared to $508.7 million in the year-ago period. Net income was $44.1 million, compared to $29.1 million in the year-ago period. Net income as a percentage of revenue was 7.2%, compared to 5.7% in the year-ago period. EPS totaled $0.97, compared to $0.64 in the first quarter 2021.

Adjusted EBITDA was $99.5 million, increasing $22.9 million, or 30%, compared to $76.6 million in the year-ago period. Adjusted EBITDA margin was 16.3%, compared to 15.0% in the year-ago period. Adjusted EPS was $1.31, increasing 46% compared to $0.90 in the first quarter 2021. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

The first quarter 2022 included the following portfolio repositioning and capital deployment activities:
•Divested Tripwire for $350 million in gross proceeds, as previously announced;
•Acquired Macmon Secure GmbH for $42 million in the Industrial Automation market, as previously announced;
•Acquired NetModule AG for $24 million in the Industrial Automation market;
•Acquired Communication Associates, Inc. for $19 million in the Broadband & 5G market, subsequent to quarter end;
•Redeemed the full €200 million outstanding on our 2026 senior subordinated notes; and
•Repurchased approximately 885,000 shares for $50 million under our existing authorization.

Roel Vestjens, President and CEO of Belden Inc., said, “We delivered another outstanding quarter that was highlighted by strong financial performance, the completion of the Tripwire divestiture, and accretive capital deployment. Organic growth of 19% and solid execution by our teams resulted in further margin expansion and robust EPS growth. We reduced net leverage to 1.6x while completing strategic acquisitions that add important technologies and enhance our ability to provide comprehensive solutions in the Industrial Automation and Broadband & 5G markets.”

Outlook

“We are increasing our full year 2022 guidance to reflect better than expected performance in the quarter, an improved outlook for the remainder of the year, and recent accretive capital deployments. The macroeconomic environment is very dynamic with considerable uncertainties, but I am encouraged by our strong year-to-date order rates. We continue to gain momentum with our strategic growth initiatives, and I am confident in our ability to support our customers and deliver on our commitments to shareholders,” said Mr. Vestjens.



The Company expects second quarter 2022 revenues to be $625 - $640 million. For the year ending December 31, 2022, the Company now expects revenues to be $2.480 - $2.530 billion, compared to prior guidance of $2.390 - $2.440 billion. The full year revenue guidance now represents organic growth of 7% to 9%.

The Company expects second quarter 2022 GAAP EPS to be $0.98 - $1.08. For the year ending December 31, 2022, the Company now expects GAAP EPS to be $4.31 - $4.61, compared to prior guidance of $4.10 - $4.45.

The Company expects second quarter 2022 adjusted EPS to be $1.35 - $1.45. For the year ending December 31, 2022, the Company now expects adjusted EPS to be $5.55 - $5.85, compared to prior guidance of $5.00 - $5.35. The full year EPS guidance now represents growth of 17% to 23%.


Earnings Conference Call

Management will host a conference call today at 8:30 am ET to discuss results of the quarter. The listen-only audio of the conference call will be broadcast live via the Internet at https://investor.belden.com. The dial-in number for participants is 888-204-4368, with confirmation code 8215820. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.

Net Income and Earnings per Share (EPS)

All references to net income and EPS within this earnings release refer to income from continuing operations and income from continuing operations per diluted share attributable to Belden stockholders, respectively.

Discontinued Operations

During the first quarter of 2022, we completed the sale of Tripwire, which represented a strategic shift impacting our operations and financial results. As a result, Tripwire is reported within discontinued operations through the disposal date, and prior year results have been recast accordingly.

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 website at https://investor.belden.com.



BELDEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months Ended
 April 3, 2022April 4, 2021
 (In thousands, except per share data)
Revenues$610,371 $508,683 
Cost of sales(401,511)(339,500)
Gross profit208,860 169,183 
Selling, general and administrative expenses(103,066)(80,635)
Research and development expenses(23,456)(22,612)
Amortization of intangibles(8,817)(7,993)
Asset impairments— (6,995)
Operating income73,521 50,948 
Interest expense, net(14,411)(15,511)
Loss on debt extinguishment(6,392)— 
Non-operating pension benefit1,200 684 
Income from continuing operations before taxes53,918 36,121 
Income tax expense(9,822)(7,056)
Income from continuing operations44,096 29,065 
Loss from discontinued operations, net of tax(3,685)(324)
Loss on disposal of discontinued operations, net of tax(4,567)— 
Net income 35,844 28,741 
Less: Net income attributable to noncontrolling interest3 75 
Net income attributable to Belden stockholders$35,841 $28,666 
Weighted average number of common shares and equivalents:
Basic44,811 44,679 
Diluted45,567 45,045 
Basic income (loss) per share attributable to Belden stockholders:
        Continuing operations$0.98 $0.65 
        Discontinued operations(0.08)(0.01)
        Disposal of discontinued operations(0.10)— 
        Net income $0.80 $0.64 
Diluted income (loss) per share attributable to Belden stockholders:
        Continuing operations$0.97 $0.64 
        Discontinued operations(0.08)(0.01)
        Disposal of discontinued operations(0.10)— 
        Net income$0.79 $0.64 
Common stock dividends declared per share$0.05 $0.05 



BELDEN INC.
OPERATING SEGMENT INFORMATION
(Unaudited)

Enterprise SolutionsIndustrial Automation SolutionsTotal Segments
 (In thousands, except percentages)
For the three months ended April 3, 2022
Segment Revenues$268,430 $341,941 $610,371 
Segment EBITDA30,821 67,528 98,349 
Segment EBITDA margin11.5 %19.7 %16.1 %
Depreciation expense5,426 5,800 11,226 
Amortization of intangibles4,097 4,720 8,817 
Amortization of software development intangible assets22 985 1,007 
Severance, restructuring, and acquisition integration costs328 3,395 3,723 
For the three months ended April 4, 2021
Segment Revenues$226,355 $282,328 $508,683 
Segment EBITDA28,291 47,611 75,902 
Segment EBITDA margin12.5 %16.9 %14.9 %
Depreciation expense5,363 5,364 10,727 
Amortization of intangibles4,336 3,657 7,993 
Amortization of software development intangible assets32 377 409 
Severance, restructuring, and acquisition integration costs1,952 3,219 5,171 
Adjustments related to acquisitions and divestitures(6,307)(67)(6,374)
Asset impairments— 6,995 6,995 



BELDEN INC.
OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS
(Unaudited)
 
 Three Months Ended
 April 3, 2022April 4, 2021
 (In thousands)
Total Segment and Consolidated Revenues$610,371 $508,683 
Total Segment EBITDA$98,349 $75,902 
    Eliminations(55)(33)
    Total non-operating pension benefit1,200 684 
Consolidated Adjusted EBITDA (1)99,494 76,553 
    Interest expense, net(14,411)(15,511)
    Depreciation expense(11,226)(10,727)
    Amortization of intangibles (8,817)(7,993)
    Amortization of software development intangible assets(1,007)(409)
    Loss on debt extinguishment(6,392)— 
    Severance, restructuring, and acquisition integration costs(3,723)(5,171)
    Asset impairments— (6,995)
    Adjustments related to acquisitions and divestitures— 6,374 
Income from continuing operations before taxes $53,918 $36,121 
 
(1)Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.



















BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
April 3, 2022December 31, 2021
 (In thousands)
ASSETS
Current assets:
Cash and cash equivalents$559,582 $641,563 
Receivables, net375,626 383,444 
Inventories, net396,497 345,203 
Other current assets61,980 58,283 
Current assets of discontinued operations— 449,402 
            Total current assets1,393,685 1,877,895 
Property, plant and equipment, less accumulated depreciation340,081 343,564 
Operating lease right-of-use assets80,219 75,571 
Goodwill859,276 821,448 
Intangible assets, less accumulated amortization267,429 238,155 
Deferred income taxes32,747 31,486 
Other long-lived assets29,834 29,558 
$3,003,271 $3,417,677 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$359,811 $377,765 
Accrued liabilities223,737 278,108 
Current liabilities of discontinued operations— 99,079 
Total current liabilities583,548 754,952 
Long-term debt1,213,639 1,459,991 
Postretirement benefits116,597 120,997 
Deferred income taxes60,014 49,027 
Long-term operating lease liabilities65,943 61,967 
Other long-term liabilities15,935 14,661 
Stockholders’ equity:
Common stock503 503 
Additional paid-in capital826,682 833,627 
Retained earnings539,294 505,717 
Accumulated other comprehensive loss(66,638)(70,566)
Treasury stock(353,071)(313,994)
Total Belden stockholders’ equity946,770 955,287 
Noncontrolling interests825 795 
Total stockholders’ equity947,595 956,082 
$3,003,271 $3,417,677 





BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
 
 Three Months Ended
 April 3, 2022April 4, 2021
 (In thousands)
Cash flows from operating activities:
Net income $35,844 $28,741 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization21,083 22,196 
Loss on debt extinguishment6,392 — 
Share-based compensation5,224 7,285 
Asset impairments— 6,995 
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:
Receivables37,617 (50,208)
Inventories(46,959)(19,313)
Accounts payable(21,373)3,269 
Accrued liabilities(83,527)(30,765)
Income taxes2,209 1,416 
Other assets(2,915)(4,226)
Other liabilities(11,550)(6,885)
Net cash used for operating activities(57,955)(41,495)
Cash flows from investing activities:
Proceeds from disposal of businesses, net of cash sold338,686 1,106 
Proceeds from disposal of tangible assets56 12 
Capital expenditures(10,963)(11,223)
Cash used for business acquisitions, net of cash acquired(65,990)(72,232)
Net cash provided by (used for) investing activities261,789 (82,337)
Cash flows from financing activities:
Payments under borrowing arrangements(230,639)(1,841)
Payments under share repurchase program(50,000)— 
Withholding tax payments for share-based payment awards(3,700)(905)
Cash dividends paid(2,276)(2,246)
Payments under financing lease obligations(45)(43)
Net cash used for financing activities(286,660)(5,035)
Effect of foreign currency exchange rate changes on cash and cash equivalents(1,349)(2,277)
   Decrease in cash and cash equivalents (84,175)(131,144)
Cash and cash equivalents, beginning of period643,757 501,994 
   Cash and cash equivalents, end of period$559,582 $370,850 

The Condensed Consolidated Cash Flow Statement includes the results of discontinued operations up to the disposal date, February 22, 2022.


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 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; certain gains (losses) from patent settlements; 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 acquisition-related expenses, such as amortization of intangibles and 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
April 3, 2022April 4, 2021
(In thousands, except percentages and per share amounts)
GAAP and adjusted revenues$610,371 $508,683 
GAAP gross profit$208,860 $169,183 
Severance, restructuring, and acquisition integration costs1,364 260 
Amortization of software development intangible assets1,007 409 
Adjustments related to acquisitions and divestitures— 816 
Adjusted gross profit$211,231 $170,668 
GAAP gross profit margin34.2 %33.3 %
Adjusted gross profit margin34.6 %33.6 %
GAAP selling, general and administrative expenses$(103,066)$(80,635)
Severance, restructuring, and acquisition integration costs2,359 4,911 
Adjustments related to acquisitions and divestitures— (7,190)
Adjusted selling, general and administrative expenses$(100,707)$(82,914)
GAAP and adjusted research and development expenses$(23,456)$(22,612)
GAAP income from continuing operations$44,096 $29,065 
Interest expense, net14,411 15,511 
Income tax expense 9,822 7,056 
Loss on debt extinguishment6,392 — 
Total non-operating adjustments30,625 22,567 
Amortization of intangible assets8,817 7,993 
Severance, restructuring, and acquisition integration costs3,723 5,171 
Amortization of software development intangible assets1,007 409 
Asset impairments— 6,995 
Adjustments related to acquisitions and divestitures— (6,374)
Total operating income adjustments13,547 14,194 
Depreciation expense11,226 10,727 
Adjusted EBITDA$99,494 $76,553 
GAAP income from continuing operations margin7.2 %5.7 %
Adjusted EBITDA margin16.3 %15.0 %
GAAP income from continuing operations$44,096 $29,065 
Less:  Net income attributable to noncontrolling interest3 75 
GAAP net income from continuing operations attributable to Belden stockholders$44,093 $28,990 
GAAP income from continuing operations$44,096 $29,065 
Plus: Operating income adjustments from above13,547 14,194 
Plus: Loss on debt extinguishment6,392 — 
Less: Net income attributable to noncontrolling interest3 75 
Less: Tax effect of adjustments above4,547 2,820 
Adjusted net income from continuing operations attributable to Belden stockholders$59,485 $40,364 
GAAP income from continuing operations per diluted share attributable to Belden stockholders$0.97 $0.64 
Adjusted income from continuing operations per diluted share attributable to Belden stockholders$1.31 $0.90 
GAAP and adjusted diluted weighted average shares45,567 45,045 



Three Months EndedYear Ended
April 4, 2021July 4, 2021October 3, 2021December 31, 2021December 31, 2021
(In thousands)(In thousands)
GAAP revenues$508,683 $575,857 $604,761 $611,959 $2,301,260 
   Adjustments related to acquisitions— 849 503 (1,352)— 
Adjusted revenues$508,683 $576,706 $605,264 $610,607 $2,301,260 
GAAP gross profit$169,183 $191,354 $203,377 $207,929 $771,843 
   Amortization of software development intangible assets409 322 434 414 1,579 
   Severance, restructuring, and acquisition integration costs260 1,103 2,943 7,002 11,308 
   Adjustments related to acquisitions and divestitures816 1,995 890 (1,352)2,349 
Adjusted gross profit$170,668 $194,774 $207,644 $213,993 $787,079 
GAAP gross profit margin33.3 %33.2 %33.6 %34.0 %33.5 %
Adjusted gross profit margin33.6 %33.8 %34.3 %35.0 %34.2 %
GAAP selling, general and administrative expenses$(80,635)$(93,570)$(95,337)$(108,485)$(378,027)
   Severance, restructuring, and acquisition integration costs4,911 1,937 1,385 4,326 12,559 
   Adjustments related to acquisitions and divestitures(7,190)(83)(713)602 (7,384)
Adjusted selling, general and administrative expenses$(82,914)$(91,716)$(94,665)$(103,557)$(372,852)
GAAP and adjusted research and development expenses$(22,612)$(22,263)$(23,235)$(22,117)$(90,227)
GAAP income from continuing operations$29,065 $45,348 $43,964 $80,464 $198,841 
   Interest expense, net15,511 14,870 16,251 16,061 62,693 
   Income tax expense7,056 9,578 9,799 1,506 27,939 
   Gain on sale of note receivable— — — (27,036)(27,036)
   Loss on debt extinguishment— — 5,715 — 5,715 
Total non-operating adjustments22,567 24,448 31,765 (9,469)69,311 
   Amortization of intangible assets7,993 7,172 7,781 7,684 30,630 
   Severance, restructuring, and acquisition integration costs5,171 3,040 4,328 11,328 23,867 
   Adjustments related to acquisitions and divestitures(6,374)1,912 177 (750)(5,035)
   Amortization of software development intangible assets409 322 434 414 1,579 
   Asset impairments6,995 — 2,287 — 9,282 
Total operating income adjustments14,194 12,446 15,007 18,676 60,323 
   Depreciation expense10,727 10,656 10,586 11,105 43,074 
Adjusted EBITDA$76,553 $92,898 $101,322 $100,776 $371,549 
GAAP income from continuing operations margin5.7 %7.9 %7.3 %13.1 %8.6 %
Adjusted EBITDA margin15.0 %16.1 %16.7 %16.5 %16.1 %
GAAP income from continuing operations29,065 45,348 43,964 80,464 198,841 
   Less: Net income attributable to noncontrolling interests75 208 53 56 392 
GAAP net income from continuing operations attributable to Belden stockholders$28,990 $45,140 $43,911 $80,408 $198,449 
GAAP income from continuing operations$29,065 $45,348 $43,964 $80,464 $198,841 
   Plus: Operating income adjustments from above14,194 12,446 15,007 18,676 60,323 
   Plus: Loss on debt extinguishment— — 5,715 — 5,715 
   Less: Gain on sale of note receivable— — — 27,036 27,036 
   Less: Net income attributable to noncontrolling interests75 208 53 56 392 
   Less: Tax effect of adjustments above2,820 2,500 4,042 12,595 21,957 
Adjusted net income from continuing operations attributable to Belden stockholders$40,364 $55,086 $60,591 $59,453 $215,494 
GAAP income from continuing operations per diluted share attributable to Belden stockholders$0.64 $1.00 $0.97 $1.76 $4.37 
Adjusted income from continuing operations per diluted share attributable to Belden stockholders$0.90 $1.22 $1.33 $1.30 $4.75 
GAAP and adjusted diluted weighted average shares45,045 45,262 45,425 45,729 45,361 



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
 April 3, 2022April 4, 2021
 (In thousands)
GAAP net cash used for operating activities$(57,955)$(41,495)
Capital expenditures, net of proceeds from the disposal of tangible assets(10,907)(11,211)
Non-GAAP free cash flow$(68,862)$(52,706)




BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
2022 Guidance

 Year EndedThree Months Ended
 December 31, 2022July 3, 2022
 (In thousands)
GAAP income from continuing operations per diluted share attributable to Belden common stockholders$4.31 - $4.61$0.98 - $1.08
Amortization of intangible assets0.700.18
Severance, restructuring, and acquisition integration costs0.430.19
Loss from debt extinguishment0.11—
Adjusted income from continuing operations per diluted share attributable to Belden common stockholders$5.55 - $5.85$1.35 - $1.45

Our guidance 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, adjustments related to acquisitions and divestitures, 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.



Forward-Looking Statements

This release and any statements made by us concerning the subject matter of this release may contain forward-looking statements, including our expectations for the second quarter and full-year 2022, and the results of our restructuring program. Forward-looking statements also include any 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 disruptions in the global supply chain, including the inability to obtain raw materials and components in sufficient quantities on commercially reasonable terms; the lack of certainty as to the duration and magnitude of the impact of COVID-19 and the economic recovery from that impact; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; the impact of a challenging global economy or a downturn in served markets; the inability to successfully complete and integrate acquisitions in furtherance of the Company’s strategic plan; difficulty in forecasting revenue due to the unpredictable timing of orders related to customer projects as well as the impacts of channel inventory; inflation and changes in the price and availability of raw materials leading to higher input and labor costs; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); the inability to retain key employees; the increased influence of chief information officers on purchasing decisions; disruptions in the Company’s information systems including due to cyber-attacks leading to exposures of personally identifiable information; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the competitiveness of the global markets in which we operate; the presence of substitute products in the marketplace; the increased prevalence of cloud computing; the inability of the Company to develop and introduce new products and competitive responses to our products; the inability to achieve our strategic priorities in emerging markets; the impact of changes in global tariffs and trade agreements; volatility in credit and foreign exchange markets; the presence of activists proposing certain actions by the Company; perceived or actual product failures; risks related to the use of open source software; disruption of, or changes in, the Company’s key distribution channels; 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; the impact of regulatory requirements and other legal compliance issues; the impairment of goodwill and other intangible assets and the resulting impact on financial performance; 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 period ended December 31, 2021, filed with the SEC on February 15, 2022. 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 and enterprise markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of audio, video and data 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 America, Europe, Asia, and Africa. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.
Contact:
Belden Investor Relations
314-854-8054
Investor.Relations@Belden.com