Belden Announces First Quarter 2009 Results

First Quarter 2009 Highlights

- Adjusted net income per diluted share was $0.16 in the quarter.

- Free cash flow for the first quarter, excluding restructuring related
severance payments of $22.8 million, was $25.9 million.

- First quarter adjusted operating margin was 4.9 percent. Excluding the
wireless segment, adjusted operating margin was 7.7 percent.

- The Company opened its new manufacturing facility in Suzhou, China, its
largest facility outside of North America.

- Revenue and EPS, adjusted for certain items, for the second quarter of 2009
are expected to be between $340 million and $350 million and $0.25 and $0.30
per share, respectively.

ST. LOUIS, April 29 /PRNewswire-FirstCall/ -- Belden (NYSE: BDC), a leader in
the design, manufacture, and marketing of signal transmission solutions for
industrial automation, data networking, and a wide range of specialty
electronics markets, today announced results of its 2009 fiscal first quarter.

First Quarter 2009 Results
The Company reported first quarter 2009 revenue of $328.5 million and an
operating loss of $37.6 million, compared to revenue and operating income of
$511.8 million and $26.6 million in the first quarter of 2008, respectively.
The Company reported a net loss of $32.5 million, or ($0.70) per diluted
share, down from net income of $12.9 million, or $0.27 per diluted share, in
the prior year period. The current quarter's revenue included $19.0 million of
unfavorable currency translation as compared to the prior year first quarter.
Cash flow from operations was $12.6 million during the quarter, and net of
capital expenditures was $3.1 million.

During the quarter, Belden recorded pre-tax non-cash asset impairment charges
of $24.7 million, pre-tax severance charges of $25.9 million, and other
pre-tax costs of $4.6 million, all of which were associated with the 2008
global restructuring plan and its new first quarter actions. In the first
quarter of 2008, the Company incurred pre-tax charges of $25.2 million for
severance, asset impairment, and other costs associated with restructuring
actions in North America and Europe.

Adjusted for these items, operating income in the first quarter of 2009 was
$16.1 million or 4.9 percent of revenue, compared to $51.3 million or 10.0
percent a year ago. Adjusted net income per diluted share was $0.16 in the
quarter, compared to $0.67 in the first quarter of 2008. See the attached
schedule, Adjusted Operating Results, for a reconciliation of GAAP results to
adjusted results.

"Despite an economic environment generally as challenging as we expected, we
are pleased with the overall performance of our business," said John Stroup,
President and Chief Executive Officer of Belden. "However, the environment in
Europe has proven to be more demanding than initially expected. Accordingly,
we are taking additional actions to size our business for what we expect to be
a longer period of economic weakness."

New First Quarter 2009 Restructuring Activities
During the quarter, the Company announced the following restructuring actions
which resulted in non-cash asset impairment of $21.2 million pre-tax and
severance of $13.8 million pre-tax:

-- The closure of connector manufacturing facilities in Germany and the
transfer of their production to facilities in Eastern Europe.

-- The departure of Wolfgang Babel, the former President of Belden
Europe,
Middle East and Africa (EMEA). John Stroup, President and Chief
Executive Officer of Belden will lead the EMEA business segment until
a
permanent replacement is found.

Stroup commented, "Although we expect the economy to remain challenging
throughout the year, we are off to a strong start on our cost reduction
programs. As a result of the hard work of our associates around the globe, we
continue to make investments in our Lean enterprise and organic growth
strategic initiatives."

Credit Facility Amendment
During the quarter the Company amended its $350 million senior secured
revolving credit facility. In general, the amendment changed the definition of
EBITDA used in the computation of the 3.5 gross debt-to-EBITDA leverage ratio
covenant in the agreement and increased the cost of borrowings under the
facility by 100 basis points.

The amendment provides the Company with additional flexibility in managing
liquidity through the weaker global demand in its served markets. This action,
in conjunction with the Company's strong cash generation capacity and its
$224.4 million cash on hand, provides the Company with the liquidity necessary
to implement its long-term strategies.

Outlook
The Company expects second quarter revenue and EPS, excluding the impact of
the deferral of revenues and cost of goods sold with respect to its wireless
segment and the impact of charges associated with already announced
restructuring actions, to be between $340 million and $350 million and $0.25
and $0.30 per share, respectively.

"While still difficult, we have seen some stabilization in our markets, and we
expect our channel partners to continue carefully managing their inventory
levels as we jointly work our way through this difficult period."

Forward Looking Statements
Statements in this release other than historical facts are "forward looking
statements" made in reliance upon the safe harbor of the Private Securities
Litigation Reform Act of 1995. These forward looking statements are based on
forecasts and projections about the industries served by the Company and about
general economic conditions. They reflect management's beliefs and
expectations. They are not guarantees of future performance and they involve
risk and uncertainty. The Company's actual results may differ materially from
these expectations. The current global economic slowdown has adversely
affected our results of operations and may continue to do so. Turbulence in
financial markets may increase our borrowing costs. Some additional factors
that may cause actual results to differ from the Company's expectations
include demand for the Company's products; the cost and availability of
materials including copper, plastic compounds derived from fossil fuels, and
other materials; energy costs; the Company's ability to integrate successfully
the acquired businesses; and other factors. For a more complete discussion of
risk factors, please see our Annual Report on Form 10-K for the year ended
December 31, 2008, filed with the SEC on February 27, 2009. Belden disclaims
any duty to update any forward looking statements as a result of new
information, future developments, or otherwise.

About Belden
Sending All the Right Signals - from industrial automation to data centers,
from broadcast studios to aerospace, from cutting-edge wireless communications
to consumer electronics, Belden people are committed to delivering the best
signal transmission solutions in the world. Belden associates work in copper
cable, fiber, wireless technology, connectors, switches and active components
to bring voice, video and data to your mission-critical application. With 2008
revenue of $2.0 billion, Belden has manufacturing capability in North America,
Europe and Asia. To obtain additional information contact Investor Relations
at 314-854-8054, or visit our website at www.belden.com.

Contact:
Belden Investor Relations
314-854-8054

BELDEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended
March 29, 2009 March 30, 2008
(In thousands, except per share amounts)

Revenues $328,512 $511,826
Cost of sales (244,319) (366,009)
Gross profit 84,193 145,817
Selling, general and administrative
expenses (76,697) (95,163)
Research and development (16,555) (9,071)
Amortization of intangibles (3,865) (2,552)
Asset impairment (24,723) (11,549)
Loss on sale of assets - (884)
Operating income (loss) (37,647) 26,598
Interest expense (7,323) (8,343)
Interest income 364 957
Other income (expense) (251) 1,168
Income (loss) before taxes (44,857) 20,380
Income tax benefit (expense) 12,403 (7,495)
Net income (loss) $(32,454) $12,885

Weighted average number of
common shares and equivalents:
Basic 46,526 44,139
Diluted 46,526 48,377

Basic income (loss) per share $(0.70) $0.29

Diluted income (loss) per share $(0.70) $0.27

Dividends declared per share $0.05 $0.05

BELDEN INC.
OPERATING SEGMENT INFORMATION
(Unaudited)

External Operating
Three Months Ended Customer Affiliate Total Income
March 29, 2009 Revenues Revenues Revenues (Loss)
(In thousands)

Americas $182,210 $7,991 $190,201 $24,658
Wireless 12,003 - 12,003 (8,322)
EMEA 88,061 12,473 100,534 (43,245)
Asia Pacific 46,238 - 46,238 3,334
Total Segments 328,512 20,464 348,976 (23,575)
Corporate expenses - - - (8,357)
Eliminations - (20,464) (20,464) (5,715)
Total $328,512 $- $328,512 $(37,647)

Three Months Ended
March 30, 2008

Americas $256,594 $20,360 $276,954 $21,661
Wireless - - - -
EMEA 161,530 20,898 182,428 16,831
Asia Pacific 93,702 - 93,702 11,287
Total Segments 511,826 41,258 553,084 49,779
Corporate expenses - - - (13,896)
Eliminations - (41,258) (41,258) (9,285)
Total $511,826 $- $511,826 $26,598

Three Months Ended
June 29, 2008

Americas $278,578 $17,017 $295,595 $48,819
Wireless - - - -
EMEA 171,688 23,767 195,455 24,398
Asia Pacific 106,037 111 106,148 15,775
Total Segments 556,303 40,895 597,198 88,992
Corporate expenses - - - (12,327)
Eliminations - (40,895) (40,895) (10,807)
Total $556,303 $- $556,303 $65,858

Three Months Ended
September 28, 2008

Americas $277,235 $13,692 $290,927 $51,076
Wireless 7,792 38 7,830 (8,784)
EMEA 139,489 20,818 160,307 11,674
Asia Pacific 95,978 - 95,978 11,755
Total Segments 520,494 34,548 555,042 65,721
Corporate expenses - - - (10,824)
Eliminations - (34,548) (34,548) (7,159)
Total $520,494 $- $520,494 $47,738

Three Months Ended
December 31, 2008

Americas $228,840 $10,499 $239,339 $(14,799)
Wireless 5,930 260 6,190 (45,533)
EMEA 104,965 20,156 125,121 (271,282)
Asia Pacific 77,532 - 77,532 (104,910)
Total Segments 417,267 30,915 448,182 (436,524)
Corporate expenses - - - (37,842)
Eliminations - (30,915) (30,915) (8,016)
Total $417,267 $- $417,267 $(482,382)

BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)

Three Months Ended
March 29, 2009 March 30, 2008
(In thousands)
Cash flows from operating activities:
Net income (loss) $(32,454) $12,885
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation and amortization 13,288 13,758
Share-based compensation 2,020 3,287
Provision for inventory obsolescence 2,548 1,660
Asset impairment 24,723 11,549
Loss on disposal of tangible assets - 884
Amortization of discount on convertible
subordinated notes - 524
Pension funding in excess of pension
expense (2,318) (2,650)
Tax deficiency (benefit) related to
share-based compensation 1,104 (895)
Changes in operating assets and
liabilities, net of the effects of
currency exchange
rate changes and acquired businesses:
Receivables 40,847 1,091
Inventories 29,497 (3,927)
Deferred cost of sales 228 -
Accounts payable (31,204) (8,881)
Accrued liabilities (18,372) 172
Deferred revenue (49) -
Accrued taxes (11,209) 7,956
Other assets (2,347) (1,695)
Other liabilities (3,679) (5,026)
Net cash provided by operating
activities 12,623 30,692

Cash flows from investing activities:
Capital expenditures (9,554) (6,905)
Proceeds from disposal of tangible assets - 39,140
Cash used for other investing activities (18) (61)
Net cash provided by (used for)
investing activities (9,572) 32,174

Cash flows from financing activities:
Cash dividends paid (2,373) (2,251)
Debt issuance costs (1,541) -
Tax benefit (deficiency) related to
share-based compensation (1,104) 895
Payments under share repurchase program - (36,298)
Proceeds from exercise of stock options - 4,300
Net cash used for financing
activities (5,018) (33,354)

Effect of foreign currency exchange rate
changes on cash and cash equivalents (1,003) 7,366

Increase (decrease) in cash and cash
equivalents (2,970) 36,878
Cash and cash equivalents, beginning
of period 227,413 159,964
Cash and cash equivalents, end of period $224,443 $196,842

Free cash flow is defined as net cash provided by operating activities
less capital expenditures. Free cash flow was $3,069 ($12,623 - $9,554)
and $23,787 ($30,692 - $6,905) for the three months ended March 29, 2009
and March 30, 2008, respectively.

BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

March 29, 2009 December 31, 2008
(Unaudited)
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $224,443 $227,413
Receivables 248,393 292,236
Inventories, net 181,228 216,022
Deferred income taxes 19,450 22,606
Other current assets 42,710 34,826

Total current assets 716,224 793,103

Property, plant and equipment, less
accumulated depreciation 301,998 324,569
Goodwill 316,719 321,478
Intangible assets, less accumulated
amortization 143,621 156,025
Other long-lived assets 51,723 53,388

$1,530,285 $1,648,563

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $128,484 $160,744
Accrued liabilities 152,659 180,801

Total current liabilities 281,143 341,545

Long-term debt 590,000 590,000
Postretirement benefits 121,006 120,256
Deferred income taxes 1,248 4,270
Other long-term liabilities 18,531 21,624
Stockholders' equity:
Common stock 503 503
Additional paid-in capital 584,026 585,704
Retained earnings 72,145 106,949
Accumulated other comprehensive
income (loss) (7,903) 10,227
Treasury stock (130,414) (132,515)

Total stockholders' equity 518,357 570,868

$1,530,285 $1,648,563

BELDEN INC.
ADJUSTED OPERATING RESULTS
(Unaudited)

In addition to reporting financial results in accordance with accounting
principles generally accepted in the United States, we provide operating
results adjusted for certain items including asset impairment, severance
charges, revenue deferrals related to our Wireless segment, and gains
(losses) recognized on the disposal of certain tangible assets. 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 these adjusted results are useful to investors because they help
them compare our results to previous periods and provide insights into
underlying trends in the business. Adjusted results should be considered
only in conjunction with results reported according to accounting
principles generally accepted in the United States.

As
Three Months Ended March 29, 2009 Reported Adjustments Adjusted
(In thousands, except percentages
and per share amounts)

Revenues $328,512 $(49) $328,463

Gross profit $84,193 $17,895 $102,088
as a percent of revenues 25.6% 31.1%

Operating income (loss) $(37,647) $53,727 $16,080
as a percent of revenues -11.5% 4.9%

Net income (loss) $(32,454) $39,712 $7,258
as a percent of revenues -9.9% 2.2%

Net income (loss) per diluted share $(0.70) $0.86 $0.16

Three Months Ended March 30, 2008

Revenues $511,826 $- $511,826

Gross profit $145,817 $3,956 $149,773
as a percent of revenues 28.5% 29.3%

Operating income $26,598 $24,688 $51,286
as a percent of revenues 5.2% 10.0%

Net income $12,885 $19,298 $32,183
as a percent of revenues 2.5% 6.3%

Net income per diluted share $0.27 $0.40 $0.67

Adjustments for the three months ended March 29, 2009 included pre-tax
operating charges for severance, asset impairment, and other costs of
$25.9 million, $24.7 million, and $3.1 million, respectively, and pre-tax
non-operating charges of $1.5 million.

Adjustments for the three months ended March 30, 2008 included pre-tax
operating charges for severance, asset impairment, loss on the disposal of
certain tangible assets, and other costs of $11.9 million, $11.5 million,
$0.9 million, and $0.4 million, respectively, and pre-tax non-operating
charges of $0.5 million.

SOURCE Belden

Belden Investor Relations, +1-314-854-8054