HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--May 6, 2015--
General Cable Corporation (NYSE: BGC) reported today results for
the first quarter ended April 3, 2015. For the quarter, the Company
generated adjusted earnings per share of $0.35 and adjusted operating
income of $48 million. Reported loss per share for the quarter was $0.78
and reported operating income was $8 million. See page 3 of this press
release for the reconciliation of adjusted to reported results and
related disclosures.
Highlights
-
First quarter adjusted operating income of $48 million and
adjusted EPS of $0.35 reflect the strong performance of the Company’s
European submarine turnkey project business and the electric utility
and telecommunication businesses in North America
-
Reduced net debt by $108 million and maintained availability of
$391 million under the Company’s North American and European based
credit facility after retiring $125 million senior floating rate notes
-
Strong management of working capital in the Company’s core
operations in North America, Latin America and Europe generated
cash of $80 million
-
Completed the sale of the Company’s interests in joint ventures
in Dominion Wire and Cable (Fiji) and Keystone Electric Wire and Cable
(China) for cash consideration of $21 million, building on the
momentum generated at the end of the year with the previously
announced sale of the Company’s interest in the Philippines for $67
million, continuing our plan to simplify our global portfolio
-
Announced incremental restructuring actions during the first
quarter including SG&A cost reductions and further asset optimization
plans in North America and Europe
Gregory B. Kenny, President and Chief Executive Officer, said, “We are
executing our strategic plan to simplify our geographic portfolio,
reduce complexity and lower the cost base of our core operations. Our
progress toward this goal included the sale of our interests in joint
ventures in Fiji and China and incremental restructuring actions which
are expected to result in one-time pre-tax charges in the range of $25
million and incremental annual savings of approximately $15 million in
2016. We also continue to make strong progress implementing our initial
restructuring actions announced in July 2014 which represents estimated
annual savings of $75 million. Collectively, we are now targeting $90
million in annual savings from restructuring initiatives. The searches
for the next CEO and an operations-oriented independent director are
progressing under the guidance of our outside Directors.”
Brian J. Robinson, Executive Vice President and Chief Financial Officer,
said, “Our strong start to the year reflects the Company’s ability to
capture and execute on project activity in several key businesses in
Europe and North America. Our first quarter results reflect the benefit
of better than expected production and contract service activity in our
submarine turnkey project business in Europe and increased projects in
our electric utility distribution and telecommunication businesses in
North America. The impact of selling higher weighted average cost
inventory into a lower price environment was less than expected as
copper prices increased in the latter part of the first quarter.
Overall, these results were partially offset by the impact of general
economic weakness in Latin America and typical seasonality. Our actions
in tightly managing working capital, applying divestiture sale proceeds
to reduce debt and maintaining liquidity all position us to continue to
fund the businesses including working capital requirements,
restructuring activities and quarterly dividends.”
The following comparisons reflect comments on the Company’s core
operations consisting of North America, Latin America and Europe
(excluding Venezuela, Asia Pacific and Africa):
Q1 2015 versus Q1 2014
Excluding aerial transmission cable shipments in North America and
Brazil and the impact of restructuring actions in Europe, unit volume in
the Company’s core operations increased 3% year over year principally
due to demand for electric utility distribution cables and rod and strip
products in North America. Adjusted operating income for the first
quarter of 2015 of $48 million was up $27 million from the first quarter
of 2014. The year over year improvement in adjusted operating income
principally reflects the strong performance of the Company’s European
submarine turnkey project business and the benefit of restructuring
initiatives, which more than offset the impact of selling higher
weighted average cost inventory into a lower metal price environment.
Q1 2015 versus Q4 2014
Excluding aerial transmission cable shipments in North America and
Brazil and the impact of restructuring actions in Europe, unit volume
for the first quarter of 2015 was down 6% as compared to the fourth
quarter. Sequentially, adjusted operating income was up $8 million in
the first quarter principally due to the performance of the Company’s
electric utility distribution and communication businesses in North
America as well as restructuring initiatives. These items more than
offset seasonally weak results in Latin America and the impact of lower
shipments of specialty cables in North America as well as the impact of
selling higher weighted average cost inventory into a lower metal price
environment.
Other Expense
Other expense of $25 million principally reflects the adoption of the
SIMADI currency exchange system in Venezuela and remeasurement of the
local balance sheet at 193 bolivars per US dollar which resulted in an
expense of $22 million in the first quarter. Excluding the impact of
Venezuela, other expense included currency transaction losses of $4
million in the Company’s noncore businesses in Asia-Pacific and Africa,
mark to market losses of $1 million on derivative instruments accounted
for as economic hedges and foreign currency transaction gains in the
core operations of $2 million.
Liquidity - Excluding Venezuela
Net debt was $1,054 million at the end of the first quarter of 2015, a
decrease of $108 million from the end of the fourth quarter of 2014. The
decrease in net debt is principally due to reductions in working capital
and the use of cash proceeds generated from the sale of the Company’s
interests in joint ventures in Fiji and China toward the reduction of
debt. Building on the strong momentum generated at the end of 2014, the
Company continues to efficiently manage its investment in working
capital, particularly inventory.
Second Quarter 2015 Outlook for the Company’s
Core Operations consisting of North America, Latin America and Europe
(excluding Venezuela, Asia Pacific and Africa)
Revenues in the second quarter are expected to be in the range of $1.12
to $1.17 billion. Unit volume in the Company’s core operations is
anticipated to be up low single digits sequentially principally due to
seasonal demand trends. The Company anticipates adjusted operating
income to be in the range of $40 to $55 million for the second quarter.
Adjusted earnings per share are expected to be in the range of $0.20 to
$0.40 per share for the second quarter. The Company’s second quarter
outlook assumes copper (COMEX) and aluminum (LME) prices of $2.94 and
$0.87, respectively, and constant foreign currency exchange rates. The
second quarter outlook does not include operating results from
Venezuela, Asia Pacific and Africa.
“Sequentially, our second quarter outlook reflects the impact of normal
seasonal demand, incremental restructuring savings and subsiding metal
cost headwinds which are expected to be offset by the impact of lower
project activity in our European submarine turnkey project business as
well as our electric utility distribution and telecommunication
businesses in North America following the strong results generated in
the first quarter. We remain committed to the execution of our strategic
initiatives which we believe are driving improvement in our core
operations. To that end, we have generated substantial momentum in a
very short period of time and given the ongoing uneven and highly mixed
macro operating environment we continue to evaluate opportunities to
further optimize our businesses, reduce costs and drive efficiencies,”
Kenny concluded.
Non-GAAP Financial Measures
Adjusted operating income (defined as operating income before
extraordinary, nonrecurring or unusual charges and other certain items),
adjusted earnings per share (defined as diluted earnings per share
before extraordinary, nonrecurring or unusual charges and other certain
items) and net debt (defined as long-term debt plus current portion of
long-term debt less cash and cash equivalents) are “non-GAAP financial
measures” as defined under the rules of the Securities and Exchange
Commission.
These Company-defined non-GAAP financial measures are being provided
herein because management believes they are useful in analyzing the
operating performance of the business and are consistent with how
management reviews the underlying business trends. Metal adjusted
revenues, a non-GAAP financial measure, is also provided herein in order
to eliminate an estimate of metal price volatility from the comparison
of revenues from one period to another. Use of these non-GAAP measures
may be inconsistent with similar measures presented by other companies
and should only be used in conjunction with the Company’s results
reported according to GAAP. Adjusted results and guidance reflect the
removal of the impact of our Venezuelan operations on a standalone basis
due to the ongoing economic and political uncertainty in that country,
principally driven by the foreign currency exchange system,
government-imposed regulations, price controls and limited access to
U.S. dollars for the import of raw materials. However, we expect ongoing
operations in Venezuela to continue, and we cannot predict the amounts
of any future income or expenses we may incur relating to our Venezuelan
operations. Certain operating results of Venezuela, Asia Pacific and
Africa are disclosed in the First Quarter 2015 Investor Presentation
available on the Company’s website. Certain adjusted results and the
second quarter 2015 guidance reflects the removal of Asia Pacific and
Africa operating results as we are in the process of divesting these
operations and therefore cannot predict the amounts of any future
operating income or expenses we may incur. For accounting purposes,
these operations do not meet the requirements to be presented as
discontinued operations.
A reconciliation of adjusted operating income to GAAP operating income
and adjusted earnings per share to GAAP earnings per share for the first
quarter of 2015 and 2014 and the fourth quarter of 2014 is set forth in
the table below. With respect to the Company’s expected second quarter
2015 revenues in its core operations, adjusted operating income and
adjusted earnings per share, the Company is not able to provide a
reconciliation of these non-GAAP financial measures to GAAP because it
does not provide specific guidance for the various extraordinary,
nonrecurring or unusual charges and other certain items. These items
have not yet occurred, are out of the Company’s control and/or cannot be
reasonably predicted. As a result, reconciliation of the non-GAAP
guidance measures to GAAP is not available without unreasonable effort
and the Company is unable to address the probable significance of the
unavailable information.
A reconciliation of GAAP operating income and earnings per share to
adjusted operating income and earnings per share follows:
|
|
1st Quarter
|
|
4th Quarter
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
Operating
|
|
|
|
Operating
|
|
|
|
Operating
|
|
|
In millions, except per share amounts
|
|
Income
|
|
EPS
|
|
Income
|
|
EPS
|
|
Income
|
|
EPS
|
As reported
|
|
$
|
7.9
|
|
|
$
|
(0.78
|
)
|
|
$
|
(237.1
|
)
|
|
$
|
(6.42
|
)
|
|
$
|
(9.8
|
)
|
|
$
|
(3.35
|
)
|
Adjustments to Reconcile Operating Income/EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash convertible debt interest expense
|
|
|
-
|
|
|
|
0.01
|
|
|
|
-
|
|
|
|
0.01
|
|
|
|
-
|
|
|
|
0.01
|
|
Mark to market (gain) loss on derivative instruments
|
|
|
-
|
|
|
|
0.01
|
|
|
|
-
|
|
|
|
0.13
|
|
|
|
-
|
|
|
|
0.04
|
|
Restructuring and severance charges
|
|
|
17.2
|
|
|
|
0.23
|
|
|
|
2.1
|
|
|
|
0.02
|
|
|
|
25.5
|
|
|
|
0.36
|
|
Restatement and legal costs
|
|
|
7.4
|
|
|
|
0.10
|
|
|
|
2.9
|
|
|
|
0.04
|
|
|
|
3.9
|
|
|
|
0.05
|
|
Projects and insurance settlements
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(17.2
|
)
|
|
|
(0.21
|
)
|
European Commission
|
|
|
-
|
|
|
|
-
|
|
|
|
2.5
|
|
|
|
0.03
|
|
|
|
-
|
|
|
|
-
|
|
Gain on the sale of divested assets
|
|
|
(0.9
|
)
|
|
|
(0.01
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(17.6
|
)
|
|
|
(0.22
|
)
|
Foreign Corrupt Practices Act (FCPA) accrual
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
24.0
|
|
|
|
0.49
|
|
Goodwill/intangible asset impairment
|
|
|
-
|
|
|
|
-
|
|
|
|
248.5
|
|
|
|
4.29
|
|
|
|
-
|
|
|
|
-
|
|
Venezuela (income)/loss(1) (2)
|
|
|
5.1
|
|
|
|
0.59
|
|
|
|
4.2
|
|
|
|
1.80
|
|
|
|
37.6
|
|
|
|
2.98
|
|
Non-core operations (income)/loss – Asia Pacific and Africa
|
|
|
11.7
|
|
|
|
0.20
|
|
|
|
(2.0
|
)
|
|
|
0.05
|
|
|
|
(6.0
|
)
|
|
|
(0.02
|
)
|
Total Adjustments
|
|
|
40.5
|
|
|
|
1.13
|
|
|
|
258.2
|
|
|
|
6.37
|
|
|
|
50.2
|
|
|
|
3.48
|
|
Adjusted
|
|
$
|
48.4
|
|
|
$
|
0.35
|
|
|
$
|
21.1
|
|
|
$
|
(0.05
|
)
|
|
$
|
40.4
|
|
|
$
|
0.13
|
|
NOTE:
|
|
Table above reflects an adjusted effective tax rate of 40% for all
periods presented
|
(1)
|
|
First quarter 2015 EPS reflects a loss of $22 million due to the
adoption of the SIMADI currency exchange system and remeasurement of
the local balance sheet at 193 bolivars per US dollar
|
(2)
|
|
Fourth quarter 2014 operating income reflects the impact of a
non-cash impairment charge of $43 million in Venezuela; also
reflected in the EPS loss is the adoption of SICAD II currency
exchange system and remeasurement of the local balance sheet at 50
bolivars per US dollar which resulted in a loss of $90 million
|
|
|
|
Conference Call and Investor Presentation
General Cable will discuss first quarter results on a conference call
that will be broadcast live at 8:30 a.m., ET, on May 7, 2015. 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.
Also available on our website is a copy of an Investor Presentation that
will be referenced throughout the conference call.
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, specialty, construction 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 include, among others, expressed expectations with
regard to the following: “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; our ability to
establish and maintain internal controls; the impact of unexpected
future judgments or settlements of claims and litigation; impact of
foreign currency exchange rate fluctuations; impact of future impairment
charges; compliance with U.S. and foreign laws, including the Foreign
Corrupt Practices Act; our ability to achieve the anticipated cost
savings, efficiencies and other benefits related to our restructuring
program and other strategic initiatives, including our plan to exit all
of our Asia Pacific and African operations, and the other risks detailed
from time to time in the Company’s filings with the Securities and
Exchange Commission (“SEC”), including but not limited to, its annual
report on Form 10-K filed with the SEC on March 2, 2015, 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
|
|
|
April 3,
|
|
March 28,
|
|
|
2015
|
|
2014
|
Net sales
|
|
$
|
1,262.3
|
|
|
$
|
1,430.1
|
|
Cost of sales
|
|
|
1,141.6
|
|
|
|
1,298.0
|
|
Gross profit
|
|
|
120.7
|
|
|
|
132.1
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
109.6
|
|
|
|
120.7
|
|
Goodwill impairment charge
|
|
|
3.2
|
|
|
|
155.1
|
|
Intangible asset impairment charges
|
|
|
-
|
|
|
|
93.4
|
|
Operating income (loss)
|
|
|
7.9
|
|
|
|
(237.1
|
)
|
Other income (expense)
|
|
|
(24.9
|
)
|
|
|
(97.7
|
)
|
Interest income (expense):
|
|
|
|
|
Interest expense
|
|
|
(25.2
|
)
|
|
|
(27.4
|
)
|
Interest income
|
|
|
0.9
|
|
|
|
1.2
|
|
|
|
|
(24.3
|
)
|
|
|
(26.2
|
)
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(41.3
|
)
|
|
|
(361.0
|
)
|
Income tax (provision) benefit
|
|
|
0.2
|
|
|
|
21.4
|
|
Equity in net earnings (losses) of affiliated companies
|
|
|
0.2
|
|
|
|
0.2
|
|
Net income (loss) including noncontrolling interest
|
|
|
(40.9
|
)
|
|
|
(339.4
|
)
|
Less: net income (loss) attributable to noncontrolling interest
|
|
|
(2.8
|
)
|
|
|
(24.0
|
)
|
Net income (loss) attributable to Company common shareholders
|
|
$
|
(38.1
|
)
|
|
$
|
(315.4
|
)
|
Earnings (loss) per share
|
|
|
|
|
Earnings (loss) per common share - basic
|
|
$
|
(0.78
|
)
|
|
$
|
(6.42
|
)
|
Weighted average common shares - basic
|
|
|
48.8
|
|
|
|
49.1
|
|
Earnings (loss) per common share - assuming dilution
|
|
$
|
(0.78
|
)
|
|
$
|
(6.42
|
)
|
Weighted average common shares - assuming dilution
|
|
|
48.8
|
|
|
|
49.1
|
|
|
|
|
|
|
|
|
|
|
GENERAL CABLE CORPORATION AND SUBSIDIARIES
|
Consolidated Statements of Operations
|
Segment Information
|
(in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Fiscal Months Ended
|
|
|
|
April 3,
|
|
March 28,
|
|
|
|
2015
|
|
2014
|
Revenues (as reported)
|
|
|
|
|
|
North America
|
|
|
$
|
638.2
|
|
|
$
|
594.7
|
|
Europe
|
|
|
|
261.8
|
|
|
|
323.1
|
|
Latin America
|
|
|
|
205.3
|
|
|
|
288.7
|
|
Asia Pacific and Africa
|
|
|
|
157.0
|
|
|
|
223.6
|
|
Total
|
|
|
$
|
1,262.3
|
|
|
$
|
1,430.1
|
|
|
|
|
|
|
|
Revenues (metal adjusted) (1)
|
|
|
|
|
|
North America
|
|
|
$
|
638.2
|
|
|
$
|
568.4
|
|
Europe
|
|
|
|
261.8
|
|
|
|
306.8
|
|
Latin America
|
|
|
|
205.3
|
|
|
|
265.0
|
|
Asia Pacific and Africa
|
|
|
|
157.0
|
|
|
|
204.8
|
|
Total
|
|
|
$
|
1,262.3
|
|
|
$
|
1,345.0
|
|
|
|
|
|
|
|
Metal Pounds Sold
|
|
|
|
|
|
North America
|
|
|
|
146.1
|
|
|
|
134.7
|
|
Europe
|
|
|
|
41.7
|
|
|
|
51.4
|
|
Latin America
|
|
|
|
68.4
|
|
|
|
76.0
|
|
Asia Pacific and Africa
|
|
|
|
38.4
|
|
|
|
46.7
|
|
Total
|
|
|
|
294.6
|
|
|
|
308.8
|
|
|
|
|
|
|
|
Operating Income (loss)
|
|
|
|
|
|
North America
|
|
|
$
|
29.6
|
|
|
$
|
32.7
|
|
Europe
|
|
|
|
5.9
|
|
|
|
(10.3
|
)
|
Latin America
|
|
|
|
(15.9
|
)
|
|
|
(165.0
|
)
|
Asia Pacific and Africa
|
|
|
|
(11.7
|
)
|
|
|
(94.5
|
)
|
Total
|
|
|
$
|
7.9
|
|
|
$
|
(237.1
|
)
|
|
|
|
|
|
|
Adjusted Operating Income (loss) (2)
|
|
|
|
|
|
North America
|
|
|
$
|
38.9
|
|
|
$
|
36.6
|
|
Europe
|
|
|
|
15.0
|
|
|
|
(6.7
|
)
|
Latin America
|
|
|
|
(5.5
|
)
|
|
|
(8.8
|
)
|
Total
|
|
|
$
|
48.4
|
|
|
$
|
21.1
|
|
|
|
|
|
|
|
Return on Metal Adjusted Sales (3)
|
|
|
|
|
|
North America
|
|
|
|
6.1
|
%
|
|
|
6.4
|
%
|
Europe
|
|
|
|
5.7
|
%
|
|
|
-2.2
|
%
|
Latin America
|
|
|
|
-2.6
|
%
|
|
|
-3.3
|
%
|
Total
|
|
|
|
4.4
|
%
|
|
|
1.9
|
%
|
|
|
|
|
|
|
Capital Expenditures
|
|
|
|
|
|
North America
|
|
|
$
|
6.6
|
|
|
$
|
9.3
|
|
Europe
|
|
|
|
3.0
|
|
|
|
2.9
|
|
Latin America
|
|
|
|
5.6
|
|
|
|
10.9
|
|
Asia Pacific and Africa
|
|
|
|
5.3
|
|
|
|
3.9
|
|
Total
|
|
|
$
|
20.5
|
|
|
$
|
27.0
|
|
|
|
|
|
|
|
Depreciation & Amortization
|
|
|
|
|
|
North America
|
|
|
$
|
10.3
|
|
|
$
|
11.2
|
|
Europe
|
|
|
|
8.0
|
|
|
|
9.0
|
|
Latin America
|
|
|
|
5.2
|
|
|
|
7.1
|
|
Asia Pacific and Africa
|
|
|
|
4.1
|
|
|
|
5.0
|
|
Total
|
|
|
$
|
27.6
|
|
|
$
|
32.3
|
|
|
|
|
|
|
|
Revenues by Major Product Lines
|
|
|
|
|
|
Electric Utility
|
|
|
$
|
446.0
|
|
|
$
|
452.8
|
|
Electrical Infrastructure
|
|
|
|
345.1
|
|
|
|
399.4
|
|
Construction
|
|
|
|
246.1
|
|
|
|
350.1
|
|
Communications
|
|
|
|
143.1
|
|
|
|
126.9
|
|
Rod Mill Products
|
|
|
|
82.0
|
|
|
|
100.9
|
|
Total
|
|
|
$
|
1,262.3
|
|
|
$
|
1,430.1
|
|
(1) Metal-adjusted revenues, a non-GAAP financial measure, is
provided in order to eliminate an estimate of metal price volatility
from the comparison of revenues from one period to another.
|
|
(2) Adjusted operating income is a non-GAAP financial measure.
The Company is providing adjusted operating income on a segment
basis because management believes it is useful in analyzing the
operating performance of the business and is consistent with how
management reviews the underlying business trends. A reconciliation
of segment reported operating income to segment adjusted operating
income is provided in the appendix of the First Quarter 2015
Investor Presentation, located on the Company's website.
|
|
(3) Return on Metal Adjusted Sales is calculated on Adjusted
Operating Income (Loss)
|
|
|
GENERAL CABLE CORPORATION AND SUBSIDIARIES
|
Consolidated Balance Sheets
|
(in millions, except share data)
|
Assets
|
|
April 3, 2015
|
|
December 31, 2014
|
Current Assets:
|
|
(unaudited)
|
|
|
|
Cash and cash equivalents
|
|
$
|
167.6
|
|
|
$
|
205.8
|
|
|
Receivables, net of allowances of $29.2 million at April 3, 2015
and $32.0 million at December 31, 2014
|
|
|
969.4
|
|
|
|
1,007.0
|
|
|
Inventories
|
|
|
978.1
|
|
|
|
1,018.8
|
|
|
Deferred income taxes
|
|
|
31.7
|
|
|
|
32.4
|
|
|
Prepaid expenses and other
|
|
|
79.8
|
|
|
|
106.4
|
|
|
Assets held for sale
|
|
|
13.1
|
|
|
|
25.7
|
|
|
|
Total current assets
|
|
|
2,239.7
|
|
|
|
2,396.1
|
|
Property, plant and equipment, net
|
|
|
704.6
|
|
|
|
758.4
|
|
Deferred income taxes
|
|
|
34.8
|
|
|
|
24.8
|
|
Goodwill
|
|
|
22.4
|
|
|
|
26.1
|
|
Intangible assets, net
|
|
|
61.2
|
|
|
|
65.1
|
|
Unconsolidated affiliated companies
|
|
|
9.1
|
|
|
|
17.5
|
|
Other non-current assets
|
|
|
71.2
|
|
|
|
78.7
|
|
|
|
Total assets
|
|
$
|
3,143.0
|
|
|
$
|
3,366.7
|
|
Liabilities and Total Equity
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
730.1
|
|
|
$
|
672.1
|
|
|
Accrued liabilities
|
|
|
366.6
|
|
|
|
407.2
|
|
|
Current portion of long-term debt
|
|
|
221.4
|
|
|
|
403.5
|
|
|
|
Total current liabilities
|
|
|
1,318.1
|
|
|
|
1,482.8
|
|
Long-term debt
|
|
|
991.9
|
|
|
|
933.9
|
|
Deferred income taxes
|
|
|
184.0
|
|
|
|
183.0
|
|
Other liabilities
|
|
|
220.9
|
|
|
|
240.0
|
|
|
|
Total liabilities
|
|
|
2,714.9
|
|
|
|
2,839.7
|
|
Commitments and Contingencies
|
|
|
|
|
|
Redeemable noncontrolling interest
|
|
|
12.8
|
|
|
|
13.8
|
|
Total Equity:
|
|
|
|
|
|
Common stock, $0.01 par value, issued and outstanding shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 3, 2015 - 48,882,616 (net of 9,927,350 treasury shares)
|
|
|
|
|
|
|
December 31, 2014 - 48,683,493 (net of 10,126,473 treasury shares)
|
|
0.6
|
|
|
|
0.6
|
|
|
Additional paid-in capital
|
|
|
711.3
|
|
|
|
714.8
|
|
|
Treasury stock
|
|
|
(180.4
|
)
|
|
|
(184.3
|
)
|
|
Retained earnings
|
|
|
137.4
|
|
|
|
184.4
|
|
|
Accumulated other comprehensive loss
|
|
|
(301.4
|
)
|
|
|
(263.4
|
)
|
|
|
Total Company shareholders' equity
|
|
|
367.5
|
|
|
|
452.1
|
|
|
Noncontrolling interest
|
|
|
47.8
|
|
|
|
61.1
|
|
|
|
Total equity
|
|
|
415.3
|
|
|
|
513.2
|
|
|
|
Total liabilities, redeemable noncontrolling interest and equity
|
|
$
|
3,143.0
|
|
|
$
|
3,366.7
|
|

Source: General Cable Corporation
General Cable Corporation
Len Texter, 859-572-8684
Vice
President, Finance and Investor Relations