Belden Makes Binding Offer to Acquire Grass Valley for US$ 220 million

St. Louis, MO, February 6, 2014-- Belden has submitted a binding offer to purchase privately held Grass Valley, a leader within the broadcast market, for US$ 220 million. The binding offer is subject to consultation with Grass Valley’s foreign labor works council. Grass Valley provides innovative technologies including production switchers, cameras, servers, and editing solutions within the mission critical applications of broadcast customers.

“We are extremely excited to have Grass Valley join the Belden family. By combining Grass Valley and Miranda, we will create the broadcast industry’s largest and most complete portfolio,” saidJohn Stroup, President and CEO of Belden.

Meanwhile, Belden  reported fiscal fourth quarter and full year 2013 results for the period ended December 31, 2013.

Fourth Quarter 2013 Highlights

• Grew revenue by 6.7% year-over-year;
• Achieved adjusted gross profit margins of 35.2%, increasing 200 basis points from 33.2% in the year-ago period;
• Improved adjusted operating profit margins to 13.8%, increasing 230 basis points from 11.5% in the year-ago period; and
• Increased adjusted income from continuing operations per diluted share to $0.91, up 16.7% over last year’s $0.78 per diluted share.

Full Year 2013 Highlights

• Achieved adjusted gross profit margins of 35.2%, increasing 310 basis points from 32.1% in the year-ago period;
• Improved adjusted operating profit margins to 13.8%, increasing 270 basis points from 11.1% in the year-ago period;
• Increased adjusted income from continuing operations per diluted share to $3.69, up 31.8% over last year’s $2.80 per diluted share;
• Generated a record $200 million of free cash flow for the year, exceeding adjusted income from continuing operations for the 9^th year in a row; and
• Purchased 1.7 million shares of Belden common stock for $93.75 million during the year, bringing the total combined program to date shares repurchased to 5.4 million.