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): July 27, 2007
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BEL
FUSE INC.
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(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
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(Former
name or former address, if changed since
last
report)
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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)
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| o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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| o |
Pre-commencement
communications pursuant to Rule 14s-2(b) under the Exchange Act
(17 CFR
240-14d-2(b))
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| o |
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
July
27, 2007, Bel Fuse Inc. (the “Company”) issued a press release regarding results
for the six and three months ended June 30, 2007. 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 July 27,
2007.
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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:
July 27, 2007
EXHIBIT
INDEX
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Exhibit No.
|
Description |
| 99.1 |
Press
release, dated July 27, 2007, 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
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Investor
Contact:
Neil
Berkman Associates
(310)
826-5051
info@berkmanassociates.com
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Company
Contact:
Daniel
Bernstein
President
(201)
432-0463
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Bel Reports Second Quarter and First Half Results
Announces
Increase in Quarterly Cash Dividend
JERSEY
CITY, New Jersey,
July
27, 2007 -- Bel
Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB)
today
announced financial results for the second quarter and first half of
2007.
Second
Quarter Results
For
the
three months ended June 30, 2007, net sales were $61,612,000 compared to record
net sales of $66,474,000 for the second quarter of 2006. Sales declined due
to
the Company's refusal to accept very low margins for certain magnetic and
interconnect group products. Bel experienced higher sales in its modules group,
including DC-DC converters.
Net
earnings for the second quarter of 2007 were $6,158,000, compared to net
earnings of $8,763,000 for the same quarter last year. Net earnings per diluted
Class A common share were $0.49 compared to $0.71 for the year-earlier quarter,
and net earnings per diluted Class B common share were $0.52 compared to $0.75
a
year ago.
Results
for the second quarter of 2007 included a pre-tax gain of $880,000 on the sale
of real estate in the Far East and $2,508,000 from the partial disposition
of
Bel's holdings in Toko Inc. (TSE: 6801), offset by a $500,000 accrual for
performance bonuses awarded by the Board in connection with the Toko investment,
a $1,200,000 warranty claim and increased legal expenses of approximately
$450,000, primarily associated with defending patent claims.
Results
for the second quarter of 2006 included a pre-tax gain of $5,240,000 on the
sale
of the Company's shares in Artesyn Technologies, Inc., offset by a $1,000,000
accrual for performance bonuses awarded by the Board in connection with the
Artesyn investment, and a casualty loss of $133,000 for costs associated with
a
fire at manufacturing facility in the Dominican Republic.
"The
sale
of this real estate is the latest step in our program to liquidate non-core
assets. We anticipate additional transactions in coming months. At the same
time, we continue to evaluate a number of potential acquisition opportunities
that would help us accelerate the growth of our business," said Daniel
Bernstein, President.
Increases
Cash Dividend
Bel's
Board of Directors demonstrated its confidence in management and optimism for
the Company's future growth by voting to increase the dividend $0.02 per share
for Class A and Class B common shares, to $0.06 per share and $0.07 per share,
respectively, effective with the dividend to be paid on November 1, 2007, and
to
continue repurchase of Bel's Class A common stock.
(more)
Bel
Reports Second Quarter and First Half Results
July
27,
2007
Page
Two
Six
Month Results
For
the
six months ended June 30, 2007, net sales increased 2% to $123,419,000 compared
to $121,100,000 for the first six months of 2006.
Net
earnings for the first half of 2007 were $10,167,000. This compares to net
earnings for the first half of 2006 of $12,761,000.
For
the
six months ended June 30, 2007, net earnings per diluted Class A common share
were $0.81 compared to $1.03 for the year-earlier period, and net earnings
per
diluted Class B common share were $0.86 compared to $1.09.
Balance
Sheet Highlights
At
June
30, 2007, Bel reported cash, cash equivalents and marketable securities of
approximately $104,197,000, working capital of approximately $162,623,000,
a
current ratio of 5.5-to-1, total long-term obligations of $10,627,000, and
shareholders' equity of $231,838,000. At December 31, 2006, cash, cash
equivalents and marketable securities were approximately $92,337,000, working
capital was approximately $144,677,000, the current ratio was 4.5 to 1, total
long-term obligations were $4,728,000, and shareholders' equity was
$222,150,000.
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
#21339450 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,
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). Bel 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)
#4381
BEL FUSE INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2007
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2006
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2007
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2006
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Net Sales
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$
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61,612
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$
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66,474
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$
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123,419
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$
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121,100
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Costs and expenses:
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Cost of sales
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48,598
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50,262
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96,490
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90,249
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Selling, general and administrative
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9,179
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10,233
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18,661
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19,610
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Casualty loss
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--
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133
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--
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1,097
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Gain on sale of fixed assets
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(880
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)
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--
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(880
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)
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--
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56,897
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60,628
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114,271
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110,956
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Income from operations
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4,715
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5,846
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9,148
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10,144
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Interest expense and other costs
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(2
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)
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(18
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)
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(124
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)
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(44
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)
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Gain on sale of marketable securities - net
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2,508
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5,240
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2,508
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5,151
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Interest income
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1,003
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661
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1,836
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1,174
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Earnings before provision for income taxes
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8,224
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11,729
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13,368
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16,425
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Income tax provision
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2,066
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2,966
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3,201
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3,664
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Net earnings
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$
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6,158
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$
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8,763
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$
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10,167
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$
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12,761
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Earnings per share (2006, as restated)
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Earnings per Class A common share - basic
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$
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0.49
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$
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0.71
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$
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0.81
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$
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1.03
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Earnings per Class A common share - diluted
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$
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0.49
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$
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0.71
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$
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0.81
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$
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1.03
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Weighted average Class A common shares outstanding
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Basic
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2,662
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2,703
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2,683
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2,703
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Diluted
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2,662
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2,703
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2,683
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2,703
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Earnings per Class B common share - basic
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$
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0.52
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$
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0.75
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$
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0.86
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$
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1.10
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Earnings per Class B common share - diluted
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$
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0.52
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$
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0.75
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$
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0.86
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$
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1.09
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Weighted average Class B common shares outstanding
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Basic
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9,233
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9,094
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9,204
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9,094
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Diluted
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9,254
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9,143
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9,231
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9,143
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
(000s omitted)
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Jun. 30,
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Dec. 31,
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Jun. 30,
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Dec. 31,
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|||||||||||||
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ASSETS
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2007
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2006
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LIABILITIES & EQUITY
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2007
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2006
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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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198,710
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$
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186,296
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Current
liabilities
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$
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36,087
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$
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41,619
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Property, plant
& equipment, net
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40,523
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44,289
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Non-current
liabilities
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10,627
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4,728
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Goodwill
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28,117
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28,117
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Intangibles & other assets
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11,471
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9,795
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Stockholders'
equity
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231,837
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222,150
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Total Assets
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$
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278,551
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$
|
268,497
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Total
Liabilities & Equity
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$
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278,551
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$
|
268,497
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