Bel to Present at Needham & Company Growth Conference; Provides Guidance Regarding Business Developments.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--Jan. 9, 2002 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) today announced that on Thursday, January 10, 2002, it will be presenting at the Needham & Company Growth Conference in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The presentation will be available through www.BELfuse.com and webcast by The Wall Street Transcript at www.twst.com. Bel also announced the reorganization of its engineering operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. to accommodate changing customer requirements and a change in the market environment for its products. Bel's telecommunication engineering and value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. engineering operations, currently centered in facilities in Dallas and Indianapolis, respectively, will be consolidated into a facility near San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. in the first half of 2002. This consolidation will result in the closure of three existing engineering facilities in Dallas, Indianapolis and San Diego. President Dan Bernstein said, "We see continued merging of telecom and 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. technologies and increased customer requirements for more integrated solutions. The consolidation of these three facilities should reduce expenses and position Bel for improved productivity. We plan to book a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. in the fourth quarter of 2001. This charge will relate to the consolidation of engineering operations, as well as the consolidation of manufacturing capacity, scrapping of manufacturing equipment made surplus by reduced manufacturing levels, and the revaluation Revaluation A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. of goodwill primarily related to Bel's acquisition of the Lucent transformer and inductor inductor, electric device consisting of one or more turns of wire and typically having two terminals. An inductor is usually connected into a circuit in order to raise the inductance to a desired value. division in October 1998." Bernstein added, "Market conditions remain challenging. While continuing to be very active in the development and sampling of new components, Bel, in common with our industry in general, has yet to see any significant upturn in business activity." About Bel Bel (www.BELfuse.com) and its subsidiaries are engaged in the design, manufacture and sale of products used in networking, telecommunications, high speed data transmission, automotive and consumer electronics. Products include integrated connector modules, magnetics, fuses, power conversion modules, and thick film hybrids. The Company operates facilities around the world. Except for historical information contained in this news release, the matters discussed (including statements regarding the amount of the restructuring charge, the impact of the consolidation on expenses and profitability and the timing of the consolidation) 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; capacity and supply constraints 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. |
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