Three Months Ended

Twelve Months Ended

December 31,

December 31,

2010

2009

2010

2009

Net Sales

$

949,886

$

758,296

$

3,554,101

$

2,820,065

Cost of sales

639,866

516,664

2,395,873

1,933,511

Gross profit

310,020

241,632

1,158,228

886,554

Selling, general and administrative expense

119,466

103,172

457,871

397,641

Operating income

190,554

138,460

700,357

488,913

Interest expense

(10,192

)

(9,496

)

(40,199

)

(36,586

)

Early extinguishment of interest rate swaps

—

(4,575

)

—

(4,575

)

Early extinguishment of revolving credit facility

—

—

(542

)

—

Other income (expenses), net

1,598

(283

)

4,072

(1,225

)

Income before income taxes

181,960

124,106

663,688

446,527

Provision for income taxes

(49,493

)

(34,129

)

(161,275

)

(119,311

)

Net income

132,467

89,977

502,413

327,216

Less: Net income attributable to noncontrolling interests

(1,354

)

(2,338

)

(6,008

)

(9,382

)

Net income attributable to Amphenol Corporation

$

131,113

$

87,639

$

496,405

$

317,834

Net income per common share - Basic

$

0.75

$

0.51

$

2.86

$

1.85

Weighted average common shares outstanding - Basic

174,914,726

172,487,683

173,785,650

171,607,643

Net income per common share - Diluted

$

0.74

$

0.50

$

2.82

$

1.83

Weighted average common shares outstanding - Diluted

177,597,642

175,068,731

176,325,993

173,941,752

Dividends declared per common share

$

0.015

$

0.015

$

0.060

$

0.060

December 31,

December 31,

2010

2009

ASSETS

Current Assets:

Cash and cash equivalents

$

525,888

$

384,613

Short-term investments

98,341

37,770

Total cash, cash equivalents and short-term investments

624,229

422,383

Accounts receivable, less allowance for doubtful accounts of $14,946 and $18,785, respectively

718,545

(1)

449,591

Inventories

549,169

461,750

Other current assets

100,187

86,671

Total current assets

1,992,130

1,420,395

Land and depreciable assets, less accumulated depreciation of $611,008 and $575,187, respectively

366,996

332,875

Goodwill

1,533,299

1,368,672

Other long-term assets

123,432

97,242

$

4,015,857

$

3,219,184

LIABILITIES & SHAREHOLDERS’ EQUITY

Current Liabilities:

Accounts payable

$

384,963

$

292,122

Accrued salaries, wages and employee benefits

75,183

64,143

Accrued income taxes

65,311

57,272

Accrued acquisition-related obligations

39,615

7,244

Other accrued expenses

89,566

81,979

Short-term debt

352

399

Total current liabilities

654,990

503,159

Long-term debt

799,640

(1)

753,050

Accrued pension and post employment benefit obligations

176,636

172,235

Other long-term liabilities

41,876

27,922

Shareholders’ Equity:

Common stock

176

174

Additional paid-in capital

144,855

71,368

Accumulated earnings

2,260,581

1,774,625

Accumulated other comprehensive loss

(84,757

)

(100,090

)

Total shareholders’ equity attributable to Amphenol Corporation

2,320,855

1,746,077

Noncontrolling interests

21,860

16,741

Total equity

2,342,715

1,762,818

$

4,015,857

$

3,219,184

Twelve months ended

December 31,

2010

2009

Cash flow from operating activities:

Net income

$

502,413

$

327,216

Adjustments for cash flow from operating activities:

Depreciation and amortization

102,846

98,524

Net change in receivables sold under Receivables Securitization Facility

(82,000

)(1)

(3,000

)

Stock-based compensation expense

25,385

20,240

Excess tax benefits from stock-based payment arrangements

(14,692

)

(16,085

)

Net change in components of working capital

(120,072

)

144,654

Net change in other long-term assets and liabilities

11,013

10,748

Cash flow provided by operating activities

424,893

582,297

Cash flow from investing activities:

Capital additions, net

(107,607

)

(59,834

)

Purchase of short term investments

(60,216

)

(33,342

)

Investments in Acquisitions

(180,402

)

(280,014

)

Cash flow used in investing activities

(348,225

)

(373,190

)

Cash flow from financing activities:

Long-term borrowings under credit facilities

793,406

(1)

609,648

Repayments of long-term debt

(748,017

)

(1,241,582

)

Borrowings under senior notes

—

598,878

Settlement of interest rate swap agreements

—

(4,575

)

Payments of fees and expenses related to debt financing

(6,975

)

(4,650

)

Proceeds from exercise of stock options

46,616

25,481

Excess tax benefits from stock-based payment arrangements

14,692

16,085

Payments to noncontrolling interests

(24,588

)

(23,328

)

Dividend payments

(10,413

)

(10,279

)

Cash flow provided (used) in financing activities

64,721

(34,322

)

Effect of exchange rate changes on cash and cash equivalents

(114

)

(5,159

)

Net change in cash and cash equivalents

141,275

169,626

Cash and cash equivalents balance, beginning of period

384,613

214,987

Cash and cash equivalents balance, end of period

$

525,888

$

384,613

NOTE 1

The Company has a $100 million receivables securitization program. In accordance with previous accounting guidance, this facility was accounted for off balance sheet as a sale of receivables. Effective January 1, 2010, the Company adopted the amendments to the Transfers and Servicing and Consolidation Topics of the Accounting Standards Codification. As a result of the adoption transfers of receivables occurring on or after January 1, 2010 are reflected as debt issued in the Company’s Condensed Consolidated Statements of Cash Flow. Excluding the impact of adoption, long-term borrowings under credit facilities would be $711,406 resulting in cash flows used in financing activities of ($17,279) and cash flows provided by operating activities of $506,893.

Three months ended

Twelve months ended

December 31,

December 31,

2010

2009

2010

2009

Trade Sales:

Interconnect Products

$

891,035

$

695,127

$

3,293,119

$

2,566,578

Cable Products

58,851

63,169

260,982

253,487

Consolidated

$

949,886

$

758,296

$

3,554,101

$

2,820,065

Operating income:

Interconnect Products

$

199,357

$

142,866

$

725,946

$

505,772

Cable Products

7,232

9,798

35,472

38,751

Stock-based compensation expense

(6,805

)

(4,981

)

(25,385

)

(20,241

)

Other operating expenses

(9,230

)

(9,223

)

(35,676

)

(35,369

)

Consolidated

$

190,554

$

138,460

$

700,357

$

488,913

ROS%:

Interconnect Products

22.4

%

20.6

%

22.0

%

19.7

%

Cable Products

12.3

%

15.5

%

13.6

%

15.3

%

Stock-based compensation expense

-0.7

%

-0.7

%

-0.7

%

-0.7

%

Other operating expenses

-1.0

%

-1.2

%

-1.0

%

-1.3

%

Consolidated

20.1

%

18.3

%

19.7

%

17.3

%