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Belden Reports Strong Fourth Quarter and Full Year 2010 Results

ST. LOUIS Feb. 3, 2011 December 31, 2010

Fourth Quarter 2010

$425.2 million $50.5 million $374.7 million $1.17 $0.42

John Stroup

$40.9 million $35.0 million $0.55 $0.39

Full Year 2010

$1.62 billion $0.26 billion $1.36 billion $2.27 $(0.53)

$1.64 billion $0.22 billion $1.42 billion $150.1 million $111.9 million $1.77 $1.16

Mr. Stroup remarked, "I am extremely pleased with the Company’s results in 2010, which include 53% earnings growth, double-digit organic growth, and another year where free cash flow exceeded net income.  I am encouraged by the fact that our superior performance was achieved without the benefit of a full recovery in all of our end markets."

Outlook

"Based on another strong quarter of performance and increased evidence of a sustainable economic recovery, we have raised our outlook for 2011.  The focused efforts of the Belden team around our strategic goals, including our Market Delivery System and Lean Enterprise initiatives, position us well to take advantage of a full economic recovery," added Mr. Stroup.

$445 million to $450 million $0.42 to $0.45 December 31, 2011 $1.85 billion to $1.90 billion $2.05 to $2.25

Earnings Conference Call

10:30 a.m. http://investor.belden.com

Use of Non-GAAP Financial Information

http://investor.belden.com

Fourth quarter 2010 non-GAAP results exclude Trapeze Networks, the communications products business acquired from Thomas & Betts, and the GarrettCom acquisition.  Additional non-GAAP revenue and income adjustments exclude the impact of the deferral of revenues and cost of sales, the impact of charges associated with already announced restructuring actions, and other costs.  

Forward Looking Statements

Mexico December 31, 2009 February 26, 2010

About Belden

North America Europe Asia www.belden.com

Contact:

Belden Investor Relations

314-854-8054

[email protected]

BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31, 2010

December 31, 2009

December 31, 2010

December 31, 2009

(In thousands, except per share data)

Revenues

$                  425,176

$                  374,670

$               1,617,090

$               1,362,016

Cost of sales

(303,780)

(269,438)

(1,149,796)

(974,331)

     Gross profit

121,396

105,232

467,294

387,685

Selling, general and administrative expenses

(76,371)

(67,276)

(279,677)

(262,473)

Research and development

(11,499)

(11,688)

(42,605)

(40,441)

Amortization of intangibles

(3,289)

(2,735)

(11,189)

(9,871)

Income from equity method investment

3,035

2,003

11,940

6,405

Asset impairment

(16,574)

(1,575)

(16,574)

(27,751)

Loss on sale of assets

(17,184)

     Operating income

16,698

23,961

129,189

36,370

Interest expense

(10,916)

(13,169)

(49,826)

(41,962)

Interest income

786

244

1,184

1,043

Other income (expense)

1,465

(1,541)

     Income (loss) from continuing operations before taxes

6,568

11,036

82,012

(6,090)

Income tax benefit (expense)

4,171

(179)

(12,714)

(1,175)

     Income (loss) from continuing operations

10,739

10,857

69,298

(7,265)

Gain (loss) from discontinued operations, net of tax

849

9,058

(5,686)

(17,636)

Gain on disposal of discontinued operations, net of tax

44,847

44,847

     Net income (loss)

$                    56,435

$                    19,915

$                  108,459

$                  (24,901)

Weighted average number of common

   shares and equivalents:

   Basic

46,936

46,650

46,805

46,594

   Diluted

48,134

47,315

47,783

46,594

Basic income (loss) per share

   Continuing operations

$                        0.23

$                        0.23

$                        1.48

$                      (0.16)

   Discontinued operations

0.02

0.20

(0.11)

(0.37)

   Disposal of discontinued operations

0.95

0.95

   Net income (loss)

$                        1.20

$                        0.43

$                        2.32

$                      (0.53)

Diluted income (loss) per share

   Continuing operations

$                        0.22

$                        0.23

$                        1.45

$                      (0.16)

   Discontinued operations

0.02

0.19

(0.11)

(0.37)

   Disposal of discontinued operations

0.93

0.93

   Net income (loss)

$                        1.17

$                        0.42

$                        2.27

$                      (0.53)

Dividends declared per share

$                        0.05

$                        0.05

$                        0.20

$                        0.20

BELDEN INC.

OPERATING SEGMENT INFORMATION

(Unaudited)

External

Operating

Customer

Affiliate

Total

Income

Three Months Ended December 31, 2010

Revenues

Revenues

Revenues

(Loss)

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