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): May 1, 2006
BEL
FUSE INC.
(Exact
name of registrant as specified in charter)
|
New
Jersey
|
0-11676
|
22-1463699
|
||||
|
(State
or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS
Employer Identification
Number) |
|
206
Van Vorst Street, Jersey City, New
Jersey
|
07302
|
|||
|
(Address
of principal executive
offices)
|
(Zip
Code)
|
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:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14s-2(b) under the Exchange Act (17 CFR
240-14d-2(b))
o
Pre-commencement
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On
May 1,
2006, Bel Fuse Inc. (the “Company”) issued a press release regarding results for
the three months ended March 31, 2006. 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 May 1,
2006.
|
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 | |
|
|
||
|
Name:
Daniel Bernstein
Title:
President
|
||
Date:
May
1, 2006
EXHIBIT
INDEX
| Exhibit No. |
Description
|
| 99.1 |
Press
release, dated May 1, 2006, 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
|
Company
Contact:
Daniel
Bernstein
President
(201)
432-0463
|
Bel
First Quarter Revenue Increased 20%
JERSEY
CITY, New Jersey,
May 1,
2006 . . . Bel
Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB)
today
announced financial results for the first quarter of 2006.
First
Quarter Results
Revenue
for the three months ended March 31, 2006 increased 20% to $54,626,000, a
first
quarter record, from $45,438,000 for the same period of 2005. Organic sales
growth was approximately 12%, reflecting strong sales of interconnect products
and MagJack®s. Galaxy Power, which was acquired on March 23, 2005, and NetWatch,
which was acquired on July 1, 2005, accounted for the balance of the revenue
gain.
"Our
hard
work to establish Bel's position in interconnect products is delivering the
results we anticipated. We are continuing to invest in the development of
these
products, which we expect to remain important growth drivers for Bel," said
Daniel Bernstein, president.
Gross
margin declined slightly, to 27% for the first quarter of 2006 from 28% a
year
earlier, primarily due to higher energy, raw materials, transportation and
direct labor costs.
SG&A
expenses increased to 17.2% of sales for this year's first quarter compared
to
15.9% for the first quarter of 2005, the result of higher selling expenses
to
support the growth in revenue as well as non-cash stock-based compensation
expense of $381,000. The acquisition of Galaxy and NetWatch increased SG&A
expense for the quarter by approximately $1,000,000.
Earnings
before income tax provision were $4,695,000 for the first quarter of 2006,
which
include a pre-tax casualty loss of $964,000 for uninsured raw materials
destroyed by the fire in February 2006 at the Company's leased manufacturing
facility in the Dominican Republic. For the first quarter of 2005, earnings
before income tax provision were $5,686,000. Bernstein said that production
at
Bel's Dominican Republic facility is expected to return to its pre-fire pace
by
the end of the second quarter of 2006.
Net
earnings for the first quarter of 2006 were $3,997,000, or $0.34 per diluted
share. This compares to net earnings of $4,313,000, or $0.38 per diluted
share,
for the first quarter of 2005.
At
March
31, 2006, Bel had cash, cash equivalents and marketable securities of
approximately $96,451,000, working capital of approximately $134,000,000,
a
current ratio of 4.2-to-1, no long-term debt, and shareholders' equity of
approximately $209,392,000.
(more)
Bel
First Quarter Revenue Increased 20%
May
1,
2006
Page
Two
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 and 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.
Conference
Call
Bel
has
scheduled a conference call at 11:00 a.m. EST 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. EST at this same Internet address.
For
a telephone replay, dial (800) 633-8284, reservation #21290110 after 1:00 p.m.
EST.
Forward-Looking
Statements
Except
for historical information contained in this news release, the matters discussed
including the statements regarding the Company's growth drivers and the timing
of resumption of full production at the Company's Dominican Republic facility
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)
#41xx
|
BEL FUSE INC. AND SUBSIDIARIES
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|||||||
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CONSOLIDATED STATEMENTS OF OPERATIONS
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|||||||
|
(Unaudited)
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|||||||
|
Three Months Ended
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|||||||
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March 31,
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|||||||
|
2006
|
2005
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||||||
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Net Sales
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$
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54,626,248
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$
|
45,438,285
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|||
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Costs and expenses:
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|||||||
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Cost of sales
|
39,986,889
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32,688,811
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|||||
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Selling, general and administrative
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9,377,185
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7,221,303
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|||||
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Casualty loss
|
963,791
|
--
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|||||
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50,327,865
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39,910,114
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||||||
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Income from operations
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4,298,383
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5,528,171
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|||||
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Interest
expense and other costs
|
(115,680
|
)
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(67,150
|
)
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|||
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Interest income
|
512,596
|
225,344
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|||||
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Earnings before provision for income taxes
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4,695,299
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5,686,365
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|||||
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Income tax provision
|
698,000
|
1,373,000
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|||||
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Net earnings
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$
|
3,997,299
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$
|
4,313,365
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|||
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Earnings per common share - basic
|
$
|
0.34
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$
|
0.38
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Earnings per common share - diluted
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$
|
0.34
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$
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0.38
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|||
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Weighted average common shares outstanding - basic
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11,749,645
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11,371,677
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|||||
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Weighted average common shares outstanding - diluted
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11,813,017
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11,507,499
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|||||
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
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||||||||||||||||
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($ 000s omitted)
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||||||||||||||||
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Mar. 31,
|
Dec. 31,
|
Mar. 31,
|
Dec. 31,
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|||||||||||||
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ASSETS
|
2006
|
2005
|
LIABILITIES & EQUITY
|
2006
|
2005
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|||||||||||
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(Unaudited)
|
(Unaudited)
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|||||||||||||||
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Current Assets
|
$
|
176,057
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$
|
165,232
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Current
liabilities
|
$
|
42,022
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$
|
37,029
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|||||||
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||||||||||||||||
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Property, plant
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||||||||||||||||
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& equipment, net
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42,713
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42,379
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Long-term
liabilities
|
3,660
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3,451
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|||||||||||
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Goodwill, net
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24,117
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22,428
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||||||||||||||
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Intangibles & other assets
|
12,186
|
12,017
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Stockholders'
equity
|
209,391
|
201,576
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|||||||||||
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Total Assets
|
$
|
255,073
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$
|
242,056
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Total
liabilities & equity
|
$
|
255,073
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$
|
242,056
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