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Commscope Holding Company, Inc. (COMM) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Commscope Holding Company, Inc.

HISTORY TOOLS
CIK: 1517228 Ticker: COMM

Exhibit 99.1

 

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CommScope Reports Fourth Quarter 2013 Results

 

  •   Sales of $847 million, stable year over year

 

  •   Orders of $916 million, up 8 percent year over year

 

  •   Gross margin rose 177 basis points year over year to 34 percent

 

  •   Adjusted operating income rose 13 percent to $141 million or 17 percent of sales

 

  •   Adjusted net income grew 9 percent to $54 million, resulting in earnings of $0.30 per diluted share

 

  •   Calendar year 2013 adjusted net income grew 42 percent to $262 million, resulting in earnings of $1.60 per diluted share

 

  •   Calendar year 2013 cash flow from operations of $238 million and adjusted free cash flow of $254 million

 

 

HICKORY, NC, February 20, 2014—CommScope Holding Company, Inc. (NASDAQ: COMM), a global provider of connectivity and essential infrastructure solutions for wireless, business enterprise and residential broadband networks, reported sales of $847 million and a GAAP loss of $9 million, or a loss of $0.05 of per diluted share, for the quarter ended December 31, 2013. Non-GAAP adjusted net income was $54 million, or $0.30 per diluted share. A reconciliation of reported GAAP results to non-GAAP results is attached.

For the quarter ended December 31, 2012, CommScope reported sales of $848 million and net income of $11 million, or $0.07 per diluted share. Non-GAAP adjusted net income was $49 million, or $0.32 per diluted share.

“We are pleased to deliver another solid quarter following our recent initial public offering,” said President and Chief Executive Officer Eddie Edwards. “We exited 2013 with positive momentum with particular strength in our Wireless business. These positive business trends position us well as we move into the first quarter.

“Wireless operators continue to invest in their networks as customers seek out a high quality, ubiquitous mobile broadband experience. Devices such as tablets, smart phones, laptops and machines are increasingly connected on licensed operator frequencies utilizing LTE connectivity. We believe our industry-leading RF product portfolio, such as our recently announced Andrew SiteRise® pre-assembled tower-top cellular solution and small cell distributed antenna solutions, uniquely positions CommScope to address the increasingly complex requirements of wireless networks.

“CommScope’s next generation of wireless, enterprise and broadband solutions are at the foundation of mission-critical voice, data, entertainment and business services, and we continue to believe our industry leading position provides long-term growth opportunities.”

Fourth Quarter Overview

Overall, fourth-quarter 2013 sales of $847 million were stable year over year. Orders booked in the fourth quarter of 2013 were particularly strong, up 8% year over year to $916 million. Wireless and Enterprise order growth offset a decline in Broadband.

 

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The following information was filed by Commscope Holding Company, Inc. (COMM) on Thursday, February 20, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (loss)
Consolidated Statements Of Stockholders' Equity
Acquisition And Disvestitures - Allocation Of Purchase Price (detail)
Acquisitions And Divestitures
Acquisitions And Divestitures (tables)
Acquisitions And Divestitures - Additional Information (detail)
Acquisitions And Divestitures - Allocation Of Purchase Price (detail)
Acquisitions And Divestitures - Net Income (loss) Included Certain Charges That Relate Directly Or Indirectly To Acquisition On Pretax Basis (detail)
Background And Description Of The Business
Background And Description Of The Business - Additional Information (detail)
Basis Of Presentation
Basis Of Presentation - Additional Information (detail)
Cash Flow Information
Cash Flow Information - Additional Information (detail)
Commitment And Contingencies - Additional Information (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Future Minimum Rental Payments Required Under Operating Leases And Capital Leases (detail)
Commitments And Contingencies - Summary Of Activity In Product Warranty Accrual, Included In Other Accrued Liabilities (detail)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (tables)
Derivatives And Hedging Activities - Additional Information (detail)
Derivatives And Hedging Activities - Balance Sheet Location And Fair Value Of Company (detail)
Derivatives And Hedging Activities - Pretax Impact Of Foreign Currency Forward Contracts Not Designated As Hedging Instruments (detail)
Dividends
Dividends - Additional Information (detail)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Additional Information (detail)
Employee Benefit Plans - Balance Sheet Location Of Pension And Postretirement Liabilities And Assets (detail)
Employee Benefit Plans - Pretax Amounts For Net Periodic Benefit Cost And Other Amounts Included In Other Comprehensive Income (loss) For The Defined Benefit Pension And Other Postretirement Benefit Plans (detail)
Employee Benefit Plans - Significant Weighted Average Assumptions Used In Determining Benefit Obligations And Net Periodic Benefit Cost (detail)
Employee Benefit Plans - Summarizes Projected Benefit Payments From Pension And Other Postretirement Benefit Plans (detail)
Employee Benefit Plans - Summary Of Company's Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets (detail)
Employee Benefit Plans - Summary Of Defined Benefit Pension Plan And Other Postretirement Defined Benefit Plan (detail)
Employee Benefit Plans - Summary Of Pretax Amounts Included In Accumulated Other Comprehensive Loss (detail)
Employee Benefit Plans - Summary Of The Amounts Of Amortization Included In Accumulated Other Comprehensive Loss (detail)
Employee Benefit Plans - Summary Of The Company's Plan Assets For Estimated Fair Values And The Valuation Input Levels (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Fair Value Measurements - Carrying Amounts, Estimated Fair Values And Valuation Input Levels Of The Company's Senior Notes, Senior Secured Term Loans And Senior Secured Revolving Credit Facility (detail)
Fair Value Measurements - Carrying Amounts, Estimated Fair Values And Valuation Input Levels Of The Company's Senior Notes, Senior Secured Term Loans And Senior Secured Revolving Credit Facility (parenthetical) (detail)
Financing
Financing (tables)
Financing - Additional Information (detail)
Financing - Scheduled Maturities Of Long-term Debt (detail)
Financing - Summary Of Debt (detail)
Financing - Summary Of Debt (parenthetical) (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information (detail)
Goodwill And Other Intangible Assets - Allocation Of Goodwill By Reportable Segment (detail)
Goodwill And Other Intangible Assets - Details Of Intangible Assets Other Than Goodwill (detail)
Goodwill And Other Intangible Assets - Estimated Amortization Expense For Next Five Years (detail)
Goodwill And Other Intangible Assets - Summary Of Weighted-average Amortization Periods (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Deferred Income Tax Assets And Liabilities And Classification Of Deferred Tax Balances (detail)
Income Taxes - Income (loss) Before Income Taxes Includes Results From Domestic And International Operations (detail)
Income Taxes - Reconciliation Of Beginning And End Of Period Amounts Of Gross Unrecognized Tax Benefits (detail)
Income Taxes - Summary Of Components Of Income Tax Expense (benefit) (detail)
Income Taxes - Summary Of Income Tax Expense (benefit) Related To Other Comprehensive Income (loss) (detail)
Income Taxes - Summary Of Reconciliation Of Statutory U.s. Federal Income Tax Rate To Company's Effective Income Tax Rate (detail)
Industry Segments, Major Customers, Related Party Transactions And Geographic Information
Industry Segments, Major Customers, Related Party Transactions And Geographic Information (tables)
Industry Segments, Major Customers, Related Party Transactions And Geographic Information - Additional Information (detail)
Industry Segments, Major Customers, Related Party Transactions And Geographic Information - Summary Of Financial Information By Reportable Segment (detail)
Industry Segments, Major Customers, Related Party Transactions And Geographic Information - Summary Of Net Sales And Operating Income (loss), Depreciation And Amortization By Reportable Segment (detail)
Industry Segments, Major Customers, Related Party Transactions And Geographic Information - Summary Of Net Sales And Operating Income (loss), Depreciation And Amortization By Reportable Segment (parenthetical) (detail)
Industry Segments, Major Customers, Related Party Transactions And Geographic Information - Summary Of Sales By Geographic Region, Based On Destination Of Product Shipments (detail)
Initial Public Offering
Initial Public Offering - Additional Information (detail)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (tables)
Quarterly Financial Data (unaudited) - Quarterly Financial Data (detail)
Quarterly Financial Data (unaudited) - Quarterly Financial Data (parenthetical) (detail)
Related Parties
Restructuring Costs And Employee Termination Benefits
Restructuring Costs And Employee Termination Benefits (tables)
Restructuring Costs And Employee Termination Benefits - Activity Within Liability Established For Restructuring Actions, Included In Other Accrued Liabilities (detail)
Restructuring Costs And Employee Termination Benefits - Additional Information (detail)
Restructuring Costs And Employee Termination Benefits - Summary Of Company's Net Pretax Restructuring Charges (credits) (detail)
Schedule I - Condensed Financial Information
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Additional Information (detail)
Stockholders' Equity - Summary Of Exercise Price (detail)
Stockholders' Equity - Summary Of Rsu Activity (detail)
Stockholders' Equity - Summary Of Stock Option Activity (detail)
Stockholders' Equity - Summary Of Weighted Average Assumptions Used To Estimate Fair Value Of Stock Option (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Reconciliation Of Earnings And Weighted Average Common Shares And Potential Common Shares Outstanding (detail)
Summary Of Significant Accounting Policies - Reconciliation Of Earnings And Weighted Average Common Shares And Potential Common Shares Outstanding (parenthetical) (detail)
Supplemental Financial Statement Information
Supplemental Financial Statement Information (tables)
Supplemental Financial Statement Information - Additional Information (detail)
Supplemental Financial Statement Information - Allowance For Doubtful Accounts (detail)
Supplemental Financial Statement Information - Cash Flow Information (detail)
Supplemental Financial Statement Information - Changes In Accumulated Other Comprehensive Income (loss), Net Of Tax (detail)
Supplemental Financial Statement Information - Inventories (detail)
Supplemental Financial Statement Information - Other Current Accrued Liabilities (detail)
Supplemental Financial Statement Information - Property, Plant And Equipment (detail)
Ticker: COMM
CIK: 1517228
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-060685
Submitted to the SEC: Thu Feb 20 2014 4:10:20 PM EST
Accepted by the SEC: Thu Feb 20 2014
Period: Tuesday, December 31, 2013
Industry: Radio And Tv Broadcasting And Communications Equipment

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