Bel Expects Profitable Second Quarter; Declares Regular Quarterly Cash Dividend.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--May 23, 2002 "We expect Bel to post an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the current quarter, with sales likely to meet or exceed last year's second quarter performance. We believe that further top and bottom line improvement is likely in the second half of 2002," 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 of Bel Fuse Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BELFB) & (NASDAQ:BELFA) at today's annual meeting. For the second quarter of 2001, Bel reported a net loss of $11,110,000, or $1.04 per share, including charges of approximately $11,700,000 (net of taxes) principally related to inventory, on revenue of $22,076,000. For the first quarter of 2002, the net loss was $1,821,000, or $0.17 per share, on revenue of $16,514,000. "Shipments and order rates have increased in several key new product areas. Demand for fuses and our expanding line of integrated connector modules remains strong. Bel is continuing to expand its line of surface mount magnetic components for high-speed data transmission and networking applications. It is especially noteworthy that products from our new Power division are being well received in the market. The dramatic reductions in manufacturing overhead and variable expenses we have made during the past year should also contribute to improved profitability as sales recover," Bernstein added. Bel has expanded its line of power products with the release of a variety of single-in-line package (SIP (1) (Session Initiation Protocol) An IP telephony signaling protocol developed by the IETF. Primarily used for voice over IP (VoIP) calls, SIP can also be used for video or any media type; for example, SIP has been used to set up multi-player Quake games. ) non-isolated DC/DC converters specifically engineered to provide precise DC outputs from nominal 5V and 12V sources. Bel recently announced the seventh series of new power converter (1) A device that changes one set of codes, modes, sequences or frequencies to a different set. See A/D converter. (2) A device that changes current from 60Hz to 50Hz and vice versa. modules released in 2002, specifically engineered to provide up to 10A of output current from the increasingly preferred 3.3V bus input. Bel's power products are targeted at a broad range of applications in computers and peripherals, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , networking, test equipment and industrial automation. Quarterly Cash Dividend Bel also announced that its Board of Directors declared a regular quarterly cash dividend of $0.05 per share on the Company's Class B common stock. The dividend is payable on August 1, 2002 to shareholders of record on July 12, 2002. About Bel Bel (www.BelFuse.com) and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications, high speed data transmission, automotive and consumer electronics. Products include magnetics and connectors for voice and data transmission, fuses, DC/DC converters, delay lines and hybrid circuits A circuit that contains different types of circuitry or chips. See mixed signal and hybrid microcircuit. . The Company operates facilities around the world. 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. Except for historical information contained in this news release, the matters discussed, including statements regarding market recovery and future revenue and earnings performance by the Company, are forward-looking statements that involve risks and uncertainties. Among the factors that could cause actual results to differ materially from such statements are: the market concerns facing our customers, the continuing viability of sectors that rely on our products, 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 SEC reports. |
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