HIGHLAND HEIGHTS, Ky., Aug 01, 2011 (BUSINESS WIRE) --
General Cable Corporation (NYSE: BGC), one of the most globally
diversified industrial companies, reported today results for the second
quarter ended July 1, 2011. Diluted earnings per share for the second
quarter of 2011 were $0.68. Included in these results was $0.09 per
share of non-cash convertible debt interest expense. Before the impact
of this item, adjusted non-GAAP earnings per share for the second
quarter of 2011 would have been $0.77.
Highlights
- Adjusted earnings per share of $0.77 within the range of
management's earlier communication
- Operating income in the second quarter of 2011 increased 33% or
$20.0 million compared to the second quarter of 2010, and was up 9% or
$6.7 million compared to the first quarter of 2011
- Global volume as measured in metal pounds sold in the second
quarter of 2011 increased 12% year over year, marking the fourth
consecutive quarter of year over year growth
- Seasonal demand patterns lift sequential volume as measured in
metal pounds sold in North America by 6%
- Submarine power cables business advances with three new project
wins totaling approximately EUR 150 million, collectively, which are
expected to be executed in the 2012 and 2013 timeframe
- Completed refinancing of $400 million Senior Secured Credit
Facility, at attractive rates and terms, increasing global operating
flexibility
- General Cable added to the S&P MidCap 400 Index
Second Quarter Results
Net sales for the second quarter of 2011 were $1,532.2 million, an
increase of $153.9 million, or 11%, compared to the second quarter of
2010 on a metal-adjusted basis. Before the impact of favorable foreign
currency exchange rate changes of $80.3 million, net sales for the
second quarter increased 5% compared to the second quarter of 2010.
Volume based on metal pounds sold increased 12% in the second quarter of
2011 compared to 2010 partly as a result of aluminum based product
shipments for metal intensive, aerial transmission projects in Brazil
and North America. Sequentially as compared to the first quarter of
2011, volume in the second quarter was flat as seasonally higher demand
in North America was offset by lower volume in the Company's ROW and
Europe and Mediterranean segments.
Operating income in the second quarter of 2011 increased 9% or $6.7
million to $79.8 million compared to $73.1 million in the first quarter
of 2011, and was up 33% compared to the second quarter of 2010. The
sequential increase in operating income was principally due to the
strong performance in North America. This strong performance reflects
seasonally stronger demand and better results in electric utility and
telecommunications products as well as stable demand and steady momentum
on pricing in North America for products tied to information technology,
natural resource extraction and electrical infrastructure. Operating
income in Rest of World sequentially improved primarily due to the
strength of our businesses in Venezuela and Brazil. Partially offsetting
these improvements sequentially were lower operating results in the
Europe & Mediterranean region and lower absorption of overhead costs as
inventory quantities were generally flat during the second quarter,
excluding the impact of a forward purchase of copper in Venezuela during
the quarter. On a metal adjusted basis, operating margin of 5.2% in the
second quarter of 2011 was flat as compared to the first quarter of
2011, and was up 90 basis points as compared to the second quarter of
2010.
Gregory B. Kenny, President and Chief Executive Officer of General
Cable, said, "In North America, our results benefited from the impact of
seasonally higher demand in our electric utility and telecommunications
businesses as well as the carryover of traction gained on pricing in the
earlier part of the year in our businesses tied to information
technology, natural resource extraction and electrical infrastructure.
In ROW, our strategy of introducing a broader product range into
developing markets helped to more than offset the impact of lower than
expected volume across a number of geographies. The uneven demand
experienced during the quarter is largely episodic as we believe the
fundamental growth drivers within the emerging markets are solid with
volume up during the second quarter 16% year over year. We continue to
strengthen our market position and range of products in Colombia, Peru,
Australia, South Africa and Mexico. In Mexico, our progress continues
and we are encouraged to have recently supplied our first high-voltage
cables manufactured at our state of the art facility. We also expect to
begin production late in the fourth quarter at our new plant in India.
We have seen no material change in our European and Mediterranean
markets, which remain weak in terms of demand and pricing. However,
during the quarter, we were awarded three meaningful projects in our
submarine power cables business, valued at around EUR 150 million,
collectively. We expect production and installation of these cables in
2012 and 2013. We are pleased with the momentum we are seeing in our
project systems business for both submarine power and terrestrial high
and extra-high voltage cables."
In North America, volume as measured in metal pounds sold increased 15%
in the second quarter of 2011 compared to the second quarter of 2010 and
was up 6% sequentially when compared to the first quarter of 2011. The
sequential increase in volume was principally the result of seasonal
demand for the Company's electric utility and telecommunication
products. Excluding these products, volume increased 16% year over year
and was flat sequentially. Demand stabilized for the Company's
electrical infrastructure and networking products in the second quarter
following the strong growth experienced during the first quarter.
In ROW, volume as measured in metal pounds sold increased 16% in the
second quarter of 2011 compared to the second quarter of 2010 and was
down 4% sequentially as compared to the first quarter of 2011. Volume
was lower than expected across a number of business units throughout
ROW. In Southeast Asia and Central America/Mexico, volume declined
sequentially 11% and 10%, respectively. These declines were principally
due to product mix, electric utility customer order patterns and the
competitive landscape. Partially offsetting this weaker volume were
better sequential results in Venezuela, Brazil and Zambia where the
Company benefited from higher spending on electrical infrastructure and
the shipment of aerial transmission cables. In addition, the Company
continues to benefit from the diversification and expansion of its
product offering in developing markets through the introduction of
industrial, specialty and data communication products.
In Europe and Mediterranean, volume as measured in metal pounds sold
increased 4% in the second quarter of 2011 compared to the second
quarter of 2010 and was down 3% sequentially when compared to the first
quarter of 2011. Seasonal demand for electric utility products in France
and higher volume principally attributable to the Company's project
business in Germany were more than offset by broader weakness throughout
Europe, particularly in Iberia.
Other expense of $3.9 million in the second quarter of 2011 was
primarily attributable to foreign currency transaction losses which
resulted from changes in exchange rates in the various countries in
which the Company operates.
Liquidity
Net debt was $697.1 million at the end of the second quarter of 2011, an
increase of $17.3 million from the end of the first quarter of 2011. The
increase in net debt includes the impact of funding $39.7 million of
copper purchases made during the second quarter of 2011 in Venezuela as
the Company received authorization to import copper that will be
utilized in production over the second half of the year. The Company
continues to maintain adequate liquidity to fund operations, which could
include increased working capital requirements as a result of higher raw
material cost inputs, internal growth and continuing product and
geographic expansion opportunities.
The Company recently completed the refinancing of its asset-based
revolving credit facility in the US and Canada by entering into a new
5-year, $400 million asset-based revolving credit facility, maturing in
2016. The Company has the ability to increase the facility size in the
future by up to $100 million.
Preferred Stock Dividend
In accordance with the terms of the Company's 5.75% Series A Convertible
Redeemable Preferred Stock, the Board of Directors has declared a
regular quarterly preferred stock dividend of approximately $0.72 per
share. The dividend is payable on August 24, 2011 to preferred
stockholders of record as of the close of business on July 29, 2011. The
Company expects the quarterly dividend payment to be less than $0.1
million.
Third Quarter 2011 Outlook
For the third quarter, the Company expects to report non-GAAP earnings
before the impact of non-cash convertible interest expense in the range
of $0.66 to $0.76 per share. Revenues are expected to be approximately
$1.60 to $1.65 billion. The Company expects sequentially higher volume
in the third quarter of approximately 5% to 8% principally due to demand
in the Company's ROW region. "Results in the third quarter in ROW should
show improvement as projects are released, aerial transmission cables in
Brazil are shipped and recent investments continue to capture market
opportunities. Conversely, we expect operating results in North America
to be lower principally due to normal seasonal patterns. The seasonal
impact of the summer holiday calendar in Europe is expected to be
partially offset by project related activity and the excellent progress
we are making in developing a regional business model with greater
market coverage and an improved cost position. We are carefully
monitoring mixed global economic indicators, generally weak levels of
construction spending, elevated energy prices, volatile raw materials
costs and lingering geopolitical and sovereign debt concerns. Our third
quarter outlook assumes current metal prices, no unrealized gains or
losses on mark to market adjustments of currency or commodity financial
instruments, lower inventory quantities and an effective tax rate of
around 25%," Kenny concluded. A reconciliation of expected GAAP earnings
per share is as follows:
|
|
|
|
Q3 2011
Outlook
|
|
|
|
Q3 2010
Actual
|
|
GAAP earnings per share
|
|
|
|
$0.57 - $0.67
|
|
|
|
$0.34
|
|
Non-cash convertible interest expense
|
|
|
|
0.09
|
|
|
|
0.09
|
|
Mark to market losses on derivative instruments
|
|
|
|
-
|
|
|
|
0.11
|
|
Adjusted Non-GAAP earnings per share
|
|
|
|
$0.66 - $0.76
|
|
|
|
$0.54
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Measures
In addition to reporting financial results in accordance with accounting
principles generally accepted in the United States (GAAP), we discuss in
this earnings release earnings per share for the second quarter of 2011
and 2010 as adjusted for the impact of non-cash convertible debt
interest expense. This Company-defined adjusted measure is being
provided because management believes it is useful in analyzing the
operating performance of the business. This non-GAAP measure may be
inconsistent with similar measures presented by other companies and
should only be used in conjunction with our results reported according
to GAAP. A reconciliation of earnings per share as reported to adjusted
non-GAAP earnings per share follows:
|
|
|
|
Second Quarter EPS
|
|
|
|
|
2011
|
|
|
|
2010
|
|
EPS as Reported
|
|
|
|
$
|
0.68
|
|
|
|
$
|
0.45
|
|
Adjustments to reconcile EPS:
Non-cash convertible interest expense
|
|
|
|
|
0.09
|
|
|
|
|
0.09
|
|
Adjusted Non-GAAP EPS
|
|
|
|
$ |
0.77 |
|
|
|
$ |
0.54 |
|
|
|
|
|
|
|
|
|
|
|
General Cable will discuss second quarter results on a conference call
that will be broadcast live at 8:30 a.m. ET, August 2, 2011. The live
webcast of the Company's conference call will be available in listen
only mode and can be accessed through the Investor Relations page on our
website at www.generalcable.com.
General Cable Corporation (NYSE:BGC), a Fortune 500 Company, is a global
leader in the development, design, manufacture, marketing and
distribution of copper, aluminum and fiber optic wire and cable products
and systems for the energy, industrial and communications markets. Visit
our website at www.generalcable.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this press release are forward-looking
statements that involve risks and uncertainties, predict or describe
future events or trends and that do not relate solely to historical
matters. Forward looking statements can generally be identified by use
of forward-looking terminology such as"believe," "expect,"
"may," "will" "anticipate," "intend," "estimate," "project," "plan,"
"assume," "seek to" or other similar expressions, although not all
forward-looking statements contain these identifying words.Actual
results may differ materially from those discussed in forward-looking
statements as a result of factors, risks and uncertainties over many of
which we have no control.These factors include, but are not
limited to: the economic strength and competitive nature of the
geographic markets that the Company serves; our ability to increase
manufacturing capacity and productivity; our ability to increase our
selling prices during periods of increasing raw material costs; our
ability to service, and meet all requirements under, our debt, and to
maintain adequate domestic and international credit facilities and
credit lines; the impact of unexpected future judgments or settlements
of claims and litigation; the impact of foreign currency fluctuations,
compliance with U.S. and foreign laws and the other risks detailed from
time to time in the Company's SEC filings, including but not limited to,
its annual report on Form 10-K for the fiscal year ending December 31,
2010, and subsequent SEC filings. You are cautioned not to place undue
reliance on these forward-looking statements. General Cable does not
undertake, and hereby disclaims, any obligation, unless required to do
so by applicable securities laws, to update any forward-looking
statements as a result of new information, future events or other
factors.
TABLES TO FOLLOW
| General Cable Corporation and Subsidiaries |
| Consolidated Statements of Operations |
| (in millions, except per share data) |
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Fiscal Months Ended |
|
Six Fiscal Months Ended |
|
|
July 1, |
|
July 2, |
|
July 1, |
|
July 2, |
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
Net sales
|
|
$
|
1,532.2
|
|
|
$
|
1,208.6
|
|
|
$
|
2,979.8
|
|
|
$
|
2,306.6
|
|
|
Cost of sales
|
|
|
1,357.6
|
|
|
|
1,063.9
|
|
|
|
2,638.2
|
|
|
|
2,024.3
|
|
|
Gross profit
|
|
|
174.6
|
|
|
|
144.7
|
|
|
|
341.6
|
|
|
|
282.3
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
94.8
|
|
|
|
84.9
|
|
|
|
188.7
|
|
|
|
165.2
|
|
|
Operating income
|
|
|
79.8
|
|
|
|
59.8
|
|
|
|
152.9
|
|
|
|
117.1
|
|
|
Other income (expense)
|
|
|
(3.9
|
)
|
|
|
(3.0
|
)
|
|
|
3.1
|
|
|
|
(39.5
|
)
|
|
Interest income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(23.6
|
)
|
|
|
(18.8
|
)
|
|
|
(47.6
|
)
|
|
|
(37.8
|
)
|
|
Interest income
|
|
|
2.0
|
|
|
|
1.1
|
|
|
|
4.0
|
|
|
|
2.2
|
|
|
|
|
(21.6
|
)
|
|
|
(17.7
|
)
|
|
|
(43.6
|
)
|
|
|
(35.6
|
)
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
54.3
|
|
|
|
39.1
|
|
|
|
112.4
|
|
|
|
42.0
|
|
|
Income tax provision
|
|
|
(17.2
|
)
|
|
|
(14.1
|
)
|
|
|
(36.6
|
)
|
|
|
(22.4
|
)
|
|
Equity in net earnings of affiliated companies
|
|
|
1.0
|
|
|
|
0.3
|
|
|
|
1.4
|
|
|
|
0.6
|
|
|
Net income including noncontrolling interests
|
|
|
38.1
|
|
|
|
25.3
|
|
|
|
77.2
|
|
|
|
20.2
|
|
|
Less: preferred stock dividends
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
Less: net income attributable to noncontrolling interest
|
|
|
0.5
|
|
|
|
1.4
|
|
|
|
1.3
|
|
|
|
4.0
|
|
|
Net income attributable to Company common shareholders
|
|
$
|
37.5
|
|
|
$
|
23.8
|
|
|
$
|
75.7
|
|
|
$
|
16.0
|
|
| EPS |
|
|
|
|
|
|
|
|
|
Earnings per common share - basic
|
|
$
|
0.72
|
|
|
$
|
0.46
|
|
|
$
|
1.45
|
|
|
$
|
0.31
|
|
|
Weighted average common shares - basic
|
|
|
52.2
|
|
|
|
52.1
|
|
|
|
52.2
|
|
|
|
52.1
|
|
|
Earnings per common share - assuming dilution
|
|
$
|
0.68
|
|
|
$
|
0.45
|
|
|
$
|
1.39
|
|
|
$
|
0.31
|
|
|
Weighted average common shares - assuming dilution
|
|
|
54.9
|
|
|
|
53.1
|
|
|
|
54.7
|
|
|
|
53.1
|
|
|
|
|
|
|
|
|
|
|
| General Cable Corporation and Subsidiaries |
| Consolidated Statements of Operations |
| Segment Information |
| (in millions) |
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Fiscal Months Ended |
|
|
Six Fiscal Months Ended |
|
|
July 1, |
|
July 2, |
|
|
July 1, |
|
July 2, |
|
|
2011 |
|
2010 |
|
|
2011 |
|
2010 |
| Revenues (as reported) |
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
566.4
|
|
|
$
|
447.6
|
|
|
|
$
|
1,108.2
|
|
|
$
|
854.6
|
|
|
Europe and Mediterranean
|
|
|
469.2
|
|
|
|
367.6
|
|
|
|
|
892.3
|
|
|
|
724.8
|
|
|
Rest of World
|
|
|
496.6
|
|
|
|
393.4
|
|
|
|
|
979.3
|
|
|
|
727.2
|
|
| Total |
|
$
|
1,532.2
|
|
|
$
|
1,208.6
|
|
|
|
$
|
2,979.8
|
|
|
$
|
2,306.6
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues (metal adjusted) |
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
566.4
|
|
|
$
|
504.0
|
|
|
|
$
|
1,108.2
|
|
|
$
|
964.7
|
|
|
Europe and Mediterranean
|
|
|
469.2
|
|
|
|
414.5
|
|
|
|
|
892.3
|
|
|
|
821.1
|
|
|
Rest of World
|
|
|
496.6
|
|
|
|
459.8
|
|
|
|
|
979.3
|
|
|
|
859.9
|
|
| Total |
|
$
|
1,532.2
|
|
|
$
|
1,378.3
|
|
|
|
$
|
2,979.8
|
|
|
$
|
2,645.7
|
|
|
|
|
|
|
|
|
|
|
|
| Metal Pounds Sold |
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
84.4
|
|
|
|
73.7
|
|
|
|
|
163.8
|
|
|
|
138.6
|
|
|
Europe and Mediterranean
|
|
|
71.6
|
|
|
|
68.7
|
|
|
|
|
145.3
|
|
|
|
137.6
|
|
|
Rest of World
|
|
|
96.1
|
|
|
|
83.1
|
|
|
|
|
196.0
|
|
|
|
156.7
|
|
| Total |
|
|
252.1
|
|
|
|
225.5
|
|
|
|
|
505.1
|
|
|
|
432.9
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
41.3
|
|
|
$
|
28.6
|
|
|
|
$
|
76.8
|
|
|
$
|
59.0
|
|
|
Europe and Mediterranean
|
|
|
12.4
|
|
|
|
3.6
|
|
|
|
|
25.9
|
|
|
|
9.5
|
|
|
Rest of World
|
|
|
26.1
|
|
|
|
27.6
|
|
|
|
|
50.2
|
|
|
|
48.6
|
|
| Total |
|
$
|
79.8
|
|
|
$
|
59.8
|
|
|
|
$
|
152.9
|
|
|
$
|
117.1
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Metal Adjusted Sales |
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
7.3
|
%
|
|
|
5.7
|
%
|
|
|
|
6.9
|
%
|
|
|
6.1
|
%
|
|
Europe and Mediterranean
|
|
|
2.6
|
%
|
|
|
0.9
|
%
|
|
|
|
2.9
|
%
|
|
|
1.2
|
%
|
|
Rest of World
|
|
|
5.3
|
%
|
|
|
6.0
|
%
|
|
|
|
5.1
|
%
|
|
|
5.7
|
%
|
|
Total Company
|
|
|
5.2
|
%
|
|
|
4.3
|
%
|
|
|
|
5.1
|
%
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
|
| Capital Expenditures |
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
5.3
|
|
|
$
|
5.1
|
|
|
|
$
|
9.5
|
|
|
$
|
7.2
|
|
|
Europe and Mediterranean
|
|
|
9.8
|
|
|
|
6.4
|
|
|
|
|
20.1
|
|
|
|
12.6
|
|
|
Rest of World
|
|
|
13.8
|
|
|
|
18.6
|
|
|
|
|
25.9
|
|
|
|
30.0
|
|
| Total |
|
$
|
28.9
|
|
|
$
|
30.1
|
|
|
|
$
|
55.5
|
|
|
$
|
49.8
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation & Amortization |
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
8.1
|
|
|
$
|
8.7
|
|
|
|
$
|
16.6
|
|
|
$
|
17.5
|
|
|
Europe and Mediterranean
|
|
|
10.2
|
|
|
|
8.6
|
|
|
|
|
19.8
|
|
|
|
18.0
|
|
|
Rest of World
|
|
|
10.5
|
|
|
|
7.8
|
|
|
|
|
21.1
|
|
|
|
15.9
|
|
| Total |
|
$
|
28.8
|
|
|
$
|
25.1
|
|
|
|
$
|
57.5
|
|
|
$
|
51.4
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues by Major Product Lines |
|
|
|
|
|
|
|
|
|
|
Electric Utility
|
|
$
|
468.7
|
|
|
$
|
381.6
|
|
|
|
$
|
896.2
|
|
|
$
|
700.9
|
|
|
Electrical Infrastructure
|
|
|
454.6
|
|
|
|
327.1
|
|
|
|
|
879.4
|
|
|
|
650.2
|
|
|
Construction
|
|
|
362.5
|
|
|
|
273.5
|
|
|
|
|
730.9
|
|
|
|
542.0
|
|
|
Communications
|
|
|
178.4
|
|
|
|
172.6
|
|
|
|
|
339.3
|
|
|
|
306.2
|
|
|
Rod Mill Products
|
|
|
68.0
|
|
|
|
53.8
|
|
|
|
|
134.0
|
|
|
|
107.3
|
|
| Total |
|
$
|
1,532.2
|
|
|
$
|
1,208.6
|
|
|
|
$
|
2,979.8
|
|
|
$
|
2,306.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GENERAL CABLE CORPORATION AND SUBSIDIARIES |
| Consolidated Balance Sheets |
| (in millions, except share data) |
|
|
|
|
|
|
Assets
|
|
July 1, 2011 |
|
December 31, 2010 |
|
Current Assets:
|
|
(unaudited) |
|
|
|
Cash and cash equivalents
|
|
$
|
422.0
|
|
|
$
|
458.7
|
|
|
Receivables, net of allowances of $24.7 million at July 1, 2011
and $21.1 million at December 31, 2010
|
|
|
1,275.0
|
|
|
|
1,067.0
|
|
|
Inventories
|
|
|
1,385.9
|
|
|
|
1,118.9
|
|
|
Deferred income taxes
|
|
|
52.7
|
|
|
|
39.8
|
|
|
Prepaid expenses and other
|
|
|
130.9
|
|
|
|
121.3
|
|
|
|
Total current assets
|
|
|
3,266.5
|
|
|
|
2,805.7
|
|
|
Property, plant and equipment, net
|
|
|
1,086.4
|
|
|
|
1,039.6
|
|
|
Deferred income taxes
|
|
|
16.7
|
|
|
|
11.3
|
|
|
Goodwill
|
|
|
173.1
|
|
|
|
174.9
|
|
|
Intangible assets, net
|
|
|
192.8
|
|
|
|
199.6
|
|
|
Unconsolidated affiliated companies
|
|
|
18.9
|
|
|
|
17.3
|
|
|
Other non-current assets
|
|
|
77.3
|
|
|
|
79.3
|
|
|
|
Total assets
|
|
$
|
4,831.7
|
|
|
$
|
4,327.7
|
|
|
Liabilities and Total Equity
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
1,105.6
|
|
|
$
|
922.5
|
|
|
Accrued liabilities
|
|
|
427.5
|
|
|
|
376.7
|
|
|
Current portion of long-term debt
|
|
|
211.7
|
|
|
|
121.0
|
|
|
|
Total current liabilities
|
|
|
1,744.8
|
|
|
|
1,420.2
|
|
|
Long-term debt
|
|
|
907.4
|
|
|
|
864.5
|
|
|
Deferred income taxes
|
|
|
207.0
|
|
|
|
202.4
|
|
|
Other liabilities
|
|
|
240.3
|
|
|
|
235.3
|
|
|
|
Total liabilities
|
|
|
3,099.5
|
|
|
|
2,722.4
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
Total Equity:
|
|
|
|
|
|
Redeemable convertible preferred stock, at redemption value
|
|
|
|
|
|
|
(liquidation preference of $50.00 per share)
|
|
|
|
|
|
|
July 1, 2011 - 76,202 outstanding shares
|
|
|
|
|
|
|
December 31, 2010 - 76,202 outstanding shares
|
|
|
3.8
|
|
|
|
3.8
|
|
|
Common stock, $0.01 par value, issued and outstanding shares:
|
|
|
|
|
|
|
July 1, 2011 - 52,166,010 (net of 6,216,096 treasury shares)
|
|
|
|
|
|
|
December 31, 2010 - 52,116,390 (net of 6,211,854 treasury shares)
|
|
|
0.6
|
|
|
|
0.6
|
|
|
Additional paid-in capital
|
|
|
659.5
|
|
|
|
652.8
|
|
|
Treasury stock
|
|
|
(74.7
|
)
|
|
|
(74.0
|
)
|
|
Retained earnings
|
|
|
951.0
|
|
|
|
875.3
|
|
|
Accumulated other comprehensive income
|
|
|
70.9
|
|
|
|
23.5
|
|
|
|
Total Company shareholders' equity
|
|
|
1,611.1
|
|
|
|
1,482.0
|
|
|
Noncontrolling interest
|
|
|
121.1
|
|
|
|
123.3
|
|
|
|
Total equity
|
|
|
1,732.2
|
|
|
|
1,605.3
|
|
|
|
Total liabilities and equity
|
|
$
|
4,831.7
|
|
|
$
|
4,327.7
|
|
SOURCE: General Cable Corporation
General Cable Corporation
Len Texter, Manager, Investor Relations, 859-572-8684
