Belden Announces Record Adjusted Diluted EPS of $0.97 for Second Quarter

During the quarter, Belden recorded a pre-tax $1.8 million pension settlement expense related to restructuring of its Canadian operations; severance charges and accelerated depreciation of $1.6 million pre-tax related to the previously announced plan to close a manufacturing plant in Manchester, Connecticut; charges of $0.9 million pre-tax associated with the restructuring of European and North American operations; and interest expense of $1.9 million pre-tax related to the unfavorable resolution of Canadian tax matters pertaining to Belden's 2004 merger with Cable Design Technologies. In the second quarter of 2007, the Company incurred pre-tax charges of $2.9 million in severance, asset impairment, and adjusted depreciation charges associated with restructuring activities in North America and $12.2 million in nonrecurring... [read full story]