Bel's Fourth Quarter Net Earnings Increase 79% to a Record $0.98 Per Share as Revenue Increases 47% to a Record $43.8 Million.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--Feb. 5, 2001 Full Year Net Up 51% to $2.94 Per Share on Record Sales Bel Fuse Inc. (Bel) (Nasdaq:BELFA) (Nasdaq:BELFB), a leading developer of components for high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. transmission and networking applications, announced today that preliminary and unaudited net earnings for the fourth quarter ended December December: see month. 31, 2000 increased 79% to a record $11,002,000, or $0.98 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, on a 47% increase in revenue to a record $43,811,000. For the fourth quarter of 1999, net earnings were $6,138,000, or $0.57 per diluted share, on revenue of $29,716,000. For the year ended December 31, 2000, preliminary and unaudited net earnings increased 51% to a record $32,217,000, or $2.94 per diluted share, on a 22% increase in revenue to a record $145,227,000. For 1999, net earnings were $21,292,000, or $1.98 per diluted share, on revenue of $119,464,000. "Bel's record results and improved profitability are primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to increasing sales of our belMag(TM) family of connectors and continuing strong orders for xDSL Refers to DSL technologies in general, including ADSL, HDSL, SDSL and VDSL. See DSL. xDSL - Digital Subscriber Line and fuse products. We believe that there is significant further growth potential for these products, and we currently are expanding production capacity to meet this expected demand," said Daniel Daniel, book of the Bible Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. Bernstein Bern·stein , Leonard 1918-1990. American conductor and composer who wrote numerous choral and symphonic works, including Kaddish (1963), and musicals, notably On the Town (1944) and West Side Story (1957). , president. Bernstein said that planned expansion of the Company's fuse manufacturing capacity required to accommodate anticipated higher sales is expected to be completed by the end of the current quarter. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains non-historical statements including the statements regarding growth potential, production volume, and the timing of completion of capacity expansion projects, which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: the effectiveness of the cost reduction initiatives undertaken by the Company, changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. on supplies of critical components, excess or shortage of production capacity, difficulties encountered in the integration of acquired businesses, the impact of unexpected delays in pending facilities expansion projects, economic conditions impacting the company's customer base, and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. , and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release. About Bel Bel (www.belfuse.com) and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , high speed data transmission, automotive and consumer electronics. Products include magnetics Mag`net´ics n. 1. The science of magnetism. Noun 1. magnetics - the branch of science that studies magnetism magnetism for the high speed data transmission and telecom markets, fuses, delay lines and thick film hybrids. The Company operates facilities around the world. Bel has scheduled a conference call at 11:00 AM EST EST electroshock therapy. EST abbr. electroshock therapy today to discuss its results for the year 2000 and fourth quarter. During the conference call, the Company may also discuss the outlook for the first quarter and year 2001, as well as other matters. A simultaneous WebCast of the conference call may be accessed online at www.streetfusion.com or at www.BelFuse.com. A replay will be available immediately following the WebCast at these same Internet addresses There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. . For a telephone replay, dial (800) 633-8284, reservation No. 17841045, beginning at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1:00 PM ET.
BEL FUSE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($ 000 Omitted, Except for Per Share Data)(Unaudited)
(Subject to Completion of Year-end Audit)
Twelve Months Ended Three Months Ended
December 31, December 31,
2000 1999 2000 1999
Net Sales $145,227 $119,464 $ 43,811 $ 29,716
Costs and Expenses:
Cost of Sales 88,479 76,113 26,086 18,254
Selling, General and
Administrative expenses 23,284 19,502 6,263 4,684
111,763 95,615 32,349 22,938
Income from operations 33,464 23,849 11,462 6,778
Other income - net 3,912 878 963 340
Earnings before
income tax provision 37,376 24,727 12,425 7,118
Income tax provision 5,159 3,435 1,423 980
Net Earnings $ 32,217 $ 21,292 $ 11,002 $ 6,138
Net Earnings per common
share
Primary $ 3.04 $ 2.03 $ 1.04 $ 0.58
Fully diluted $ 2.94 $ 1.98 $ 0.98 $ 0.57
Average common shares
outstanding
Primary 10,583 10,477 10,620 10,527
Fully diluted 10,954 10,777 11,184 10,845
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000 Omitted)
ASSETS
December 31,
2000 1999
(unaudited) (audited)
Current assets $119,216 $ 76,997
Property, plant &
equipment, net 39,738 36,022
Goodwill, net 10,241 11,747
Total assets 169,513 125,138
LIABILITIES AND EQUITY
December 31,
2000 1999
(unaudited) (audited)
Current liabilities $ 21,493 $ 10,228
Stockholders' equity 141,020 110,254
Total liabilities &
equity 169,513 125,138
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