Bel Reports Fourth Quarter and 2002 Results.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--Feb. 13, 2003 Fourth Quarter Net Income is $0.17 Per Share Versus a Loss of $0.77 Per Share; 2002 Net Income is $0.28 Per Share Versus a Loss of $1.13 Per Share 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 preliminary and unaudited results for the fourth quarter ended December 31, 2002 and for the year then ended. Net income for the fourth quarter increased to $1,925,000, or $0.17 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 fourth quarter of 2001 of $8,228,000, or $0.77 per diluted share, after charges principally related to severance and fixed asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. . Revenue increased 58% to $26,886,000 for the 2002 fourth quarter from $16,973,000 for the same period a year earlier. For the twelve months ended December 31, 2002, net income was $3,143,000, or $0.28 per diluted share. This compares to a net loss for 2001 of $12,162,000, or $1.13 per diluted share, after charges principally related to severance and fixed asset impairment. Revenue was $95,528,000 compared to $96,045,000 for 2001. Daniel Bernstein, President, said that Bel completed the acquisition 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. ), a leading provider of innovative front-end solutions for high-speed voice and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , on January 2, 2003. Bernstein added that the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. continues to retain jurisdiction over Bel's proposed acquisition of the assets of the passive components business of Insilco Technologies, Inc. He said that by the end of this quarter Bel expects to know whether it will be permitted to complete this transaction as previously described or whether a competing bidder will be selected. "The global technology industry has stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. , but market conditions remain difficult and meaningful recovery has yet to become apparent. We are pleased by Bel's improving performance in the face of continued challenges in our industry," Bernstein said. "We remain focused on developing new generations of products that incorporate the latest designs and advanced technologies, and committed to enhancing Bel's leadership through investments in engineering and product development." At December 31, 2002, 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 $64,000,000, working capital of approximately $80,902,000, a current ratio of 7.9-to-1, no funded debt Funded Debt Long-term debt that matures after more than one year. Notes: This is usually issued as a bond or a long-term note. See also: Bond, Debt, Maturity, Note Funded debt Debt maturing after more than one year. , 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 $133,223,000. 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 4:30 PM 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 #21098701 after 6:30 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 Insilco transaction, 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; 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)
(subject to completion of year-end audit)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
2002 2001 2002 2001
(Unaudited) (Audited) (Unaudited) (Audited)
Net Sales $ 26,886 $ 16,973 $ 95,528 $ 96,045
Costs and Expenses:
Cost of Sales 20,216 21,003 74,270 89,603
Selling, General and
Administrative expenses 4,273 5,496 17,070 21,561
24,489 26,499 91,340 111,164
Income (loss) from operations 2,397 (9,526) 4,188 (15,119)
Other income -- net 173 371 940 2,411
Earnings (loss) before
income tax provision 2,570 (9,155) 5,128 (12,708)
Income tax provision (benefit) 645 (927) 1,985 (546)
Net earnings (loss) $ 1,925 $ (8,228) $ 3,143 $(12,162)
Net earnings (loss) per
common share
Basic $ 0.18 $ (0.77) $ 0.29 $ (1.13)
Diluted $ 0.17 $ (0.77) $ 0.28 $ (1.13)
Average common shares
outstanding
Basic 10,933 10,752 10,907 10,716
Diluted 11,050 10,752 11,086 10,716
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000 omitted)
Dec. 31, Dec. 31,
ASSETS 2002 2001
(unaudited) (audited)
Current assets $ 92,605 $ 97,220
Property, plant &
equipment, net 37,605 36,354
Goodwill, net 12,872 13,654
Other assets 7,112 289
Total assets $150,194 $147,517
Dec. 31, Dec. 31,
LIABILITIES AND 2002 2001
EQUITY (unaudited) (audited)
Current liabilities $ 11,703 $ 13,522
Deferred income taxes 5,268 4,532
Stockholders' equity 133,223 129,463
Total liabilities &
stockholders' equity $150,194 $147,517
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