-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KXHZTnuvd64rtnxVmmqt4EaGSPbTct4z6AGdpcd3Wk2o9s+ykR27ug5jR5KwARwS KrG/rAeuCzp8MFH9gYyLeA== 0000889331-99-000008.txt : 19991215 0000889331-99-000008.hdr.sgml : 19991215 ACCESSION NUMBER: 0000889331-99-000008 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991002 FILED AS OF DATE: 19991214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LITTELFUSE INC /DE CENTRAL INDEX KEY: 0000889331 STANDARD INDUSTRIAL CLASSIFICATION: SWITCHGEAR & SWITCHBOARD APPARATUS [3613] IRS NUMBER: 363795742 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 000-20388 FILM NUMBER: 99774197 BUSINESS ADDRESS: STREET 1: 800 E NORTHWEST HWY CITY: DES PLAINES STATE: IL ZIP: 60016 BUSINESS PHONE: 7088241188 MAIL ADDRESS: STREET 1: 800 E. NORTHWEST HWY CITY: DES PLAINES STATE: IL ZIP: 60016 10-Q/A 1 FORM 10Q/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q/A (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED October 2, 1999 OR ___ TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM______ TO ______ Commission file number 0-20388 LITTELFUSE, INC. (Exact name of registrant as specified in its charter) Delaware 36-3795742 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 800 East Northwest Highway Des Plaines, Illinois 60016 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (847) 824-1188 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes X No As of October 2, 1999, 19,551,523 shares of common stock, $.01 par value, of the Registrant and warrants to purchase 2,461,915 shares of common stock, $.01 par value, of the Registrant were outstanding. TABLE OF CONTENTS PART I - FINANCIAL INFORMATION PAGE Item 1. Financial Statements Condensed Consolidated Statements of Income for the three and nine months ended October 2,1999 and October 3,1998......................................1 Condensed Consolidated Statements of Financial Condition at October 2, 1999 and January 2, 1999..........................................................2 Condensed Consolidated Statements of Cash Flows for the three and nine months ended October 2,1999 and October 3,1998...............................3 Notes to the Condensed Consolidated Financial Statements.....................4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ....................6 PART II - OTHER INFORMATION Item 5. Other Information ................................................ 12 Item 6. Exhibits and Reports on Form 8-K...................................12 Part 1 - Financial Information Item 1. LITTELFUSE, INC. Condensed Consolidated Statements of Income (in thousands, except per share data) (unaudited) For the Three Months Ended For the Nine Months Ended -------------------------- ------------------------- Oct. 2, 1999 Oct. 3, 1998 Oct. 2, 1999 Oct. 3, 1998 ------------- ------------ ------------ - ------------ Net sales . . . . . . . . . . . $73,292 $ 69,035 $ 214,357 $ 207,482 Cost of sales . . . . . . . . . 43,975 43,130 131,200 128,653 ----------------- ----------------- ------------------- ----------------- Gross profit . . . . . . . . . . 29,317 25,905 83,157 78,829 Selling, general and administrative expenses . . . . . 13,911 12,953 39,457 39,122 Research and development expenses . . . 2,138 2,113 7,023 6,389 Amortization of intangibles . . . 1,730 1,613 5,214 5,112 ----------------- ----------------- ------------------- ----------------- Operating income . . . . . . . 11,538 9,226 31,463 28,206 Interest expense . . . . . . . . 1,330 4,026 2,634 902 Other (income)/expense . . . . (420) (978) (194) 546 Income before income taxes . . 10,628 8,518 28,415 25,026 Income taxes . . . . . . . . . 4,040 3,152 10,799 8,280 Net income . . . . . . . . . . $ 6,588 $ 5,366 $ 17,616 $ 16,746 ================= ================= =================== ================= Net income per share: Basic . . . . . . . . $ 0.34 $ 0.26 $ 0.90 $ 0.81 ================= ================= =================== ================= Diluted . . . . . . . $ 0.30 $ 0.23 $ 0.81 $ 0.72 ================= ================= =================== ================= Weighted average shares and equivalent shares outstanding: Basic . . . . . . . . 19,505 20,587 19,591 20,570 ================= ================= ================= =================== Diluted . . . . . . . 21,712 22,979 21,747 23,343 ================= ================= =================== ================= See accompanying notes
LITTELFUSE, INC. Condensed Consolidated Statements of Financial Condition (in thousands) October 2, 1999 January 2, 1999 ----- ----- Assets: (unaudited) Cash and cash equivalents . . . . . . $ 8,588 $ 27,961 Receivables . . . . . . . . . . . . 55,902 41,382 Inventories . . . . . . . . . . . . 39,285 36,209 Other current assets . . . . . . . . . 7,197 5,546 ------------------- ------------------- Total current assets . . . . . . . . . . $ 110,972 $ 111,098 Property, plant, and equipment, net . . 81,178 77,788 Reorganization value, net . . . . . . . 35,211 37,814 Other intangible assets, net . . . . . . 19,531 22,148 Other assets . . . . . . . . . . . . 1,651 1,696 ------------------- ------------------- $ 248,543 $ 250,544 =================== =================== Liabilities and Shareholders' Equity: Current liabilities excluding current portion of long-term debt . . . . . . . . . . . $ 42,653 $ 36,452 Current portion of long-term debt . . . 14,905 15,515 ------------------- ------------------- Total current liabilities . . . . . . . . 57,558 51,967 Long-term debt . . . . . . . . . . . . 55,371 70,061 Deferred liabilities . . . . . . . . . 3,947 3,951 Other long-term liabilities . . . . . . . 26 41 Shareholders' equity . . . . . . . . . . 131,641 124,524 ------------------- ------------------- $ 248,543 $ 250,544 =================== =================== See accompanying notes
LITTELFUSE, INC. Condensed Consolidated Statements of Cash Flows (in thousands, unaudited) For the Three For the Nine Months Ended Months Ended Oct. 2, Oct. 3, Oct. 2, Oct. 3, 1999 1998 1999 1998 ------- ------- -------- -------- Operating activities: Net income . . . . . . . . . . . . . $ 6,588 $ 5,366 $ 17,616 $ 16,746 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation . . . . . . . . . . 4,684 3,786 13,012 10,517 Amortization . . . . . . . . . . 1,730 1,614 5,214 5,112 Changes in operating assets and liabilities: Accounts receivable . . . . . . . (5,650) (2,449) (15,388) (9,494) Inventories . . . . . . . . . . . (2,427) 2,435 (3,517) 3,793 Accounts payable and accrued expenses . . 2,149 (1,315) 6,398 (434) Other, net . . . . . . . . . . . (1,565) (690) (1,701) (54) ---------------- -------------- --------------- --------------- Net cash provided by operating activities . . . . . . . . . . . $ 5,509 $ 8,747 $ 21,634 $ 26,186 Cash used in investing activities: Purchases of property, plant, and equipment, net . . . . . . . . . . (5,073) (5,296) (16,504) (15,349) ---------------- -------------- --------------- --------------- (5,073) (5,296) (16,504) (15,349) Cash provided by (used in) financing activities: Borrowings/(Payments) of long-term debt, net . . . . . . . . . (14,560) 31,938 (15,036) 31,772 Proceeds from exercise of stock options and warrants . . . . . . 1,093 (4) 1,207 5,528 Purchase of common stock and warrants . . 0 (9,376) (10,476) (18,349) ---------------- -------------- --------------- --------------- (13,467) 22,558 (24,305) 18,951 Effect of exchange rate changes on cash (219) (468) (198) (719) ---------------- -------------- --------------- --------------- Increase/(decrease) in cash and cash equivalents . . . . . . . . . . . (13,250) 25,541 (19,373) 29,069 Cash and cash equivalents at beginning of period . . . . . . . . . . . 21,838 4,283 27,961 755 ---------------- -------------- --------------- --------------- Cash and cash equivalents at end of period . . . . . . . . . . . . $ 8,588 $ 29,824 $ 8,588 $ 29,824 ================ ============== =============== =============== See accompanying notes
Notes to Condensed Consolidated Financial Statements (Unaudited) October 2, 1999 1. Basis of Presentation Littelfuse, Inc. and its subsidiaries ("Littelfuse" or the "Company") are the successors in interest to the components business previously conducted by subsidiaries of Tracor Holdings, Inc. ("Predecessor"). The Company acquired its business as a result of the Predecessor's reorganization activities concluded on December 27, 1991. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the period ended October 2, 1999, are not necessarily indicative of the results that may be expected for the year ending January 1, 2000. For further information, refer to the Company's consolidated financial statements and the notes thereto incorporated by reference in the Company's Annual Report on Form 10-K for the year ended January 2, 1999. 2. Inventories The components of inventories are as follows (in thousands): October 2, January 2, 1999 1999 Raw material $10,135 $ 9,800 Work in process 12,493 5,338 Finished goods 16,657 21,071 ------- ------ Total $39,285 $36,209 ======= =======
3. Per Share Data Net income per share amounts for the three months and nine months ended October 2, 1999, and October 3, 1998, are based on the weighted average number of common and common equivalent shares outstanding during the periods as follows (in thousands, except per share data): Three months ended Nine months ended October 2, October 3, October 2, October 3, 1999 1998 1999 1998 ----------- ----------- ---------- -------------- Average shares outstanding 19,505 20,587 19,591 20,570 Net effect of dilutive stock options, warrants and restricted shares - Basic - - - - ---------- ---------- --------- --------- - Diluted 2,207 2,392 2,156 2,773 ---------- ---------- --------- --------- Average shares outstanding - Basic 19,505 20,587 19,591 20,570 ========== ========== ========== ========== - Diluted 21,712 22,979 21,747 23,343 ========== ========== ========== ========== Net income $ 6,588 $ 5,366 17,616 16,746 =========== =========== ========== ========== Net income per share - Basic $ 0.34 $ 0.26 $ 0.90 $ 0.81 =========== ========== =========== =========== - Diluted $ 0.30 $ 0.23 $ 0.81 $ 0.72 =========== ========== =========== ===========
4. Comprehensive Income In accordance with Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income," total comprehensive income for the three months ended October 2, 1999, and October 3, 1998, was approximately $7.2 million and $6.4 million, respectively and the nine months ended October 2, 1999, and October 3, 1998 was $16.4 million and $18.1 million respectively. The adjustment for comprehensive income is related to the Company's foreign currency translation. 5. Subsequent Event On October 21, 1999, the Company announced it had completed the acquisition of Harris Corporation's Suppression Products Group for $25.7 million in cash. The purchase was funded with cash on hand and $20 million from the Company's existing credit facility. The Suppression Products Group manufactures and markets a broad line of transient voltage suppression devices. With this new line of products, the Company expands its circuit protection business to include some segments of the overvoltage protection market. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Third Quarter, 1999 Sales increased 6 % to $73.3 million in the third quarter this year compared to $69.0 million in the third quarter of 1998. Gross margin was 40.0% this year compared to 37.5 % in the same period of the prior year. Operating income increased to 15.7 % of sales in the third quarter of 1999 compared to 13.4% in the prior year. Net income increased 23 % to $6.6 million in the third quarter this year compared to $5.4 million in the third quarter of last year and diluted earnings per share increased 30% to $0.30 in the third quarter this year compared to $0.23 per diluted share in the same quarter last year. Third quarter 1999 sales increased $4.3 million compared to the same quarter in the prior year. Growth in domestic electronic and power fuse sales was offset by a decline in automotive aftermarket sales, resulting in flat sales for North America. Sales grew 5 % in constant currency and declined 1 % in dollars in Europe due to currency effects and lower automotive sales. Increased Southeast Asian and Korean electronics sales along with favorable currency effects contributed to a 29 % sales increase in the Asia-Pacific region. In constant currency, sales increased 22 % in the Asia-Pacific region. Electronic sales increased to $38.6 million in the third quarter of 1999 from $33.8 million in the same quarter of last year for an increase of $4.8 million or 14 %. Automotive sales declined to $23.4 million in the third quarter 1999 from $24.2 million the same quarter last year for a decrease of $0.8 million or 3 %. The decrease was due to lower domestic automotive aftermarket sales resulting primarily from supplier delays. Power fuse sales grew to $11.3 million in the third quarter 1999 from $11.1 million the same quarter last year for an increase of $0.2 million or 2 %. Gross profit was $29.3 million or 40.0 % of sales for the third quarter of 1999 compared to $25.9 million or 37.5 % in the same quarter last year, primarily due to continued cost reduction efforts and increased unit volume. Operating expenses were $16.0 million or 21.9 % of sales for the third quarter 1999, compared to $15.1 million or 21.8 % of sales for the same quarter in the prior year. The amortization of the reorganization value and other intangibles was 2.4 % of sales for the third quarter of 1999, compared to 2.3 % of sales in the third quarter of 1998. Total operating expenses, including intangible amortization, were 24.3 % of sales in the third quarter 1999 compared to 24.2% of sales in the same quarter last year. Operating income was $11.5 million or 15.7 % of sales for the third quarter 1999 compared to $9.2 million or 13.4 % of sales for the same quarter of last year. Interest expense was $1.3 million in the third quarter of this year compared to $0.9 million in the third quarter last year due to higher average debt levels. Other income was $0.4 million for the third quarter of 1999 compared to $0.2 million of other expense in the third quarter of the prior year. Income before income taxes was $10.6 million for the third quarter 1999 compared to $8.5 million for the third quarter of 1998. Income taxes were $4.0 million with an effective tax rate of 38% for the third quarter 1999 compared to $3.2 million with an effective tax rate of 37 % in the third quarter of last year. Net income for the third quarter 1999 was $6.6 million or $0.30 per diluted share compared to $5.4 million or $0.23 per diluted share for the same quarter of last year. Nine Months, 1999 Sales increased 3 % to $214.4 million from $207.5 million last year. Operating income increased 12 % to $31.5 million from $28.2 million the first nine months of last year. Net income increased 5 % to $17.6 million from $16.7 million last year. Earnings per diluted share increased 13 % to $0.81 the first nine months of 1999 compared to $0.72 for the same period last year. Nine months electronics sales were up 4 % at $107.0 million compared to $102.4 million last year, as strong Asia Pacific sales and improving European electronic sales more than offset lower Americas electronic sales. Automotive sales were up 1 % at $74.9 million compared to $74.0 million last year, as higher OEM sales were partially offset by sales declines in the automotive aftermarket. Power fuse sales were up 5 % to $32.5 million from $31.1 million last year. Gross profit was $83.2 million or 38.8 % for the first nine months of 1999 compared to $78.8 million or 38.0 % the first nine months of last year. The improvement in gross profit is primarily attributable to continued cost reduction efforts. Operating expenses were 21.7 % of sales for the first nine months of 1999 compared to 21.9 % last year. The amortization of intangibles was 2.4 % of sales for the first nine months of 1999 compared to 2.5 % last year. Total operating expenses including intangibles amortization were 24.1 % of sales the first nine months 1999 compared to 24.4 % of sales the first nine months of last year. Operating income increased to $31.5 million or 14.7 % of sales in the first nine months 1999 compared to $28.2 million or 13.6 % last year due to increases in gross profit. Interest expense was $4.0 million for the first nine months 1999 compared to $2.6 million for the first nine months of last year. Other income was $1.0 million for the first nine months of 1999 compared to other expense of $0.5 million for the same period last year. Income before taxes was $28.4 million for the first nine months of 1999 compared to $25.0 million for the first nine months of last year. Income taxes were $10.8 million the first nine months 1999 compared to $8.3 million last year. Income taxes in 1998 were lower because of a one-time event related to consolidation of Korean operations. Net income for the first nine months of 1999 increased 5 % to $17.6 million from $16.7 million for the same period last year. Earnings per share for the first nine months of 1999 increased 13 % to $0.81 per diluted share compared to $0.72 per diluted share last year. Liquidity and Capital Resources Assuming no material adverse changes in market conditions or interest rates, management expects that the Company will have sufficient cash from operations to support both its operations and its current debt obligations for the foreseeable future. Littelfuse started the 1999 year with $27.9 million of cash. Net cash provided by operations was $21.6 million for the first nine months. Cash used to invest in property, plant and equipment was $16.5 million. Cash used to repay long term debt and to repurchase stock was $25.5 million. In addition, proceeds from warrant and stock option exercises were $1.2 million, resulting in net financing activities use of cash of $24.3 million. The net decrease in cash for the nine months ended October 2, 1999 was $19.3 million. This left the Company with a cash balance of approximately $8.6 million at October 2, 1999. The ratio of current assets to current liabilities was 1.9 to 1 at the end of the third quarter 1999 compared to 2.1 to 1 at year end 1998 and 2.6 to 1 at the end of the third quarter 1998. The days sales in receivables was approximately 72 days at the end of the third quarter 1999 compared to 62 days at year end 1998 and 57 days at third quarter end 1998. The increase in days sales in receivables is due primarily to delays in collection of money caused primarily by invoicing problems related to conversion to a new system at the start of the third quarter. Management believes that the invoicing problems have been resolved and is expecting a reduction in accounts receivable in the fourth quarter of this year. The days inventory outstanding was approximately 82 days at third quarter end 1999 compared to 81 days at year end 1998 and 76 days at third quarter end 1998. The Company's capital expenditures were $5.1 million for the third quarter of 1999 and $16.5 million through nine months of 1999, primarily for new machinery, equipment and information systems. The Company expects that capital expenditures for the year 1999 will be approximately $20-22 million. The long-term debt at the end of the third quarter 1999 consisted of four types totaling $70.3 million. They are as follows: (1) private placement notes totaling $64.0 million, (2) foreign revolver borrowings totaling $3.6 million, (3) notes payable relating to mortgages totaling $0.5 million, and (4) other long-term debt, including capital leases, totaling $2.2 million. These four items include $14.9 million of senior notes and mortgage notes, which are considered to be current. This leaves net long-term debt totaling $55.4 million at October 2, 1999. The private placement notes carry interest rates of 6.31% and 6.16%. The Company has in place a $55.0 million revolving credit facility, none of which was drawn on October 2, 1999. The Company also has an $8.0 million letter of credit facility, of which approximately $1.9 million was being used at October 2, 1999. Year 2000 The Company utilizes software, hardware and related computer technologies essential to its operations that use two digits rather than four to specify the applicable year, which could result in a date recognition problem with the transition to the year 2000. Littelfuse has surveyed its significant suppliers of raw materials, service suppliers and customers about the status of their year 2000 projects. All high-risk suppliers have been identified and second sources qualified. A contingency plan is in place that will pull forward the purchase of critical raw materials during the fourth quarter to ensure adequate inventories during the first months of the year 2000. Follow-ups are scheduled as appropriate to insure compliance and management will decide if the contingency plan is necessary. As of July 3, 1999, the Company had completed 100% of the remediation phase for its mission critical information technology, operating equipment systems and external interface exposures. The Company utilized both internal and external resources to reprogram or replace, test, and implement the software, operating equipment and external interfaces for year 2000 modifications. The Company has incurred costs totaling approximately $11.0 million, $1.0 million of which has been expensed and $10.0 million of which has been capitalized, related to all phases of the year 2000 project. The Company believes that the foregoing statements are in conformity with the Year 2000 Information and Readiness Disclosure Act (Public Law 105-271, 112 Stat. 2386), and all of the foregoing statements are designated as Year 2000 Readiness Disclosures thereunder. The protection of this act does not apply to federal securities fraud. Business Segment Information The Company designs, manufactures, and sells circuit protection devices throughout the world. The Company has three reportable geographic segments: The Americas, Europe and Asia-Pacific. The circuit protection market in these geographical segments is categorized into three major product areas: electronic, automotive and power fuses. The Company evaluates the performance of each geographic segment based on its net income or loss. The Company also accounts for intersegment sales as if the sales were to third parties. The Company's reportable segments are the business units where the revenue is earned and expenses are incurred. The Company has subsidiaries in The Americas, Europe, and Asia-Pacific where each region is measured based on its sales and operating income or loss. Information concerning the operations in these geographic segments for the period ended October 2, 1999 and October 3, 1998, is as follows (in thousands): Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended Oct 2, 1999 Oct 3, 1998 Oct 2, 1999 Oct 3, 1998 ----------- ----------- ----------- ----------- Revenues The Americas $ 42,484 $ 42,502 $ 124,496 $ 127,836 Europe 11,200 11,277 36,274 34,525 Asia-Pacific 19,607 15,256 53,585 45,121 ----------- ----------- -------------- ----------- Combined Total 73,291 69,035 214,356 207,482 Corporate 0 0 0 0 Reconciliation 0 0 0 0 ------------ ------------ -------------- ----------- Consolidated Total $ 73,291 $ 69,035 $ 214,356 $ 207,482 ========== ============ ============== =========== Intersegment Revenues The Americas $ 8,425 $ 7,175 $ 23,656 $ 22,286 Europe 2,768 2,043 8,141 7,722 Asia-Pacific 1,005 76 2,647 162 ----------- ------------- --------------- Combined Total 12,198 9,294 34,444 30,170 Corporate 0 0 0 0 Reconciliation (12,198) (9,294) (34,444) (30,170) ----------- ------------- --------------- Consolidated Total $ - $ - $ - $ - =========== ============= =============== ========== Interest Expense The Americas $ 1,260 $ 825 $ 3,837 $ 2,486 Europe 4 2 7 9 Asia-Pacific 66 75 181 139 ----------- ------------- --------------- ---------- Combined Total 1,330 902 4,025 2,634 Corporate 0 0 0 0 Reconciliation 0 0 0 0 ------------ ------------- --------------- ---------- Consolidated Total $ 1,330 $ 902 $ 4,025 $ 2,634 ============ ============= =============== ========== Depreciation and Amortization The Americas $ 2,767 $ 2,000 $ 7,659 $ 5,691 Europe 431 370 1,092 980 Asia-Pacific 957 820 2,708 2,332 -------------- --------------- --------------- ------------- Combined Total 4,155 3,190 11,459 9,003 Corporate 2,259 2,210 6,767 6,626 Reconciliation 0 0 0 0 ------------- ----------------- --------------- ------------- Consolidated Total $ 6,414 $ 5,400 $ 18,226 $ 5,629 ============= ================= =============== ============= Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended Oct 2, 1999 Oct 3, 1998 Oct 2, 1999 Oct 3, 1998 ----------- ----------- ----------- ----------- Other income (expense) The Americas $ 244 $ 75 $ 782 $ 49 Europe 7 (55) 144 12 Asia-Pacific 170 173 52 (607) ------------ ----------- ----------- ----------- Combined Total 421 193 978 (546) Corporate 0 0 0 0 Reconciliation 0 0 0 0 ------------- ----------- ----------- ----------- Consolidated Total $ 421 $ 193 $ 978 $ (546) ============= =========== =========== =========== Income Tax Expense The Americas $ 2,437 $ 1,589 $ 5,347 $ 4,080 Europe 814 993 3,080 3,070 Asia-Pacific 789 570 2,372 1,130 --------------- ------------ ---------- ------------ Combined Total 4,040 3,152 10,799 8,280 Corporate 0 0 0 0 Reconciliation 0 0 0 0 --------------- ------------- ---------- ------------- Consolidated Total $ 4,040 $ 3,152 $ 10,799 $ 8,280 =============== ============= ========== ============= Net Income The Americas $ 5,590 $ 4,702 $ 14,841 $ 15,817 Europe 1,683 2,279 5,676 6,387 Asia-Pacific 1,579 597 3,871 1,170 ------------ -------------- ---------- ----------- Combined Total 8,852 7,578 24,388 23,374 Corporate (2,264) (2,212) (6,772) (6,628) Reconciliation 0 0 0 0 ------------ -------------- ---------- ----------- Consolidated Total $ 6,588 $ 5,366 $ 17,616 $ 16,746 ============ ============== ========== =========== Revenues Electronic $ 38,586 $ 33,771 $106,957 $ 102,454 Automotive 23,376 24,203 74,907 74,260 Power 11,329 11,061 32,492 30,768 -------------- -------------- ---------- ------------ Consolidated Total $ 73,291 $ 69,035 $214,356 $ 207,482 ============== ============== ========== ============
Revenues from no single customer of the Company amount to 10% or more for the quarter ended October 2, 1999. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. The preceding commentary presents management's discussion and analysis of the Company's financial condition and results of operations for the periods presented. Certain of the statements included above, including those regarding future financial performance or results or those that are not historical facts, are or contain "forward-looking" information as that term is defined in the Securities Exchange Act of 1934, as amended. The words "expect," "believe," "anticipate," "project," "estimate," and similar expressions are intended to identify forward-looking statements. The Company cautions readers that any such statements are not guarantees of future performance or events and such statements involve risks, uncertainties and assumption, including, but not limited to, product demand and market acceptance risks, the effect of economic conditions, the impact of competitive products and pricing, product development and patent protection, commercialization and technological difficulties, capacity and supply constraints or difficulties, actual purchases under agreements, the effect of the Company's accounting policies, and other factors discussed above and in the Company's Annual Report on Form 10-K for the year ended January 2, 1999. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This review should be read in conjunction with information provided in the financial statements appearing in the Company's Annual Report on Form 10-K for the year ended January 2, 1999. PART II - OTHER INFORMATION Item 5: Other Information On October 21, 1999, the Company announced it had completed the acquisition of Harris Corporation's Suppression Products Group for $25.7 million in cash. The purchase was funded with cash on hand and $20 million from the Company's existing credit facility. The Suppression Products Group manufactures and markets a broad line of transient voltage suppression devices. With this new line of products, the Company expands its circuit protection business to include some segments of the overvoltage protection market. Item 6: Exhibits and Reports on Form 8-K (a) Exhibit Description Exhibit No. 27 Financial Data Schedule (b) There were no reports on Form 8-K during the quarter ended October 2, 1999. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Quarterly Report on Form 10-Q for the quarter ended October 2, 1999, to be signed on its behalf by the undersigned thereunto duly authorized. Littelfuse, Inc. Date: November 16, 1999 By /s/ Philip G. Franklin -------------------------------- Philip G. Franklin Vice President, Treasurer, and Chief Financial Officer (As duly authorized officer and as the principal financial and accounting officer) EX-27 2 FDS --
5 0000889331 Littelfuse, Inc. 1000 us dollar 9-mos JAN-1-2000 Jul-4-1999 Oct-2-1999 1.0 8,588 0 55,902 0 39,285 110,972 81,178 13,012 248,543 57,558 0 0 0 196 0 248,543 214,357 214,357 131,200 131,200 0 0 4,026 28,415 10,799 0 0 0 0 17,616 0.90 0.81
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