Bel Reports First-Quarter Results.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--April 27, 2000 Bel Fuse Inc. (Nasdaq:BELFA)(Nasdaq:BELFB) today announced that, primarily due to the impact of a change in the structure of the supply channel by two of its largest customers, revenue for the first quarter ended March 31, 2000, fell to $26,133,000 from $30,759,000 for the first quarter of 1999. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta earnings were $5,736,000, which included a gain of $1,012,000 from the 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 stock investments, compared to $5,791,000 a year earlier. Net earnings were $4,472,000, or $0.41 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 net earnings of $5,121,000, or $0.48 per diluted share, a year earlier. 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, Bel's president, said: "With our higher 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. and continued rapid growth in demand for our DSL-related products and our belMAG(TM) integrated connector modules, we are confident that sales and earnings will grow in 2000 as a whole. "In addition, our new products for Gigabit, HomeLAN, Cable and Voice over Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. (VOIP (Voice Over IP) A digital telephone service that uses the public Internet as well as private backbones instead of the traditional telephone network. Many companies, including Vonage, 8x8 and AT&T (CallVantage), typically offer calling within the country for a ) applications have been enthusiastically received by our customers. Bel is ideally positioned to benefit for years to come from the enormous growth in the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . We also are committed to and are actively pursuing additional growth opportunities through strategic combinations and/or acquisitions." At March 31, 2000, Bel reported working capital of $67.5 million, a current ratio of 5.8 to 1, cash of $39.1 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 $114.5 million. About Bel Bel (www.belfuse.com) and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , high-speed data transmission, automotive and consumer electronics. Products include magnetics for the high-speed data transmission and telecom markets, fuses, delay lines and thick film hybrids. The company operates facilities around the world. Except for historical information contained in this news release, the matters discussed (including statements regarding sales and earnings growth and benefits from the Internet) are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Among the factors that could cause actual results to differ materially from such statements are: the effect of business and economic conditions; capacity and supply constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. or difficulties; product development, commercializing or technological difficulties; the regulatory and trade environment; the market's acceptance of the company's new products and competitive responses to those new products; and the risk factors detailed from time to time in the company's SEC reports.
Bel Fuse Inc. and Subsidiaries
Condensed Consolidated Statement of Operations
($ 000 omitted, except for per-share and share data)
Three Months Ended
March 31,
2000 1999
(unaudited)
Net Sales $ 26,133 $ 30,759
Costs and expenses:
Cost of sales 16,704 20,315
Selling, general and
administrative expenses 5,170 4,805
21,874 25,120
Income from operations 4,259 5,639
Other income - net 1,477 152
Earnings before
income tax provision 5,736 5,791
Income tax provision 1,264 670
Net earnings $ 4,472 $ 5,121
Net Earnings per common share:
Primary $ 0.42 $ 0.49
Diluted $ 0.41 $ 0.48
Average common shares outstanding:
Primary 10,557 10,427
Diluted 10,856 10,765
-0-
CONDENSED CONSOLIDATED BALANCE SHEET
($ 000 omitted)
Mar. 31, Dec. 31, LIABILITIES Mar. 31, Dec. 31,
ASSETS 2000 1999 AND 2000 1999
(unaudited)(audited) EQUITY (unaudited)(audited)
---------------------------------------------------------------------
Current Current
assets $ 81,699 $ 77,107 liabilities $ 14,176 $ 14,033
Property, Deferred
plant & equipment, income
net 36,040 36,022 taxes 797 962
Goodwill, Stockholders'
net 11,371 11,747 equity 114,513 110,254
Total
liabilities &
Total assets $129,486 $125,249 equity $129,486 $125,249
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