Bel Fourth Quarter Net Income Advances 44%.Twelve Month Net Earnings Increase 25% on 18% Sales Gain JERSEY CITY, N.J. -- 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 :BELFA) (NASDAQ:BELFB) today announced higher revenue and net income for the fourth quarter and 2006 versus the comparable periods of 2005. All information is preliminary and unaudited. For the three months ended December 31, 2006, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight rose 7% to $60,573,000 from $56,684,000 for the prior year. Net earnings for the fourth quarter of 2006 increased 44% to $4,697,000, compared to net earnings of $3,265,000 for the fourth quarter of 2005. For the twelve months ended December 31, 2006, revenue increased 18% to a record $254,933,000, compared to $215,916,000 for 2005. Net earnings for 2006 increased 25% to $25,203,000, which included a pre-tax casualty loss of $1,030,000 and a gain on sale of marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $5,150,000. For 2005, net earnings were 20,233,000. Bel has revised the method it uses to report earnings per share to utilize the two-class method, displaying earnings per share separately for both classes of Bel's common stock. For the three months ended December 31, 2006, net earnings per diluted Class A common share were $0.38, compared to $0.26, and net earnings per diluted Class B common share were $0.40, compared to $0.28. For the twelve months ended December 31, 2006, net earnings per diluted Class A common share were $2.03, compared to $1.67, and net earnings per diluted Class B common share were $2.15, compared to $1.77. "Bel's product groups all experienced strong sales growth through the first three quarters of 2006. However, we experienced softness in many product categories in the fourth quarter. We are encouraged by the generally improved tone of orders so far in 2007," said Daniel Bernstein, president. At December 31, 2006, Bel reported cash, cash equivalents and marketable securities of approximately $92,300,000, working capital of approximately $144,677,000, a current ratio of 4.5, total long-term obligations of $4,728,000 and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $222,150,000. Conference Call Bel has scheduled a conference call at 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy today. A simultaneous webcast of the conference call may be accessed from the Investor Info link at www.BelFuse.com. A replay will be available after 1:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. , for a period of 20 days, at this same Internet address 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 #21318296, after 1:00 p.m. EST. 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 and consumer electronics. Products include magnetics (discrete components An elementary electronic device constructed as a single unit. Before integrated circuits (chips), all transistors, resistors and diodes were discrete. They are widely used in amplifiers and other devices that use large amounts of current. , power transformers and MagJack[R]s), modules (DC-DC DC-DC Direct Current to Direct Current (power conversion) converters, integrated analog front end modules and custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect devices (passive jacks, plugs and cable assemblies). Bel 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 in this press release 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 or difficulties; product development, commercializing or technological difficulties; the regulatory and trade environment; uncertainties associated with legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. ; 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. In light of the risks and uncertainties, there can be no assurance that any forward-looking statement will in fact prove to be correct. We undertake no obligation to update or revise any forward-looking statements. [TABLE OMITTED] [TABLE OMITTED] |
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