-----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, DzMvnx+Qa2FiXiUYQefV0QaLr2cAKV2iJH52gPgG71dkiCBni11VblRt+uxYg/1T AeEY57WW3OiolccfLmywmg== 0000950134-04-010811.txt : 20040729 0000950134-04-010811.hdr.sgml : 20040729 20040729075239 ACCESSION NUMBER: 0000950134-04-010811 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040729 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040729 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LITTELFUSE INC /DE CENTRAL INDEX KEY: 0000889331 STANDARD INDUSTRIAL CLASSIFICATION: SWITCHGEAR & SWITCHBOARD APPARATUS [3613] IRS NUMBER: 363795742 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20388 FILM NUMBER: 04937358 BUSINESS ADDRESS: STREET 1: 800 E NORTHWEST HWY CITY: DES PLAINES STATE: IL ZIP: 60016 BUSINESS PHONE: 7088241188 MAIL ADDRESS: STREET 1: 800 E. NORTHWEST HWY CITY: DES PLAINES STATE: IL ZIP: 60016 8-K 1 c87135e8vk.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20579 --------------------------------------- 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) - July 29, 2004 Littelfuse, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-20388 36-3795742 - ------------------- ------------------ ------------------ (State of other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 800 E. Northwest Hwy., Des Plaines, IL 60016 - -------------------------------------- ------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (847) 824-1188 ITEM 5. Other Events The press release dated July 29, 2004, filed as exhibit 99.1 to this Current Report on Form 8-K, is hereby incorporated by reference. The press release, dated July 29, 2004, made a part of the Form include forward looking statements that are intended to be covered by the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements include but are not limited to comments with respect to the objectives and strategies, financial condition, results of operations and business of the Registrant. These forward looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward looking statements will not be achieved. The Registrant cautions you not to place undue reliance on these forward looking statements as a number of important factors could cause actual future results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements. ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits 99.1 Press release dated July 29, 2004 1 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. Littelfuse, Inc. Date: July 29, 2004 By: /s/ Philip G. Franklin -------------- ---------------------- Philip G. Franklin Vice President, Operations Support and Chief Financial Officer 2 Exhibit Index 99.1 Press Release, dated July 29, 2004 EX-99.1 2 c87135exv99w1.txt PRESS RELEASE - -------------------------------------------------------------------------------- [LITTELFUSE LOGO] NEWS - -------------------------------------------------------------------------------- Littelfuse, Inc. NEWS RELEASE 800 East Northwest Highway Des Plaines, IL 60016 (847) 824-1188 o (847) 391-0894 Fax # CONTACT: PHIL FRANKLIN, VICE PRESIDENT, OPERATIONS SUPPORT & CFO (847) 391-0566 LITTELFUSE REPORTS SECOND QUARTER RESULTS DES PLAINES, ILLINOIS, JULY 29, 2004 - Littelfuse, Inc. (NASDAQ/NMS:LFUS) today reported sales and earnings for the second quarter of 2004. Sales for the second quarter of 2004 were $128.8 million, a 77% increase from sales of $72.8 million in the second quarter of 2003. The recent acquisitions of Teccor Electronics and Heinrich Industrie accounted for approximately $40 million of the increase from the prior year quarter. Excluding these acquisitions, sales for the second quarter of 2004 increased approximately 22% compared to the prior year quarter. Diluted earnings per share were $0.46 in the second quarter of 2004 compared to earnings of $0.18 per diluted share for the second quarter of 2003. Earnings for the second quarter of 2004 include $1.3 million of pre-tax restructuring charges related to manufacturing transfers and plant downsizing activities. The Heinrich business acquired on May 6, 2004 was accretive to earnings by $0.01 per share for the second quarter. Sales for the first six months of 2004 were $240.2 million, a 68% increase compared to the prior year period. Diluted earnings per share through the first six months of 2004 were $0.89 compared to earnings of $0.32 per diluted share for the first six months of 2003. "Strength in each of our key markets continued through the second quarter," said Howard B. Witt, Chairman, President and Chief Executive Officer. "These improving markets, combined with early successes from our solution-selling strategy and the addition of Teccor and Heinrich, resulted in record top-line growth." By geographic segment and excluding Heinrich, sales for the second quarter of 2004 increased 52% in the Americas, 33% in Europe and 82% in Asia, compared to the same period in the prior year. By market and excluding Heinrich, sales for the second quarter of 2004 were up 94% for electronics, 10% for automotive and 19% for electrical, compared to the prior year period. Favorable currency effects contributed two percentage points to the overall growth rate, with electronics and automotive benefiting three points and two points respectively. "Our electronic end markets continue to be healthy, with digital consumer, telecom and industrial all contributing to our strong second quarter," said Witt. "Automotive sales, while down sequentially from the first quarter, showed growth over the prior year quarter across all geographies. Electrical sales have begun to trend up, reflecting continued improvement in industrial activity and the beginnings of a recovery in non-residential construction," added Witt. "Our profit improvement initiatives are on track as the business (excluding Heinrich) continues to make progress toward our 15% operating margin goal," said Phil Franklin, Vice President, Operations Support and Chief Financial Officer. "The sequential decline in operating margin in the second quarter was due entirely to the addition of Heinrich and the $1.3 million of manufacturing restructuring charges. In the second half of the year we expect cost reductions to more than offset price erosion, but we will incur additional manufacturing restructuring charges of approximately $1.4 million pre-tax, mostly in the third quarter," he added. Cash from operating activities was $16.1 million for the second quarter of 2004 compared to $8.0 million for the same quarter last year. Through six months of 2004, cash from operating activities was $19.1 million compared to $8.6 million for the prior year period. Capital expenditures for the first six months were $9.1 million compared to $4.8 million for the prior year period. "Cash flow ramped-up in the second quarter due to strong profitability and excellent working capital control. In the second half of the year, we expect cash from operating activities to continue strong, but capital expenditures will also increase significantly as we add capacity for both electronic and automotive products," said Franklin. After purchasing 82.4% of the Heinrich shares on May 6, 2004 for 39.5 million euros, Littelfuse initiated a tender offer for the remaining shares. The tender offer is now complete with the result that Littelfuse purchased additional Heinrich shares for approximately 2.1 million euros, increasing its total ownership to 86.7%. "Overall, we are pleased with the progress we have made so far this year," said Witt. "Teccor is essentially fully integrated and has proven to be a tremendous addition to Littelfuse and, while the integration of Heinrich will be a longer-term project, early indications are positive. Our cost position continues to improve as we move forward aggressively on our cost savings initiatives, and our solution-selling strategy is beginning to gain traction in the marketplace." For more information, please visit Littelfuse's web site at www.littelfuse.com. - -------------------------------------------------------------------------------- "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. - -------------------------------------------------------------------------------- Any forward looking statements contained herein involve risks and uncertainties, including, but not limited to, product demand and market acceptance risks, the effect of economic conditions, the impact of competitive products and pricing, product development and patent protection, commercialization and technological difficulties, capacity and supply constraints or difficulties, exchange rate fluctuations, actual purchases under agreements, the effect of the company's accounting policies, labor disputes, restructuring costs in excess of expectations and other risks which may be detailed in the company's Securities and Exchange Commission filings. -more- Page 4 LITTELFUSE, INC. SALES BY MARKET AND GEOGRAPHY (Dollars in millions)
SECOND QUARTER YEAR-TO-DATE ----------------------------------- ----------------------------------- 2004 2003 % CHANGE 2004 2003 % CHANGE --------- --------- --------- --------- --------- --------- MARKET Electronics $ 77.1 $ 39.8 94% $ 151.6 $ 76.9 97% Automotive 27.1 24.6 10% 55.3 49.3 12% Electrical 10.0 8.4 19% 18.7 16.6 13% --------- --------- --------- --------- --------- --------- Subtotal 114.2 72.8 57% 225.6 142.8 58% Heinrich 14.6 -- -- 14.6 -- -- --------- --------- --------- --------- --------- --------- TOTAL $ 128.8 $ 72.8 77% $ 240.2 $ 142.8 68% ========= ========= ========= ========= ========= =========
SECOND QUARTER YEAR-TO-DATE ----------------------------------- ----------------------------------- 2004 2003 % CHANGE 2004 2003 % CHANGE --------- --------- --------- --------- --------- --------- GEOGRAPHY Americas $ 55.7 $ 36.2 54% $ 108.9 $ 70.9 54% Europe 30.9 15.1 105% 51.8 28.4 82% Asia Pacific 42.2 21.5 96% 79.5 43.5 83% --------- --------- --------- --------- --------- --------- TOTAL $ 128.8 $ 72.8 77% $ 240.2 $ 142.8 68% ========= ========= ========= ========= ========= =========
Page 5 LITTELFUSE, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited)
For the Three Months Ended For the Six Months Ended ----------------------------- ----------------------------- JULY 3, June 28, JULY 3, June 28, ------------ ------------ ------------ ------------ 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Net sales .................................................... $ 128,759 $ 72,790 $ 240,177 $ 142,752 Cost of sales ................................................ 84,580 48,915 156,193 95,800 ------------ ------------ ------------ ------------ Gross profit ................................................. 44,179 23,875 83,984 46,952 Selling, general and administrative expenses ................................................. 23,572 15,500 44,115 31,222 Research and development expenses ............................ 4,156 1,861 7,337 3,794 Amortization of intangibles .................................. 470 191 809 383 ------------ ------------ ------------ ------------ Operating income ............................................. 15,981 6,323 31,723 11,553 Interest expense ............................................. 492 514 918 1,050 Other income ................................................. (768) (209) (461) (551) ------------ ------------ ------------ ------------ Income before income taxes and minority interest .................................... 16,257 6,018 31,266 11,054 Minority interest ............................................ 60 -- 60 -- Income taxes ................................................. 5,853 2,167 11,256 3,979 Net income ................................................... $ 10,344 $ 3,851 $ 19,950 $ 7,075 ============ ============ ============ ============ Net income per share: Basic .................................................... $ 0.47 $ 0.18 $ 0.90 $ 0.32 ============ ============ ============ ============ Diluted .................................................. $ 0.46 $ 0.18 $ 0.89 $ 0.32 ============ ============ ============ ============ Weighted average shares and equivalent shares outstanding: Basic .................................................... 22,180 21,789 22,107 21,780 ============ ============ ============ ============ Diluted .................................................. 22,681 21,856 22,515 21,838 ============ ============ ============ ============
-more- Page 6 LITTELFUSE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited)
JULY 3, 2004 January 3, 2004 ------------ --------------- ASSETS: Cash and cash equivalents ........................ $ 34,384 $ 22,128 Receivables ...................................... 81,766 52,149 Inventories ...................................... 73,681 52,598 Other current assets ............................. 24,440 22,265 ------------ --------------- Total current assets ............................. 214,271 149,140 Property, plant, and equipment, net .............. 130,497 98,479 Intangible assets, net ........................... 19,565 11,943 Goodwill ......................................... 56,375 48,643 Other assets ..................................... 8,201 3,365 ------------ --------------- $ 428,909 $ 311,570 ============ =============== LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities excluding current portion of long-term debt ............................ $ 94,293 $ 64,892 Current portion of long-term debt ................ 47,392 18,496 ------------ --------------- Total current liabilities ........................ 141,685 83,388 Long-term debt ................................... 11,573 10,201 Accrued post-retirement benefits ................. 17,780 4,564 Other long-term liabilities ...................... 6,131 1,072 Minority interest ................................ 12,282 143 Shareholders' equity ............................. 239,458 212,202 ------------ --------------- Shares issued and outstanding at July 3, 2004: 22,282,240 ................. $ 428,909 $ 311,570 ============ ===============
-more- Page 7 LITTELFUSE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, unaudited)
For the Three Months Ended For the Six Months Ended ----------------------------- ----------------------------- JULY 3, June 28, JULY 3, June 28, ------------ ------------ ------------ ------------ 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Operating activities: Net income ......................................... $ 10,344 $ 3,851 $ 19,950 $ 7,075 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation .................................. 6,177 4,292 11,816 8,634 Amortization .................................. 470 191 809 383 Changes in operating assets and liabilities: Accounts receivable ........................... (5,597) 533 (13,818) (1,802) Inventories ................................... 1,137 (224) (1,233) (2,721) Accounts payable and accrued expenses ......... 2,189 (1,168) 1,779 (614) Other, net .................................... 1,407 500 (241) (2,374) ------------ ------------ ------------ ------------ Net cash provided by operating activities .................................... 16,127 7,975 19,062 8,581 Cash used in investing activities: Purchases of property, plant, and equipment ........ (6,059) (2,162) (9,051) (4,789) Acquisitions, net of cash acquired of $15,713 ...... (32,807) -- (32,807) -- Sale of property, plant & equipment ................ -- -- -- 2,213 Sale (purchase) of marketable securities, net ...... -- 10,403 -- 8,806 ------------ ------------ ------------ ------------ Net cash used in investing activities .............. (38,866) 8,241 (41,858) 6,230 Cash provided by (used in) financing activities: Proceeds from long-term debt .................. 32,000 3 32,000 -- Payments of long-term debt .................... (3,008) -- (3,047) (1,441) Proceeds from exercise of stock options and warrants .................................. 6,425 317 8,309 952 ------------ ------------ ------------ ------------ Net cash provided by (used in) financing activities .................................... 35,417 320 37,262 (489) Effect of exchange rate changes on cash ............ (2,189) 229 (2,210) 207 ------------ ------------ ------------ ------------ Increase/(decrease) in cash and cash equivalents ................................... 10,489 16,765 12,256 14,529 Cash and cash equivalents at beginning of period ..................................... 23,895 25,514 22,128 27,750 ------------ ------------ ------------ ------------ Cash and cash equivalents at end of period ........................................ $ 34,384 $ 42,279 $ 34,384 $ 42,279 ============ ============ ============ ============
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