Belden Inc. (BDC) 2012年年度报告「NYSE」.pdf

1、 2012 Annual Report 1 Dear Fellow Shareholders:In 2012,we crossed an important threshold in our business transformation,attaining the critical mass of solutions,talent,and reach to declare Belden a true signal transmission solutions company.The value of this transformation is best demonstrated by ou

2、r gross margins,which were 30.8%for the year.On an adjusted basis,our best-in-class gross margins expanded 320 basis points year-over-year to 32.1%*.Operating profit margins were 5.9%for the year,impacted by inorganic activities during the year,including the purchase accounting for acquisitions and

3、charges related to the sale of our consumer electronics assets.Operating profit margins,on an adjusted basis,increased in 2012 to 11.1%,up 120 basis points from the year ago period,a clear sign of progress toward our newly stated goal of 14%to 16%.Net income per diluted share was$4.23,up 78%from 201

4、1.Im pleased with our 2012 adjusted income from continuing operations per diluted share as well,which increased 16.7%in 2012 to$2.80 per diluted share,up from$2.40 in 2011,despite revenues declining slightly to$1.84 billion,compared to$1.88 billion a year ago.Our ability to expand earnings in a low

5、growth environment affirms the strength of our business model and validates that the Belden Business Systems unique approach to end-market selection and Lean Enterprise principles is indeed working.Our 2012 financial performance was also impacted by a number of strategic actions we took to accelerat

6、e our business transformation,capitalize on our strong free cash flow,and better position the company to create value for our shareholders.These actions include:Growing our broadcast business We completed two acquisitions in the second half of the year that make us an even more formidable competitor