cloudhosting14 wrote: As you would already know that managed hosting itself is another form of Cloud hosting in which the system administrations of servers is looked upon by the CPs. Similar is the case with managed multi Cloud hosting. You can very well understand how a big burden it would be to manage multi cloud servers for organization; this is why a service known as managed multi Cloud is provided to these users. This service ensures them the seam less running of their system administrative operations while organizations focus more on t...
Amphenol Corporation (NYSE-APH) reported today fourth quarter 2012
record diluted earnings per share, before one-time charges, of $.94
compared to $.73 per share for the comparable 2011 period. On an as
reported basis, diluted earnings per share were $.86 and $.69 for the
fourth quarter of 2012 and 2011, respectively. Such per share amount for
the 2012 period includes one-time charges of $.08 per share comprised of
acquisition related transaction costs (Acquisition Costs) of $2 million
($2 million after tax) or $.01 per share relating to 2012 acquisitions;
and income tax costs of $11 million or $.07 per share resulting from the
delay, by the U. S. government, in the reinstatement of certain federal
income tax provisions for the year 2012 relating primarily to research
and development credits and certain U.S. taxes on foreign income. Such
tax provisions were reinstated on January 2, 2013 with retroactive
effect to 2012. Under U.S. GAAP, the related benefit to the Company of
$11 million or $.07 per share relating to the 2012 tax year will be
recorded as a one-time benefit in the first quarter of 2013 at the date
of reinstatement; as such, between the two quarters, there is no net
impact on the Company from an income statement perspective. Such per
share amount for the 2011 period included one-time charges of $.04
comprised of $9 million ($5 million after tax), or a $.03 per share
charge relating to the previously reported flood damage at the Company’s
Sidney, New York facility (Flood Loss), and a $2 million ($2 million
after tax), or $.01 per share charge for Acquisition Costs. Sales for
the fourth quarter 2012 were a record $1.146 billion compared to $949
million for the 2011 period. Currency translation had the effect of
decreasing sales by approximately $6 million in the fourth quarter 2012
compared to the 2011 period.
For the full year ended December 31, 2012, diluted earnings per share
excluding one-time charges was $3.47 compared to $3.05 for the 2011
period. On an as reported basis, 2012 diluted earnings per share of
$3.39 includes one-time charges of $.08 per share described above and
2011 diluted earnings per share of $3.05 includes the following one-time
items: (1) a $21 million ($13 million after tax), or $.08 per share
charge relating to the Flood Loss, (2) a $2 million ($2 million after
tax) or $.01 per share charge for Acquisition Costs, (3) a $.03 per
share ($4 million) benefit relating to a reduction in international tax
expense due to reserve adjustments and refunds from the favorable
settlement of certain tax positions and (4) a gain of $18 million ($11
million after tax), or $.06 per share benefit, related to the adjustment
of a contingent purchase obligation for a 2010 acquisition. Sales for
the full year ended December 31, 2012 were $4.292 billion compared to
$3.940 billion for the 2011 period. Currency translation had the effect
of decreasing sales by approximately $48 million for the full year 2012
period compared to the 2011 period.
Amphenol President and Chief Executive Officer, R. Adam Norwitt, stated
“We are pleased to report new records of performance in the fourth
quarter of 2012 with sales of $1.146 billion and EPS before one-time
items of $.94. Sales increased by approximately 21% year-over-year and
4% sequentially. On a year-over-year basis, we experienced growth in all
markets with particular strength in the mobile devices, wireless
infrastructure, commercial aerospace and broadband markets. Our strong
growth is once again confirmation of the significant benefits of the
Company’s diversification, as well as our management team’s ability to
react quickly in a dynamic environment, especially given the still high
levels of uncertainty in most of the world’s economies. In addition, it
is extremely rewarding that the Company’s unique entrepreneurial culture
continues to drive an unwavering focus on profitability resulting in
another strong operating margin performance of 19.5%, (excluding
one-time items) up 100 basis points from the prior year quarter.
Operating cash flow in the quarter was $207 million, an excellent
performance and confirmation of the quality of the Company’s earnings. I
am very proud of our organization as we continue to execute well.”
“We close 2012 having achieved revenues for the year in excess of $4
billion, a major milestone in the progress of Amphenol. Our ongoing
strategy of market and geographic diversification combined with our
strong commitment to developing enabling technologies for our customers
in all markets, both through organic product development and through our
acquisition program, continues to expand the Company’s growth
opportunities. Consistent with this strategy, in the fourth quarter, the
Company completed the acquisition of the interconnect assembly business
of Tel-Ad Electronics Ltd., a leading Israeli supplier of value-added
interconnect products for the communications, industrial and medical
markets with annual sales of approximately $60 million. The acquisition
significantly enhances the Company’s presence in this strategic
technology development location, and expands our value-add capabilities
in these significant end markets. In addition to our successful
acquisition program, the Company continues to deploy its financial
strength in a variety of other ways to increase shareholder value. These
include the purchase in this quarter of 2.5 million shares of the
Company’s stock completing the buyback authorized under the Company’s
January 2011 20 million share stock repurchase plan. As such, the
Company’s Board of Directors has authorized a new two year open market
stock repurchase plan for up to 10 million shares of the Company’s
common stock effective January 21, 2013.”
“The overall economic environment continues to be characterized by a
high level of market uncertainty. Considering such environment and
assuming current currency exchange rates, we expect first quarter 2013
revenues in the range of $1.055 billion to $1.080 billion and diluted
EPS (excluding one-time items) in the range of $.84 to $.87. For the
full year 2013, we expect to achieve revenues and diluted EPS (excluding
one-time items) in the range of $4.555 billion to $4.655 billion and
$3.72 to $3.84, respectively, an increase in revenues of 6% to 8% and in
diluted EPS (excluding one-time items), of 7% to 11% over 2012. Despite
the many uncertainties in the global economy, we believe we can perform
well in the dynamic electronics marketplace due to our leading
technology, increasing positions with our customers in diverse markets,
worldwide presence, lean cost structure, and agile, experienced and
entrepreneurial management team.”
“As we head into 2013, it is clear that the electronics revolution is
continuing, with new applications and higher performance requirements
driving increased demand for our leading interconnect technologies in
all of our end markets. This creates a significant, long-term growth
opportunity for Amphenol, as we continue to focus on enabling the
electronics revolution across the many diverse end markets we serve.Importantly,
our ongoing actions to enhance our competitive advantages and build
sustained financial strength have created a solid base for future
performance. I amconfident in the ability of our outstanding
management team to dynamically adjust to a constantly changing market
environment, to continue to generate strong profitability and to further
capitalize on the many opportunities to expand our market position.”
The Company will host a conference call to discuss its fourth quarter
results at 1:00 PM (EST) January 17, 2013. The toll free dial-in number
to participate in this call is 888-395-9624; International dial-in
number is 517-623-4547; Passcode: Reardon. There will be a replay
available until 11:59 P.M. (EST) on January 20, 2013. The replay numbers
are toll free 800-756-6235; International toll number is 402-998-0454
Passcode: 5137.
Amphenol Corporation is one of the world’s leading producers of
electronic and fiber optic connectors, cable and interconnect systems.
Amphenol products are engineered and manufactured in the Americas,
Europe, Asia and Africa and sold by a worldwide sales and marketing
organization. Amphenol has a diversified presence as a leader in high
growth areas of the interconnect market including: Military, Commercial
Aerospace, Automotive, Broadband Communications, Industrial,
Telecommunications and Data Communications, Wireless Devices and
Wireless Infrastructure.
Statements in this press release which are other than historical facts
are intended to be “forward-looking statements” within the meaning of
the Securities Exchange Act of 1934, the Private Securities Litigation
Reform Act of 1995 and other related laws. While the Company believes
such statements are reasonable, the actual results and effects could
differ materially from those currently anticipated. Please refer to Part
I, Item 1Aof the Company’s Form 10-K for the year ended December
31, 2011, for some factors that could cause the actual results to differ
from estimates. In providing forward-looking statements, the Company is
not undertaking any duty or obligation to update these statements
publicly as a result of new information, future events or otherwise.
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(dollars in thousands, except per share data)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2012
2011
2012
2011
Net sales
$
1,145,978
$
948,709
$
4,292,065
$
3,939,786
Cost of sales
790,527
653,872
2,948,853
2,696,126
Gross profit
355,451
294,837
1,343,212
1,243,660
Casualty loss related to flood
-
8,648
-
21,479
Change in contingent acquisition related obligations
-
-
-
(17,813
)
Acquisition related expenses
2,000
2,000
2,000
2,000
Selling, general and administrative
expense
132,231
119,529
512,867
486,316
Operating income
221,220
164,660
828,345
751,678
Interest expense
(15,599
)
(11,144
)
(59,613
)
(43,029
)
Other income, net
2,652
2,014
10,109
8,103
Income before income taxes
208,273
155,530
778,841
716,752
Provision for income taxes
(66,706
)
(40,525
)
(219,333
)
(187,910
)
Net income
141,567
115,005
559,508
528,842
Less: Net income attributable to noncontrolling interests
(1,205
)
(1,146
)
(4,191
)
(4,651
)
Net income attributable to Amphenol Corporation
$
140,362
$
113,859
$
555,317
$
524,191
Net income per common share - Basic
$
0.88
$
0.69
$
3.44
$
3.09
Weighted average common shares outstanding - Basic
160,379,864
164,382,897
161,522,080
169,640,115
Net income per common share - Diluted (1) (2)
$
0.86
$
0.69
$
3.39
$
3.05
Weighted average common shares outstanding - Diluted
162,789,858
166,179,596
163,947,111
171,825,588
Dividends declared per common share
$
0.105
$
0.015
$
0.420
$
0.060
Note 1
Earnings per share in the fourth quarter of 2012 and the full year
2012 includes one-time charges of $.08 per share comprised of
acquisition related transaction costs of $2.0 million ($2.0 million
after tax), or $.01 per share, relating to 2012 acquisitions and
income tax costs of $11.3 million, or $.07 per share, relating to
actions taken by the Company in anticipation of the reinstatement of
certain federal income tax provisions for the year 2012 relating
primarily to research and development credits and certain U.S. taxes
on foreign income. Such tax provisions were reinstated on January 2,
2013 with retroactive effect to 2012. Under U.S. GAAP, the related
benefit to the Company of $11.3 million, or $.07 per share, relating
to the 2012 tax year will be recorded as a one-time benefit in the
first quarter of 2013 at the date of the reinstatement; as such
between the two quarters, there is no net impact on the Company from
an income statement perspective. Excluding these effects, diluted
earnings per share was $.94 and $3.47 for the three months and
twelve months ended December 31, 2012, respectively.
Note 2
Earnings per share in the fourth quarter of 2011 included one-time
charges of $.04 per share comprised of $8.6 million ($5.4 million
after tax), or a $.03 per share charge relating to the previously
reported flood damage at the Company’s Sidney, New York facility
(Flood Loss), and a $2.0 million ($2.0 million after tax), or $.01
per share charge for acquisition related transaction costs
(Acquisition Costs). Full year 2011 diluted earnings per share of
$3.05 includes the following one-time items: (1) a $21.5 million
($13.5 million after tax), or $.08 per share charge relating to the
Flood Loss, (2) a $2.0 million ($2.0 million after tax) or $.01 per
share charge for Acquisition Costs, (3) a $.03 per share ($4.5
million) benefit relating to a reduction in international tax
expense due to reserve adjustments and refunds from the favorable
settlement of certain tax positions and (4) a gain of $17.8 million
($11.2 million after tax), or $.06 per share benefit, related to the
adjustment of a contingent purchase obligation for a 2010
acquisition. Excluding these effects, diluted earnings per share was
$.73 and $3.05 for the three months and twelve months ended December
31, 2011, respectively.
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(dollars in thousands)
December 31,
2012
December 31,
2011
ASSETS
Current Assets:
Cash and cash equivalents
$
690,850
$
515,086
Short-term investments
251,653
133,848
Total cash, cash equivalents and short-term investments
942,503
648,934
Accounts receivable, less allowance
for doubtful accounts of $10,372
and $11,113, respectively
910,711
767,181
Inventories, net
733,718
649,862
Other current assets
119,983
115,260
Total current assets
2,706,915
2,181,237
Land and depreciable assets, less
accumulated depreciation of
$715,895 and $655,869, respectively
417,436
380,501
Goodwill
1,932,740
1,746,113
Other long-term assets
158,372
137,374
$
5,215,463
$
4,445,225
LIABILITIES & EQUITY
Current Liabilities:
Accounts payable
$
496,525
$
377,867
Accrued salaries, wages and employee benefits
89,142
83,810
Accrued income taxes
94,341
87,315
Other accrued expenses
108,213
93,125
Short-term debt
100,293
298
Total current liabilities
888,514
642,415
Long-term debt
1,606,204
1,376,831
Accrued pension and post employment
benefit obligations
244,571
207,049
Other long-term liabilities
33,992
34,144
Equity:
Common stock
160
163
Additional paid-in capital
336,683
189,166
Accumulated earnings
2,210,120
2,102,497
Accumulated other comprehensive loss
(117,004
)
(120,057
)
Total shareholders' equity attributable to Amphenol Corporation
2,429,959
2,171,769
Noncontrolling interests
12,223
13,017
Total equity
2,442,182
2,184,786
$
5,215,463
$
4,445,225
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
(dollars in thousands)
Twelve months ended
December 31,
2012
2011
Cash flow from operating activities:
Net income
$
559,508
$
528,842
Adjustments for cash flow from operating activities:
Depreciation and amortization
121,779
119,439
Stock-based compensation expense
31,412
28,679
Non-cash casualty loss related to flood
-
10,388
Change in contingent acquisition related obligations
-
(17,813
)
Excess tax benefits from stock-based compensation payment
arrangements
(21,648
)
(5,995
)
Net change in components of working capital
(8,946
)
(110,253
)
Net change in other long-term assets and liabilities
(7,426
)
11,920
Cash flow provided by operating activities
674,679
565,207
Cash flow from investing activities:
Additions to property, plant and equipment
(129,099
)
(100,222
)
Proceeds from disposals of fixed assets
4,828
8,118
Purchases of short-term investments
(379,605
)
(181,880
)
Sales and maturities of short-term investments
261,800
146,373
Acquisitions, net of cash acquired
(251,523
)
(303,273
)
Cash flow used in investing activities
(493,599
)
(430,884
)
Cash flow from financing activities:
Borrowings under senior notes
498,730
-
Borrowings under credit facilities
819,556
873,200
Repayments under credit facilities
(988,800
)
(301,900
)
Payment of fees and expenses related to debt financing
(4,318
)
(2,125
)
Proceeds from exercise of stock options
95,451
26,086
Excess tax benefits from stock-based compensation payment
arrangements
21,648
5,995
Payment of contingent acquisition-related obligations
-
(40,000
)
Payments to shareholders of noncontrolling interests
(5,206
)
(29,931
)
Purchase and retirement of treasury stock
(380,023
)
(672,191
)
Dividend payments
(70,122
)
(10,282
)
Cash flow used in financing activities
(13,084
)
(151,148
)
Effect of exchange rate changes on cash and cash equivalents
7,768
6,023
Net change in cash and cash
equivalents
175,764
(10,802
)
Cash and cash equivalents
balance, beginning of period
515,086
525,888
Cash and cash equivalents
balance, end of period
$
690,850
$
515,086
AMPHENOL CORPORATION
SEGMENT INFORMATION
(dollars in thousands)
(Unaudited)
Three months ended
December 31,
Twelve months ended
December 31,
2012
2011
2012
2011
Trade Sales:
Interconnect Products
$
1,060,452
$
887,624
$
3,987,286
$
3,666,042
Cable Products
85,526
61,085
304,779
273,744
Consolidated
$
1,145,978
$
948,709
$
4,292,065
$
3,939,786
Operating income:
Interconnect Products
$
230,104
$
184,220
$
858,066
$
787,323
Cable Products
11,308
7,980
41,139
34,813
Stock-based compensation expense
(8,244
)
(7,667
)
(31,411
)
(28,678
)
Other operating expenses
(9,948
)
(9,225
)
(37,449
)
(36,114
)
Operating income excluding one-time items
223,220
175,308
830,345
757,344
Change in contingent acquisition related obligations
-
-
-
17,813
Casualty loss related to flood
-
(8,648
)
-
(21,479
)
Acquisition related expenses
(2,000
)
(2,000
)
(2,000
)
(2,000
)
Consolidated
$
221,220
$
164,660
$
828,345
$
751,678
ROS%:
Interconnect Products
21.7
%
20.8
%
21.5
%
21.5
%
Cable Products
13.2
%
13.1
%
13.5
%
12.7
%
Stock-based compensation
-0.7
%
-0.8
%
-0.7
%
-0.7
%
Other operating expenses
-0.9
%
-1.0
%
-0.9
%
-0.9
%
ROS% excluding one-time items
19.5
%
18.5
%
19.3
%
19.2
%
Change in contingent acquisition related obligations
Organizations across the world are increasingly starting to see the benefits of moving more and more services to the cloud. The focus on the cost-saving potential of cloud is rapidly shifting to completely transforming the business with cloud. As organizations are investing enorm...
"Since Cloud Expo is running the week of June 10, we thought it'd be a great idea to schedule our Meetup this week. That way, if you have colleagues, friends, or family in town that week for the Expo, you can invite them to join you!" With those words, the OpenStack New York Meet...
Organizations want extraordinary results from their IT units. Today's mantra is faster delivery, better quality, cheaper solutions, and safer environments. Many CIOs are implementing cloud computing enterprise architectures to address these challenges with results varying greatly...
VMware covered its flank Tuesday when it went into the public cloud business hoping to prevent its installed base of 500,000 strong from skipping off to the likes of Amazon or Azure – which are reaching out to the enterprise – simply because it didn’t have an Infrastructure-as-a-...
Economic uncertainty surrounding the U.S. government sequester, European debt crisis and weakening GDP in China has resulted in volatile spending patterns across most segments of the market. According to the latest market study by International Data Corporation (MORE »
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
.gif)
Organizations across the world are increasingly starting to see the benefits of moving more and more services to the cloud. The focus on the cost-saving potential of cloud is rapidly shifting to completely transforming the business with cloud. As organizations are investing enorm...
"Since Cloud Expo is running the week of June 10, we thought it'd be a great idea to schedule our Meetup this week. That way, if you have colleagues, friends, or family in town that week for the Expo, you can invite them to join you!" With those words, the OpenStack New York Meet...
Organizations want extraordinary results from their IT units. Today's mantra is faster delivery, better quality, cheaper solutions, and safer environments. Many CIOs are implementing cloud computing enterprise architectures to address these challenges with results varying greatly...
VMware covered its flank Tuesday when it went into the public cloud business hoping to prevent its installed base of 500,000 strong from skipping off to the likes of Amazon or Azure – which are reaching out to the enterprise – simply because it didn’t have an Infrastructure-as-a-...
Economic uncertainty surrounding the U.S. government sequester, European debt crisis and weakening GDP in China has resulted in volatile spending patterns across most segments of the market. According to the latest market study by International Data Corporation (
