Bel First Quarter Net Earnings Up 69% to $.68 Per Share As Sales Increase 29% to $33,704,000.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--April 24, 2001 Bel Fuse Inc. (Nasdaq:BELFA) (Nasdaq:BELFB) today announced record results for the first quarter ended March 31, 2001. Net earnings increased 69% to a first quarter record $7,577,000, or $.68 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, compared to $4,472,000, or $.41 per diluted share, last year. Sales increased 29% to a first quarter record $33,704,000 compared to $26,133,000 for last year's first quarter. 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). , Bel's president, said, "Despite our strong results in the first quarter, we are mindful mind·ful adj. Attentive; heedful: always mindful of family responsibilities. See Synonyms at careful. mind that several of our customers are facing difficult market conditions. Some customers have delayed purchase orders, and other customers have canceled purchase orders outright. We are working with our customers during this difficult period and are taking steps to manage our own expenses and control inventory. "We expect that our current second quarter results will be profitable, but not reach the sales and earnings levels reported in the second quarter last year. Bel is focusing on new product development and potential acquisitions as the best means to spur long term growth." At March 31, 2001, Bel reported working capital of $105 million, a current ratio of 8.5 to 1, cash of $64 million, no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $149 million, or $13.90 per common share. 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 a.m. ET today to discuss its results for the first quarter. During the conference call, the company may also discuss the outlook for the second 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 A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. #17841045, beginning at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1 p.m. ET. Except for historical information contained in this news release, the matters discussed (including statements regarding Bel's anticipated results for the second quarter of 2001 and Bel's long term sales and market expectations) 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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.
BEL FUSE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($ 000 omitted, except for per share and share data)
Three Months Ended
March 31,
2001 2000
-------- --------
(unaudited)
Net Sales $ 33,704 $ 26,133
-------- --------
Costs and Expenses:
Cost of Sales 20,272 16,704
Selling, General and
Administrative expenses 5,625 5,170
-------- --------
25,897 21,874
Income from operations 7,807 4,259
Other income - net 826 1,477
-------- --------
Earnings before
income tax provision 8,633 5,736
Income tax provision 1,056 1,264
-------- --------
Net Earnings $ 7,577 $ 4,472
======== ========
Net Earnings per common share:
Primary $ 0.71 $ 0.42
Diluted $ 0.68 $ 0.41
Average common shares outstanding:
Primary 10,671 10,557
Diluted 11,130 10,856
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000 omitted)
Mar. 31, Dec. 31,
ASSETS 2001 2000
(unaudited) (audited)
Current assets $118,591 $119,216
Property, plant &
equipment, net 41,167 39,738
Goodwill, net 9,848 10,241
Total assets 169,914 169,513
Current liabilities $ 13,892 $ 21,493
Deferred income taxes 7,335 7,001
Stockholders' equity 148,686 141,016
Total liabilities &
equity 169,914 169,513
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