Bel Fuse Inc. (NASDAQ:BELFA)(NASDAQ:BELFB) today
announced preliminary and unaudited financial results for the first
quarter of 2009.
First Quarter Results
Net sales for the three months ended March 31, 2009 decreased to
$43,871,000 compared to $60,869,000 for the first quarter of
2008.
Net earnings for the first quarter of 2009 were $816,000. This
compares to net earnings for the first quarter of 2008 of
$2,167,000.
Income from operations for the first quarter of 2009 was
affected by a gain of $4.6 million ($2.9 million or $0.25 per share
after tax) on the sale of a building in Jersey City, New Jersey in
2007, which had been deferred until certain environmental and other
regulations were resolved during this year's first quarter, and by
additional restructuring charges of $0.4 million ($0.3 million or
$0.02 per share after tax) related to last year's termination of
manufacturing operations at the Company's DC-DC manufacturing
facility in Massachusetts.
Net income per diluted Class A common share was $0.06 for the
first quarter of 2009, compared to diluted Class A common share
earnings of $0.17 for the first quarter of 2008. Net income per
diluted Class B common share was $0.07 for the first quarter of
2009, compared to diluted Class B common share earnings of $0.19
for last year's first quarter.
"During the first quarter we continued to closely manage costs
to reflect the reduced pace of activity in our markets, and moved
forward on programs launched last year to consolidate our
manufacturing facilities in southeast China and relocate our
relatively labor intensive operations to lower labor cost areas in
that country. The business generated more than $15,000,000 in cash
during the period despite the decrease in revenue. Visibility into
our customers' near-term requirements for our products is limited,
but we remain focused on providing the highest quality products and
service while continuing to refine our operations and protect our
strong financial position in anticipation of improved business
conditions in the future," said Daniel Bernstein, Bel's
president.
At March 31, 2009, Bel reported working capital of approximately
$163,000,000, including cash, cash equivalents, short-term
investments and marketable securities of approximately
$106,388,000, a current ratio of 8.4, total long-term obligations
of $10,213,000, and shareholders' equity of $216,367,000. At
December 31, 2008, cash, cash equivalents, short-term investments
and marketable securities were approximately $92,700,000, working
capital was approximately $164,000,000, the current ratio was 6.5,
total long-term obligations were $14,377,000, and shareholders'
equity was $217,773,000. Bel repurchased 6,070 Class A common
shares during the first quarter.
Conference Call
Bel has scheduled a conference call at 11:00 a.m. EDT today. To
participate in the call, dial (212) 231-6005, reservation
#21415683. A simultaneous webcast of the conference call may be
accessed from the Investor
Info link at www.belfuse.com. A replay will be
available after 1:00 p.m. EDT, for a period of 20 days, at this
same Internet address. For a telephone replay, dial (800) 633-8284,
reservation #21415683 after 1:00 p.m. EDT.
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, and consumer electronics. Products include
magnetics (discrete components, power transformers and MagJack�s),
modules (DC-DC converters, integrated analog front end modules and
custom designs), circuit protection (miniature, micro and surface
mount fuses) and interconnect devices (passive jacks, plugs and
cable assemblies). Bel operates facilities around the world.
Forward-Looking Statements
Except for historical information contained in this news
release, the matters discussed in this press release (including
statements regarding improved business conditions in the future)
are forward looking statements that involve risks and
uncertainties. Among the factors that could cause actual results to
differ materially from such statements are: the market concerns
facing our customers, the continuing viability of sectors that rely
on our products, the effect of business and economic conditions;
capacity and supply constraints or difficulties; product
development, commercializing or technological difficulties; the
regulatory and trade environment; risks associated with foreign
currencies; uncertainties associated with legal proceedings; the
market's acceptance of the Company's new products and competitive
responses to those new products and the risk factors detailed from
time to time in the Company's SEC reports. In light of the risks
and uncertainties, there can be no assurance that any
forward-looking statement will in fact prove to be correct. We
undertake no obligation to update or revise any forward-looking
statements.
BEL FUSE INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(000s omitted, except for per
share data)
�
�
�
�
�
�
Three Months Ended
�
March 31,
�
2009
2008
�
(unaudited)
�
�
�
Net Sales
$
43,871
�
$
60,869
�
�
�
�
Costs and expenses:
�
�
Cost of Sales
38,211
49,638
Selling, general and
administrative
7,653
8,933
Restructuring charge
413
--
Gain on sale of property, plant
and equipment
�
(4,665
)
�
--
�
�
�
�
�
�
41,612
� �
58,571
�
�
�
�
Income from operations
2,259
2,298
�
�
�
Other, net
8
--
Realized gain (loss/impairment
charge) on investment
2
(280
)
Interest income
�
181
� �
913
�
�
�
�
Earnings before provision for
income taxes
2,450
2,931
�
�
�
Income tax provision
�
1,634
� �
764
�
�
�
�
Net earnings
$
816
�
$
2,167
�
�
�
�
Earnings per Class A common share
- basic
$
0.06
$
0.17
Earnings per Class A common share
- diluted
$
0.06
�
$
0.17
�
�
�
�
Weighted average Class A common
shares outstanding - basic
2,176
2,532
Weighted average Class A common
shares outstanding - diluted
�
2,176
� �
2,532
�
�
�
�
Earnings per Class B common share
- basic
$
0.07
$
0.19
Earnings per Class B common share
- diluted
$
0.07
�
$
0.19
�
�
�
�
Weighted average Class B common
shares outstanding - basic
9,362
9,307
Weighted average Class B common
shares outstanding - diluted
�
9,362
� �
9,314
� � �
CONDENSED CONSOLIDATED BALANCE
SHEET DATA
(000s omitted)
�
�
Mar. 31,
�
Dec. 31,
� �
�
�
Mar. 31,
�
Dec. 31,
ASSETS
2009
2008
LIABILITIES &
EQUITY
2009
2008
�
�
(unaudited)
�
(audited)
� �
�
�
(unaudited)
�
(audited)
�
Current assets
$
185,309
$
193,619
Current liabilities
$
22,144
$
29,634
�
�
�
�
�
�
Property, plant & equipment,
net
38,699
39,936
Noncurrent liabilities
10,213
14,377
Goodwill
14,204
14,334
�
�
�
Intangibles & other assets
�
10,512
�
13,895
Stockholders' equity
�
216,367
�
217,773
�
Total Assets
$
248,724
$
261,784
Total Liabilities & Equity
$
248,724
$
261,784
�
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