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Stock Market & Financial Investment News

News Breaks
February 14, 2013
16:30 EDTBGCGeneral 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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