General Cable Corporation Comments on Venezuelan Currency Devalution

  General Cable Corporation Comments on Venezuelan Currency Devalution

Business Wire

HIGHLAND HEIGHTS, Ky. -- February 14, 2013

The Venezuelan government announced the official exchange rate of its currency
(Bolivars) would be adjusted from 4.3 Bolivars to each US Dollar to 6.3,
effective February 13, 2013. These actions by the Venezuelan government are
expected to result in a one-time charge in the first quarter of 2013 primarily
related to the Company’s remeasurement of its local balance sheet on the date
of the devaluation. The non-recurring pre-tax charge in the first quarter of
2013 is expected to be in the range of $42 million which will be recorded as
other expense. The Company does not expect any impact to its 2012 results of
operations or cash flows.

The Company confirms its full year 2013 outlook for adjusted operating income
of $300 to $340 million, excluding the non-recurring charge related to the
remeasurement of the local balance sheet on the date of the Venezuelan
currency devaluation.

General Cable (NYSE:BGC), a Fortune 500 Company, is a global leader in the
development, design, manufacture, marketing and distribution of copper,
aluminum and fiber optic wire and cable products for the energy, industrial,
specialty, construction and communications markets. For more information about
General Cable products, please contact your local sales representative or
visit our Web site at www.generalcable.com.

Forward Looking Statements

Certain statements in this press release are forward-looking statements that
involve risks and uncertainties, predict or describe future events or trends
and that do not relate solely to historical matters. Forward looking
statements can generally be identified by use of forward-looking terminology
such as “believe,” “expect,” “may,” “will,” “anticipate,” “intend,”
“estimate,” “project,” “plan,” “assume,” “seek to” or other similar
expressions, although not all forward-looking statements contain these
identifying words. Actual results may differ materially from those discussed
in forward-looking statements as a result of factors, risks and uncertainties
over many of which we have no control. These factors include, but are not
limited to: the economic strength and competitive nature of the geographic
markets that the Company serves; our ability to increase manufacturing
capacity and productivity, our ability to increase our selling prices during
periods of increasing raw material costs; our ability to service, and meet all
requirements under, our debt, and to maintain adequate domestic and
international credit facilities and credit lines; the impact of unexpected
future judgments or settlements of claims and litigation; the impact of
foreign currency fluctuations, compliance with U.S. and foreign laws, the
Company’s ability to implement and make appropriate, timely and beneficial
decisions as to when, how and if to purchase shares under the repurchase
program and the other risks detailed from time to time in the Company’s
filings with the Securities and Exchange Commission (“SEC”), including but not
limited to, its annual report on Form 10-K filed with the SEC on February 23,
2012, and subsequent SEC filings. You are cautioned not to place undue
reliance on these forward-looking statements. General Cable does not
undertake, and hereby disclaims, any obligation, unless required to do so by
applicable securities laws, to update any forward-looking statements as a
result of new information, future events or other factors.

Contact:

General Cable Corporation
Len Texter,  Director, Investor Relations, 859-572-8684
 
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