Bel Reports Second-Quarter Results.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--July 26, 2001 Bel Fuse Inc. (Nasdaq:BELFA)(Nasdaq:BELFB) today announced that net income for the second quarter ended June June: see month. 30, 2001, before charges, was $590,000 or $0.06 per share. After charges of approximately $11,700,000 (net of taxes) principally related to inventory, the net loss for the quarter was $11,110,000 or $1.04 per share. For the second quarter of 2000, net income was $6,559,000 or $0.60 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. Revenue declined to $22,076,000 from $33,722,000 for the second quarter last year. For the six months ended June 30, 2001, net income before charges was $8,167,000 or $0.76 per share. Including the charges mentioned above, the net loss was $3,533,000 or $0.33 per share. This compares with net income for last year's first half of $11,031,000 or $1.01 per diluted share. Revenue declined to $55,780,000 from $59,855,000 for the same period a year earlier. 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). , Bel's president, said, "Bel was impacted by the decline in demand now affecting the global electronics industry. The telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and networking segments were particularly hard-hit hard-hit adj. Badly or adversely affected: "Official rescue and recovery efforts were ... just getting underway in this ravaged port city and more than a dozen other hard-hit towns" R. in the second quarter. "A realistic assessment of our inventories in light of current business levels dictated dic·tate v. dic·tat·ed, dic·tat·ing, dic·tates v.tr. 1. To say or read aloud to be recorded or written by another: dictate a letter. 2. a. the write-offs of surplus materials that we recorded in the quarter. We expect the recovery of our industry to be driven by next-generation products now being developed by our customers, and Bel is responding with new products of its own to accommodate our customers' changing needs. "We expect to begin shipping some of these new products later this year, although it is too soon to judge whether or not our quarterly revenue will improve in the third and fourth quarters from its second quarter pace. "We are aggressively managing costs, and have taken steps to reduce headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. in our manufacturing facilities to reflect our current requirements. The company's financial position remains strong, with cash and equivalents up slightly since the end of last year to approximately $63 million, working capital of approximately $87 million and no debt." Bernstein added, "Longer term, Bel has many opportunities for growth. We are expanding our technical capabilities during this period of industry weakness. Our recent acquisitions of Current Concepts and E-Power, which together form the core of our new Power Products Division, are expected to significantly accelerate the development and introduction of cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. low-power In electronics, the term low-power means one of two things about a device:
"We are continuing to search for potential acquisitions that can further expand Bel's ability to serve its customers." 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 high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. 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 for the high-speed data transmission and telecom markets, fuses, delay lines and thick film hybrids. The company operates facilities around the world. Conference Call Bel has scheduled a conference call at 11 a.m. ET today. A simultaneous Webcast of the conference call may be accessed online at www.streetfusion.com or at www.BelFuse.com. A replay will be available immediately following the Webcast at these same Internet addresses 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 No. 19165375, beginning at approximately 1 p.m. ET. Except for historical information contained in this news release, the matters discussed (including statements regarding Bel's anticipated results for the second half of 2001, expectations regarding market recovery and shipment of products and Bel's statements regarding its Power Products Division) 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 market concerns facing the company's customers, the continuing viability of sectors that rely on its 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 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; 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)(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
Net Sales $ 22,076 $ 33,722 $ 55,780 $ 59,855
Costs and Expenses:
Cost of Sales 29,387 20,943 49,659 37,647
Selling, General and
Administrative expenses 5,494 5,576 11,119 10,746
34,881 26,519 60,778 48,393
Income (loss) from
operations (12,805) 7,203 (4,998) 11,462
Other income -- net 694 607 1,520 2,084
Earnings (loss) before income
tax provision (benefit) (12,111) 7,810 (3,478) 13,546
Income tax provision
(benefit) (1,001) 1,251 55 2,515
Net earnings (loss) $(11,110) $ 6,559 $ (3,533) $ 11,031
Net earnings (loss) per common share
Primary $ (1.04) $ 0.62 $ (0.33) $ 1.04
Fully diluted $ (1.04) $ 0.60 $ (0.33) $ 1.01
Average common shares outstanding
Primary 10,715 10,579 10,684 10,567
Fully diluted 10,715 10,902 10,684 10,879
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000 omitted)
June 30, Dec. 31,
ASSETS 2001 2000
(unaudited) (audited)
Current assets $ 102,825 $ 119,216
Property, plant & equipment, net 41,578 39,738
Goodwill, net 15,037 10,241
Total assets $ 159,761 $ 169,513
June 30, Dec. 31,
LIABILITIES AND EQUITY 2001 2000
(unaudited) (audited)
Current liabilities $ 15,302 $ 21,496
Deferred income taxes 6,743 7,001
Stockholders' equity 137,716 141,016
Total liabilities & equity $ 159,761 $ 169,513
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