Bel Reports First Quarter Results; Net Income Is $0.16 Per Diluted Share Versus A Loss of $0.17 Per Share; Revenue Increases to $24.9 Million From $16.5 Million.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--April 29, 2003 Bel Fuse Inc. (Nasdaq:BELFA)(Nasdaq:BELFB) today announced preliminary unaudited results for the first quarter ended March 31, 2003. Net income for the first quarter increased to $1,780,000, or $0.16 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. This compares to a net loss for the first quarter of 2002 of $1,821,000, or $0.17 per share. Revenue increased 51% to $24,947,000 for this year's first quarter from $16,514,000 for the first quarter of 2002. Effective March 22, 2003, Bel completed the acquisition of the Passive Components Group from Insilco Technologies, Inc., which included the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of Stuart Connector Systems, Inc., InNet Technologies, Inc., Signal Transformer transformer, electrical device used to transfer an alternating current or voltage from one electric circuit to another by means of electromagnetic induction. Co., Inc. and related entities. The contribution to Bel's first quarter revenue attributable to this acquisition was approximately $1,900,000. 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, said: "Together with the acquisition in January 2003 of the Communications Products Division of Advanced Power Components plc (APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ), the Insilco transaction expands our customer base throughout the world and diversifies our product line, making Bel more attractive to customers seeking a greater variety of products from individual suppliers." Bernstein added: "The integration of APC is complete, and we have already made significant progress consolidating the Insilco companies into Bel's global operations Global Operations is a first-person shooter computer game developed by Barking Dog Studios and published by both Crave Entertainment and Electronic Arts. It was released in March of 2002, following its public multiplayer beta version which contained only the Quebec map. . We expect this project to be substantially completed during the second quarter." At March 31, 2003, Bel reported cash, cash equivalents 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 approximately $41,711,000, working capital of approximately $84,715,000, a current ratio of 4.5 to 1, total term debt of $10,000,000 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 approximately $132,161,000. 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 and connectors for voice and data transmission, fuses, DC/DC converters, delay lines and hybrid circuits A circuit that contains different types of circuitry or chips. See mixed signal and hybrid microcircuit. . The Company operates facilities around the world. Conference Call Bel has scheduled a conference call at 11:00 AM ET today. A simultaneous WebCast of the conference call may be accessed online from the Investor Information link at www.BelFuse.com. A replay will be available after 6:30 PM ET 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 #21141301, after 1:00 PM ET. 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, including the Company's timing estimate with respect to the integration of the businesses acquired from Insilco and statements made regarding customer preferences, 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; the difficulties inherent in integrating remote business that may have followed business practices that differ from the Company's business practices; 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 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.
BEL FUSE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($ 000 omitted, except for per share data)
Three Months Ended
March 31,
2003 2002
(unaudited)
Net Sales $24,947 $16,514
Costs and Expenses:
Cost of Sales 17,967 14,361
Selling, General and Administrative expenses 4,847 4,094
22,814 18,455
Income (loss) from operations 2,133 (1,941)
Other income - net 116 252
Earnings (loss) before income tax provision 2,249 (1,689)
Income tax provision 469 132
Net Earnings (Loss) $ 1,780 $(1,821)
Net Earnings (Loss) per common share:
Primary $ 0.16 $ (0.17)
Diluted $ 0.16 $ (0.17)
Average common shares outstanding:
Primary 10,945 10,847
Diluted 11,072 10,847
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000 omitted)
Mar. 31, Dec. 31,
ASSETS 2003 2002
(unaudited)
Current assets $105,700 $ 94,504
Property, plant & equipment, net $ 48,082 $ 37,605
Goodwill, net $ 11,641 $ 7,625
Other assets $ 899 $ 7,159
Total assets $166,322 $146,893
Mar. 31, Dec. 31,
LIABILITIES AND EQUITY 2003 2002
(unaudited)
Current liabilities $ 20,985 $ 11,715
Long-term liabilities $ 13,176 $ 4,519
Stockholders' equity $132,161 $130,659
Total liabilities & equity $166,322 $146,893
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