Belden Inc., reported a net income of $2.8 million, or 11 cents per share, on revenue of $199.5 million in its third quarter ending September.
By contrast, the St. Louis-based cable supplier earned $3.8 million, or 15 cents per share, on sales of $243.4 million in the year-ago quarter.
Sales slid in both Belden's electronics and communications segments. Communications sales fell 36.8% to $57.4 million from $90.8 million in the third quarter of 2001 and 7.8% sequentially from the second quarter, reflecting a lower level of capital spending by communications customers. Results included an $8.3 million bad-debt charge.
Sales in Belden's electronic segment fell 7% to $142.1 million from $152.6 million a year ago, and 2.3% sequentially from the second quarter due to weak sales in Asia and Europe.
In a separate announcement, Belden is expected to close today on its acquisition of the NORCOM business, located in Kingston, Ontario, Canada, from Cable Design Technologies.
The acquisition is expected to bolster Belden's share of the North American copper communications cable market, according to chairman and chief executive C. Baker Cunningham.
Belden expects its fourth-quarter sales to fall 5% sequentially, with earnings flat.