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 25, 2008
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:
| [ ] |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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| [ ] |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
[
]
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Pre-commencement
communications pursuant to Rule 14s-2(b) under the Exchange Act (17
CFR
240-14d-2(b))
|
| [ ] |
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
April
25, 2008, Bel Fuse Inc. (the “Company”) issued a press release regarding results
for the quarter ended March 31, 2008. 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 April 25, 2008.
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
Title:
President
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||
| Date: April 25, 2008 | ||
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 April 25, 2008 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)
826-5051
info@berkmanassociates.com
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Company
Contact:
Daniel
Bernstein
President
ir@BelFuse.com
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BEL
Reports First Quarter Results
JERSEY
CITY, New Jersey,
April
25, 2008 -- Bel
Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB)
today
announced financial results for the first quarter of 2008.
First
Quarter Results
Net
sales
for the three months ended March 31, 2008 decreased 1.5% to $60,869,000 compared
to net sales of $61,807,000 for the first quarter of 2007, as higher sales
in
Bel's Modules product group were offset by lower sales in its Magnetics product
group.
Net
earnings for the first quarter of 2008 were $2,167,000. This compares to net
earnings of $4,009,000 for the first quarter of 2007.
Net
earnings per diluted Class A common share were $0.17 for this year's first
quarter. For the first quarter of 2007, diluted Class A common share earnings
were $0.32. Net earnings per diluted Class B common share were $0.19 for this
year's first quarter. Diluted Class B common share earnings were $0.34 for
last
year's first quarter.
"To
meet
a 40% increase in our Magnetics backlog, approximately 3,500 workers were hired
after the Chinese New Year holiday, and we expect an additional 1,500 to be
hired to bring our backlog down to normal lead times. Inefficiencies associated
with training these new workers reduced both revenue and gross margin in this
year's first quarter. As these new workers complete their training and become
fully productive, a process that typically takes 10 to 12 weeks, we expect
to
see improvements in our performance beginning in the current quarter. This
year's first quarter results also were affected by higher labor and raw
materials costs, and a strong Chinese yuan against the dollar.
"We
continue to pursue acquisition opportunities with the potential to increase
shareholder value," said Daniel Bernstein, Bel's CEO and President.
Balance
Sheet Highlights
At
March
31, 2008, Bel reported cash, cash equivalents and marketable securities of
approximately $113,736,000, working capital of approximately $173,111,000,
a
current ratio of 6.4-to-1, total long-term obligations of $16,671,000, and
shareholders' equity of $249,421,000. At December 31, 2007, cash, cash
equivalents and marketable securities were approximately $107,690,000, working
capital was approximately $173,171,000, the current ratio was 6.2-to-1, total
long-term obligations were $16,273,000, and shareholders' equity was
$244,527,000. During the first quarter, Bel repurchased 12,207 Class A shares
at
a cost of $392,000.
(more)
BEL
Reports First Quarter Results
April
25,
2008
Page
Two
Conference
Call
Bel
has
scheduled a conference call at 11:00 a.m. ET today. To participate in the call,
dial (212) 231-2900, reservation # 21376243. A simultaneous webcast of the
conference call may be accessed from the Investor
Info
link at
www.belfuse.com
or
directly from www.earnings.com
website,
using ticker symbol BELFB. A replay will be available after 1:00 p.m. ET, for
a
period of 20 days, at this same Internet address. For a telephone replay, dial
(800) 633-8284, reservation #21376243 after 1:00 p.m. ET.
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(R)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 (including statements regarding improvements in
performance and acquisition possibilities) 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; risks
associated with foreign currencies; 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.
(tables
attached)
#4523
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BEL FUSE INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(000s omitted, except for per share data) (Unaudited)
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Three Months Ended
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|||||||
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March 31,
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|||||||
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2008
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2007
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Net Sales
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$
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60,869
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$
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61,807
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Costs and expenses:
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|||||||
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Cost of Sales
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49,638
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47,891
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Selling, general and administrative
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8,933
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9,483
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|||||
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58,571
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57,374
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Income from operations
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2,298
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4,433
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Other-than temporary impairment of investment
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(268
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)
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--
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Interest and other expense
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(12
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)
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(122
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)
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Interest income
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913
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833
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Earnings before provision for income taxes
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2,931
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5,144
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Income tax provision
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764
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1,135
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Net earnings
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$
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2,167
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$
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4,009
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Earnings per Class A common share - basic
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$
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0.17
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$
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0.32
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Earnings per Class A common share - diluted
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$
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0.17
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$
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0.32
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Weighted average Class A common shares outstanding - basic
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2,532,408
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2,702,677
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Weighted average Class A common shares outstanding - diluted
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2,532,408
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2,702,677
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Earnings per Class B common share - basic
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$
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0.19
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$
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0.34
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Earnings per Class B common share - diluted
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$
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0.19
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$
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0.34
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Weighted average Class B common shares outstanding - basic
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9,306,940
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9,172,736
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Weighted average Class B common shares outstanding - diluted
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9,313,556
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9,206,463
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| CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||||||||||||||
| (000s omitted) | ||||||||||||||||
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Mar. 31,
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Dec. 31,
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Mar. 31,
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Dec. 31,
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|||||||||||||
| ASSETS |
2008
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2007
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LIABILITIES & EQUITY
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2008
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2007
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|||||||||||
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(unaudited)
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(audited)
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(unaudited)
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(audited)
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|||||||||||||
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Current assets
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$
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205,170
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$
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206,231
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Current
liabilities
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$
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32,059
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$
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33,060
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|||||||
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Property, plant &
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|||||||||||||||
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equipment, net
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41,217
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41,113
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Noncurrent
liabilities
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16,671
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16,273
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|||||||||||
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Goodwill
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28,620
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28,447
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||||||||||||||
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Intangibles & other assets
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23,144
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18,069
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Stockholders'
equity
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249,421
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244,527
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|||||||||||
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Total Assets
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$
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298,151
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$
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293,860
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Total
Liabilities & Equity
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$
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298,151
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$
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293,860
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