EX-99.1 3 ex99-1.txt ------------------------------------------------------------------------------- [GRAPHIC OMITTED] BEL FUSE INC. 206 Van Vorst Street FOR IMMEDIATE RELEASE Jersey City, NJ 07302 www.belfuse.com tel 201.432.0463 fax 201.432.9542 ------------------------------------------------------------------------------- INVESTOR CONTACT: COMPANY CONTACT: Neil Berkman Associates Daniel Bernstein (310) 277-5162 President info@berkmanassociates.com (201) 432-0463 ------------------------------------------------------------------------------- BEL REPORTS FIRST QUARTER RESULTS Net Income Is $0.16 Per Diluted Share Versus A Loss of $0.17 Per Share Revenue Increases to $24.9 Million From $16.5 Million JERSEY CITY, NEW JERSEY, April 29, 2003 . . . BEL FUSE INC. (NASDAQ:BELFA & NASDAQ:BELFB) 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 Stewart 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. (more) BEL REPORTS FIRST QUARTER RESULTS April 29, 2003 Page Two 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 Except for historical information contained in this news release, the matters discussed,including, the Company's timing estimate with respect to the integration of the businesses acquired from Insilco and statements made regarding customer preferences, 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; the difficulties inherent in integrating remote business that may have followed business practices that differ from the Company's business practices; capacity and supply constraints or difficulties; product development, commercializing or technological difficulties; the regulatory and trade environment; 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. (table attached) 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, LIABILITIES AND Mar. 31, Dec. 31, ASSETS 2003 2002 EQUITY 2003 2002 ------ -------- -------- --------------- --------- -------- (unaudited) (unaudited) Current assets $105,700 $ 94,504 Current liabilities $ 20,985 $ 11,715 Property, plant & equipment, net $ 48,082 $ 37,605 Long-term liabilities $ 13,176 $ 4,519 Goodwill, net $ 11,641 $ 7,625 Other assets $ 899 $ 7,159 Stockholders' equity $132,161 $130,659 -------- -------- -------- -------- Total assets $166,322 $146,893 Total liabilities & ======== ======== equity $166,322 $146,893 ======== ========