<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1999
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________to ________________
Commission File Number 1-10879
AMPHENOL CORPORATION
(Exact name of Registrant as specified in its Charter)
Delaware 22-2785165
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
358 Hall Avenue, Wallingford, Connecticut 06492
203-265-8900
(Address, including zip code, and telephone
number, including area code, of Registrant's
principal executive offices)
Indicate by check mark whether the Registrant (1) has filed reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
As of April 1, 1999, the total number of shares outstanding of Class A Common
Stock was 17,863,504. There are no shares outstanding of Class B Common Stock.
<PAGE>
AMPHENOL CORPORATION
Index to Quarterly Report
on Form 10-Q
<TABLE>
<CAPTION>
Page
----
<S> <C>
Part I Financial Information
Item 1. Financial Statements:
Condensed Consolidated Balance Sheet
March 31, 1999 and December 31, 1998 3
Condensed Consolidated Statement of Income
Three months ended March 31, 1999 and 1998 5
Condensed Consolidated Statement of Changes
in Shareholders' Deficit
Three months ended March 31, 1999 6
Condensed Consolidated Statement of Changes
in Shareholders' Deficit
Three months ended March 31, 1998 7
Condensed Consolidated Statement of Cash Flow
Three months ended March 31, 1999 and 1998 8
Notes to Condensed Consolidated Financial
Statements 9
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 12
Item 3. Quantitative and Qualitative Disclosures About
Market Risk 15
Part II Other Information
Item 1. Legal Proceedings 16
Item 2. Changes in Securities 16
Item 3. Defaults upon Senior Securities 16
Item 4. Submission of Matters to a Vote
of Security-Holders 16
Item 5. Other Information 16
Item 6. Exhibits and Reports on Form 8-K 16
Signatures 20
</TABLE>
<PAGE>
Part I. Financial Information
Item 1. Financial Statements
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(dollars in thousands)
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
------------ ------------
(Unaudited)
A S S E T S
<S> <C> <C>
Current Assets:
Cash and short-term cash investments......... $ 3,791 $ 3,095
Accounts receivable, less allowance
for doubtful accounts of $1,957
and $1,832, respectively................... 97,152 83,065
Inventories.................................. 184,995 184,424
Prepaid expenses and other assets............ 17,541 17,089
-------- --------
Total current assets........................... 303,479 287,673
-------- --------
Land and depreciable assets, less
accumulated depreciation of
$189,651 and $190,047, respectively.......... 123,359 126,779
Deferred debt issuance costs................... 16,092 16,783
Excess of cost over fair value of net
assets acquired.............................. 363,577 360,265
Other assets................................... 14,523 15,901
-------- --------
$821,030 $807,401
======== ========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE>
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(dollars in thousands)
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
----------- ------------
(Unaudited)
<S> <C> <C>
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities:
Accounts payable.............................. $ 72,211 $ 67,885
Accrued interest.............................. 16,344 11,306
Other accrued expenses........................ 48,645 43,319
Current portion of long-term debt............. 1,714 1,655
--------- ---------
Total current liabilities....................... 138,914 124,165
--------- ---------
Long-term debt.................................. 946,870 952,469
Deferred taxes and other liabilities............ 24,072 23,024
Shareholders' Deficit:
Common stock.................................. 18 18
Additional paid-in deficit.................... (499,883) (499,928)
Accumulated earnings.......................... 223,100 214,861
Accumulated other comprehensive loss.......... (12,061) (7,208)
--------- ---------
Total shareholders' deficit..................... (288,826) (292,257)
--------- ---------
$ 821,030 $ 807,401
========= =========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE>
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three months ended
March 31,
----------------------
1999 1998
-------- --------
<S> <C> <C>
Net sales....................................... $ 237,164 $ 228,541
Costs and expenses:
Cost of sales, excluding depreciation
and amortization............................. 157,289 149,069
Depreciation and amortization expense......... 6,885 5,405
Selling, general and administrative expense... 34,262 32,684
Amortization of goodwill...................... 3,078 2,828
----------- -----------
Operating income................................ 35,650 38,555
Interest expense................................ (19,812) (20,302)
Other expenses, net............................. (1,233) (1,079)
----------- -----------
Income before income taxes...................... 14,605 17,174
Provision for income taxes...................... 6,366 7,501
----------- -----------
Net income...................................... $ 8,239 $ 9,673
=========== ===========
Net income per common share..................... $ .46 $ .55
=========== ===========
Average common shares outstanding............... 17,862,341 17,533,799
=========== ===========
Net income per common share
assuming dilution............................. $ .46 $ .54
=========== ===========
Average common shares outstanding
assuming dilution............................. 18,031,325 17,941,716
=========== ===========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE>
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES
IN SHAREHOLDERS' DEFICIT
for the three months ended March 31, 1999
(Unaudited)
(dollars in thousands)
<TABLE>
<CAPTION>
Accumulated
Additional Other Total
Common Paid-in Comprehensive Accumulated Comprehensive Shareholders'
Stock Deficit Income Earnings Loss Deficit
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Beginning balance
at December 31, 1998........... $18 $(499,928) $214,861 $(7,208) $(292,257)
Comprehensive income:
Net income..................... [ $ 8,239 ] 8,239 8,239
-------
Other comprehensive loss, net of tax:
Foreign currency translation
adjustment................. (4,853) (4,853) (4,853)
-------
Comprehensive income............. [ $ 3,386 ]
=======
Other adjustments................ 45 45
--- --------- -------- -------- ---------
Ending balance at March 31, 1999. $18 $(499,883) $223,100 $(12,061) $(288,826)
=== ========= ======== ======== =========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE>
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES
IN SHAREHOLDERS' DEFICIT
for the three months ended March 31, 1998
(Unaudited)
(dollars in thousands)
<TABLE>
<CAPTION>
Accumulated
Additional Other Total
Common Paid-in Comprehensive Accumulated Comprehensive Shareholders'
Stock Deficit Income Earnings Loss Deficit
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Beginning balance
at December 31, 1997........... $18 $(511,582) $178,351 $(9,912) $(343,125)
Comprehensive income:
Net income..................... [ $ 9,673 ] 9,673 9,673
-------
Other comprehensive loss, net of tax:
Foreign currency translation
adjustment................. (1,332) (1,332) (1,332)
-------
Comprehensive income............. [ $ 8,341 ]
=======
Other adjustments................ 40 40
--- --------- -------- -------- ---------
Ending balance at March 31, 1998. $18 $(511,542) $188,024 $(11,244) $(334,744)
=== ========= ======== ======== =========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE>
AMPHENOL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
(Unaudited)
(dollars in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------
1999 1998
-------- --------
<S> <C> <C>
Net income....................................... $ 8,239 $ 9,673
Adjustments for cash from operations:
Depreciation and amortization.................. 9,963 8,233
Amortization of deferred debt issuance costs... 691 686
Net change in non-cash components of
working capital............................... (6,365) (3,793)
------- -------
Cash flow provided by operations................. 12,528 14,799
------- -------
Cash flow from investing activities:
Capital additions, net......................... (5,595) (7,569)
Investment in acquisition...................... (1,416) -
------- -------
Cash flow used by investing activities........... (7,011) (7,569)
------- -------
Cash flow from financing activities:
Net change in borrowings under revolving
credit facilities.......................... (4,821) (855)
Decrease in long-term debt..................... - (5,000)
------- -------
Cash flow used by financing activities........... (4,821) (5,855)
------- -------
Net change in cash and short-term
cash investments............................... 696 1,375
Cash and short-term cash investments
balance, beginning of period................... 3,095 4,713
------- -------
Cash and short-term cash investments
balance, end of period......................... $ 3,791 $ 6,088
======= =======
Cash paid during the period for:
Interest....................................... $14,058 $12,674
Income taxes (refunded) paid, net.............. (110) 3,653
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE>
AMPHENOL CORPORATION
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(dollars in thousands, except per share data)
Note 1 - Principles of Consolidation and Interim Financial Statements
- ---------------------------------------------------------------------
The condensed consolidated balance sheet as of March 31, 1999 and December
31, 1998, and the related condensed consolidated statements of income and of
changes in shareholders' deficit and of cash flow for the three months ended
March 31, 1999 and 1998 include the accounts of the Company and its
subsidiaries. The interim financial statements included herein are unaudited. In
the opinion of management all adjustments, consisting only of normal recurring
adjustments, necessary for a fair presentation of such interim financial
statements have been included. The results of operations for the three months
ended March 31, 1999 are not necessarily indicative of the results to be
expected for the full year. These financial statements should be read in
conjunction with the financial statements and notes included in the Company's
1998 Annual Report on Form 10-K.
Note 2 - Inventories
- --------------------
Inventories consist of:
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
--------- ------------
(Unaudited)
<S> <C> <C>
Raw materials and supplies......... $ 26,233 $ 24,806
Work in process.................... 115,924 114,035
Finished goods..................... 42,838 45,583
-------- --------
$184,995 $184,424
======== ========
</TABLE>
Note 3 - Reportable Business Segments (Unaudited)
- -------------------------------------------------
The Company has two reportable business segments: interconnect products and
assemblies and cable products. The interconnect products and assemblies segment
produces connectors and connector assemblies primarily for the communications,
aerospace, industrial and automotive markets. The cable products segment
produces coaxial and flat ribbon cable primarily for communication markets,
including cable television. The Company evaluates the performance of business
units on, among other things, profit or loss from operations before interest
expense, goodwill and other intangible amortization expense, headquarters'
expense allocations, income taxes and nonrecurring gains and losses. The
Company's reportable segments are an aggregation of business units that have
similar production processes and products. The segment results for the three
<PAGE>
months ended March 31, 1999 and 1998 are as follows:
<TABLE>
<CAPTION>
Interconnect
products Cable
and assemblies products Total
---------------- ---------------- ----------------
1999 1998 1999 1998 1999 1998
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net sales
- external........ $178,008 $178,327 $59,156 $50,214 $237,164 $228,541
- intersegment.... 156 140 2,150 1,605 2,306 1,745
Segment operating
income............ 29,623 36,153 10,910 7,164 40,533 43,317
</TABLE>
Reconciliation of segment operating income to consolidated income before taxes
for the three months ended March 31, 1999 and 1998:
<TABLE>
<CAPTION>
1999 1998
------ ------
<S> <C> <C>
Segment operating income....... $ 40,533 $ 43,317
Amortization of goodwill....... (3,078) (2,828)
Interest expense............... (19,812) (20,302)
Headquarters' expense and
other net expenses........... (3,038) (3,013)
-------- --------
Consolidated income before
income taxes................. $ 14,605 $ 17,174
======== ========
</TABLE>
Note 4 - Commitments and Contingencies
- --------------------------------------
In the course of pursuing its normal business activities, the Company is
involved in various legal proceedings and claims. Management does not expect
that amounts, if any, which may be required to be paid by reason of such
proceedings or claims will have a material effect on the Company's financial
condition or results of operations.
Subsequent to the acquisition of Amphenol from Allied Signal Corporation
("Allied") in 1987, Amphenol and Allied have been named jointly and severally
liable as potentially responsible parties in relation to several environmental
cleanup sites. Amphenol and Allied have jointly consented to perform certain
investigations and remedial and monitoring activities at two sites and they have
been jointly ordered to perform work at another site. The responsibility for
costs incurred relating to these sites is apportioned between Amphenol and
Allied based on an agreement entered into in connection with the acquisition.
For sites covered by this agreement, to the extent that conditions or
circumstances occurred or existed at the time of or prior to the acquisition,
Allied is currently obligated to pay 80% of the costs up to $30,000 and 100% of
the costs in excess of $30,000. Management does not believe that the costs
associated with resolution of these or any other environmental matters will have
a material adverse effect on the Company's financial condition or results of
operations.
<PAGE>
A subsidiary of the Company has an agreement with a financial institution
whereby the subsidiary can sell an undivided interest of up to $60,000 in a
designated pool of qualified accounts receivable. The agreement expires in 2004.
Under the terms of the agreement, new receivables are added to the pool as
collections reduce previously sold accounts receivable. The Company services,
administers and collects the receivables on behalf of the purchaser. Fees
payable to the purchaser under this agreement are equivalent to rates afforded
high quality commercial paper issuers plus certain administrative expenses and
are included in other expenses, net, in the accompanying Consolidated Statement
of Income. The agreement contains certain covenants and provides for various
events of termination. In certain circumstances the Company is contingently
liable for the collection of the receivables sold; management believes that its
allowance for doubtful accounts is adequate to absorb the expense of any such
liability. At March 31, 1999 and December 31, 1998, approximately $60,000 in
receivables were sold under the agreement and are therefore not reflected in the
accounts receivable balance in the accompanying Condensed Consolidated Balance
Sheet at those dates.
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(dollars in thousands, except per share data)
Results of Operations
- ---------------------
Three months ended March 31, 1999 compared to three months ended March 31, 1998
- -------------------------------------------------------------------------------
Net sales increased approximately 4% to $237,164 in the first quarter of 1999
compared to sales of $228,541 for the same period in 1998. The increase is
primarily attributable to increased sales of coaxial cable for cable television
applications. Increased sales of interconnect products for communications
applications were offset by declines in sales of interconnect products for
aerospace and industrial applications such that overall sales of interconnect
products were flat with the prior year. Currency translation had the effect of
increasing sales in the first quarter 1999 by approximately $1.5 million when
compared to exchange rates for the 1998 period.
The gross profit margin as a percentage of net sales (including depreciation
in cost of sales) was 31% for the three months ended March 31, 1999 compared to
33% for the 1998 period. The decrease in the gross profit margin is generally
attributable to changes in product mix.
Selling, general and administrative expenses as a percentage of net sales
remained constant at approximately 14% for the three months ended March 31, 1999
compared to the 1998 period.
Interest expense for the first quarter of 1999 was $19,812 compared to
$20,302 for the first quarter of 1998. The decrease is primarily attributable to
lower interest rates on the Company's term loan facility for the three months
ended March 31, 1999 compared to the 1998 period.
The provision for income taxes for the three months ended March 31, 1999 was
$6,366 compared to $7,501 in 1998. The 1999 estimated effective tax rate of
approximately 44% reflects federal, state and foreign taxes and non-deductible
goodwill amortization.
Liquidity and Capital Resources
- -------------------------------
Cash provided by operating activities was $12,528 in the quarter ended March
31, 1999 compared to $14,799 in the 1998 period. The decrease in cash flow
relates primarily to a net increase in non-cash components of working capital.
Cash from operating activities in 1999 and 1998 was used to fund capital
expenditures of $5,595 and $7,569, and to repay indebtedness of $4,821 and
$5,855, respectively.
In conjunction with a Merger and Recapitalization in 1997, the Company
entered into a $900 million Bank Agreement with a syndicate of financial
institutions, comprised of a $150 million revolving credit facility that expires
in the year 2004 and a $750 million term loan facility. The term loan facility
includes a $350 million Tranche A maturing over a 7 year period ending 2004, and
a $375 million Tranche B with required amortization in 2005 and 2006.
<PAGE>
The credit agreement is secured by pledges of 100% of the capital stock of the
Company's direct domestic subsidiaries and 65% of the capital stock of direct
material foreign subsidiaries, and the agreement requires the maintenance of
certain interest coverage and leverage ratios, and includes limitations with
respect to, among other things, indebtedness, and restricted payments, including
dividends on the Company's common stock. At March 31, 1999 there were $680
million of borrowings outstanding under the term loan facility. Availability
under the revolving credit facility at March 31, 1999 was $131,782, after
reduction of $3,718 for outstanding letters of credit.
In July 1997, the Company entered into interest rate protection agreements
that effectively fixed the Company's interest cost on $450 million of borrowings
under the Bank Agreement to the extent that LIBOR interest rates remain below 7%
for $300 million of borrowings and below 8% for $150 million of borrowings.
The Company's EBITDA as defined in the Bank Agreement was $47.2 million and
$47.5 million for the three months ended March 31, 1999 and 1998, respectively.
EBITDA is not a defined term under Generally Accepted Accounting Principles
(GAAP) and is not an alternative to operating income or cash flow from
operations as determined under GAAP. The Company believes that EBITDA provides
additional information for determining its ability to meet future debt service
requirements; however, EBITDA does not reflect cash available to fund cash
requirements.
The Company's primary ongoing cash requirements will be for debt service,
capital expenditures and product development activities. The Company's debt
service requirements consist primarily of principal and interest on bank
borrowings and interest on Senior Subordinated Notes due 2007. The Company has
not paid, and does not have any present intention to commence payment of, cash
dividends on its Common Stock. The Company expects that ongoing requirements for
debt service, capital expenditures and product development activities will be
funded by internally-generated cash flow and availability under the Company's
revolving credit facility. The Company may also use cash to fund part or all of
the cost of future acquisitions.
Environmental Matters
- ---------------------
Subsequent to the acquisition of Amphenol from Allied Signal Corporation in
1987, Amphenol and Allied have been named jointly and severally liable as
potentially responsible parties in relation to several environmental cleanup
sites. Amphenol and Allied have jointly consented to perform certain
investigations and remedial and monitoring activities at two sites and they have
been jointly ordered to perform work at another site. The responsibility for
costs incurred relating to these sites is apportioned between Amphenol and
Allied based on an agreement entered into in connection with the acquisition.
For sites covered by this agreement, to the extent that conditions or
circumstances occurred or existed at the time of or prior to the acquisition,
Allied is currently obligated to pay 80% of the costs up to $30,000 and 100% of
the costs in excess of $30,000. Management does not believe that the costs
associated with resolution of these or any other environmental matters will have
a material adverse effect on the Company's financial condition or results of
operations.
<PAGE>
Recent Accounting Change
- ------------------------
In June 1998 the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133 (FAS 133), "Accounting for Derivative
Instruments and Hedging Activities." This statement requires that an entity
recognize all derivatives as either assets or liabilities in the Statement of
Financial Position and measure those instruments at fair value. The accounting
for changes in the fair value of a derivative (that is, gains and losses)
depends on the intended use of the derivative and its resulting designation. The
Company is in the process of evaluating the effect this new standard will have
on the Company's financial statements. The Company is required to adopt FAS 133
beginning January 1, 2000.
Information Systems and the Year 2000
- -------------------------------------
The Year 2000 issue is primarily the result of computer programs using a two
digit format, as opposed to four digits, to indicate the year. Such computer
systems will be unable to interpret dates beyond the year 1999, which could
cause a system failure or other computer errors, leading to a disruption in the
operation of such systems. In 1996, the Company began a systematic review of all
of its business information systems to ensure that the systems now in use
worldwide will be Year 2000 compliant before the turn of the century. The
Company has established a Year 2000 Program Management Group to provide overall
guidance and direction for this compliance mission. Communications were
initiated to all of the Company's business units focusing on the critical nature
of this project and the Program Management Group has continually monitored the
progress and status of each business unit. The Program Management Group has
focused its efforts on four main areas: (1) information systems software and
hardware; (2) non-information technology systems; (3) facilities equipment; and
(4) customer and vendor relationships. The Company expects its Year 2000
conversion project to be completed on a timely basis so as to not significantly
impact business operations.
Based on the assessment efforts to date, the Company does not believe that
the Year 2000 issue will have a material adverse effect on its financial
condition or results of operations. The Company operates a number of business
units worldwide and has a large supplier base and believes that this will
mitigate any adverse impact. The Company's beliefs and expectations, however,
are based on certain assumptions and expectations that ultimately may prove to
be inaccurate. Potential sources of risk include: (a) the inability of principal
suppliers to be Year 2000 ready, which could result in delays in product
deliveries from such suppliers, (b) disruption of the product distribution
channel, including ports and transportation vendors and (c) the general
breakdown of necessary infrastructure such as electricity supply. The Company is
developing contingency plans to reduce the impact of transactions with
non-compliant suppliers and other parties. Although there can be no assurance
that multiple business disruptions caused by technology failures can be
adequately anticipated, the Company is identifying various alternatives to
minimize the potential risk to its business operations.
The Company estimates the cost for its Year 2000 compliance efforts to be
approximately $3.0 million, including the cost of new systems and system
upgrades some of which will be capitalized. The cost is being funded through
operating cash flows. The Company's aggregate cost estimate does not include
time and costs that may be incurred by the Company as a result of the failure of
any third parties, including suppliers, to become Year 2000 ready or costs to
implement any contingency plans. Such costs are not anticipated to have a
material impact on the Company's financial position, results of operations or
cash flows.
<PAGE>
Euro Currency Conversion
- ------------------------
On January 1, 1999, certain member countries of the European Union
established fixed conversion rates between their existing currencies and the
European Union's common currency (Euro). The transition period for the
introduction of the Euro is between January 1, 1999 and January 1, 2002. The
Company is addressing issues associated with the Euro conversion and although
the Company cannot predict the overall impact of the Euro conversion at this
time, the Company does not expect that the Euro conversion will have a material
adverse effect on its financial condition or results of operations.
Safe Harbor Statement
- ---------------------
Statements in this report that are not strictly historical are
"forward-looking" statements which should be considered as subject to the many
uncertainties that exist in the Company's operations and business environment.
These uncertainties which include, among other things, economic and currency
conditions, market demand and pricing and competitive and cost factors are set
forth in the Company's 1998 Annual Report on Form 10-K.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There has been no material change in the Company's assessment of its
sensitivity to market risk since its presentation set forth, in item 7a.
"Quantitative and Qualitative Disclosures About Market Risk," in its 1998 Annual
Report on Form 10-K filed with the SEC.
<PAGE>
PART II
OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
Reference is made to the Company's 1998 Annual Report on Form 10-K, (the
"10-K").
Item 2. CHANGES IN SECURITIES
None
Item 3. DEFAULTS UPON SENIOR SECURITIES
None
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS
None
Item 5. OTHER INFORMATION
None
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Listing of Exhibits
2.1 Agreement and Plan of Merger dated as of January 23, 1997 between NXS
Acquisition Corp. and Amphenol Corporation (incorporated by reference to
Current Report on Form 8-K dated January 23, 1997).**
2.2 Amendment, dated as of April 9, 1997, to the Agreement and Plan of Merger
between NXS Acquisition Corp. and Amphenol Corporation, dated as of
January 23, 1997 (incorporated by reference to the Registration Statement
on Form S-4 (registration No. 333-25195) filed on April 15, 1997).**
3.1 Certificate of Merger, dated May 19, 1997 (including Restated Certificate
of Incorporation of Amphenol Corporation)(filed as Exhibit 3.1 to the
June 30, 1997 10-Q).**
3.2 By-Laws of the Company as of May 19, 1997 - NXS Acquisition Corp. By-Laws
(filed as Exhibit 3.2 to the June 30, 1997 10-Q).**
4.1 Indenture between Amphenol Corporation and IBJ Schroeder Bank and Trust
Company, as Trustee, dated as of May 19, 1997, relating to Senior
Subordinated Notes due 2007 (filed as Exhibit 4.1 to the June 30, 1997
10-Q).**
* Filed herewith
** Previously filed
<PAGE>
10.1 Amended and Restated Receivables Purchase Agreement dated as of May 19,
1997 among Amphenol Funding Corp., the Company, Pooled Accounts
Receivable Capital Corporation and Nesbitt Burns Securities, Inc., as
Agent (filed as Exhibit 10.1 to the June 30, 1997 10-Q).**
10.2 Amended and Restated Purchase and Sale Agreement dated as of May 19, 1997
among the Originators named therein, Amphenol Funding Corp. and the
Company (filed as Exhibit 10.2 to the June 30, 1997 10-Q).**
10.3 Credit Agreement dated as of May 19, 1997 among the Company, Amphenol
Holding UK, Limited, Amphenol Commercial and Industrial UK, Limited, the
Lenders listed therein, The Chase Manhattan Bank, as Syndication Agent,
the Bank of New York, as Documentation Agent and Bankers Trust Company,
as Administrative Agent and Collateral Agent (filed as Exhibit 10.3 to
the June 30, 1997 10-Q).**
10.4 1997 Amphenol Incentive Plan (filed as Exhibit 10.13 to the 1996 10-K).**
10.5 1998 Amphenol Incentive Plan (filed as Exhibit 10.5 to the December 31,
1997 10-K).**
10.6 1999 Amphenol Incentive Plan (filed as Exhibit 10.6 to the December 31,
1998 10-K).**
10.7 Pension Plan for Employees of Amphenol Corporation as amended and
restated effective December 31, 1997 (filed as Exhibit 10.7 to the
December 31, 1998 10-K).**
10.8 First amendment to the Pension Plan for Employees of Amphenol Corporation
dated October 1, 1998 (filed as Exhibit 10.8 to the December 31, 1998
10-K).**
10.9 Second amendment to the Pension Plan for Employees of Amphenol
Corporation dated February 4, 1999 (filed as Exhibit 10.9 to the December
31, 1998 10-K).**
10.10 Amphenol Corporation Supplemental Employee Retirement Plan formally
adopted effective January 25, 1996 (filed as Exhibit 10.18 to the 1996
10-K).**
10.11 LPL Technologies Inc. and Affiliated Companies Employee Savings/401(k)
Plan, dated and adopted January 23, 1990 (filed as Exhibit 10.19 to the
1991 Registration Statement).**
10.12 Management Agreement between the Company and Dr. Martin H. Loeffler,
dated July 28, 1987 (filed as Exhibit 10.7 to the 1987 Registration
Statement).**
10.13 Amphenol Corporation Directors' Deferred Compensation Plan (filed as
Exhibit 10.11 to the December 31, 1997 10-K).**
10.14 Agreement and Plan of Merger among Amphenol Acquisition Corporation,
Allied Corporation and the Company, dated April 1, 1987, and the
Amendment thereto dated as of May 15, 1987 (filed as Exhibit 2 to the
1987 Registration Statement).**
* Filed herewith
** Previously filed
<PAGE>
10.15 Settlement Agreement among Allied Signal Inc., the Company and LPL
Investment Group, Inc. dated November 28, 1988 (filed as Exhibit 10.20 to
the 1991 Registration Statement).**
10.16 Registration Rights Agreement dated as of May 19, 1997, among NXS
Acquisition Corp., KKR 1996 Fund L.P., NXS Associates L.P., KKR Partners
II, L.P. and NXS I, L.L.C. (filed as Exhibit 99.5 to Schedule 13D,
Amendment No. 1, relating to the beneficial ownership of shares of the
Company's Common Stock by NXS I, L.L.C., KKR 1996 Fund, L.P., KKR
Associates (1996) L.P., KKR 1996 GP LLC, KKR Partners II, L.P., KKR
Associates L.P., NXS Associates L.P., KKR Associates (NXS) L.P., and
KKR-NXS L.L.C. dated May 27, 1997).**
10.17 Management Stockholders' Agreement entered into as of May 19, 1997
between the Company and Martin H. Loeffler (filed as Exhibit 10.13 to the
June 30, 1997 10-Q).**
10.18 Management Stockholders' Agreement entered into as of May 19, 1997
between the Company and Edward G. Jepsen (filed as Exhibit 10.14 to the
June 30, 1997 10-Q.)**
10.19 Management Stockholders' Agreement entered into as of May 19, 1997
between the Company and Timothy F. Cohane (filed as Exhibit 10.15 to the
June 30, 1997 10-Q).**
10.20 1997 Option Plan for Key Employees of Amphenol and Subsidiaries (filed as
Exhibit 10.16 to the June 30, 1997 10-Q).**
10.21 Amended 1997 Option Plan for Key Employees of Amphenol and Subsidiaries
(filed as Exhibit 10.19 to the June 30, 1998 10-Q).**
10.22 Non-Qualified Stock Option Agreement between the Company and Martin H.
Loeffler dated as of May 19, 1997 (filed as Exhibit 10.17 to the June 30,
1997 10-Q).**
10.23 Non-Qualified Stock Option Agreement between the Company and Edward G.
Jepsen dated as of May 19, 1997 (filed as Exhibit 10.18 to the June 30,
1997 10-Q).**
10.24 Non-Qualified Stock Option Agreement between the Company and Timothy F.
Cohane dated as of May 19, 1997 (filed as Exhibit 10.19 to the June 30,
1997 10-Q).**
10.25 First Amendment to Amended and Restated Receivables Purchase Agreement
dated as of September 26, 1997 (filed as Exhibit 10.20 to the September
30, 1997 10-Q).**
10.26 Canadian Purchase and Sale Agreement dated as of September 26, 1997 among
Amphenol Canada Corp., Amphenol Funding Corp. and Amphenol Corporation,
individually and as the initial servicer (filed as Exhibit 10.21 to the
September 30, 1997 10-Q).**
* Filed herewith
** Previously filed
<PAGE>
10.27 Amended and Restated Credit Agreement dated as of October 3, 1997 among
the Company, Amphenol Holding UK, Limited, Amphenol Commercial and
Industrial UK, Limited, the Lenders listed therein, The Chase Manhattan
Bank, as Syndication Agent, the Bank of New York, as Documentation Agent
and Bankers Trust Company, as Administrative Agent and Collateral Agent
(filed as Exhibit 10.22 to the September 30, 1997 10-Q).**
10.28 First Amendment dated as of May 1, 1998 to the Amended and Restated
Credit Agreement dated as of October 3, 1997 among the Company, Amphenol
Holding UK, Limited, Amphenol Commercial and Industrial UK, Limited, the
Lenders listed therein, The Chase Manhattan Bank, as Syndication Agent,
the Bank of New York, as Documentation Agent and Bankers Trust Company,
as Administrative Agent and Collateral Agent (filed as Exhibit 10.25 to
the March 31, 1998 10-Q).**
27 Financial Data Schedule.*
(b) Reports filed on Form 8-K
There were no reports on Form 8-K filed for or during the first
quarter ended March 31, 1999.
* Filed herewith
** Previously filed
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMPHENOL CORPORATION
DATE: May 14, 1999 /s/ Edward G. Jepsen
--------------- ------------------------------
Edward G. Jepsen
Executive Vice President and
Chief Financial Officer
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CIK> 0000820313
<NAME> AMPHENOL CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 3791
<SECURITIES> 0
<RECEIVABLES> 99109
<ALLOWANCES> (1957)
<INVENTORY> 184995
<CURRENT-ASSETS> 303479
<PP&E> 313010
<DEPRECIATION> (189651)
<TOTAL-ASSETS> 821030
<CURRENT-LIABILITIES> 138914
<BONDS> 0
0
0
<COMMON> 18
<OTHER-SE> (288844)
<TOTAL-LIABILITY-AND-EQUITY> 821030
<SALES> 237164
<TOTAL-REVENUES> 237164
<CGS> 157289
<TOTAL-COSTS> 157289
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (19812)
<INCOME-PRETAX> 14605
<INCOME-TAX> 6366
<INCOME-CONTINUING> 8239
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8239
<EPS-PRIMARY> .46
<EPS-DILUTED> .46
</TABLE>
