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 14, 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:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14s-2(b) under the Exchange Act (17
CFR
240-14d-2(b))
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o
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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 14, 2008, Bel Fuse Inc. (the “Company”) issued a press release
regarding results for the year ended December 31, 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 February 14, 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.
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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:
February 14, 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 February 14, 2008 issued by the Company.
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Bel
Reports Fourth Quarter Net Earnings of $10.3 Million;
Fourth
Quarter Revenue Increased 14% to $69.3 Million
2007
Net Earnings Increased to $26.3 Million Versus $25.2 Million
JERSEY
CITY, New Jersey,
February 14, 2008 -- Bel
Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB)
today
announced financial results for the fourth quarter and 2007, highlighted by
higher revenue and net earnings versus the comparable periods of
2006.
Fourth
Quarter Results
Net
sales
for the three months ended December 31, 2007 increased 14% to $69,339,000
compared to net sales of $60,573,000 for the fourth quarter of 2006, and
increased sequentially compared to $66,379,000 for the third quarter of 2007.
This growth was driven primarily by strong sales in Bel's Modules product
group.
Net
earnings for the fourth quarter of 2007 were $10,255,000, which included a
$3,388,000 (net of tax) gain on the previously announced sale of Bel's
manufacturing facility and related properties in Macau. This compares to net
earnings of $4,697,000 for the fourth quarter of 2006, and net earnings of
$5,914,000 for the third quarter of 2007.
Net
earnings per diluted Class A common share were $0.83 for this year's fourth
quarter and excluding the gain on the sale would have approximated $0.55 per
share. Diluted Class A common share earnings were $0.38 in the same period
last
year. Net earnings per diluted Class B common share were $0.88 for this year's
fourth quarter and excluding the gain on the sale would have approximated $0.59
per share. Diluted Class B common share earnings were $0.40 in the same quarter
last year.
"This
quarter Bel had the second highest quarterly revenue in its history, and demand
for our products remains firm. We are seeing PRC labor costs rising, and as
previously announced we are taking a number of steps to control our costs.
This
program will last for twelve months and includes consolidation of our
manufacturing operations into our larger, more efficient facilities. In
connection with this program was the gain on sale this quarter of our facility
in Macau, offset by operating expenses of approximately $500,000 associated
with
the closure of another manufacturing plant in the PRC. We also continue to
evaluate acquisition opportunities with the potential to increase shareholder
value," said Daniel Bernstein, Bel's president.
(more)
Bel
Reports Fourth Quarter Net Earnings of $10.3 Million
February
14, 2008
Page
Two
Twelve
Month Results
For
the
twelve months ended December 31, 2007, net sales increased 2% to $259,137,000
compared to $254,933,000 for 2006.
Net
earnings for 2007 were $26,336,000. This compares to net earnings for 2006
of
$25,203,000.
For
the
twelve months ended December 31, 2007, net earnings per diluted Class A common
share were $2.11 compared to $2.03 for 2006, and net earnings per diluted Class
B common share were $2.24 compared to $2.15 for the prior year.
Balance
Sheet Highlights
At
December 31, 2007, Bel reported cash, cash equivalents and marketable securities
of approximately $114,800,000, working capital of approximately $173,524,000,
a
current ratio of 6.9-to-1, total long-term obligations of $16,626,000, and
shareholders' equity of $244,527,000. 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. During the fourth quarter, Bel repurchased 45,933 Class A shares
at a cost of $1,608,000.
Conference
Call
Bel
has
scheduled a conference call at 11:00 a.m. EST today. To
participate in the call, dial (866) 510-0676, reservation #21373520. 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, for a period of 20 days, at this
same Internet address. For a telephone replay, dial (800) 633-8284, reservation
#21373520 after 1:00 p.m. EST.
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 (including statements regarding certain challenges faced
by the Company and the evaluation of 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; 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)
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BEL
FUSE INC. AND SUBSIDIARIES
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|||||||||||||
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CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
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(000s
omitted, except for per share data) (2007 Unaudited)
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|||||||||||||
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Three
Months Ended
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Twelve
Months Ended
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|||||||||||
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December
31,
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December
31,
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|||||||||||
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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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69,339
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$
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60,573
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$
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259,137
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$
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254,933
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Costs
and expenses:
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Cost
of sales
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54,229
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46,927
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203,007
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192,985
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Selling,
general and administrative expenses
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8,783
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9,093
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36,117
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37,800
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Gain
on sale of property, plant & equipment
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(4,312
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)
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--
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(5,499
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)
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--
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Casualty
loss
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--
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--
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--
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1,030
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58,700
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56,020
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233,625
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231,815
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Income
from operations
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10,639
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4,553
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25,512
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23,118
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Interest
expense and other (expense) income, net
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2
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(18
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)
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(123
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)
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(71
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)
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Gain
(loss) on sale of marketable
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|||||||||||||
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securities,
net of impairment charge
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(362
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)
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--
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2,146
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5,150
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Interest
income
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1,189
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835
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4,169
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2,851
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Earnings
before income tax provision
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11,468
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5,370
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31,704
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31,048
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Income
tax provision
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1,213
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673
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5,368
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5,845
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Net
earnings
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$
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10,255
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$
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4,697
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$
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26,336
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$
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25,203
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Earnings
per share
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Earnings
per Class A common share basic
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$
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0.83
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$
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0.38
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$
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2.11
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$
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2.03
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Earnings
per Class A common share diluted
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$
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0.83
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$
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0.38
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$
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2.11
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$
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2.03
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Weighted
average Class A common shares outstanding
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Basic
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2,565
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2,703
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2,637
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2,703
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Diluted
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2,565
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2,703
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2,637
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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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0.88
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$
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0.40
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$
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2.25
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$
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2.16
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Earnings
per Class B common share - diluted
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$
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0.88
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$
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0.40
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$
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2.24
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$
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2.15
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|||||
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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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9,287
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9,160
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9,244
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9,105
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Diluted
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9,297
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9,172
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9,266
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9,149
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CONDENSED
CONSOLIDATED BALANCE SHEET DATA (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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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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||||
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Current
assets
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$203,063
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$186,296
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Current
liabilities
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$29,539
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$41,619
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||||
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Property,
plant
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&
equipment, net
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41,113
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44,289
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Non-current
liabilities
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16,626
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4,728
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||||
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Goodwill
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28,447
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28,117
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||||
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Intangibles
& other assets
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18,069
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9,795
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Stockholders'
equity
|
244,527
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222,150
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||||
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Total
Assets
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$290,692
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$268,497
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Total
Liabilities & Equity
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$290,692
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$268,497
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