Bel Reports Record Second Quarter Sales Paced by Strong DC/DC Converter Product Shipments.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) announced today that net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the second quarter ended June 30, 2005 increased 19% to a record $57,545,000 compared to $48,390,000 for the second quarter of 2004. Net income for this year's second quarter was $6,669,000, or $0.58 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 income of $7,145,000, or $0.63 per diluted share, for the second quarter of 2004. Results for the second quarter of 2004 included a net after-tax gain Net after-tax gain Capital gain after income taxes have been paid. of $0.12 per share from net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $2,935,000 from the settlement of a lawsuit lawsuit: see procedure; tort. and a fixed asset write down of $1,033,000. For the six months ended June 30, 2005, sales increased 13% to a record $102,984,000 from $90,747,000 for the same period last year. Net income was $10,982,000, or $0.95 per diluted share, compared to $11,800,000, or $1.03 per diluted share, for last year's first six months. Results for the first six months of 2004 included a net after-tax gain of $0.12 per share from the settlement and fixed asset write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. mentioned above. "Second quarter revenue growth was paced by continued robust sales of our new DC/DC products, combined with additional power product sales from the acquisition of Galaxy Power in March 2005. We are extremely pleased with the benefits already achieved from the integration of Galaxy into Bel. Computer systems have now been converted, materials costs have been reduced and we have blended both companies' research and development resources. Bel expects to achieve further synergies from this acquisition upon completing the transfer of a key high volume program to our manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in Asia," said Daniel Bernstein, president of Bel. At June 30, 2005, 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 $72,508,000, working capital of approximately $115,748,000, a current ratio of 4.5-to-1, total long term obligations of $2,603,000 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 $186,853,000. Conference Call Bel has scheduled a conference call at 11:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT 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. EDT, for a period of 20 days, 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 #21247295 after 1:00 p.m. EDT. 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 (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 (passive jacks, plugs and cable assemblies). The Company operates facilities around the world. 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 statement regarding further synergies from the Galaxy acquisition), 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 business 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 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 AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS DATA
($000s omitted, except for per share data)(Unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
---------------- ------------------
2005 2004 2005 2004
-------- ------- --------- --------
Net Sales $57,545 $48,390 $102,984 $90,747
Costs and expenses:
Cost of sales 40,692 33,196 73,381 62,987
Selling, general and
administrative expenses 8,619 8,119 15,840 15,069
Fixed asset write-down -- 1,033 -- 1,033
-------- ------- --------- --------
Income from operations 8,234 6,042 13,763 11,658
Other income - net 268 116 425 163
Lawsuit proceeds -- 2,935 -- 2,935
-------- ------- --------- --------
Earnings before income tax
provision 8,502 9,093 14,188 14,756
Income tax provision 1,833 1,948 3,206 2,956
-------- ------- --------- --------
Net earnings $6,669 $7,145 $10,982 $11,800
======== ======= ========= ========
Net earnings per common share
Basic $0.58 $0.64 $0.96 $1.05
Diluted $0.58 $0.63 $0.95 $1.03
======== ======= ========= ========
Weighted average common shares
outstanding
Basic 11,468 11,247 11,420 11,225
Diluted 11,532 11,427 11,520 11,419
======== ======= ========= ========
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000s omitted)(Unaudited)
----------------------------------------------------------------------
Jun. 30, Dec. 31, Jun. 30, Dec. 31,
ASSETS 2005 2004 LIABILITIES & 2005 2004
EQUITY
----------------------------------------------------------------------
Current
Current Assets $148,991 $159,768 liabilities $33,243 $32,144
Property, plant Long-term
& equipment, net 42,600 41,245 liabilities 2,603 6,762
Deferred
Goodwill, net 23,624 9,882 income taxes 434 410
Intangibles & Stockholders'
other assets 7,918 6,882 equity 186,853 178,461
------------------- -------------------
Total
liabilities
Total Assets $223,133 $217,777 & equity $223,133 $217,777
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