Bel Reports Preliminary Record Fourth-Quarter Net Earnings of $0.57 Per Diluted Share; 1999 Net Earnings Increase 40% to $1.98 Per Diluted Share.Business Editors &High-Tech Writers JERSEY CITY, N.J.--(BUSINESS WIRE)--Feb. 1, 2000 Bel Fuse Inc. (Nasdaq:BELFA) (Nasdaq:BELFB) today announced that net earnings for the fourth quarter ended Dec. 31, 1999, increased to a record $6,138,000, or $0.57 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, on revenue of $29,717,000. This compares with net earnings for the 1998 fourth quarter of $5,561,000, or $0.53 per diluted share, on revenue of $30,559,000. For the 12 months ended Dec. 31, 1999, net income increased 40% to a record $21,292,000, or $1.98 per diluted share, compared with $15,218,000, or $1.45 per diluted share, for 1998. Revenue increased 32% to a record $119,464,000 from $90,754,000 a year earlier. &uot;Bel's record sales primarily reflect the acquisition of the signal transformer transformer, electrical device used to transfer an alternating current or voltage from one electric circuit to another by means of electromagnetic induction. product line from Lucent in October 1998. Margins increased due to improved production efficiencies at our new China facilities and a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix,&uot; said Dan Bernstein, president. &uot;Our new belMag(TM) integrated connector modules, which incorporate LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. magnetics and a standard RJ-45 connector, have been enthusiastically received by our customers,&uot; said Bernstein. &uot;We are currently in volume production of both through hole and surface mount versions for 10/100Base-TX applications. The belMag product family will expand to include versions for Gigabit Ethernet An Ethernet standard that transmits at 1 Gbps. Used mostly to connect high-end workstations and servers as well as for network backbones, Gigabit Ethernet transmits full duplex from point to point using switches and half duplex in a shared environment (CSMA/CD) using a hub. , HomeLAN applications and modules which incorporate USB USB in full Universal Serial Bus Type of serial bus that allows peripheral devices (disks, modems, printers, digitizers, data gloves, etc.) to be easily connected to a computer. and RJ-11 connectors. &uot;Bel will continue to focus on LAN and telecom magnetics for emerging technologies like Gigabit Ethernet, 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), HomeLAN, Digital Subscriber Line See DSL. (communications, protocol) Digital Subscriber Line - (DSL, or Digital Subscriber Loop, xDSL - see below) A family of digital telecommunications protocols designed to allow high speed data communication over the existing copper telephone lines between end-users and (DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary ) and cable modem cable modem Modem used to convert analog data signals to digital form and vise versa, for transmission or receipt over cable television lines, especially for connecting to the Internet. applications.&uot; At Dec. 31, 1999, Bel reported working capital of $64.0 million, a current ratio of 5.5 to 1, cash of $33.6 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 $110.3 million. About Bel Bel (www.belfuse.com) and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications, high-speed data transmission, automotive and consumer electronics. Products include magnetics for the high-speed data transmission and telecom markets, fuses, delay lines and thick film hybrids. The company operates facilities around the world. All figures provided in this news release are preliminary, subject to completion of the company's year-end audit. Except for historical information contained in this news release, the matters discussed (including information regarding the belMag connector) are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Among the factors that could cause actual results to differ materially from such statements are: the effect of business and economic conditions; capacity and supply constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. or difficulties; product development, commercializing or technological difficulties; the regulatory and trade environment; the market's acceptance of the company's new products and competitive responses to those new products; and the risk factors detailed from time to time in the company's SEC reports.
BEL FUSE INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($ 000s omitted, except for per share data)
(unaudited)
(subject to completion of year-end audit)
Twelve Months Ended Three Months Ended
December 31, December 31,
1999 1998 1999 1998
Net Sales $119,464 $ 90,754 $ 29,717 $ 30,559
Costs and Expenses:
Cost of Sales 76,113 58,654 18,255 19,038
Selling, General and
Administrative expenses 19,502 16,647 4,684 5,760
95,615 75,301 22,939 24,798
Income from operations 23,849 15,453 6,778 5,761
Other income - net 878 1,578 340 136
Earnings before income
tax provision 24,727 17,031 7,118 5,897
Income tax provision 3,435 1,813 980 336
Net Earnings $ 21,292 $ 15,218 $ 6,138 $ 5,561
Net Earnings per
common share
Primary $ 2.03 $ 1.47 $ 0.58 $ 0.54
Fully diluted $ 1.98 $ 1.45 $ 0.57 $ 0.53
Average common
shares outstanding
Primary 10,476 10,362 10,526 10,408
Fully diluted 10,777 10,528 10,843 10,494
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000s omitted)
Dec. 31, Dec. 31,
ASSETS 1999 1998
(unaudited) (audited)
Current Assets $ 77,637 $ 54,482
Property, Plant &
Equipment, Net $ 36,038 $ 35,471
Goodwill, net $ 11,747 $ 13,222
Total Assets $125,795 $103,625
Dec. 31, Dec. 31,
LIABILITIES AND EQUITY 1999 1998
(unaudited) (audited)
Current Liabilities $ 14,031 $ 13,673
Deferred income taxes $ 1,508 $ 1,146
Stockholders' Equity $110,256 $ 88,806
Total liabilities &equity $125,795 $103,625
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