-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VRcIXxCCklopsPFgZA+7mKht/DgvHCG8zXikpXSx683Dn3tyPK04hlXVd/CgiD6F GwJlxsUclMmifMu2WHiiog== 0001005150-04-000989.txt : 20040429 0001005150-04-000989.hdr.sgml : 20040429 20040429091241 ACCESSION NUMBER: 0001005150-04-000989 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040429 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEL FUSE INC /NJ CENTRAL INDEX KEY: 0000729580 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COILS, TRANSFORMERS & OTHER INDUCTORS [3677] IRS NUMBER: 221463699 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11676 FILM NUMBER: 04762556 BUSINESS ADDRESS: STREET 1: 206 VAN VORST ST. CITY: JERSEY CITY STATE: NJ ZIP: 07032 BUSINESS PHONE: 2014320463 MAIL ADDRESS: STREET 1: 206 VAN VORST ST. CITY: JERSEY CITY STATE: NJ ZIP: 07032 8-K 1 form8k.txt 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 29, 2004 -------------- BEL FUSE INC. -------------------------------------------------- (Exact name of registrant as specified in charter) New Jersey 0-11676 22-1463699 - --------------- ------------ -------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification incorporation) Number) 206 Van Vorst Street, Jersey City, New Jersey 07302 --------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (201) 432-0463 -------------- ------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits As described in Item 12 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 29, 2004. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On April 29, 2004, Bel Fuse Inc. (the "Company") issued a press release regarding results for the three months ended March 31, 2004. 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. 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 By: /s/ Daniel Bernstein ------------------------ Name: Daniel Bernstein Title President Date: April 29, 2004 EXHIBIT INDEX Exhibit No. Description ----------- ------------- 99.1 Press release, dated April 29, 2004, issued by the Company. EX-99.1 2 ex99-1.txt - ------------------------------------------------------------------------------- [GRAPHIC BEL FUSE INC. OMITTED] 206 Van Vorst Street FOR IMMEDIATE RELEASE Jersey City, NJ 07302 www.belfuse.com tel 201.432.0463 fax 201.432.9542 - ------------------------------------------------------------------------------- INVESTOR CONTACT: COMPANY CONTACT: Neil Berkman Associates Daniel Bernstein (310) 277-5162 President info@berkmanassociates.com (201) 432-0463 - -------------------------- BEL REPORTS HIGHER REVENUE AND NET EARNINGS FOR FIRST QUARTER OF 2004 JERSEY CITY, NEW JERSEY, April 29, 2004 . . . BEL FUSE INC. (NASDAQ:BELFA & NASDAQ:BELFB) today announced higher unaudited revenue and net earnings for the first quarter of 2004. For the three months ended March 31, 2004, revenue increased 70% to $42,357,000 from $24,947,000 for the first quarter of 2003. Gross margin improved to 30% from 28% last year, and income from operations increased to $5,615,000 from $2,133,000. Net earnings increased to $4,655,000, or $0.41 per diluted share. This compares to net earnings of $1,780,000, or $0.16 per diluted share, for the same period a year earlier. President Daniel Bernstein attributed the increase in first quarter revenue primarily to the acquisition of the Passive Components Group from Insilco Technologies, Inc. completed last spring. "The improvement in margins primarily reflected efficiency enhancements associated with the integration of the Passive Components Group and the introduction of new products. Bel's backlog has increased in line with many companies in our industry, resulting in longer lead times. This is an encouraging sign for the future," he said. At March 31, 2004, Bel had cash, cash equivalents and marketable securities of approximately $70,400,000, working capital of approximately $108,000,000, a current ratio of 6-to-1, total long-term debt of $6,000,000 and shareholders' equity of approximately $152,000,000. 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, automotive and consumer electronics. Products include magnetics (discrete components, power transformers and MagJack(R)s), modules (DC/DC converters, integrated analog front end modules, custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect devices (passive jacks, plugs and cable assemblies). The Company operates facilities around the world. (more) BEL REPORTS HIGHER REVENUE AND NET EARNINGS FOR FIRST QUARTER OF 2004 April 29, 2004 Page Two CONFERENCE CALL Bel has scheduled a conference call at 11:00 a.m. ET 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. ET, for a period of twenty days, at this same Internet address. For a telephone replay, dial (800) 633-8284, reservation #21184113 after 1:00 p.m. ET. FORWARD-LOOKING STATEMENTS Except for historical information contained in this news release, the matters discussed 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; the difficulties inherent in integrating remote businesses that may have followed business practices that differ from the Company's business practices; capacity and supply constraints or difficulties; product development, commercializing or technological difficulties; the possibility that changes may occur in the Company's financial statements between the Company's announcement of preliminary results and the filing of its periodic reports with the SEC; 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) BEL FUSE AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS DATA ($ 000s omitted, except for per share data) Three Months Ended March 31, ------------------------ 2004 2003 --------- ------- (unaudited) Net Sales $ 42,357 $24,947 --------- ------- Cost of expenses: Cost of sales 29,791 17,967 Selling, general and administrative expenses 6,951 4,847 --------- ------- 36,742 22,814 Income from operations 5,615 2,133 Other income - net 48 116 --------- ------- Earnings before income tax provision 5,663 2,249 Income tax provision 1,008 469 --------- ------- Net earnings $ 4,655 $ 1,780 ========= ======= Net earnings per common share Basic $ 0.42 $ 0.16 ========= ======= Diluted $ 0.41 $ 0.16 ========= ======= Weighted average common shares outstanding Basic 11,204 10,945 ========= ======= Diluted 11,455 11,072 ========= ======= CONDENSED CONSOLIDATED BALANCE SHEET DATA ($ 000s omitted) Mar. 31, Dec. 31, 2004 2003 ---------- --------- (Unaudited) (Audited) ASSETS Current assets ................................... $128,878 $121,465 Property, plant & equipment - net ................ 42,845 44,120 Goodwill, net .................................... 9,882 9,882 Intangibles & and other assets ................... 6,116 6,350 Total assets ..................................... $187,721 $181,817 ======== ======== LIABILITIES & EQUITY Current liabilities .............................. $ 20,502 $ 19,714 Long-term liabilities ............................ 8,086 8,484 Deferred income taxes ............................ 7,024 6,764 Stockholders' equity ............................. 152,109 146,855 Total liabilities & equity ....................... $187,721 $181,817 ======== ======== -----END PRIVACY-ENHANCED MESSAGE-----