UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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): April 29, 2004
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BEL FUSE INC.
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(Exact name of registrant as specified in charter)
New Jersey 0-11676 22-1463699
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
206 Van Vorst Street, Jersey City, New Jersey 07302
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (201) 432-0463
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(Former name or former address, if changed since last report)
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
As described in Item 12 of this Report, the following Exhibit is furnished as
part of this Current Report on Form 8-K:
99.1 Press Release of Bel Fuse Inc. dated April 29, 2004.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On April 29, 2004, Bel Fuse Inc. (the "Company") issued a press release
regarding results for the three months ended March 31, 2004. A copy of this
press release is being furnished as Exhibit 99.1 to this Current Report on Form
8-K.
In accordance with General Instruction B.6 of Form 8-K, the information in this
Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed"
for the purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liability of that section, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933,
as amended, except as shall be expressly set forth by specific reference in such
a filing.
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.
BEL FUSE INC
By: /s/ Daniel Bernstein
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Name: Daniel Bernstein
Title President
Date: April 29, 2004
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press release, dated April 29, 2004, issued by
the Company.
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[GRAPHIC BEL FUSE INC.
OMITTED] 206 Van Vorst Street
FOR IMMEDIATE RELEASE Jersey City, NJ 07302
www.belfuse.com
tel 201.432.0463
fax 201.432.9542
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INVESTOR CONTACT: COMPANY CONTACT:
Neil Berkman Associates Daniel Bernstein
(310) 277-5162 President
info@berkmanassociates.com (201) 432-0463
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BEL REPORTS HIGHER REVENUE
AND NET EARNINGS FOR FIRST QUARTER OF 2004
JERSEY CITY, NEW JERSEY, April 29, 2004 . . . BEL FUSE INC.
(NASDAQ:BELFA & NASDAQ:BELFB) today announced higher unaudited revenue and net
earnings for the first quarter of 2004.
For the three months ended March 31, 2004, revenue increased 70% to
$42,357,000 from $24,947,000 for the first quarter of 2003. Gross margin
improved to 30% from 28% last year, and income from operations increased to
$5,615,000 from $2,133,000. Net earnings increased to $4,655,000, or $0.41 per
diluted share. This compares to net earnings of $1,780,000, or $0.16 per diluted
share, for the same period a year earlier.
President Daniel Bernstein attributed the increase in first quarter
revenue primarily to the acquisition of the Passive Components Group from
Insilco Technologies, Inc. completed last spring. "The improvement in margins
primarily reflected efficiency enhancements associated with the integration of
the Passive Components Group and the introduction of new products. Bel's backlog
has increased in line with many companies in our industry, resulting in longer
lead times. This is an encouraging sign for the future," he said.
At March 31, 2004, Bel had cash, cash equivalents and marketable
securities of approximately $70,400,000, working capital of approximately
$108,000,000, a current ratio of 6-to-1, total long-term debt of $6,000,000 and
shareholders' equity of approximately $152,000,000.
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 (discrete components, power transformers and MagJack(R)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.
(more)
BEL REPORTS HIGHER REVENUE AND NET EARNINGS FOR FIRST QUARTER OF 2004
April 29, 2004
Page Two
CONFERENCE CALL
Bel has scheduled a conference call at 11:00 a.m. ET 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. ET, for a period of
twenty days, at this same Internet address. For a telephone replay, dial (800)
633-8284, reservation #21184113 after 1:00 p.m. ET.
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 filing of its periodic
reports with the SEC; 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)
BEL FUSE AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS DATA
($ 000s omitted, except for per share data)
Three Months Ended
March 31,
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2004 2003
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(unaudited)
Net Sales $ 42,357 $24,947
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Cost of expenses:
Cost of sales 29,791 17,967
Selling, general and administrative expenses 6,951 4,847
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36,742 22,814
Income from operations 5,615 2,133
Other income - net 48 116
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Earnings before income tax provision 5,663 2,249
Income tax provision 1,008 469
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Net earnings $ 4,655 $ 1,780
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Net earnings per common share
Basic $ 0.42 $ 0.16
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Diluted $ 0.41 $ 0.16
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Weighted average common shares outstanding
Basic 11,204 10,945
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Diluted 11,455 11,072
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
($ 000s omitted)
Mar. 31, Dec. 31,
2004 2003
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(Unaudited) (Audited)
ASSETS
Current assets ................................... $128,878 $121,465
Property, plant & equipment - net ................ 42,845 44,120
Goodwill, net .................................... 9,882 9,882
Intangibles & and other assets ................... 6,116 6,350
Total assets ..................................... $187,721 $181,817
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LIABILITIES & EQUITY
Current liabilities .............................. $ 20,502 $ 19,714
Long-term liabilities ............................ 8,086 8,484
Deferred income taxes ............................ 7,024 6,764
Stockholders' equity ............................. 152,109 146,855
Total liabilities & equity ....................... $187,721 $181,817
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