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 ======== ========