Bel Authorizes Repurchase of Up to 10 Percent of Its Outstanding Common Shares.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--May 10, 2000 Bel Fuse Inc. (Nasdaq:BELFA)(Nasdaq:BELFB) today announced that its board of directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 10 percent of the company's outstanding common shares. Bel may make purchases in the open market from time to time at prices and in quantities to be determined by management. There currently are approximately 10,579,000 Bel common shares outstanding. President Dan Bernstein said: "With our strong backlog and continued rapid growth in demand for our DSL-related products and our belMag(TM) integrated connector modules, we are confident that sales and earnings will grow in 2000. "Our new products for Gigabit, HomeLAN, Cable and Voice over Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. (VoIP) applications have been enthusiastically received by our customers, positioning Bel to benefit from the growth of the Internet. "We also are committed to and are actively pursuing additional growth opportunities through strategic combinations and/or acquisitions. "This stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. authorization reflects the board's belief that Bel's potential is not properly reflected in the current stock price. We believe that our own stock represents one of the most attractive investment opportunities available to us as we strive to enhance shareholder value." 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 for the high-speed data transmission and telecom markets, fuses, delay lines and thick film hybrids. The company operates facilities around the world. Except for historical information contained in this news release, the matters discussed (including statements regarding sales and earnings growth and benefits from the Internet) are 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. under 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 that involve risks and uncertainties. Among the factors that could cause actual results to differ materially from such statements are: the effect of business and economic conditions; capacity and supply 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)]. or difficulties; product development, commercializing or technological difficulties; the regulatory and trade environment; the market's acceptance of the company's new products and competitive responses to those new products; and the risk factors detailed from time to time in the company's Securities and Exchange Commission reports. |
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