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): February 15, 2007
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
incorporation)
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(Commission
of
File
Number)
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(IRS
Employer
IdentificationNumber)
|
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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)
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| o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
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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))
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ITEM
2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On
February 15, 2007, Bel Fuse Inc. (the “Company”) issued a press release
regarding results for the year ended December 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 February 15, 2007.
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:
February 15, 2007
EXHIBIT
INDEX
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Exhibit No.
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Description
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|||
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99.1
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Press release, dated February 15, 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
|
|
Investor
Contact:
Neil
Berkman Associates
(310)
826-5051
info@berkmanassociates.com
|
|
Company
Contact:
Daniel
Bernstein
President
(201)
432-0463
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Bel
Fourth Quarter Net Income Advances 44%
Twelve
Month Net Earnings Increase 25% on 18% Sales Gain
JERSEY
CITY, New Jersey,
February 15, 2007 -- Bel
Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB)
today
announced higher revenue and net income for the fourth quarter and 2006 versus
the comparable periods of 2005. All information is preliminary and
unaudited.
For
the
three months ended December 31, 2006, net sales rose 7% to $60,573,000 from
$56,684,000 for the prior year. Net earnings for the fourth quarter of 2006
increased 44% to $4,697,000, compared to net earnings of $3,265,000, for the
fourth quarter of 2005.
For
the
twelve months ended December 31, 2006, revenue increased 18% to a record
$254,933,000 compared to $215,916,000 for 2005. Net earnings for 2006 increased
25% to $25,203,000, which included a pre-tax casualty loss of $1,030,000 and
a
gain on sale of marketable securities of $5,150,000. For 2005, net earnings
were
20,233,000.
Bel
has
revised the method it uses to report earnings per share to utilize the two-class
method, displaying earnings per share separately for both classes of Bel's
common stock. For the three months ended December 31, 2006, net earnings per
diluted Class A common share were $0.38, compared to $0.26 and net earnings
per
diluted Class B common share were $0.40 compared to $0.28. For the twelve months
ended December 31, 2006, net earnings per diluted Class A common share were
$2.03, compared to $1.67 and net earnings per diluted Class B common share
were
$2.15 compared to $1.77.
"Bel's
product groups all experienced strong sales growth through the first three
quarters of 2006. However, we experienced softness in many product categories
in
the fourth quarter. We are encouraged by the generally improved tone of orders
so far in 2007," said Daniel Bernstein, president.
At
December 31, 2006, Bel reported cash, cash equivalents and marketable securities
of approximately $92,300,000, working capital of approximately $144,677,000,
a
current ratio of 4.5, total long term obligations of $4,728,000 and
shareholders' equity of $222,150,000.
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. EDT, for a period of 20 days, at this
same Internet address. For a telephone replay, dial (800) 633-8284, reservation
#21318296 after 1:00 p.m. EST.
(more)
Bel
Fourth Quarter Net Income Advances 44%
February
15, 2007
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,
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)
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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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($000s omitted, except for per share data)
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|||||||||||||
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(Unaudited)
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|||||||||||||
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Three
Months Ended
December 31,
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Twelve
Months Ended
December 31,
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||||||||||||
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2006
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2005
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2006
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2005
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Net Sales
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$
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60,573
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$
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56,684
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$
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254,933
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$
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215,916
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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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46,927
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42,346
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192,985
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156,147
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Selling, general and administrative expenses
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9,093
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8,500
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37,800
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33,152
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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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56,020
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50,846
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231,815
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189,299
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Income from operations
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4,553
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5,838
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23,118
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26,617
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Other income - net
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817
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325
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2,780
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1,098
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Gain
on sale of marketable securities
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--
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--
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5,150
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--
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Earnings before income tax provision
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5,370
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6,163
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31,048
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27,715
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Income tax provision
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673
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2,898
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5,845
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7,482
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Net earnings
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$
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4,697
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$
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3,265
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$
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25,203
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$
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20,233
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Net earnings per common share
-- Basic
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|||||||||||||
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Class
A
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$
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0.38
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$
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0.26
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$
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2.03
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$
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1.67
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Class
B
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$
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0.40
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$
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0.28
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$
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2.16
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$
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1.79
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|||||
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Net earnings per common share
-- Diluted
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|||||||||||||
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Class
A
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$
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0.38
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$
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0.26
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$
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2.03
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$
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1.67
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|||||
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Class
B
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$
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0.40
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$
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0.28
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$
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2.15
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$
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1.77
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|||||
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Weighted average Class
A common shares outstanding
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|||||||||||||
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Basic
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2,703
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2,703
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2,703
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2,703
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Diluted
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2,703
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2,703
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2,703
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2,703
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|||||||||
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Weighted average Class
B common shares outstanding
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|||||||||||||
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Basic
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9,160
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8,995
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9,105
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8,807
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Diluted
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9,172
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9,054
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9,150
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8,891
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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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December
31,
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December 31,
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|||||||||||||||
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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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|||||||||||
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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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186,296
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$
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165,232
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Current liabilities |
$
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41,619
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$
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37,029
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|||||||
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Property, plant & equipment, net
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44,289
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42,379
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Non-current liabilities |
4,728
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3,451
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|||||||||||
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Goodwill
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28,117
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22,428
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||||||||||||||
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Intangibles & other assets
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9,795
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12,017
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Stockholders' equity |
222,150
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201,576
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|||||||||||
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Total Assets
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$
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268,497
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$
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242,056
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Total Liabilities & Equity |
$
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268,497
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$
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242,056
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