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): October 26, 2005
BEL
FUSE INC.
(Exact
name of registrant as specified in charter)
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New
Jersey
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0-11676
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22-1463699
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
Number)
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206
Van Vorst Street, Jersey City, New Jersey
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07302
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including
area
code: (201) 432-0463
(Former
name or former address, if changed since last
report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14s-2(b) under the Exchange Act (17
CFR
240-14d-2(b))
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o
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Pre-commencement
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM
2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On
October 26, 2005, Bel Fuse Inc. (the “Company”) issued a press release regarding
results for the nine months ended September 30, 2005. 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.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c)
Exhibits
As
described in Item 2.02 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 October 26, 2005.
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 | ||
| |
|
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| Date: October 26, 2005 | By: | /s/ Daniel Bernstein |
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Name: Daniel Bernstein |
||
| Title: President | ||
EXHIBIT
INDEX
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Exhibit
No.
|
Description
|
||
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99.1
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Press
release, dated October 26, 2005, issued by the Company.
|
 |
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
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Company
Contact:
Daniel
Bernstein
President
(201)
432-0463
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Bel
Reports Third Quarter and Nine Month Results
JERSEY
CITY, New Jersey,
October
26, 2005 -- Bel
Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB)
today
announced operating results for the third quarter and first nine months of
2005.
Third
Quarter Results
For
the
three months ended September 30, 2005, revenue increased 13% to $56,248,000
from
$49,986,000 for the same period last year. Pre-tax income increased to
$7,364,000 for this year's third quarter from $7,102,000 for the third quarter
of 2004. Net income for the third quarter of 2005 was $5,986,000, or $0.52
per
diluted share, reflecting a 19% effective tax rate. This compares to net
income
for the third quarter of 2004 of $6,894,000, or $0.60 per diluted share,
reflecting a 3% effective tax rate that resulted principally from one-time
events.
At
September 30, 2005, Bel reported cash, cash equivalents and marketable
securities of approximately $82,514,000, working capital of approximately
$123,283,000, a current ratio of 4.4-to-1, total long term obligations of
$3,026,000 and shareholders' equity of approximately $194,439,000.
Nine
Month Results
For
the
nine months ended September 30, 2005, revenue increased 13% to $159,231,000
from
$140,733,000 for the first nine months of 2004. Pre-tax income increased
to
$21,552,000 for the first nine months of 2005. This compares to pre-tax income
of $21,858,000 for the same period of the prior year, which included $2,935,000
related to proceeds from a lawsuit. Net income for this year's first nine
months
was $16,968,000, or $1.47 per diluted share, reflecting a 21% effective tax
rate. This compares to net income for the first nine months of 2004 of
$18,694,000, or $1.63 per diluted share, reflecting a 14% effective tax rate.
Last year's nine month results included a net after-tax gain of $0.12 per
share,
reflecting proceeds of $2,935,000 from the settlement of a lawsuit and a
fixed
asset write down of $1,033,000.
Operations
Review
"In
addition to an increase in magnetics sales, third quarter revenue growth
also
was driven by higher sales of our latest DC/DC products and the inclusion
of
products from Galaxy Power, which Bel acquired in March 2005," said Daniel
Bernstein, president of Bel. "We
were
pleased by our year-to-year comparisons and believe that we made significant
progress in the transfer of a key high-volume program from Galaxy to our
manufacturing operations in Asia, which we expect to generate additional
efficiencies in the future. However, lead times in our industry remain short
and
pressure on selling prices and certain raw material costs continues. Bel
continues to aggressively pursue our new product development programs in
power
and other attractive markets, and we remain alert for opportunities to expand
our business through acquisitions that would enhance shareholder
value."
(more)
Bel
Reports Third Quarter and Nine Month Results
October
26, 2005
Page
Two
Conference
Call
Bel
has
scheduled a conference call at 11:00 a.m. EDT 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. EDT, for a period of 20 days at
this
same Internet address. For a telephone replay, dial (800) 633-8284, reservation
#21264667 after 1:00 p.m. EDT.
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 MagJack7s), 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 future efficiencies) 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.
(table
attached)
#3981
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BEL FUSE AND SUBSIDIARIES
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|||||||||||||
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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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|||||||||||||
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($000s omitted, except for per <
;/F
ont>share data)
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|||||||||||||
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Three Months Ended
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Nine Months Ended
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||||||||||||
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September 30,
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September 30,
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||||||||||||
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2005
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2004
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2005
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2004
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||||||||||
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(unaudited)
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(unaudited)
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||||||||||||
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Net Sales
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$
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56,248
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$
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49,986
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$
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159,231
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$
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140,733
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|||||
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Cost of expenses:
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|||||||||||||
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Cost of sales
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40,420
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35,008
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113,800
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97,995
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|||||||||
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Selling, general and administrative expenses
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8,811
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7,984
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24,619
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23,054
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|||||||||
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Fixed asset write-down
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--
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--
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--
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1,033
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49,231
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42,992
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138,419
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122,082
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||||||||||
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Income from operations
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7,017
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6,994
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20,812
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18,651
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|||||||||
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Other income - net
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347
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108
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740
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272
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Lawsuit proceeds
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--
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--
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--
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2,935
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|||||||||
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Earnings before income tax provision
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7,364
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7,102
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21,552
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21,858
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|||||||||
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Income tax provision
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1,378
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208
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4,584
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3,164
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|||||||||
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Net earnings
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$
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5,986
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$
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6,894
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$
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16,968
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$
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18,694
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|||||
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Net earnings per common share
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|||||||||||||
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Basic
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$
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0.52
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$
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0.61
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$
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1.48
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$
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1.66
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|||||
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Diluted
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$
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0.52
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$
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0.60
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$
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1.47
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$
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1.63
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|||||
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Weighted average common shares outstanding
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|||||||||||||
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Basic
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11,501
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11,331
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11,448
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11,260
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|||||||||
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Diluted
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11,575
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11,538
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11,542
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11,490
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|||||||||
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
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||||||||||||||||
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($ 000s omitted)(Unaudited)
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||||||||||||||||
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Sep. 30,
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Dec. 31,
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Sep. 30,
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Dec. 31,
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|||||||||||||
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ASSETS
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2005
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2004
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LIABILITIES & EQUITY
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2005
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2004
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|||||||||||
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Current Assets
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$
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159,838
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$
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159,768
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Current liabilities |
$
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36,555
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$
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32,144
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|||||||
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Property, plant
& equipment, net
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41,639
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41,245
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Long-term liabilities |
3,026
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6,762
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|||||||||||
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Goodwill, net
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22,340
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9,882
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Deferred income taxes |
--
|
410
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|||||||||||
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Intangibles & other assets
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10,203
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6,882
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Stockholders'equity |
194,439
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178,461
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|||||||||||
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Total Assets
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$
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234,020
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$
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217,777
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Total liabilities &equity |
$
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234,020
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$
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217,777
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