Bel Fuse Inc. reports first quarter results; Network and fuse product lines experience sales and volume growth.JERSEY CITY, N.J.--(BUSINESS WIRE)--April 22, 1997--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 :BELF) Tuesday announced that net earnings for the first quarter ended March 31, 1997 were $1,310,000, or 26 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with $2,233,000, or 44 cents per share, for the same period last year. Revenue for the quarter was $15,962,000 compared with $17,262,000 for the first quarter of 1996. Daniel Bernstein, president, said that higher sales of Bel's network and fuse products during the first quarter were offset by reduced sales of customer-specific value-added circuits and assemblies. "Working closely with several major integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for manufacturers, Bel's design and engineering facility in Pleasanton, California Pleasanton, nicknamed "P-town"<ref name="">Ptown (Pleasanton) Bike Advocates Meeting, East Bay Bicycle Coalition website, August 14, 2007, retrieved August 17, 2007, is a city in Alameda County, California and was incorporated in 1894. is developing an expanded array of standardized products A product that conforms to specifications resulting from the same or equivalent technical requirements. NATO standardized products are identified by a NATO code number. for networking applications that we plan to offer to our growing base of customers in this and in related markets beginning this year." Bernstein added that selling, general and administrative expenses for the quarter reflect the recent hiring of new sales, customer service and distribution personnel to properly support the Company's expanding network and fuse product lines. He explained that Bel's tax provision increased due to higher U.S. taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. . At March 31, 1996, Bel Fuse reported working capital of $37,889,000, a current ratio of 6-to-1, cash and 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 $26,295,000, 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 $64,740,000, or approximately $12.76 per share. Backlog at April 18, 1997 was approximately $19,900,000, compared with backlog of $26,000,000 at April 23, 1996. This news release, other than the historical financial information, may consist of forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including, but not limited to, demand for the Company's and its customers' products, competitive responses, general market conditions and the timing of product launches by the Company and its customers. Actual results may vary materially from the Company's forward-looking statements. Bel and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications, automotive and consumer electronics. The Company operates facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe and the Far East. -0-
BEL FUSE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($ 000 omitted, except for per share and share data)
Three Months Ended
March 31,
1997 1996
(unaudited)
Net Sales $ 15,962 $ 17,262
Costs and Expenses:
Cost of Sales 11,370 12,040
Selling, General and
Administrative expenses 3,093 2,794
14,463 14,834
Income from operations 1,499 2,428
Other income - net 340 166
Earnings before
income tax provision 1,839 2,594
Income tax provision 529 361
Net Earnings $ 1,310 $ 2,233
Net Earnings
per common share $ .26 $ .44
Average number of common
shares outstanding 5,072,094 5,051,857
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000 omitted)
March 31, December 31,
ASSETS 1997 1996
(unaudited) (audited)
Current Assets $45,176 $44,338
Property, Plant &
Equipment, Net $26,820 $26,321
Total Assets $72,838 $71,614
LIABILITIES AND EQUITY
Current Liabilities $ 7,286 $ 7,465
Stockholders' Equity $64,740 $63,399
CONTACT: Bel Fuse Inc. Daniel Bernstein, 201/432-0463 or Berkman Associates 310/277-5162 |
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