BGC » Topics » GENERAL CABLE REPORTS ADJUSTED FOURTH QUARTER EARNINGS UP 142%

This excerpt taken from the BGC 8-K filed Feb 8, 2006.

GENERAL CABLE REPORTS ADJUSTED FOURTH QUARTER EARNINGS UP 142%


HIGHLAND HEIGHTS, KENTUCKY, February 7, 2006 – General Cable Corporation (NYSE: BGC) reported today that net income for the fourth quarter and full year ended December 31, 2005 was $14.2 million and $39.2 million, respectively, compared to $27.2 million and $37.9 million for the corresponding periods of 2004. Earnings per share applicable to shareholders of the Company’s common stock on a diluted per share basis for the fourth quarter ended December 31, 2005 was a loss of $(0.08). Excluding the impact of the fourth quarter preferred stock conversion and a gain related to plant rationalizations, earnings per share applicable to shareholders of the Company’s common stock on a diluted per share basis for the fourth quarter ended December 31, 2005 was $0.29. In the fourth quarter of 2005, the Company recorded a charge of $16.3 million related to the preferred share conversion, including conversion transaction costs and the conversion premium, and a pre-tax gain of $0.5 million related to the facility closures undertaken during 2005. Included in the results for the 2004 fourth quarter were pre-tax charges of $5.0 million associated with the rationalization of certain of the Company’s manufacturing facilities and the unwinding of the Company’s former fiber optics joint venture. Also during the fourth quarter of 2004, the Company recognized a $0.4 million after-tax gain related to discontinued operations and a $23.9 million income tax benefit due to the elimination of certain prior year income tax exposures. These items increased reported net income by $20.9 million in the fourth quarter of 2004. On a comparable basis without the effect of these items in both periods, earnings per share were $0.29 in the fourth quarter of 2005 compared to $0.12 in the fourth quarter of 2004, an increase of 142%.


Revenues for the fourth quarter and full year ended December 31, 2005 were $617.5 million and $2,380.8 million, respectively, compared to $485.3 million and $1,970.7 million in the corresponding periods of 2004. On a metal-adjusted basis, revenues increased $64.5 million or 12% in the fourth quarter of 2005 compared to the fourth quarter of 2004, and $213.7 million or 10% for the full year of 2005 compared to the full year of 2004.   The 2004 net sales have been increased in this comparison to put them on a consistent metal-adjusted basis with 2005 net sales.


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