EX-99.1 2 ex-99.htm

 
 
FOR IMMEDIATE RELEASE
Bel Fuse Inc.
206 Van Vorst Street
Jersey City, NJ 07302
www.belfuse.com
tel 201.432.0463
fax 201.432.9542
 

Investor Contact:
Neil Berkman Associates
(310) 277-5162
info@berkmanassociates.com
  
Company Contact:
Daniel Bernstein
President
(201) 432-0463
 
 
 
Bel Reports Fiscal 2004 Net Earnings Increased
80% to $2.15 Per Diluted Share

Sales Rise 20% to a Record $190 Million


JERSEY CITY, New Jersey, February 17, 2005 . . . Bel Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB) today announced higher preliminary and unaudited sales and net earnings for the fourth quarter and fiscal year ended December 31, 2004.

Fourth Quarter Results
For the fourth quarter of 2004, sales increased 15% to $49,289,000, compared to $42,865,000 for the fourth quarter of 2003. Net earnings increased 8% to $6,028,000, or $0.52 per diluted share, compared to $5,597,000, or $0.49 per diluted share, for the same period a year earlier.

2004 Results
For 2004, sales increased 20% to a record $190,021,000, compared to $158,498,000 for 2003. Operating margin increased to 13% for 2004 from 11% for 2003, reflecting higher sales which resulted in improved manufacturing and operating efficiencies. Net earnings increased 80% to $24,722,000, or $2.15 per diluted share, compared to $13,764,000, or $1.24 per diluted share, for 2003.
"We achieved strong sales gains in 2004 across all four product categories; magnetics, circuit protection, interconnect devices and modules, including the including the new DC/DC converter power products modules. Our record 2004 performance also benefited from the acquisition of the Passive Components Group from Insilco Technologies in March, 2003," said Daniel Bernstein, President.
"Bel remains a passive investor in Artesyn Technologies, Inc. at this time, but will continue to evaluate its position, subject to changes in the business environment. With its strong cash position, the Company is constantly reviewing several potential acquisition opportunities," said Bernstein.
At December 31, 2004, Bel had cash, cash equivalents and marketable securities of approximately $94,300,000, working capital of approximately $126,800,000, a current ratio of 5-to-1, total long-term debt of $4,500,000 and shareholders' equity of approximately $178,500,000. The Company cautions that its fourth quarter and year end results are preliminary and unaudited.


(more)
 



Bel Reports Fiscal 2004 Net Earnings Increased 80% to $2.15 Per Diluted Share
February 17, 2004
Page Two

 

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 (discrete components, power transformers and MagJack®s) modules (DC/DC converters, integrated analog front end modules, custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect devices (passive jacks, plugs and cable assemblies). The Company operates facilities around the world.

Conference Call
Bel has scheduled a conference call at 11:00 a.m. EST today. 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. EST at this same Internet address. For a telephone replay, dial (800) 633-8284, reservation #21230083 after 1:00 p.m. EST.

Forward-Looking Statements
Except for historical information contained in this news release, the matters discussed 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 businesses 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 possibility that changes may occur in the Company's financial statements between the Company's announcement of preliminary results and the Company's release of audited results; 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. 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.


(table attached)
#380x

 



BEL FUSE INC. AND SUBSIDIARIES
  
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
  
($ 000s omitted, except for per share data)(Unaudited)
  
                   
                   
   
Three Months Ended
  
Twelve Months Ended
  
   
December 31,
  
December 31,
  
   
2004
  
2003
  
2004
  
2003
  
                   
Sales
  
$
49,289
  
$
42,865
  
$
190,021
  
$
158,498
  
                           
Cost of expenses:
                          
Cost of sales
    
34,781
   
30,248
   
132,776
   
113,813
 
Selling, general and administrative expenses
    
8,248
   
5,966
   
31,302
   
26,757
 
Fixed asset impairment
    
--
   
--
   
1,032
   
--
 
     
43,029
   
36,214
   
165,110
   
140,570
 
                           
Income from operations
    
6,260
   
6,651
   
24,911
   
17,928
 
                           
Other income - net
    
253
   
136
   
525
   
249
 
Lawsuit proceeds
    
--
   
--
   
2,935
   
--
 
                           
Earnings before income tax provision
    
6,513
   
6,787
   
28,371
   
18,177
 
Income tax provision
    
485
   
1,190
   
3,649
   
4,413
 
                           
Net earnings
  
$
6,028
  
$
5,597
  
$
24,722
  
$
13,764
  
                           
Net earnings per common share
                          
Basic
  
$
0.53
  
$
0.50
  
$
2.19
  
$
1.25
  
Diluted
  
$
0.52
  
$
0.49
  
$
2.15
  
$
1.24
  
                           
Average common shares outstanding
                          
Basic
    
11,352
   
11,146
   
11,284
   
11,021
 
 
Diluted
    
11,510
   
11,339
   
11,511
   
11,133
 
 
 



 
                       
                       
CONDENSED CONSOLIDATED BALANCE SHEET DATA
  
($ 000s omitted)
  
   
December 31,
      
December 31,
  
ASSETS
  
2004
  
2003
  
LIABILITIES & EQUITY
  
2004
  
2003
  
   
(Unaudited)
  
(Audited)
      
(Unaudited)
  
(Audited)
  
                       
Current assets
  
$
159,768
  
$
122,084
   Current liabilities  
$
33,014
  
$
19,714
  
                                 
Property, plant &
                                
equipment - net
    
41,245
   
43,501
  Long-term liabilities    
6,892
   
8,484
 
                                 
Goodwill, net
    
10,651
   
9,882
  Deferred income taxes    
410
   
6,764
 
                                 
Intangibles &
                                
    and other assets
    
7,113
   
6,350
  Stockholders' equity    
178,461
   
146,855
 
                                 
Total assets
  
$
218,777
  
$
181,817
   Total liabilities & equity  
$
218,777
  
$
181,817