Bel Fuse Inc. third-quarter net earnings jump to 39 cents per share, vs. 7 cents per share, on a 44 percent gain in sales.JERSEY CITY, N.J.--(BUSINESS WIRE)--Oct. 26, 1995--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) Thursday Thursday: see week. announced that net earnings for the third quarter ended Sept. 30, 1995, were $1,980,000, or 39 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 $355,000, or 7 cents per share, for the same period last year. Sales increased 44 percent to $17,568,000, compared with $12,191,000 last year. Net earnings for this year's third quarter include a one-time pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern gain of approximately $650,000 related to the partial liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of Bel's investment in Pulse Engineering Corp. common stock upon Pulse's acquisition by Technitrol Corp. Bel currently owns 193,430 shares, or approximately 2.4 percent of Technitrol's common stock ``We have continued to experience strong demand from OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers for local-area-network (LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. ) products. Bel's improved LAN market share has been the result of our increased focus on certain key OEM accounts. Recent gains in profitability are primarily attributable to last year's relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. to lower-cost manufacturing facilities in the Far East,'' said Daniel Bernstein, president of Bel Fuse. For the nine months ended Sept. 30, 1995, net earnings were $4,950,000, or 99 cents per share, compared with a net loss of $2,518,000, or 51 cents per share, for the same period last year. Sales increased 62 percent to $51,528,000, compared with $31,725,000 in the same period last year. Bernstein said that 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. at Oct. 24, 1995, was approximately $20.5 million, compared with backlog of $19.8 million at Nov. 3, 1994. At Sept. 30, 1995, Bel Fuse reported working capital of $25,216,000, a current ratio of 4-to-1, cash, 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 and amounts receivable from the sale of marketable securities of $11.4 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 $52,592,000, or $10.41 per share. Bel and its subsidiaries are engaged primarily in the design, manufacture and sale of products used in local-area networking, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , business equipment and consumer electronics. The company operates facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe and the Far East. -0-
BEL FUSE INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Operations
($ 000 omitted, except per-share and share data)
(Unaudited)
Three months ended
Sept. 30,
1995 1994
Net Sales $ 17,568 $ 12,191
Costs and Expenses:
Cost of Sales 12,590 9,613
Selling, General and
Administrative expenses 3,277 2,467
15,867 12,080
Income (loss) from operations 1,701 111
Other income -- net 732 148
Earnings (loss) before
income-tax provision 2,433 259
Income-tax provision (benefit) 453 (96)
Net Earnings (loss) $ 1,980 $ 355
Net Earnings (loss)
per common share $ .39 $ .07
Average number of common
shares outstanding 5,028,415 4,949,368
Nine months ended
Sept. 30,
1995 1994
Net Sales $ 51,528 $ 31,725
Costs and Expenses:
Cost of Sales 37,617 25,691
Selling, General and
Administrative expenses 9,047 9,127
46,664 34,818
Income (loss) from operations 4,864 (3,093)
Other income -- net 843 489
Earnings (loss) before
income-tax provision 5,707 (2,604)
Income-tax provision (benefit) 757 (86)
Net Earnings (loss) $ 4,950 $ (2,518)
Net Earnings (loss)
per common share $ .99 $ (.51)
Average number of common
shares outstanding 4,997,173 4,942,372
-0-
Condensed Consolidated Balance Sheet
($ 000 omitted)
Sept. 30, Dec. 31,
ASSETS 1995 1994
(unaudited) (audited)
Current Assets $33,651 $28,157 Property, Plant & Equipment, Net 26,761 22,226 Other Assets 1,169 1,270 Total $61,581 $51,653
Sept. 30, Dec. 31,
LIABILITIES AND EQUITY 1995 1994
(unaudited) (audited)
Current Liabilities $ 8,435 $ 5,487 Long-Term Debt -- -- Deferred Income Taxes 554 240 Stockholders' Equity 52,592 45,926 Total $61,581 $51,653 CONTACT: Bel Fuse Inc., Jersey City Daniel Bernstein, 201/432-0463 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion