News Column

BRIEF: Belden breaks even after share buybacks, acquisition

July 30, 2014

By Jacob Barker, St. Louis Post-Dispatch

July 30--Communications hardware and services company Belden Inc. notched a small profit in the second quarter even after $31.2 million in share repurchases and the $103 million acquisition of industrial network firm ProSoft Technology.

The Clayton-based manufacturer of networking, cable and communications products reported net income of $15,000, or $0 per share, on revenue of $601 million. That was up 13.5 percent compared to $529.5 million in the second quarter of 2013. Belden's net income in the second quarter last year was $29 million, or 66 cents per share.

The company also announced it had purchased Bakersfield-based ProSoft Technologies. ProSoft makes network components for industrial applications. Belden has spent $340 million in acquisitions and share repurchases so far this year, Belden CEO John Stroup said in a statement.

Jacob Barker is a business reporter at the Post-Dispatch. Follow him on Twitter @jacobbarker and the Business section @postdispatchbiz.


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Source: St. Louis Post-Dispatch (MO)

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