Bel Reports Record Second Quarter Sales Paced by Strong DC/DC Converter Product Shipments
July 27, 2005
JERSEY CITY, New Jersey, July 27, 2005 -- Bel Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB) announced today that net sales for the second quarter ended June 30, 2005 increased 19% to a record $57,545,000 compared to $48,390,000 for the second quarter of 2004. Net income for this year's second quarter was $6,669,000, or $0.58 per diluted share. This compares to net income of $7,145,000, or $0.63 per diluted share, for the second quarter of 2004. Results for the second quarter of 2004 included a net after-tax gain of $0.12 per share from net proceeds of $2,935,000 from the settlement of a lawsuit and a fixed asset write down of $1,033,000.
For the six months ended
"Second quarter revenue growth was paced by continued robust sales of our new DC/DC products, combined with additional power product sales from the acquisition of Galaxy Power in March 2005. We are extremely pleased with the benefits already achieved from the integration of Galaxy into Bel. Computer systems have now been converted, materials costs have been reduced and we have blended both companies' research and development resources. Bel expects to achieve further synergies from this acquisition upon completing the transfer of a key high volume program to our manufacturing operations in
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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.
Forward-Looking Statements
Except for historical information contained in this news release, the matters discussed (including the statement regarding further synergies from the Galaxy acquisition), 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. 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.
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Bel Fuse Inc.
tel 201.432.0463
fax 201.432.9542
Investor Contact:
Neil Berkman Associates
(310) 277-5162
Company Contact:
Daniel Bernstein
President & CEO