Bel Reports Fiscal 2004 Net Earnings Increased 80% to $2.15 Per Diluted Share; Sales Rise 20% to a Record $190 Million.JERSEY CITY, N.J. -- 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 :BELFA)(NASDAQ:BELFB) today announced higher preliminary and unaudited sales and net earnings for the fourth quarter and fiscal year ended December December: see month. 31, 2004. Fourth Quarter Results For the fourth quarter of 2004, sales increased 15% to $49,289,000, compared to $42,865,000 for the fourth quarter of 2003. Net earnings increased 8% to $6,028,000, or $0.52 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, compared to $5,597,000, or $0.49 per diluted share, for the same period a year earlier. 2004 Results For 2004, sales increased 20% to a record $190,021,000, compared to $158,498,000 for 2003. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: increased to 13% for 2004 from 11% for 2003, reflecting higher sales which resulted in improved manufacturing and operating efficiencies. Net earnings increased 80% to $24,722,000, or $2.15 per diluted share, compared to $13,764,000, or $1.24 per diluted share, for 2003. "We achieved strong sales gains in 2004 across all four product categories; magnetics Mag`net´ics n. 1. The science of magnetism. Noun 1. magnetics - the branch of science that studies magnetism magnetism , circuit protection, interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. devices and modules, including the including the new DC/DC converter (1) A device that changes one set of codes, modes, sequences or frequencies to a different set. See A/D converter. (2) A device that changes current from 60Hz to 50Hz and vice versa. power products modules. Our record 2004 performance also benefited from the acquisition of the Passive Components Group from Insilco Technologies in March, 2003," said 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, President. "Bel remains a passive investor in Artesyn Technologies, Inc. at this time, but will continue to evaluate its position, subject to changes in the business environment. With its strong cash position, the Company is constantly reviewing several potential acquisition opportunities," said Bernstein. At December 31, 2004, Bel had 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 $94,300,000, working capital of approximately $126,800,000, a current ratio of 5-to-1, total 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. of $4,500,000 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 $178,500,000. The Company cautions that its fourth quarter and year end results are preliminary and unaudited. 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 (discrete components An elementary electronic device constructed as a single unit. Before integrated circuits (chips), all transistors, resistors and diodes were discrete. They are widely used in amplifiers and other devices that use large amounts of current. , power transformers and MagJack(R)s), modules (DC/DC converters, integrated analog front end modules, custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect devices (passive jacks, plugs and cable assemblies). The Company operates facilities around the world. Conference Call Bel has scheduled a conference call at 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy today. A simultaneous webcast of the conference call may be accessed from the Investor Info link at www.BelFuse.com. A replay will be available after 1:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. 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 #21230083 after 1:00 p.m. EST. 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 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 businesses 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 possibility that changes may occur in the Company's financial statements between the Company's announcement of preliminary results and the Company's release of audited results; 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. In light of the risks and uncertainties, there can be no assurance that any forward-looking statement will in fact prove to be correct. We undertake no obligation to update or revise any forward-looking statements.
BEL FUSE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($ 000s omitted, except for per share data)(Unaudited)
Three Months Twelve Months Ended
Ended
December 31, December 31,
-------------------------------------
2004 2003 2004 2003
-------- -------- --------- ---------
Sales $49,289 $42,865 $190,021 $158,498
-------- -------- --------- ---------
Cost of expenses:
Cost of sales 34,781 30,248 132,776 113,813
Selling, general and
administrative expenses 8,248 5,966 31,302 26,757
Fixed asset impairment -- -- 1,032 --
-------- -------- --------- ---------
43,029 36,214 165,110 140,570
Income from operations 6,260 6,651 24,911 17,928
Other income - net 253 136 525 249
Lawsuit proceeds -- -- 2,935 --
-------- -------- --------- ---------
Earnings before income tax
provision 6,513 6,787 28,371 18,177
Income tax provision 485 1,190 3,649 4,413
-------- -------- --------- ---------
Net earnings $6,028 $5,597 $24,722 $13,764
======== ======== ========= =========
Net earnings per common share
Basic $0.53 $0.50 $2.19 $1.25
======== ======== ========= =========
Diluted $0.52 $0.49 $2.15 $1.24
======== ======== ========= =========
Average common shares outstanding
Basic 11,352 11,146 11,284 11,021
======== ======== ========= =========
Diluted 11,510 11,339 11,511 11,133
======== ======== ========= =========
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000s omitted)
----------------------------------------------------------------------
December 31, December 31,
ASSETS LIABILITIES &
2004 2003 EQUITY 2004 2003
(Unaudited) (Audited) (Unaudited) (Audited)
----------------------------------------------------------------------
Current assets Current
$159,768 $122,084 liabilities $33,014 $19,714
Property,
plant & Long-term
equipment - liabilities
net 41,245 43,501 6,892 8,484
Goodwill, net Deferred
10,651 9,882 income taxes 410 6,764
Intangibles & Stockholders'
and other equity
assets 7,113 6,350 178,461 146,855
----------- --------- ----------- ---------
Total assets Total
liabilities
$218,777 $181,817 & equity $218,777 $181,817
=========== ========= =========== =========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion