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 27, 2006
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:
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
October 27, 2006, Bel Fuse Inc. (the “Company”) issued a press release regarding
results for the nine and three months ended September 30, 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 October 27, 2006.
2
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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| By: | /s/ Daniel Bernstein | |
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Name: Daniel Bernstein |
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| Title: President | ||
| Date: October 27, 2006 | ||
3
EXHIBIT
INDEX
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Exhibit No.
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Description
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99.1
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Press
release, dated October 27, 2006, issued by the Company.
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4
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FOR
IMMEDIATE RELEASE
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Bel
Fuse Inc.
206
Van Vorst Street
Jersey
City, NJ 07302
www.belfuse.com
tel
201.432.0463
fax
201.432.9542
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| Investor Contact: |
Company
Contact:
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| Neil Berkman Associates |
Daniel
Bernstein
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| (310) 826-5051 |
President
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info@berkmanassociates.com
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(201)
432-0463
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Bel's
Third Quarter Net Earnings Increased 29% to $0.65 Per
Share
Sales
Increased 30% to a Record $73 Million
JERSEY
CITY, New Jersey,
October
27, 2006 -- Bel
Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB)
today
announced financial results for the third quarter of 2006, highlighted by a
29%
increase in net earnings and a 30% increase in net sales from the comparable
period in 2005.
For
the
three months ended September 30, 2006, net sales rose to a quarterly record
$73,260,000 from $56,248,000 for the same period last year. Net earnings
increased 29% to $7,745,000, or $0.65 per diluted share, compared to $5,986,000,
or $0.52 per diluted share, for the third quarter of 2005.
"Sales
in
each of our four product groups rose to new records in the third quarter,
driving sequential gains in revenue and income from operations compared to
this
year's second quarter and to the prior year. Growth in our Magnetics and Modules
groups was particularly strong," said Daniel Bernstein, president. "We are
encouraged by Bel's third quarter performance, especially in light of the
increases in raw materials and transportation costs that continue to affect
our
industry."
For
the
nine months ended September 30, 2006, net sales increased 22% to a record
$194,360,000 from $159,231,000 for the first nine months of 2005. Net earnings
increased 21% to $20,506,000, or $1.73 per diluted share, compared to
$16,968,000, or $1.47 per diluted share, for the same period last
year.
At
September 30, 2006, Bel reported cash, cash equivalents and marketable
securities of approximately $96,815,000, working capital of approximately
$141,025,000, a current ratio of 3.7-to-1, total long term obligations of
$4,013,000 and shareholders' equity of $220,691,000.
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
#21300567 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 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
in this press release 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; 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)
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BEL FUSE AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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(000s omitted, except for per share data)
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2006
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2005
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2006
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2005
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(unaudited)
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(unaudited)
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Net Sales
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$
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73,260
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$
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56,248
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$
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194,360
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$
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159,231
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Costs and expenses:
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Cost of sales
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55,742
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40,420
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146,058
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113,801
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Selling, general and administrative expenses
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9,097
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8,811
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28,707
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24,650
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Casualty loss
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--
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--
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1,030
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--
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64,839
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49,231
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175,795
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138,451
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Income from operations
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8,421
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7,017
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18,565
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20,780
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Other income - net
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832
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347
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1,962
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772
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Gain on Sale of
Marketable Securities
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--
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--
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5,151
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--
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Earnings before income tax provision
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9,253
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7,364
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25,678
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21,552
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Income tax provision
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1,508
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1,378
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5,172
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4,584
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Net earnings
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$
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7,745
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$
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5,986
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$
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20,506
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$
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16,968
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Net earnings per common share
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Basic
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$
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0.65
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$
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0.52
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$
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1.74
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$
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1.48
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Diluted
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$
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0.65
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$
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0.52
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$
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1.73
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$
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1.47
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Weighted average common shares outstanding
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Basic
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11,829
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11,501
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11,789
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11,448
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Diluted
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11,872
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11,575
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11,844
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11,542
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
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( 000s omitted)
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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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ASSETS
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2006
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2005
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LIABILITIES & EQUITY
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2006
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2005
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(unaudited)
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(audited)
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(unaudited)
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(audited)
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Current Assets
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$
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193,686
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$
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165,232
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Current
liabilities
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$
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52,661
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$
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37,029
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Property, plant
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& equipment, net
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43,641
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42,379
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Non-current
liabilities
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4,013
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3,451
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Goodwill
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28,117
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22,428
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Intangibles & other assets
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11,921
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12,017
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Stockholders'
equity
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220,691
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201,576
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Total Assets
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$
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277,365
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$
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242,056
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Total
Liabilities & Equity
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$
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277,365
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$
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242,056
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