UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended June 30, 2004 |
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OR |
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o |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 1-10879
AMPHENOL CORPORATION
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Delaware |
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22-2785165 |
358
Hall Avenue
Wallingford, Connecticut 06492
203-265-8900
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by checkmark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes x No o
As of July 31, 2004, the total number of shares outstanding of Class A Common Stock was 87,918,660.
Index to Quarterly
Report
on Form 10-Q
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Condensed Consolidated Balance Sheets at June 30, 2004 (unaudited) and December 31, 2003 |
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3 |
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4 |
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5 |
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6 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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10 |
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13 |
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14 |
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2
PART I — FINANCIAL INFORMATION
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
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June 30, |
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December 31, |
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(Unaudited) |
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ASSETS |
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Current Assets: |
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Cash and short term cash investments |
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$ |
18,627 |
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$ |
23,533 |
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Accounts receivable, less allowance for doubtful accounts of $10,303 and $9,244, respectively |
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206,248 |
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172,488 |
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Inventories |
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230,266 |
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221,385 |
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Prepaid expenses and other assets |
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34,644 |
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33,943 |
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Total current assets |
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489,785 |
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451,349 |
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Land and depreciable assets, less accumulated depreciation of $322,773 and $327,469, respectively |
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175,559 |
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178,266 |
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Deferred debt issuance costs |
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6,303 |
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7,014 |
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Goodwill |
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518,498 |
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516,335 |
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Deferred taxes and other assets |
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22,924 |
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28,420 |
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$ |
1,213,069 |
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$ |
1,181,384 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current Liabilities: |
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Accounts payable |
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$ |
126,797 |
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$ |
116,835 |
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Accrued interest |
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2,416 |
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2,939 |
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Accrued salaries, wages and employee benefits |
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35,181 |
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31,091 |
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Other accrued expenses |
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58,554 |
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56,098 |
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Current portion of long-term debt |
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11,230 |
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10,679 |
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Total current liabilities |
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234,178 |
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217,642 |
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Long-term debt |
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465,438 |
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532,280 |
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Accrued pension and post employment benefit obligations |
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102,672 |
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100,326 |
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Other liabilities |
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10,886 |
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7,730 |
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Shareholders’ Equity: |
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Common stock |
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88 |
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88 |
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Additional paid-in capital (deficit) |
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(221,132 |
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(238,168 |
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Accumulated earnings |
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702,455 |
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626,430 |
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Accumulated other comprehensive loss |
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(65,342 |
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(64,944 |
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Treasury stock, at cost |
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(16,174 |
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— |
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Total shareholders’ equity |
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399,895 |
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323,406 |
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$ |
1,213,069 |
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$ |
1,181,384 |
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See accompanying notes to condensed consolidated financial statements.
3
AMPHENOL CORPORATION
CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
(dollars in thousands, except per share data)
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Three months ended |
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Six months ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Net sales |
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$ |
387,119 |
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$ |
304,893 |
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$ |
742,380 |
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$ |
582,667 |
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Costs and expenses: |
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Cost of sales, excluding depreciation and amortization |
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254,031 |
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203,200 |
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487,261 |
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385,853 |
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Depreciation and amortization expense |
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9,733 |
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9,566 |
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19,166 |
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18,374 |
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Selling, general and administrative expense |
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54,301 |
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42,868 |
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105,616 |
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84,010 |
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Operating income |
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69,054 |
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49,259 |
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130,337 |
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94,430 |
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Interest expense |
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(5,673 |
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(7,694 |
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(11,428 |
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(15,818 |
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Other expenses, net |
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(2,219 |
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(1,685 |
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(3,719 |
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(3,409 |
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Expense for early extinguishment of debt |
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— |
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(10,367 |
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— |
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(10,367 |
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Income before income taxes |
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61,162 |
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29,513 |
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115,190 |
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64,836 |
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Provision for income taxes |
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(20,795 |
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(10,034 |
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(39,165 |
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(22,044 |
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Net income |
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$ |
40,367 |
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