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 30, 2009
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
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(Commission
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(IRS
Employer
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jurisdiction
of
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File Number)
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Identification
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incorporation)
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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 April
30, 2009, Bel Fuse Inc. (the “Company”) issued a press release regarding results
for the quarter ended March 31, 2009. 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 30, 2009.
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:
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/s/ Daniel Bernstein | |
| Name: Daniel Bernstein | |||
| Title: President | |||
Date: April
30, 2009
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 April 30, 2009 issued by the Company.
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EXHIBIT 99.1
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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:
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 2009 First Quarter Results
JERSEY CITY, New Jersey, April
30, 2009 -- Bel Fuse Inc.
(NASDAQ:BELFA & NASDAQ:BELFB) today announced preliminary and
unaudited financial results for the first quarter of 2009.
First
Quarter Results
Net sales
for the three months ended March 31, 2009 decreased to $43,871,000 compared to
$60,869,000 for the first quarter of 2008.
Net
earnings for the first quarter of 2009 were $816,000. This compares
to net earnings for the first quarter of 2008 of $2,167,000.
Income
from operations for the first quarter of 2009 was affected by a gain of $4.6
million ($2.9 million or $0.25 per share after tax) on the sale of a building in
Jersey City, New Jersey in 2007, which had been deferred until certain
environmental and other regulations were resolved during this year's first
quarter, and by additional restructuring charges of $0.4 million ($0.3 million
or $0.02 per share after tax) related to last year's termination of
manufacturing operations at the Company's DC-DC manufacturing facility in
Massachusetts.
Net
income per diluted Class A common share was $0.06 for the first quarter of 2009,
compared to diluted Class A common share earnings of $0.17 for the first quarter
of 2008. Net income per diluted Class B common share was $0.07 for
the first quarter of 2009, compared to diluted Class B common share earnings of
$0.19 for last year's first quarter.
"During
the first quarter we continued to closely manage costs to reflect the reduced
pace of activity in our markets, and moved forward on programs launched last
year to consolidate our manufacturing facilities in southeast China and relocate
our relatively labor intensive operations to lower labor cost areas in that
country. The business generated more than $15,000,000 in cash during
the period despite the decrease in revenue. Visibility into our
customers' near-term requirements for our products is limited, but we remain
focused on providing the highest quality products and service while continuing
to refine our operations and protect our strong financial position in
anticipation of improved business conditions in the future," said Daniel
Bernstein, Bel's president.
At March
31, 2009, Bel reported working capital of approximately $163,000,000, including
cash, cash equivalents, short-term investments and marketable securities of
approximately $106,388,000, a current ratio of 8.4, total long-term obligations
of $10,213,000, and shareholders' equity of $216,367,000. At December
31, 2008, cash, cash equivalents , short-term investments and marketable
securities were approximately $92,700,000, working capital was approximately
$164,000,000, the current ratio was 6.5, total long-term obligations were
$14,377,000, and shareholders' equity was $217,773,000. Bel
repurchased 6,070 Class A common shares during the first quarter.
(more)
Bel
Reports 2009 First Quarter Results
April 30,
2009
Page
Two
Conference
Call
Bel has
scheduled a conference call at 11:00 a.m. EST today. To participate
in the call, dial (212) 231-6005, reservation #21415683. 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 #21415683 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 improved business
conditions in the future) 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)
#4654
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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)
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Three Months Ended
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March 31,
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2009
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2008
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(unaudited)
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Net Sales
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$ | 43,871 | $ | 60,869 | ||||
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Costs and expenses:
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Cost of Sales
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38,211 | 49,638 | ||||||
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Selling, general and administrative
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7,653 | 8,933 | ||||||
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Restructuring charge
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413 | — | ||||||
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Gain on sale of property,
plant and equipment
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(4,665 | ) | — | |||||
| 41,612 | 58,571 | |||||||
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Income from operations
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2,259 | 2,298 | ||||||
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Other,
net
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8 | — | ||||||
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Realized
gain (loss/impairment charge) on investment
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2 | (280 | ) | |||||
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Interest income
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181 | 913 | ||||||
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Earnings before provision for income taxes
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2,450 | 2,931 | ||||||
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Income tax provision
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1,634 | 764 | ||||||
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Net earnings
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$ | 816 | $ | 2,167 | ||||
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Earnings per Class A common share - basic
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$ | 0.06 | $ | 0.17 | ||||
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Earnings per Class A common share - diluted
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$ | 0.06 | $ | 0.17 | ||||
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Weighted average Class A common shares outstanding - basic
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2,176 | 2,532 | ||||||
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Weighted average Class A common shares outstanding - diluted
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2,176 | 2,532 | ||||||
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Earnings per Class B common share - basic
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$ | 0.07 | $ | 0.19 | ||||
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Earnings per Class B common share - diluted
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$ | 0.07 | $ | 0.19 | ||||
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Weighted average Class B common shares outstanding - basic
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9,362 | 9,307 | ||||||
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Weighted average Class B common shares outstanding - diluted
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9,362 | 9,314 | ||||||
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
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(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
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2009
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2008
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LIABILITIES & EQUITY
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2009
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2008
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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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$ | 185,309 | $ | 193,619 |
Current liabilities
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$ | 22,144 | $ | 29,634 | ||||||||
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Property, plant
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& equipment, net
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38,699 | 39,936 |
Noncurrent liabilities
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10,213 | 14,377 | ||||||||||||
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Goodwill
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14,204 | 14,334 | |||||||||||||||
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Intangibles & other assets
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10,512 | 13,895 |
Stockholders' equity
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216,367 | 217,773 | ||||||||||||
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Total Assets
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$ | 248,724 | $ | 261,784 |
Total Liabilities & Equity
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$ | 248,724 | $ | 261,784 | ||||||||