Bel Fuse Inc. returns to profitability with third-quarter net 7 cents per share, vs. 27 cents; third- quarter bookings raise backlog to $19.8 million.JERSEY CITY, N.J.--(BUSINESS WIRE)--Nov. 7, 1994--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) Monday Monday: see week. announced that net earnings for the third quarter ended Sept. 30, 1994, were $355,000, or 7 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 net earnings of $1,325,000, or 27 cents per share, in the same period last year. Revenue for the quarter was $12,191,000, compared with revenue of $13.36 million last year. 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, said: ``Compared to the first half of the year, Bel's return to profitability, despite continuing price pressure, is due to higher sales and reduced labor expenses at our new facilities.'' He noted that bookings during the quarter for a wide range of components and orders for several new products raised backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. to $19.8 million at Nov. 3, 1994, compared with backlog of $10.6 million at Oct. 27, 1993. For the nine months of 1994, the net loss was $2,518,000, or 51 cents per share, on revenue of $31,725,000, compared with net earnings of $3,719,000, or 76 cents per share, on revenue of $37,143,000 for the same period last year. At Sept. 30, 1994, Bel Fuse reported working capital of $21,961,000, a current ratio of 5-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 $10,978,000, 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 $45,413,000, or $9.16 per share. Bel and its subsidiaries are engaged primarily in the design, manufacture and sale of products used in computer networking
Computer networking is the engineering discipline concerned with communication between computer systems or devices. , telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , business equipment 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
(In thousands, except per-share and share data)
(Unaudited)
Nine months ended
Sept. 30,
1994 1993
Net sales $ 31,725 $ 37,143
Costs and expenses:
Cost of sales 25,691 25,045
Selling, general and
administrative expenses 9,127 8,270
34,818 33,315
Income (loss) from operations (3,093) 3,828
Other income -- net 489 473
Earnings (loss) before
income-tax provision (2,604) 4,301
Income-tax provision (benefit) (86) 582
Net earnings (loss) $ (2,518) $ 3,719
Net earnings (loss)
per common share (51 cents) 76 cents
Average number of common
shares outstanding 4,942,372 4,916,812
Three months ended
Sept. 30,
1994 1993
Net sales $ 12,191 $ 13,360
Costs and expenses:
Cost of sales 9,613 9,093
Selling, general and
administrative expenses 2,467 2,795
12,080 11,888
Income (loss) from operations 111 1,472
Other income -- net 148 146
Earnings (loss) before
income-tax provision 259 1,618
Income-tax provision (benefit) (96) 293
Net earnings (loss) $ 355 $ 1,325
Net earnings (loss)
per common share 7 cents 27 cents
Average number of common
shares outstanding 4,949,368 4,924,496
Condensed Consolidated Balance Sheet
(In thousands)
Sept. 30, Dec. 31,
1994 1993
(unaudited) (audited)
Assets:
Current assets $27,136 $32,287
Property, plant and
equipment, net 21,977 19,480
Other assets 1,582 1,355
Total $50,695 $53,122
Liabilities and equity:
Current liabilities $ 5,175 $ 4,412
Long-term debt -- --
Deferred income taxes 107 439
Stockholders' equity 45,413 48,271
Total $50,695 $53,122
CONTACT: Bel Fuse Inc., Jersey City Daniel Bernstein, 201/432-0463 |
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