Bel Fuse Reports First Quarter Results
JERSEY CITY, N.J.--April 29, 2003--Bel Fuse Inc. today announced preliminary unaudited results for the first quarter ended March 31, 2003.Net income for the first quarter increased to $1,780,000, or $0.16 per diluted share. This compares to a net loss for the first quarter of 2002 of $1,821,000, or $0.17 per share. Revenue increased 51% to $24,947,000 for this year's first quarter from $16,514,000 for the first quarter of 2002.
Effective March 22, 2003, Bel completed the acquisition of the Passive Components Group from Insilco Technologies, Inc., which included the net assets of Stuart Connector Systems, Inc., InNet Technologies, Inc., Signal Transformer Co., Inc. and related entities. The contribution to Bel's first quarter revenue attributable to this acquisition was approximately $1,900,000.
Daniel Bernstein, President, said: "Together with the acquisition in January 2003 of the Communications Products Division of Advanced Power Components plc (APC), the Insilco transaction expands our customer base throughout the world and diversifies our product line, making Bel more attractive to customers seeking a greater variety of products from individual suppliers."
Bernstein added: "The integration of APC is complete, and we have already made significant progress consolidating the Insilco companies into Bel's global operations. We expect this project to be substantially completed during the second quarter."
At March 31, 2003, Bel reported cash, cash equivalents and marketable securities of approximately $41,711,000, working capital of approximately $84,715,000, a current ratio of 4.5 to 1, total term debt of $10,000,000 and shareholders' equity of approximately $132,161,000.
About Bel
Bel (www.BelFuse.com) and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications, high speed data transmission, automotive and consumer electronics. Products include magnetics and connectors for voice and data transmission, fuses, DC/DC converters, delay lines and hybrid circuits. The Company operates facilities around the world.
Conference Call
Bel has scheduled a conference call at 11:00 AM ET today. A simultaneous WebCast of the conference call may be accessed online from the Investor Information link at www.BelFuse.com. A replay will be available after 6:30 PM ET at this same Internet address. For a telephone replay, dial (800) 633-8284, reservation #21141301, after 1:00 PM ET.
Forward-Looking Statements
BEL FUSE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($ 000 omitted, except for per share data)
Three Months Ended
March 31,
2003 2002
(unaudited)
Net Sales $24,947 $16,514
Costs and Expenses:
Cost of Sales 17,967 14,361
Selling, General and Administrative expenses 4,847 4,094
22,814 18,455
Income (loss) from operations 2,133 (1,941)
Other income - net 116 252
Earnings (loss) before income tax provision 2,249 (1,689)
Income tax provision 469 132
Net Earnings (Loss) $ 1,780 $(1,821)
Net Earnings (Loss) per common share:
Primary $ 0.16 $ (0.17)
Diluted $ 0.16 $ (0.17)
Average common shares outstanding:
Primary 10,945 10,847
Diluted 11,072 10,847
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000 omitted)
Mar. 31, Dec. 31,
ASSETS 2003 2002
(unaudited)
Current assets $105,700 $ 94,504
Property, plant & equipment, net $ 48,082 $ 37,605
Goodwill, net $ 11,641 $ 7,625
Other assets $ 899 $ 7,159
Total assets $166,322 $146,893
Mar. 31, Dec. 31,
LIABILITIES AND EQUITY 2003 2002
(unaudited)
Current liabilities $ 20,985 $ 11,715
Long-term liabilities $ 13,176 $ 4,519
Stockholders' equity $132,161 $130,659
Total liabilities & equity $166,322 $146,893