SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1998 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________to _________________ Commission File Number 1-10879 AMPHENOL CORPORATION (Exact name of Registrant as specified in its Charter) Delaware 22-2785165 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 358 Hall Avenue, Wallingford, Connecticut 06492 203-265-8900 (Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices) Indicate by check mark whether the Registrant (1) has filed reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes |X| No |_| As of April 1, 1998, the total number of shares outstanding of Class A Common Stock was 17,534,380. There are no shares outstanding of Class B Common Stock.
AMPHENOL CORPORATION Index to Quarterly Report on Form 10-Q Page ---- Part I Financial Information Item 1. Financial Statements: Condensed Consolidated Balance Sheet March 31, 1998 and December 31, 1997 3 Condensed Consolidated Statement of Income Three months ended March 31, 1998 and 1997 5 Condensed Consolidated Statement of Changes in Shareholders' Deficit Three months ended March 31, 1998 6 Condensed Consolidated Statement of Changes in Shareholders' Equity Three months ended March 31, 1997 7 Condensed Consolidated Statement of Cash Flow Three months ended March 31, 1998 and 1997 8 Notes to Condensed Consolidated Financial Statements 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Part II Other Information Item 1. Legal Proceedings 15 Item 2. Changes in Securities 15 Item 3. Defaults upon Senior Securities 15 Item 4. Submission of Matters to a Vote of Security-Holders 15 Item 5. Other Information 15 Item 6. Exhibits and Reports on Form 8-K 15 Signatures 19
Part I. Financial Information Item 1. Financial Statements AMPHENOL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET (dollars in thousands) March 31, December 31, 1998 1997 ------------ ------------ (Unaudited) A S S E T S Current Assets: Cash and short-term cash investments......... $ 6,088 $ 4,713 Accounts receivable, less allowance for doubtful accounts of $1,823 and $1,633, respectively................... 78,112 70,037 Inventories.................................. 168,153 167,010 Prepaid expenses and other assets............ 12,667 13,020 -------- -------- Total current assets........................... 265,020 254,780 -------- -------- Land and depreciable assets, less accumulated depreciation of $173,162 and $169,784, respectively.......... 113,865 111,592 Deferred debt issuance costs................... 18,691 19,377 Excess of cost over fair value of net assets acquired.............................. 336,410 339,223 Other assets................................... 13,018 12,182 -------- -------- $747,004 $737,154 ======== ======== See accompanying notes to condensed consolidated financial statements.
AMPHENOL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET (dollars in thousands) March 31, December 31, 1998 1997 ----------- ------------ (Unaudited) LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities: Accounts payable.............................. $ 62,141 $ 64,255 Accrued interest.............................. 18,362 11,442 Other accrued expenses........................ 43,893 41,345 Current portion of long-term debt............. 112 212 -------- -------- Total current liabilities....................... 124,508 117,254 -------- -------- Long-term debt.................................. 931,946 937,277 Deferred taxes and other liabilities............ 25,294 25,748 Shareholders' Deficit: Common stock.................................. 20 20 Additional paid-in deficit.................... (511,544) (511,584) Accumulated earnings.......................... 188,024 178,351 Cumulative translation adjustment............. (11,244) (9,912) -------- -------- Total shareholders' deficit..................... (334,744) (343,125) -------- -------- $747,004 $737,154 ======== ======== See accompanying notes to condensed consolidated financial statements.
AMPHENOL CORPORATION CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited) (dollars in thousands, except per share data) Three months ended March 31, --------------------- 1998 1997 -------- -------- Net sales....................................... $228,541 $211,773 Costs and expenses: Cost of sales, excluding depreciation and amortization............................. 149,069 137,522 Depreciation and amortization expense......... 5,405 4,865 Selling, general and administrative expense... 32,684 30,467 Amortization of goodwill...................... 2,828 2,830 -------- -------- Operating income................................ 38,555 36,089 Interest expense................................ (20,302) (6,422) Other expenses, net............................. (1,079) (1,217) -------- -------- Income before income taxes...................... 17,174 28,450 Provision for income taxes...................... 7,501 10,953 -------- -------- Net income...................................... $ 9,673 $ 17,497 ======== ======== Net income per common share..................... $.55 $.39 ==== ==== Average common shares outstanding............... 17,533,799 44,720,024 ========== ========== Net income per common share assuming dilution............................. $.54 $.39 ---- ---- Average common shares outstanding assuming dilution............................. 17,941,716 44,798,682 ========== ========== See accompanying notes to condensed consolidated financial statements.
AMPHENOL CORPORATION CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT for the three months ended March 31, 1998 (Unaudited) (dollars in thousands) <TABLE> <CAPTION> Accumulated Additional Other Total Common Paid-in Comprehensive Accumulated Comprehensive Shareholders' Stock Deficit Income Earnings Loss Deficit -------- -------- -------- -------- -------- -------- <S> <C> <C> <C> <C> <C> <C> Beginning balance at December 31, 1997........... $20 ($511,584) $178,351 ($9,912) ($343,125) Comprehensive income: Net income..................... [ $9,673 ] 9,673 9,673 ------- Other comprehensive loss, net of tax: Foreign currency translation adjustment.................. (1,332) (1,332) (1,332) ------- Comprehensive income............. [ $8,341 ] ======= Other adjustments................ 40 40 -------- -------- -------- -------- -------- Ending balance at March 31, 1998. $20 ($511,544) $188,024 ($11,244) ($334,744) ======== ======== ======== ======== ======== </TABLE> See accompanying notes to condensed consolidated financial statements.
AMPHENOL CORPORATION CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY for the three months ended March 31, 1997 (Unaudited) (dollars in thousands) <TABLE> <CAPTION> Accumulated Additional Other Treasury Total Common Paid-in Comprehensive Accumulated Comprehensive Stock Shareholders' Stock Capital Income Earnings Loss at Cost Equity -------- -------- -------- -------- -------- -------- -------- <S> <C> <C> <C> <C> <C> <C> <C> Beginning balance at December 31, 1996........... $47 $265,425 $151,634 ($3,887) ($52,671) $360,548 Comprehensive income: Net income..................... [ 17,497 ] 17,497 17,497 ------- Other comprehensive loss, net of tax: Foreign currency translation adjustment................. (4,475) (4,475) Unrealized loss on securities (1,357) (1,357) ------- Other comprehensive loss....... (5,832) (5,832) ------- Comprehensive income............. [ $11,665 ] ======= Other adjustments................ 21 21 -------- -------- -------- -------- -------- -------- Ending balance at March 31, 1997. $47 $265,446 $169,131 ($9,719) ($52,671) $372,234 ======== ======== ======== ======== ======== ======== </TABLE> See accompanying notes to condensed consolidated financial statements.
AMPHENOL CORPORATION CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (Unaudited) (dollars in thousands) Three Months Ended March 31, --------------------- 1998 1997 -------- -------- Net income....................................... $ 9,673 $17,497 Adjustments for cash from operations: Depreciation and amortization.................. 8,233 7,695 Amortization of deferred debt issuance costs... 686 173 Net change in non-cash components of working capital............................... (3,793) 2,833 ------- ------- Cash flow provided by operations................. 14,799 28,198 ------- ------- Cash flow from investing activities: Capital additions, net......................... (7,569) (4,555) ------- ------- Cash flow used by investing activities........... (7,569) (4,555) ------- ------- Cash flow from financing activities: Net change in borrowings under revolving credit facilities.......................... (855) (20,805) Decrease in long-term debt..................... (5,000) -- ------- ------- Cash flow used by financing activities........... (5,855) (20,805) ------- ------- Net change in cash and short-term cash investments............................... 1,375 2,838 Cash and short-term cash investments balance, beginning of period................... 4,713 3,984 ------- ------- Cash and short-term cash investments balance, end of period......................... $ 6,088 $ 6,822 ======= ======= Cash paid during the period for: Interest....................................... $12,674 $ 601 Income taxes paid, net of refunds.............. 3,653 699 See accompanying notes to condensed consolidated financial statements.
AMPHENOL CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Note 1 - Principles of Consolidation and Interim Financial Statements - --------------------------------------------------------------------- The condensed consolidated balance sheet as of March 31, 1998 and December 31, 1997, and the related condensed consolidated statements of income and of changes in shareholders' equity (deficit) and of cash flow for the three months ended March 31, 1998 and 1997 include the accounts of the Company and its subsidiaries. The interim financial statements included herein are unaudited. In the opinion of management all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of such interim financial statements have been included. The results of operations for the three months ended March 31, 1998 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes included in the Company's 1997 Annual Report on Form 10-K. In June 1997 the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 130 (FAS 130), "Reporting Comprehensive Income" which requires a statement of comprehensive income to be included in the financial statements for fiscal years beginning after December 15, 1997. The Company has adopted the statement and the appropriate disclosure is reflected in the accompanying Condensed Consolidated Statement of Changes in Shareholders' Equity (Deficit). Note 2 - Inventories - -------------------- Inventories consist of: March 31, December 31, 1998 1997 --------- ------------ (Unaudited) Raw materials and supplies......... $ 21,842 $ 21,115 Work in process.................... 98,659 96,833 Finished goods..................... 47,652 49,062 -------- -------- $168,153 $167,010 ======== ======== Note 3 - Commitments and Contingencies - -------------------------------------- In the course of pursuing its normal business activities, the Company is involved in various legal proceedings and claims. Management does not expect that amounts, if any, which may be required to be paid by reason of such proceedings or claims will have a material effect on the Company's financial condition or results of operations.
Subsequent to the acquisition of Amphenol from Allied Signal Corporation ("Allied") in 1987, Amphenol and Allied have been named jointly and severally liable as potentially responsible parties in relation to several environmental cleanup sites. Amphenol and Allied have jointly consented to perform certain investigations and remedial and monitoring activities at two sites and they have been jointly ordered to perform work at another site. The responsibility for costs incurred relating to these sites is apportioned between Amphenol and Allied based on an agreement entered into in connection with the acquisition. For sites covered by this agreement, to the extent that conditions or circumstances occurred or existed at the time of or prior to the acquisition, the first $13,000 of costs were borne by Amphenol and had been incurred as of December 31, 1996. Allied is obligated to pay 80% of the excess over $13,000 and 100% of the excess over $30,000. Management does not believe that the costs associated with resolution of these or any other environmental matters will have a material adverse effect on the Company's financial condition or results of operations. A subsidiary of the Company has an agreement with a financial institution whereby the subsidiary can sell an undivided interest of up to $60,000 in a designated pool of qualified accounts receivable. The agreement expires in 2004. Under the terms of the agreement, new receivables are added to the pool as collections reduce previously sold accounts receivable. The Company services, administers and collects the receivables on behalf of the purchaser. Fees payable to the purchaser under this agreement are equivalent to rates afforded high quality commercial paper issuers plus certain administrative expenses and are included in other expenses, net, in the accompanying Consolidated Statement of Income. The agreement contains certain covenants and provides for various events of termination. In certain circumstances the Company is contingently liable for the collection of the receivables sold; management believes that its allowance for doubtful accounts is adequate to absorb the expense of any such liability. During 1997, the Company adopted SFAS No. 125 "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities." Adoption had no effect on the Company's financial statements. At March 31, 1998 and December 31, 1997, approximately $60,000 in receivables were sold under the agreement and are therefore not reflected in the accounts receivable balance in the accompanying Condensed Consolidated Balance Sheet at that date. Note 4 - Merger and Recapitalization - ------------------------------------ On May 19, 1997, the Company merged with NXS Acquisition Corp., a wholly owned subsidiary of KKR 1996 Fund L.P., KKR Partners II, L.P., and NXS Associates, L.P., limited partnerships formed at the direction of Kohlberg Kravis Roberts & Co. L.P. ("KKR"). The Merger had the effect of affiliates of KKR investing $341,041 in exchange for 13,116,955 shares, or 75% of the Company's common stock. Such equity proceeds, along with $240,000 of proceeds from the sale of 9 7/8% Senior Subordinated Notes due 2007 and borrowings of $750,000 under a $900,000 bank loan agreement ("Bank Agreement") were used to repurchase 40,325,240 shares of the Company's common stock for $1,048,490, purchase all of the Company's outstanding 10.45% Senior Notes and substantially all of the Company's 12 3/4% Subordinated Debentures for $211,153 and pay fees and expenses of $59,436, including $18,000 paid to KKR and $39,292 relating to the issuance of new debt.
The Merger and related transactions were recorded as a Recapitalization ("Merger and Recapitalization"). Expenses of $17,644 related to the repurchase of the Company's common stock were reflected as a reduction of additional paid-in capital; other expenses of approximately $2,500, primarily relating to the buyout of certain stock options, were reflected in the 1997 Consolidated Statement of Income. Supplemental earnings per share for the three months ended March 31, 1997 assuming the Merger and Recapitalization was completed at the beginning of 1997 was $.32. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in thousands, except per share data) Results of Operations - --------------------- Three months ended March 31, 1998 compared to three months ended March 31, 1997 - ------------------------------------------------------------------------------- Net sales increased approximately 8% to $228,541 in the first quarter of 1998 compared to sales of $211,773 for the same period in 1997. The increase is attributable to increased sales of interconnect products particularly in the aerospace, industrial and communications markets. Currency translation had the effect of reducing sales in the first quarter 1998 by approximately $5.2 million when compared to exchange rates for the 1997 period. The gross profit margin as a percentage of net sales (including depreciation in cost of sales) remained constant at approximately 33% for the three months ended March 31, 1998 compared to the 1997 period. Selling, general and administrative expenses as a percentage of net sales remained constant at approximately 14% for the three months ended March 31, 1998 compared to the 1997 period. Interest expense for the first quarter of 1998 was $20,302 compared to $6,422 for the first quarter of 1997. The increase is due to increased debt levels resulting from the Merger and Recapitalization which closed on May 19, 1997 (Note 4). The provision for income taxes for the three months ended March 31, 1998 was $7,501 compared to $10,953 in 1997. The 1998 estimated effective tax rate of approximately 44% reflects federal, state and foreign taxes. Liquidity and Capital Resources - ------------------------------- Cash provided by operating activities was $14,799 in the quarter ended March 31, 1998 compared to $28,198 in the 1997 period. The decrease in cash flow relates primarily to increased interest payments ($12,674 in 1998 and $601 in 1997) on borrowings resulting from the Merger and Recapitalization (Note 4) and to a net increase in non-cash components of working capital.
Cash from operating activities in 1998 and 1997 was used to fund capital expenditures of $7,569 and $4,555, and to repay indebtedness of $5,855 and $20,805, respectively. In conjunction with the Merger and Recapitalization, the Company entered into a $900 million Bank Agreement with a syndicate of financial institutions, comprised of a $150 million revolving credit facility that expires in the year 2004 and a $750 million term loan facility - $350 million (Tranche A) maturing over a 7 year period ending 2004, $200 million (Tranche B) maturing in 2005 and $200 million (Tranche C) maturing in 2006. In October 1997, the Company negotiated an amendment to the term loan under the Bank Agreement. The amendment extinguished the Tranche B and C indebtedness with borrowings under a new $375 million Term Loan Tranche B. The new Term Loan Tranche B has required amortization in 2005 and 2006. At March 31, 1998 the Company had prepaid $70 million of the term loan. The credit agreement requires the maintenance of certain interest coverage and leverage ratios, and includes limitations with respect to, among other things, indebtedness, and restricted payments, including dividends on the Company's common stock. At March 31, 1998 there were $681 million of borrowings outstanding under the term loan facility and there were no amounts outstanding under the revolving credit facility. In July 1997, the Company entered into interest rate protection agreements that effectively fix the Company's interest cost on $450 million of borrowings under the Bank Agreement to the extent that LIBOR interest rates remain below 7% for $300 million of borrowings and below 8% for $150 million of borrowings. The Company's EBITDA as defined in the Bank Agreement was $47.5 million and $44.2 million for the three months ended March 31, 1998 and 1997, respectively. EBITDA is not a defined term under Generally Accepted Accounting Principles (GAAP) and is not an alternative to operating income or cash flow from operations as determined under GAAP. The Company believes that EBITDA provides additional information for determining its ability to meet future debt service requirements; however, EBITDA does not reflect cash available to fund cash requirements. The Company's primary ongoing cash requirements will be for debt service, capital expenditures and product development activities. The Company's debt service requirements consist primarily of principal and interest on bank borrowings and interest on Senior Subordinated Notes due 2007. The Company has not paid, and does not have any present intention to commence payment of, cash dividends on its Common Stock. The Company expects that ongoing requirements for debt service, capital expenditures and product development activities will be funded by internally-generated cash flow and availability under the Company's revolving credit facility. Environmental Matters - --------------------- Subsequent to the acquisition of Amphenol from Allied in 1987, Amphenol and Allied have been named jointly and severally liable as potentially responsible parties in relation to several environmental cleanup sites. Amphenol and Allied have jointly consented to perform certain investigations and remedial and
monitoring activities at two sites and they have been jointly ordered to perform work at another site. The responsibility for costs incurred relating to these sites is apportioned between Amphenol and Allied based on an agreement entered into in connection with the acquisition. For sites covered by this agreement, to the extent that conditions or circumstances occurred or existed at the time of or prior to the acquisition, the first $13,000 of costs were borne by Amphenol and had been incurred as of December 31, 1996. Allied is obligated to pay 80% of the excess over $13,000 and 100% of the excess over $30,000. Management does not believe that the costs associated with resolution of these or any other environmental matters will have a material adverse effect on the Company's financial condition or results of operations. Future Accounting Changes - ------------------------- In June 1997 the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 131 (FAS 131), "Disclosures about Segments of an Enterprise and Related Information" which requires disclosure of certain information about operating segments and about products and services, the geographic areas in which a company operates and their major customers. Any resulting change in disclosure will be reflected in the year ended December 31, 1998 Consolidated Financial Statements. In February 1998 the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 132 (FAS 132), "Employers' Disclosures about Pensions and Other Postretirement Benefits" which revises and standardizes the disclosure requirements for pensions and other postretirement benefits, requires additional information on changes in the benefit obligations and fair values of the plan assets and eliminates certain disclosures that are considered no longer useful. The disclosure changes resulting from this standard will be reflected in the year ended December 31, 1998 Consolidated Financial Statements. Safe Harbor Statement - --------------------- Statements in this report that are not strictly historical are "forward-looking" statements which should be considered as subject to the many uncertainties that exist in the Company's operations and business environment. These uncertainties which include, among other things, economic and currency conditions, market demand and pricing and competitive and cost factors are set forth in the Company's 1997 Annual Report on Form 10-K.
PART II OTHER INFORMATION Item 1. LEGAL PROCEEDINGS Reference is made to the Company's 1997 Annual Report on Form 10-K, (the "10-K"). Item 2. CHANGES IN SECURITIES None Item 3. DEFAULTS UPON SENIOR SECURITIES None Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS None Item 5. OTHER INFORMATION None Item 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Listing of Exhibits 2.1 Agreement and Plan of Merger dated as of January 23, 1997 between NXS Acquisition Corp. and Amphenol Corporation (incorporated by reference to Current Report on Form 8-K dated January 23, 1997).** 2.2 Amendment, dated as of April 9, 1997, to the Agreement and Plan of Merger between NXS Acquisition Corp. and Amphenol Corporation, dated as of January 23, 1997 (incorporated by reference to the Registration Statement on Form S-4 (registration No. 333-25195) filed on April 15, 1997).** 3.1 Certificate of Merger, dated May 19, 1997 (including Restated Certificate of Incorporation of Amphenol Corporation)(filed as Exhibit 3.1 to the June 30, 1997 10-Q).** 3.2 By-Laws of the Company as of May 19, 1997 - NXS Acquisition Corp. By-Laws (filed as Exhibit 3.2 to the June 30, 1997 10-Q).** 4.1 Indenture between Amphenol Corporation and IBJ Schroeder Bank and Trust Company, as Trustee, dated as of May 19, 1997, relating to Senior Subordinated Notes due 2007 (filed as Exhibit 4.1 to the June 30, 1997 10-Q).** * Filed herewith ** Previously filed
10.1 Amended and Restated Receivables Purchase Agreement dated as of May 19, 1997 among Amphenol Funding Corp., the Company, Pooled Accounts Receivable Capital Corporation and Nesbitt Burns Securities, Inc., as Agent (filed as Exhibit 10.1 to the June 30, 1997 10-Q).** 10.2 Amended and Restated Purchase and Sale Agreement dated as of May 19, 1997 among the Originators named therein, Amphenol Funding Corp. and the Company (filed as Exhibit 10.2 to the June 30, 1997 10-Q).** 10.3 Credit Agreement dated as of May 19, 1997 among the Company, Amphenol Holding UK, Limited, Amphenol Commercial and Industrial UK, Limited, the Lenders listed therein, The Chase Manhattan Bank, as Syndication Agent, the Bank of New York, as Documentation Agent and Bankers Trust Company, as Administrative Agent and Collateral Agent (filed as Exhibit 10.3 to the June 30, 1997 10-Q).** Management Contracts and Compensatory Plans (Exhibits 10.4 through 10.11). -------------------------------------------------------------------------- 10.4 1997 Amphenol Incentive Plan (filed as Exhibit 10.13 to the 1996 10-K).** 10.5 1998 Amphenol Incentive Plan (filed as Exhibit 10.5 to the December 31, 1997 10-K).** 10.6 Amended and Restated Salaried Employees Pension Plan of Amphenol Corporation (filed as Exhibit 10.12 to the 1994 10-K).** 10.7 Amended and Restated LPL Technologies Inc. Retirement Plan for Salaried Employees (filed as Exhibit 10.13 to the 1994 10-K).** 10.8 Amphenol Corporation Supplemental Employee Retirement Plan formally adopted effective January 25, 1996 (filed as Exhibit 10.18 to the 1996 10-K).** 10.9 LPL Technologies Inc. and Affiliated Companies Employee Savings/401(k) Plan, dated and adopted January 23, 1990 (filed as Exhibit 10.19 to the 1991 Registration Statement).** 10.10 Management Agreement between the Company and Dr. Martin H. Loeffler, dated July 28, 1987 (filed as Exhibit 10.7 to the 1987 Registration Statement).** 10.11 Amphenol Corporation Directors' Deferred Compensation Plan (filed as Exhibit 10.11 to the December 31, 1997 10-K).** 10.12 Agreement and Plan of Merger among Amphenol Acquisition Corporation, Allied Corporation and the Company, dated April 1, 1987, and the Amendment thereto dated as of May 15, 1987 (filed as Exhibit 2 to the 1987 Registration Statement).** * Filed herewith ** Previously filed
10.13 Settlement Agreement among Allied Signal Inc., the Company and LPL Investment Group, Inc. dated November 28, 1988 (filed as Exhibit 10.20 to the 1991 Registration Statement).** 10.14 Registration Rights Agreement dated as of May 19, 1997, among NXS Acquisition Corp., KKR 1996 Fund L.P., NXS Associates L.P., KKR Partners II, L.P. and NXS I, L.L.C. (filed as Exhibit 99.5 to Schedule 13D, Amendment No. 1, relating to the beneficial ownership of shares of the Company's Common Stock by NXS I, L.L.C., KKR 1996 Fund, L.P., KKR Associates (1996) L.P., KKR 1996 GP LLC, KKR Partners II, L.P., KKR Associates L.P., NXS Associates L.P., KKR Associates (NXS) L.P., and KKR-NXS L.L.C. dated May 27, 1997).** 10.15 Management Stockholders' Agreement entered into as of May 19, 1997 between the Company and Martin H. Loeffler (filed as Exhibit 10.13 to the June 30, 1997 10-Q).** 10.16 Management Stockholders' Agreement entered into as of May 19, 1997 between the Company and Edward G. Jepsen (filed as Exhibit 10.14 to the June 30, 1997 10-Q.)** 10.17 Management Stockholders' Agreement entered into as of May 19, 1997 between the Company and Timothy F. Cohane (filed as Exhibit 10.15 to the June 30, 1997 10-Q).** 10.18 1997 Option Plan for Key Employees of Amphenol and Subsidiaries (filed as Exhibit 10.16 to the June 30, 1997 10-Q).** 10.19 Non-Qualified Stock Option Agreement between the Company and Martin H. Loeffler dated as of May 19, 1997 (filed as Exhibit 10.17 to the June 30, 1997 10-Q).** 10.20 Non-Qualified Stock Option Agreement between the Company and Edward G. Jepsen dated as of May 19, 1997 (filed as Exhibit 10.18 to the June 30, 1997 10-Q).** 10.21 Non-Qualified Stock Option Agreement between the Company and Timothy F. Cohane dated as of May 19, 1997 (filed as Exhibit 10.19 to the June 30, 1997 10-Q).** 10.22 First Amendment to Amended and Restated Receivables Purchase Agreement dated as of September 26, 1997 (filed as Exhibit 10.20 to the September 30, 1997 10-Q).** 10.23 Canadian Purchase and Sale Agreement dated as of September 26, 1997 among Amphenol Canada Corp., Amphenol Funding Corp. and Amphenol Corporation, individually and as the initial servicer (filed as Exhibit 10.21 to the September 30, 1997 10-Q).** * Filed herewith ** Previously filed
10.24 Amended and Restated Credit Agreement dated as of October 3, 1997 among the Company, Amphenol Holding UK, Limited, Amphenol Commercial and Industrial UK, Limited, the Lenders listed therein, The Chase Manhattan Bank, as Syndication Agent, the Bank of New York, as Documentation Agent and Bankers Trust Company, as Administrative Agent and Collateral Agent (filed as Exhibit 10.22 to the September 30, 1997 10-Q).** 10.25 First Amendment dated as of May 1, 1998 to the Amended and Restated Credit Agreement dated as of October 3, 1997 among the Company, Amphenol Holding UK, Limited, Amphenol Commercial and Industrial UK, Limited, the Lenders listed therein, The Chase Manhattan Bank, as Syndication Agent, the Bank of New York, as Documentation Agent and Bankers Trust Company, as Administrative Agent and Collateral Agent.* 27 Financial Data Schedule.* (b) Reports filed on Form 8-K There were no reports on Form 8-K filed for or during the first quarter ended March 31, 1998. * Filed herewith ** Previously filed
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. AMPHENOL CORPORATION DATE: May 14, 1998 /s/Edward G. Jepsen --------------- --------------------------- Edward G. Jepsen Executive Vice President and Chief Financial Officer