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LITTELFUSE SHARES, WARRANTS ARE REGISTERED; SET TO BEGIN TRADING ON NASDAQ NATIONAL MARKET SYSTEM

 LITTELFUSE SHARES, WARRANTS ARE REGISTERED;
 SET TO BEGIN TRADING ON NASDAQ NATIONAL MARKET SYSTEM
 DES PLAINES, Ill., Sept. 21 /PRNewswire/ -- Shares and warrants of Littelfuse Inc. of suburban Des Plaines are set to begin trading on the NASDAQ National Market system Tuesday, Sept. 22, less than nine months after the 65-year-old company re-emerged as a free-standing, publicly owned corporation, the company announced today. The registration took effect Sept. 5, and was cleared by the SEC Sept. 16.
 Howard B. Witt, Littelfuse president and chief executive officer, said in letters to share owners, customers, suppliers, plant community leaders and employees:
 "Three key objectives -- registration and listing, increasing sales and earnings, and paying down debt -- have been at the top of our agenda from the beginning. This latest achievement marks a significant milestone, with substantial progress on all three."
 "As in our business itself -- where we lead the world in technologically advanced circuit protection devices for the electronic, automotive and power equipment industries -- each achievement opens the door to new challenges and opportunities," Witt noted. "Still all of us can take pride in how much we have accomplished together in these first eight months as an independent, publicly owned corporation."
 The 10 million shares of Littelfuse common stock outstanding will trade under the symbol LFUS. Warrants to purchase authorized shares will trade under the symbol LFUSW. The 2.8 million warrants to purchase common shares at an exercise price of $8.36 per share with a 10 year life were issued as part of the reorganization from its former parent last Dec. 27. Both the number of shares subject to warrant and the initial exercise price are subject to adjustment under certain conditions to maintain the initial rights.
 The common stock pays no dividend, but the company's performance in sales, earnings and cash flow has been strong. Volume gains in all of the company's electronic, automotive and power fuse market segments lifted net sales 13.4 percent over last year's first half, to $76.2 million for the six months ended June 30. Though year-to-year earnings aren't comparable due to the reorganization, the second quarter's $1.1 million net income reversed all but $1.6 million of the first-quarter loss resulting from a one-time inventory writeup of approximately $5 million and other non-cash charges from reorganization accounting.
 The strong operating performance and cash flow enabled Littelfuse to repay $13 million of debt during the first half, well ahead of the required $1.6 million paydown for the period. Though second-half cash flow and debt repayment will not have as much stimulus from accounting adjustments, the company expects to do well. Operating income exceeded 11 percent of sales for the second quarter and this ratio is more representative of our future performance than the first quarter. Additionally, the company has paid down over $5 million of debt during the third quarter.
 James F. Brace, vice president, treasurer and chief financial officer noted that Littelfuse's entry into the NASDAQ National Market provides brokers and others with immediate access to the best bid and asked prices and other information about the company's shares throughout the trading day. Those prices are available over more than 190,000 electronic terminals in brokers' offices throughout the United States and the free world. Trading data are also distributed widely through wire services for selective dissemination by newspapers and radio and television stations.
 The market makers for the company's common stock and warrants will include Kidder, Peabody and Oppenheimer in New York; Hamilton Investments in Chicago; and Wedbush Morgan in Los Angeles.
 Littelfuse directors in addition to Witt are: Anthony Grillo, managing partner of the Blackstone Group, LP; Bruce A. Karsh, general partner, TCW Credits; John Major, senior vice president, Motorola Corp.; and John J. Nevin, former chairman of the board of Bridgestone/Firestone Inc.
 Littelfuse is the leading producer of advanced circuit protection devices for the electronic and automotive industries worldwide, and is extending its technological leadership to innovative new fuses for the power equipment industry.
 In addition to its Des Plaines world headquarters, Littelfuse has manufacturing facilities in England, Switzerland and Mexico, as well as in Centralia, Arcola and Watseka, Ill. It also has sales, distribution and engineering facilities in The Netherlands, Singapore and Farmington Hills, Mich., near Detroit.
 -0- 9/21/92
 /CONTACT: Jim Brace, vice president, treasurer & CFO, or Art Skwerski, director of communications of Littelfuse Inc., 708-824-1188/
 (LFUS) CO: Littelfuse Inc. ST: Illinois IN: CPR SU:


TS -- NY036 -- 1585 09/21/92 10:47 EDT
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Publication:PR Newswire
Date:Sep 21, 1992
Words:750
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