Bel Reports Higher Preliminary and Unaudited Revenue and Net Earnings For Fourth Quarter and Fiscal 2003.Business Editors/High-Tech Writers JERSEY CITY, N.J.--(BUSINESS WIRE)--Feb. 19, 2004 Bel Fuse Inc. (Nasdaq:BELFA)(Nasdaq:BELFB) today announced higher preliminary and unaudited revenue and net earnings for the fourth quarter and fiscal year ended December December: see month. 31, 2003. Fourth Quarter Results For the fourth quarter of 2003, revenue increased 59% to $42,865,000 from $26,886,000 for the fourth quarter of 2002. Net earnings increased to $5,597,000, or $0.49 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 of $639,000, or $0.06 per diluted share, for the same period a year earlier. 2003 Results For 2003, revenue increased 66% to $158,498,000 from $95,528,000 for 2002. Net earnings increased to $13,764,000, or $1.23 per diluted share. This compares to net earnings of $579,000, or $0.05 per diluted share, for 2002. The Company cautions that its fourth quarter and year end results are preliminary and unaudited. Operations Review President 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). said that the acquisition of the Passive Components Group from Insilco Technologies completed last spring was primarily responsible for the increase in revenue for the fourth quarter and 2003 compared to the comparable prior-year periods. He said that the implementation of operating enhancements at the Passive Components Group contributed to the increase in profitability, as did the launch of Bel's new integrated connector modules and other new products during 2003. At December 31, 2003, 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 ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $62,500,000, working capital of approximately $101,000,000, a current ratio of 6-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 $6,500,000 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 $146,855,000. 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 Mag`net´ics n. 1. The science of magnetism. Noun 1. magnetics - the branch of science that studies magnetism magnetism 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 a.m. ET today. A simultaneous webcast of the conference call may be accessed from the Investor Info INFO Information INFO Information (logging abbreviation) INFO Inform(ed/ation) INFO Ionic Difluoroamino Oxidizer link at www.BelFuse.com. A replay will be available after 1:00 p.m. 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 A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. #21184113 after 1:00 p.m. 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 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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)
Three Months Ended Twelve Months Ended
December 31, December 31,
----------------------- ---------------------
2003 2002 2003 2002
----------- ----------- ----------- ---------
(unaudited) (unaudited) (unaudited) (audited)
Net sales $42,865 $26,886 $158,498 $95,528
----------- ----------- ----------- ---------
Cost of expenses:
Cost of sales 30,248 18,366 113,813 72,420
Selling, general and
administrative expenses 5,966 9,473 26,757 22,270
----------- ----------- ----------- ---------
36,214 27,839 140,570 94,690
Income (loss) from
operations 6,651 (953) 17,928 838
Other income - net 136 173 249 940
----------- ----------- ----------- ---------
Earnings (loss) before
income tax provision 6,787 (780) 18,177 1,778
Income tax provision
(benefit) 1,190 (141) 4,413 1,199
----------- ----------- ----------- ---------
Net earnings (loss) $5,597 $(639) $13,764 $579
Net earnings (loss) per
common share
Basic $0.50 $(0.06) $1.25 $0.05
=========== =========== =========== =========
Diluted $0.49 $(0.06) $1.23 $0.05
=========== =========== =========== =========
Average common shares
outstanding
Basic 11,146 10,933 11,021 10,907
=========== =========== =========== =========
Diluted 11,339 10,933 11,182 11,086
=========== =========== =========== =========
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000s omitted)
----------------------------------------------------------------------
December 31, December 31,
ASSETS LIABILITIES &
2003 2002 EQUITY 2003 2002
(Unaudited) (Audited) (Unaudited) (Audited)
----------------------------------------------------------------------
Current Current
assets $120,795 $94,504 liabilities $19,709 $11,715
Property,
plant &
equipment Long-term
- net 44,120 37,605 liabilities 6,500 --
Goodwill, Deferred
net 6,935 4,820 income taxes 6,724 4,519
Intangibles &
and other Stockholders'
assets 7,938 9,964 equity 146,855 130,659
Total
Total liabilities
assets $179,788 $146,893 & equity $179,788 $146,893
=========== ========= =========== =========
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