Bel Third-Quarter Net Earnings Nearly Double to a Record $0.92 Per Diluted Share as Revenue Increases 36% to a Record $41.6 Million.Business Editors and High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers JERSEY CITY, N.J.--(BUSINESS WIRE)--Oct. 25, 2000 Nine Month Net Increases 40% to $1.94 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 Record Sales Bel Fuse Inc. (Bel) (Nasdaq:BELFA) (Nasdaq:BELFB), a leading developer of components for 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. transmission and networking applications, today announced that net earnings for the third quarter ended Sept. 30, 2000, increased 92% to a record $10,184,000, or $0.92 per diluted share, on a 36% increase in revenue to a record $41,560,000. For the third quarter of 1999, net earnings were $5,315,000, or $0.50 per diluted share, on revenue of $30,536,000. For the nine months ended Sept. 30, 2000, net earnings increased 40% to a nine-month record $21,215,000, or $1.94 per diluted share. This compares with net earnings of $15,154,000, or $1.41 per diluted share, for the same period last year. 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 period increased 13% to a record $101,416,000 from $89,747,000 a year earlier. Gross margin for the third quarter improved to 40% from 36% for the third quarter of 1999, reflecting efficiencies due to increased sales volume and strong shipments of the new belMag(TM) connector, xDSL Refers to DSL technologies in general, including ADSL, HDSL, SDSL and VDSL. See DSL. xDSL - Digital Subscriber Line products, fuses and value-added components for the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry. "We are increasing production of our proprietary belMag(TM) connectors and components for the xDSL broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). telecommunications market, both of which are in the early phase of their life cycles. Additionally, we have added capacity to support our record fuse product sales. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. remains strong, and we are confident that our growth will continue," said President Daniel Bernstein. Bernstein noted that Bel was recently recognized by Forbes Magazine as one of the "200 Best Small Companies 2000" in its Oct. 30, 2000 issue: "We are proud that Forbes has Bel among the fastest growing, most profitable companies in the country for the second year in a row," he said. At Sept. 30, 2000, Bel's working capital exceeded $82 million, including cash 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 more than $57 million; there was 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. was $130.0 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. Bel has scheduled a conference call at 11 a.m. ET today to discuss its results for the third quarter and nine months to date. During the conference call, the company may also discuss the outlook for the fourth quarter and year 2001, as well as other matters. 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. 16588715, beginning at approximately 1 p.m. ET. Except for historical information contained in this news release, the matters discussed (including statements regarding future growth and production levels) 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. under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 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 Securities and Exchange Commission reports.
BEL FUSE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(000 omitted, except for per share data)(unaudited)
Nine Months Ended Three Months Ended
September 30, September 30,
2000 1999 2000 1999
Net Sales $101,416 $ 89,747 $ 41,560 $ 30,536
Costs and Expenses:
Cost of Sales 62,393 57,859 24,745 19,605
Selling, General and
Administrative expenses 17,021 14,817 6,275 5,169
79,414 72,676 31,020 24,774
Income from operations 22,002 17,071 10,540 5,762
Other income - net 2,949 538 865 207
Earnings before income tax
provision 24,951 17,609 11,405 5,969
Income tax provision 3,736 2,455 1,221 654
Net earnings $ 21,215 $ 15,154 $ 10,184 $ 5,315
Net Earnings per Class A
and Class B common shares:
Basic $ 2.01 $ 1.45 $ 0.96 $ 0.51
Diluted $ 1.94 $ 1.41 $ 0.92 $ 0.50
Average common Class A and
Class B shares outstanding:
Basic 10,574 10,459 10,586 10,482
Diluted 10,958 10,755 11,115 10,746
-0-
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000 omitted)
Sept. 30, Dec. 31,
2000 1999
(unaudited) (audited)
ASSETS
Current assets $106,332 $ 77,107
Property, plant & equipment, net 37,698 36,022
Goodwill, net 10,618 11,747
Total assets 155,013 125,249
LIABILITIES AND EQUITY
Current liabilities $ 24,337 $ 14,033
Stockholders' equity 129,871 110,254
Total liabilities & equity 155,013 125,249
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