-----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, JeiCvT+MKZafpKKAwIRRhW3QUgn3imqdJaakjWivGmd0IDcCWss4sYR3XOfzxgHp BJQnwnnnV2ojd8IoAjHN4Q== 0000950137-05-005544.txt : 20050509 0000950137-05-005544.hdr.sgml : 20050509 20050509093351 ACCESSION NUMBER: 0000950137-05-005544 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050509 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050509 DATE AS OF CHANGE: 20050509 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20388 FILM NUMBER: 05809917 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 8-K 1 c95084e8vk.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20579 --------------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) - May 9, 2005 Littelfuse, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-20388 36-3795742 - ----------------- ----------------- ------------------- (State of other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 800 E. Northwest Hwy., Des Plaines, IL 60016 - -------------------------------------- ----------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (847) 824-1188 ITEM 7.01. Regulation FD Disclosure (The information under this Item 9 is being furnished pursuant to Item 12 of Form 8-K) ITEM 9.01. Financial Statements, Pro Forma Financial Information and Exhibits 99.1 Press Release, dated May 9, 2005 On Monday, May 9, 2005, the Registrant issued a press release disclosing financial results for the quarter ended April 2, 2005. The press release is made part of this Form and is attached as Exhibit 99.1. The press release, dated May 9, 2005, made a part of the Form include forward looking statements that are intended to be covered by the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements include but are not limited to comments with respect to the objectives and strategies, financial condition, results of operations and business of the Registrant. These forward looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward looking statements will not be achieved. The Registrant cautions you not to place undue reliance on these forward looking statements as a number of important factors could cause actual future results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements. 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Littelfuse, Inc. Date: May 9, 2005 By: /s/ Philip G. Franklin ------------------------ Philip G. Franklin Vice President, Operations Support and Chief Financial Officer 2 Exhibit Index 99.1 Press Release, dated May 9, 2005 3 EX-99.1 2 c95084exv99w1.txt PRESS RELEASE EXHIBIT 99.1 [LITTELFUSE (R) LOGO] NEWS NEWS RELEASE Littelfuse, Inc. 800 East Northwest Highway Des Plaines, IL 60016 (847) 824-1188 - (847) 391-0894 - FAX # CONTACT: PHIL FRANKLIN, VICE PRESIDENT, OPERATIONS SUPPORT & CFO (847) 391-0566 LITTELFUSE REPORTS FIRST QUARTER 2005 RESULTS DES PLAINES, ILLINOIS, MAY 9, 2005 - Littelfuse, Inc. (NASDAQ/NMS:LFUS) today reported sales and earnings for the first quarter of 2005. Sales for the first quarter of 2005 were $121.7 million, a 9% increase from sales of $111.4 million in the first quarter of 2004. Heinrich Industrie AG, acquired in May 2004, accounted for $22.6 million of sales in the first quarter. Excluding Heinrich, sales for the first quarter of 2005 were down 11% from the prior year quarter. Diluted earnings per share were $0.20 for the first quarter of 2005. Excluding a $1.7 million pre-tax charge for plant rationalization and staff reductions, diluted earnings per share were $0.24 for the first quarter of 2005. This compares to diluted earnings per share of $0.43 for the first quarter of 2004. "Our first quarter performance was consistent with our expectations of sales and earnings similar to the fourth quarter," said Gordon Hunter, Chief Executive Officer. "Sales for our base business were below last year's first quarter due primarily to inventory correction in the electronic distribution channels and softness in the telecom end markets in North America and China." Excluding Heinrich, sales for the first quarter of 2005 compared to the prior year period were down 11%, with the Americas down 9%, Europe down 15% and Asia down 12%. By market and excluding Heinrich, sales for the first quarter of 2005 compared to the prior year period were down 16% for electronics, down 7% for automotive and up 15% for electrical. "Our automotive business, while up 4% sequentially in the first quarter, declined from last year's strong first quarter due to incremental sales to support an OEM recall program in 2004 and lower car build in both the U.S. and Europe in 2005. Electrical sales continue to trend above last year, reflecting improved fundamentals in the industrial and non-residential construction sectors," said Hunter. "Heinrich sales for the first quarter of 2005 showed a similar decline to the Littelfuse base business, primarily driven by weakness in the electronics markets." -more- Page 2 Cash from operating activities was $0.1 million for the first quarter of 2005, compared to $2.9 million for the same period in 2004. Net capital expenditures for the first quarter of 2005 were $8.7 million, compared to $3.0 million in the first quarter of 2004. "The increase in capital spending for the quarter relates primarily to manufacturing process improvements, new product introductions and future capacity increases," said Phil Franklin, Chief Financial Officer. "It is typical in our business for most of our cash flow to be generated in the second half of the year, and it is expected that this year will follow the same pattern." Littelfuse will host a conference call today, Monday, May 9, 2005 at 11:00 a.m. Eastern/10:00 a.m. Central time to discuss the first quarter results. The call will be broadcast live over the Internet and can be accessed through the company's Web site: www.littelfuse.com. Listeners should go to the Web site at least 15 minutes prior to the call to download and install any necessary audio software. The call will be available for replay through June 30, 2005 and can be accessed through the Web site listed above. Littelfuse is a global company offering the broadest line of circuit protection products in the industry. In addition to its Des Plaines, Illinois, world headquarters, Littelfuse has research and manufacturing facilities in China, England, Germany, Ireland, Mexico, the Philippines and the United States. It also has sales, distribution and engineering facilities in Brazil, China, Germany, Hungary, Japan, Korea, the Netherlands, Singapore, Taiwan and the U.S. For more information, please visit Littelfuse's Web site at www.littelfuse.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward looking statements contained herein involve risks and uncertainties, 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, exchange rate fluctuations, actual purchases under agreements, the effect of the company's accounting policies, labor disputes, restructuring costs in excess of expectations and other risks which may be detailed in the company's Securities and Exchange Commission filings. -more- Page 3 LITTELFUSE, INC. Sales by Geography and Market* (Dollars in Millions)
FIRST QUARTER -------------------------------- 2005 2004 % CHANGE --------- ------- -------- GEOGRAPHY Americas $ 50.2 $ 53.2 -6% Europe 34.5 20.9 65% Asia Pacific 37.0 37.3 -1% --------- ------- -- TOTAL $ 121.7 $ 111.4 9% ========= ======= ==
FIRST QUARTER -------------------------------- 2005 2004 % CHANGE --------- ------- -------- MARKET Electronics $ 63.3 $ 74.9 -16% Automotive 25.8 27.8 -7% Electrical 10.0 8.7 15% --------- ------- --- Subtotal 99.1 111.4 -11% Heinrich 22.6 - - --------- ------- --- TOTAL $ 121.7 $ 111.4 9% ========= ======= ===
* Certain prior year amounts have been reclassified to conform to the current year presentation. -more- Page 4 LITTELFUSE, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited)
For the Three Months Ended APRIL 2, April 3, 2005 2004 ----------- ----------- Net sales................................................. $ 121,688 $ 111,418 Cost of sales............................................. 81,997 71,613 ----------- ----------- Gross profit.............................................. 39,691 39,805 Selling, general and administrative....................... 27,114 20,543 Research and development expenses......................... 4,738 3,181 Amortization of intangibles............................... 631 339 ----------- ----------- Operating income.......................................... 7,208 15,742 Interest expense.......................................... 479 426 Other (income) expense.................................... (134) 307 ----------- ----------- Income before minority interest........................... 6,863 15,009 Minority interest......................................... 7 - Income taxes.............................................. 2,417 5,403 ----------- ----------- Net income................................................ $ 4,439 $ 9,606 =========== =========== Net income per share: Basic.................................................. $ 0.20 $ 0.44 =========== =========== Diluted................................................ $ 0.20 $ 0.43 =========== =========== Weighted average shares and equivalent shares outstanding: Basic.................................................. 22,484 22,032 =========== =========== Diluted................................................ 22,710 22,388 =========== ===========
-more- Page 5 LITTELFUSE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited)
APRIL 2, 2005 January 1, 2005 ------------- --------------- ASSETS: Cash and cash equivalents............................. $ 29,390 $ 28,583 Receivables........................................... 77,973 77,726 Inventories........................................... 76,979 79,080 Deferred income taxes................................. 16,466 17,056 Other current assets.................................. 8,844 6,804 ------------- --------------- Total current assets.................................. 209,652 209,249 Property, plant, and equipment, net................... 138,558 136,465 Intangible assets, net................................ 18,421 19,052 Goodwill.............................................. 55,266 55,249 Investments........................................... 5,466 4,886 Other assets.......................................... 410 408 ------------- --------------- Total assets $ 427,773 $ 425,309 ============= =============== LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities excluding current portion of long-term debt................................. $ 73,850 $ 82,196 Current portion of long-term debt..................... 42,630 32,958 ------------- --------------- Total current liabilities............................. 116,480 115,154 Long-term debt........................................ 1,232 1,364 Deferred income taxes................................. 9,148 8,573 Accrued post-retirement benefits...................... 19,732 20,417 Other long-term liabilities........................... 6,809 7,081 Minority interest..................................... 2,645 2,636 Shareholders' equity.................................. 271,727 270,084 ------------- --------------- Total liabilities and shareholders' equity........ $ 427,773 $ 425,309 ============= =============== Common shares issued and outstanding of 22,410,486 and 22,549,595, at April 2, 2005, and January 1, 2005, respectively
-more- Page 6 LITTELFUSE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, unaudited)
For the Three Months Ended APRIL 2, April 3, 2005 2004 ---------- ----------- Operating activities: Net income............................................. $ 4,439 $ 9,606 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation....................................... 6,641 5,639 Amortization....................................... 631 339 Changes in operating assets and liabilities: Accounts receivable................................ (1,527) (8,221) Inventories........................................ 945 (2,370) Accounts payable and accrued expenses.............. (7,263) (410) Prepaid expenses and other......................... (3,773) (1,648) ---------- ----------- Net cash provided by operating activities.............. 93 2,935 Cash used in investing activities: Purchases of property, plant, and equipment, net... (8,698) (2,992) Acquisitions, net of cash acquired................. (28) - ---------- ----------- Net cash used in investing activities.................. (8,726) (2,992) Cash provided by (used in) financing activities: Proceeds from long-term debt....................... 15,056 - Payments of long-term debt......................... (5,213) (39) Proceeds from repayment of notes receivable, common stock....................................... 3,521 - Proceeds from exercise of stock options............ 461 1,884 Purchase of treasury stock......................... (3,199) - ---------- ----------- Net cash provided by financing activities.............. 10,626 1,845 Effect of exchange rate changes on cash................ (1,186) (21) ---------- ----------- Increase in cash and cash equivalents.................. 807 1,767 Cash and cash equivalents at beginning of period....... 28,583 22,128 ---------- ----------- Cash and cash equivalents at end of period............. $ 29,390 $ 23,895 ========== ===========
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