Revised full year 2008 earnings per diluted share,adjusted for asset impairment, restructuring charges, gross profit impact ofrevenue deferral in the Wireless Segment, and nonrecurring purchase accountingeffects, are estimated to be in a range of $2.53 to $2.58, which implies afourth quarter adjusted diluted EPS of $0.12 to $0.17. Previous adjusteddiluted EPS guidance was $2.95 to $3.00 for the full year 2008, and $0.54 to$0.59 for the fourth quarter."The impact from both softening demand and customer inventory reductionsacross all of our businesses and end markets has proved more significant thanwe originally anticipated," said John Stroup, President and Chief ExecutiveOfficer of Belden. "In an effort to counteract the negative effects of thedeteriorating economy, we announced in early December plans to streamline ourmanufacturing, sales and administrative functions worldwide resulting in awork force reduction of approximately 1,800 associates (20 percent) and theconsolidation of some of our manufacturing operations. We believe thesemeasures provide us with the necessary cost structure to succeed during thisperiod of weaker demand. Although we expect to face considerable marketchallenges throughout the year, we remain confident that our restructuringactions will deliver cost savings of approximately $30 million during 2009.These actions give us flexibility while also positioning us well for theupturn that will follow."In light of the current difficult market conditions, the Company expectsto incur a non-cash goodwill impairment charge in the fourth quarter of 2008.The Company is in the process of completing its annual test for goodwillimpairment and will report impairment as part of its year-end disclosure.The Company is continuing to review its fourth quarter results and willprovide additional information in its earnings announcement, which iscurrently scheduled on February 5, 2009. (Eastern Time), which theCompany will broadcast live via the Internet.Forward Looking StatementsStatements in this release other than historical facts are "forwardlooking statements" made in reliance upon the safe harbor of the PrivateSecurities Litigation Reform Act of 1995.
These forward looking statements arebased on forecasts and projections about the industries served by the Companyand about general economic conditions They reflect management's beliefs andexpectations. They are not guarantees of future performance and they involverisk and uncertainty. The Company's actual results may differ materially fromthese expectations. The current global economic slowdown has adverselyaffected our results of operations and may continue to do so.
Turbulence infinancial markets may increase our borrowing costs. Some additional factorsthat may cause actual results to differ from the Company's expectationsinclude demand for the Company's products; the cost and availability ofmaterials including copper, plastic compounds derived from fossil fuels, andother materials; energy costs; the Company's ability to integrate successfullythe acquired businesses; and other factors. For a more complete discussion ofrisk factors, please see our Annual Report on Form 10-K for the year endedDecember 31, 2007, filed with the SEC on February 29, 2008. Belden disclaimsany duty to update any forward looking statements as a result of newinformation, future developments, or otherwise.About BeldenSending All the Right Signals from industrial automation to datacenters, from broadcast studios to aerospace, from cutting-edge wirelesscommunications to consumer electronics, Belden people are committed todelivering the best signal transmission solutions in the world. Beldenassociates work in copper cable, fiber, wireless technology, connectors,switches and active components to bring voice, video and data to your mission-critical application. With 2007 revenue of $2.0 billion, Belden hasmanufacturing capability in North America, Europe and Asia. To obtainadditional information contact Investor Relations at 314-854-8054, or visitour website at http:// Contact: Belden Investor Relations 314-854-8054SOURCEBeldenBelden Investor Relations, 1-314-854-8054.