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Belden Reports Q4

ST. LOUIS — Belden Inc. (NYSE: BDC), a global leader in signal transmission solutions for mission critical applications, today reported fiscal fourth quarter and full year 2010 results for the period ended December 31, 2010.

Fourth Quarter 2010

Revenue for the quarter totaled $425.2 million, up $50.5 million or 13% compared to $374.7 million in the fourth quarter 2009. Earnings per diluted share totaled $1.17, compared to $0.42 in the fourth quarter 2009.

John Stroup, President and CEO of Belden Inc. said, “Our fourth quarter results reflect a strong finish to a great year. In addition, the two acquisitions we completed in the fourth quarter represent meaningful additions to our connectivity and networking product platforms.”

Non-GAAP operating income totaled $40.9 million or 9.8% of revenue, compared to $35.0 million or 9.0% of revenue in the fourth quarter 2009. Non-GAAP income from continuing operations per diluted share totaled $0.55, compared to $0.39 in the fourth quarter 2009.

Full Year 2010

Revenue for the year totaled $1.62 billion, up $0.26 billion or 19% compared to $1.36 billion in 2009. Earnings per diluted share totaled $2.27 for the year, compared to $(0.53) in 2009.

Non-GAAP revenue for the year totaled $1.64 billion, up $0.22 billion or 16% compared to non-GAAP revenue of $1.42 billion in 2009. Non-GAAP operating income totaled $150.1 million or 9.1% of revenue for the year, compared to $111.9 million or 7.9% of revenue in 2009. Non-GAAP income from continuing operations per diluted share totaled $1.77 for the year, compared to $1.16 in 2009.

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.

The Company expects first quarter 2011 revenues to be $445 million to $450 million and income from continuing operations per diluted share to be $0.42 to $0.45. For the full year ending December 31, 2011, the Company expects revenues to be $1.85 billion to $1.90 billion and income from continuing operations per diluted share to be $2.05 to $2.25.

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