Bel First Quarter Net Earnings Up 69%

    JERSEY CITY, N.J.--April 24, 2001--Bel Fuse Inc. today announced record results for the first quarter ended March 31, 2001.
    Net earnings increased 69% to a first quarter record $7,577,000, or $.68 per diluted share, compared to $4,472,000, or $.41 per diluted share, last year. Sales increased 29% to a first quarter record $33,704,000 compared to $26,133,000 for last year's first quarter.
    Daniel Bernstein, Bel's president, said, "Despite our strong results in the first quarter, we are mindful that several of our customers are facing difficult market conditions. Some customers have delayed purchase orders, and other customers have canceled purchase orders outright. We are working with our customers during this difficult period and are taking steps to manage our own expenses and control inventory.
    "We expect that our current second quarter results will be profitable, but not reach the sales and earnings levels reported in the second quarter last year. Bel is focusing on new product development and potential acquisitions as the best means to spur long term growth."
    At March 31, 2001, Bel reported working capital of $105 million, a current ratio of 8.5 to 1, cash of $64 million, no long-term debt, and stockholders' equity of $149 million, or $13.90 per common share.

                    BEL FUSE INC. AND SUBSIDIARIES
            CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
         ($ 000 omitted, except for per share and share data)


                                        Three Months Ended
                                             March 31,
                                          2001       2000
                                        --------   --------
                                            (unaudited)
Net Sales                               $ 33,704   $ 26,133
                                        --------   --------

Costs and Expenses:
  Cost of Sales                           20,272     16,704
  Selling, General and
    Administrative expenses                5,625      5,170
                                        --------   --------

                                          25,897     21,874

Income from operations                     7,807      4,259

  Other income - net                         826      1,477
                                        --------   --------

Earnings before
  income tax provision                     8,633      5,736

Income tax provision                       1,056      1,264
                                        --------   --------

Net Earnings                            $  7,577   $  4,472
                                        ========   ========

Net Earnings per common share:
  Primary                               $   0.71   $   0.42
  Diluted                               $   0.68   $   0.41

Average common shares outstanding:
  Primary                                 10,671     10,557
  Diluted                                 11,130     10,856


              CONDENSED CONSOLIDATED BALANCE SHEET DATA
                           ($ 000 omitted)

                             Mar. 31,  Dec. 31,
ASSETS                         2001      2000
                           (unaudited) (audited)

Current assets               $118,591  $119,216

Property, plant &
 equipment, net                41,167    39,738

Goodwill, net                   9,848    10,241


Total assets                  169,914   169,513


Current liabilities          $ 13,892  $ 21,493


Deferred income taxes           7,335     7,001

Stockholders' equity          148,686   141,016

Total liabilities &
equity                        169,914   169,513