Bel Reports First-Quarter Results
27 April 2000
Bel Reports First-Quarter Results
JERSEY CITY, N.J.--April 27, 2000--Bel Fuse Inc. (Nasdaq:BELFA)(Nasdaq:BELFB) today announced that, primarily due to the impact of a change in the structure of the supply channel by two of its largest customers, revenue for the first quarter ended March 31, 2000, fell to $26,133,000 from $30,759,000 for the first quarter of 1999.Pre-tax earnings were $5,736,000, which included a gain of $1,012,000 from the liquidation of stock investments, compared to $5,791,000 a year earlier. Net earnings were $4,472,000, or $0.41 per diluted share. This compares to net earnings of $5,121,000, or $0.48 per diluted share, a year earlier.
Daniel Bernstein, Bel's president, said: "With our higher backlog and continued rapid growth in demand for our DSL-related products and our belMAG(TM) integrated connector modules, we are confident that sales and earnings will grow in 2000 as a whole.
"In addition, our new products for Gigabit, HomeLAN, Cable and Voice over Internet Protocol (VOIP) applications have been enthusiastically received by our customers. Bel is ideally positioned to benefit for years to come from the enormous growth in the Internet. We also are committed to and are actively pursuing additional growth opportunities through strategic combinations and/or acquisitions."
At March 31, 2000, Bel reported working capital of $67.5 million, a current ratio of 5.8 to 1, cash of $39.1 million, no long-term debt, and stockholders' equity of $114.5 million.
About Bel
Bel Fuse Inc. and Subsidiaries
Condensed Consolidated Statement of Operations
($ 000 omitted, except for per-share and share data)
Three Months Ended
March 31,
2000 1999
(unaudited)
Net Sales $ 26,133 $ 30,759
Costs and expenses:
Cost of sales 16,704 20,315
Selling, general and
administrative expenses 5,170 4,805
21,874 25,120
Income from operations 4,259 5,639
Other income - net 1,477 152
Earnings before
income tax provision 5,736 5,791
Income tax provision 1,264 670
Net earnings $ 4,472 $ 5,121
Net Earnings per common share:
Primary $ 0.42 $ 0.49
Diluted $ 0.41 $ 0.48
Average common shares outstanding:
Primary 10,557 10,427
Diluted 10,856 10,765
-0-
CONDENSED CONSOLIDATED BALANCE SHEET
($ 000 omitted)
Mar. 31, Dec. 31, LIABILITIES Mar. 31, Dec. 31,
ASSETS 2000 1999 AND 2000 1999
(unaudited)(audited) EQUITY (unaudited)(audited)
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Current Current
assets $ 81,699 $ 77,107 liabilities $ 14,176 $ 14,033
Property, Deferred
plant & equipment, income
net 36,040 36,022 taxes 797 962
Goodwill, Stockholders'
net 11,371 11,747 equity 114,513 110,254
Total
liabilities &
Total assets $129,486 $125,249 equity $129,486 $125,249