Littelfuse Reports Second Quarter Results
DES PLAINES, Ill.--July 19, 2001--Littelfuse, Inc. today reported sales and earnings for the second quarter of 2001.Sales for the second quarter of 2001 were $69.0 million, consistent with the company's expectations for the quarter announced on June 21. Diluted earnings per share, excluding one-time costs, were $0.17 in the second quarter of 2001 compared to the June 21 guidance of $0.12-0.15. Including one-time separation costs of $0.7 million related to workforce reductions, diluted earnings per share were $0.15 for the second quarter of 2001. For the second quarter of 2000, Littelfuse reported sales of $97.4 million and diluted earnings per share of $0.48.
"The second quarter performance is above our previously announced expectations due to improving margins resulting from the aggressive cost reduction actions taken during the quarter. We continue to see signs of stabilizing sales levels, but cannot anticipate at this time when a broader recovery will occur," said Howard B. Witt, Chairman, President and Chief Executive Officer.
For the second quarter of 2001, worldwide sales of electronic products decreased 41%, automotive sales decreased 8% and electrical fuse sales decreased 11% as compared to the prior year. Overall, sales for the quarter decreased 32% in the Americas, 25% in Europe and 25% in Asia as compared to the prior year.
"Although sales remain weak, we were pleased to see margins begin to improve during the quarter," said Phil Franklin, Vice President, Treasurer and Chief Financial Officer. "With our leaner cost structure, we should be well positioned as unit volumes begin to increase," added Franklin.
Littelfuse will host a conference call today, July 19, 2001, at 11:00 a.m. Eastern/10:00 a.m. Central time to discuss the second quarter results. The call will be broadcast live over the Internet and can be accessed through the company's Web site: www.littelfuse.com or through www.streetevents.com. Listeners should go to the Web site at least 15 minutes prior to the call to download and install any necessary audio software. The call will be available for replay through Thursday, July 26, 2001, and can be accessed through the Web sites listed above.
Littelfuse is a global company offering the broadest line of circuit protection products in the industry. In addition to its Des Plaines world headquarters, Littelfuse has manufacturing facilities in England, Ireland, Switzerland, Mexico, Korea, China and the Philippines, as well as in Centralia, Des Plaines and Arcola, Illinois. It also has sales, engineering and distribution facilities in the Netherlands, Singapore, Hong Kong, Taiwan, Japan and Brazil.
For more information, please visit Littelfuse's web site at www.littelfuse.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995.
Any forward looking statements contained herein involve risks and uncertainties, including, but not limited to, product demand and market acceptance risks, the effect of economic conditions, the impact of competitive products and pricing, product development and patent protection, commercialization and technological difficulties, capacity and supply constraints or difficulties, exchange rate fluctuations, actual purchases under agreements, the effect of the company's accounting policies, and other risks which may be detailed in the company's Securities and Exchange Commission filings.
LITTELFUSE, INC.
Sales by Business Unit
(Dollars in millions)
Second Quarter Year
------------------------ ------------------------
2001 2000 % Change 2001 2000 % Change
---- ---- -------- ---- ---- --------
Market
------
Electronics $ 35.6 $ 60.7 -41% $ 79.5 $117.8 -33%
Automotive 24.0 26.1 -8% 47.5 53.8 -12%
Electrical 9.4 10.6 -11% 17.6 21.1 -17%
------ ------ ------ ------ ------ ------
Total $ 69.0 $ 97.4 -29% $144.6 $192.7 -25%
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LITTELFUSE, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share data, unaudited)
For the Three Months Ended For the Six Months Ended
-------------------------- ------------------------
June 30, July 1, June 30, July 1,
-------- ------- -------- -------
2001 2000 2001 2000
---- ---- ---- ----
Net sales $ 68,996 $ 97,356 $ 144,586 $192,676
Cost of sales 43,797 58,006 92,452 114,097
-------- ------- -------- -------
Gross profit 25,199 39,350 52,134 78,579
Selling, general
and administrative
expenses 15,809 17,921 32,753 35,693
Research and
development
expenses 2,310 2,876 4,983 5,407
Amortization of
intangibles 1,624 1,823 3,247 3,548
-------- ------- -------- -------
Operating income 5,456 16,730 11,151 33,931
Interest expense 909 1,199 1,840 2,424
Other
(income)/expense (583) (1,368) (689) (1,602)
-------- ------- -------- -------
Income before
income taxes 5,130 16,899 10,000 33,109
Income taxes 1,846 6,252 3,600 12,249
Net income $ 3,284 $ 10,647 $ 6,400 $ 20,860
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Net income per share:
Basic $ 0.17 $ 0.54 $ 0.32 $ 1.05
======== ======= ======== =======
Diluted $ 0.15 $ 0.48 $ 0.30 $ 0.94
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Weighted average shares and equivalent shares outstanding:
Basic 19,863 19,874 19,829 19,702
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Diluted 21,745 22,381 21,687 22,217
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LITTELFUSE, INC.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
June 30, 2001 December 30, 2000
------------- -----------------
Assets:
Cash and cash equivalents $ 9,950 $ 5,491
Receivables 48,159 53,152
Inventories 58,117 59,272
Other current assets 9,566 8,779
------------- -----------------
Total current assets $ 125,792 $ 126,694
Property, plant, and
equipment, net 91,547 92,673
Reorganization value, net 29,507 30,913
Other intangible assets, net 22,145 24,000
Other assets 738 98
------------- -----------------
$ 269,729 $ 274,378
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Liabilities and Shareholders' Equity:
Current liabilities excluding
current portion of
long-term debt $ 34,661 $ 46,700
Current portion of
long-term debt 21,477 17,070
------------- -----------------
Total current liabilities 56,138 63,770
Long-term debt 40,830 41,397
Deferred liabilities 2,153 2,153
Other long-term liabilities 213 331
Shareholders' equity 170,395 166,727
------------- -----------------
Shares issued and
outstanding: 19,849,894
$ 269,729 $ 274,378
============= =================
LITTELFUSE, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
For the Three Months Ended For the Six Months Ended
-------------------------- ------------------------
June 30, July 1, June 30, July 1,
-------- ------- -------- -------
2001 2000 2001 2000
---- ---- ---- ----
Operating activities:
Net income $ 3,284 $ 10,647 $ 6,400 $ 20,860
Adjustments to
reconcile net income
to net cash provided
by operating activities:
Depreciation 4,336 4,902 9,136 9,864
Amortization 1,624 1,823 3,247 3,548
Changes in operating
assets and liabilities:
Accounts
receivable (603) (1,468) 3,233 (8,399)
Inventories 1,525 (2,783) (167) (9,494)
Accounts payable
and accrued
expenses (5,244) (9) (11,661) 2,109
Other, net 691 1,301 (1,542) (1,308)
-------- -------- -------- --------
Net cash provided by
operating
activities $ 5,613 $ 14,413 $ 8,646 $ 17,180
Cash used in investing activities:
Purchases of property,
plant, and
equipment, net (3,803) (4,223) (8,934) (8,059)
-------- -------- -------- --------
Net cash used in
investing
activities (3,803) (4,223) (8,934) (8,059)
Cash provided by (used in)
financing activities:
Proceeds from
long-term debt 4,802 9,057 15,902 23,296
Payments of
long-term debt (4,134) (13,971) (11,441) (26,037)
Proceeds from
exercise of
stock options
and warrants 895 2,743 1,353 3,549
Purchase of common
stock and
warrants 0 0 (1,256) (108)
-------- -------- -------- --------
Net cash provided
by (used in) financing
activities 1,563 (2,171) 4,558 700
Effect of exchange
rate changes
on cash 140 (636) 189 (886)
-------- -------- -------- --------
Increase/(decrease) in
cash and cash
equivalents 3,513 7,383 4,459 8,935
Cash and cash
equivalents
at beginning
of period 6,437 3,441 5,491 1,889
-------- -------- -------- --------
Cash and cash
equivalents
at end of
period $ 9,950 $ 10,824 $ 9,950 $ 10,824
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