General Cable sees no impact on FY12 results from Venezuelan currency 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.
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General Cable backs 2014 adjusted income view $200M-$230M General Cable sees 2014 global unit volume flat to down low single digits year-over-year due to the lack of consistent momentum in utility and construction spending in North America and Latin America as well as ongoing challenges in Spain and Thailand. The company expects to generate $135M-$165M of operating cash flow in 2014 with capital spending below depreciation. The revised operating cash flow outlook principally reflects funding higher working capital for 2014.