Am I missing something here? BELFB should soar today...
biz.yahoo.com
Tuesday April 27, 8:02 am Eastern Time
Company Press Release
Bel First-Quarter Net Earnings Jump 73% TO $0.95 Per Share Vs. $0.56 Per Share
Sales Increase 58% To a Record $30,759,000
JERSEY CITY, N.J.--(BUSINESS WIRE)--April 27, 1999--Bel Fuse Inc. (Nasdaq:BELFA - news; Nasdaq:BELFB - news) Tuesday announced that net earnings for the first quarter ended March 31, 1999 increased 73% to $5,121,000, or $0.95 per diluted share, compared to $2,966,000, or $0.56 per diluted share, in the first quarter 1998.
Sales increased 58% to a record $30,759,000 compared to $19,515,000 for the same period last year.
Daniel Bernstein, Bel's president, said: ''Strong shipments of network components and the recently acquired signal transformer line enabled the company to achieve record sales for the quarter. Operating margins increased despite start-up costs for Bel's new Texas engineering facility and continuing moving and amortization expenses associated with the October 1998 Lucent product line acquisition.''
At March 31, 1999, Bel Fuse reported working capital of $46,139,000, a current ratio of 4.4:1, cash and equivalents of $14,775,000, no long-term debt, and stockholders' equity of $93,951,000.
Bel 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. The company operates facilities around the world.
The statements contained in this release that are not historical facts may constitute forward-looking statements. Actual results could differ materially from those projected in such statements due to a number of risks and uncertainties, including, without limitation, demand and competition for the company's products, and other risks or uncertainties detailed in the company's annual report on form 10-K for the year ended Dec. 31, 1998 as filed with the Securities and Exchange Commission.
BEL FUSE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($000 omitted, except for per share and share data)
Three Months Ended
March 31,
1999 1998
(unaudited)
Net Sales $ 30,759 $ 19,515
Costs and Expenses:
Cost of Sales 20,315 13,178
Selling, General and
Administrative expenses 4,805 3,388
25,120 16,566
Income from operations 5,639 2,949
Other income - net 152 416
Earnings before
income tax provision 5,791 3,365
Income tax provision 670 399
Net Earnings $ 5,121 $ 2,966
Net Earnings per common share:
Primary $ 0.98 $ 0.58
Diluted $ 0.95 $ 0.56
Average common shares outstanding:
Primary 5,213,333 5,130,885
Diluted 5,382,470 5,232,465
-0-
CONDENSED CONSOLIDATED BALANCE SHEET
($000 omitted)
Mar. 31, Dec. 31,
ASSETS 1999 1998
(unaudited) (audited)
Current assets $ 59,774 $ 54,482
Property, plant &
equipment, net $ 35,658 $ 35,471
Goodwill, net $ 12,885 $ 13,222
Total assets $108,694 $103,625
Mar. 31, Dec. 31,
LIABILITIES AND 1999 1998
EQUITY (unaudited) (audited)
Current liabilities $ 13,635 $ 13,672
Deferred income taxes $ 1,108 $ 1,146
Stockholders' equity $ 93,951 $ 88,806
Total liabilities &
equity $108,694 $103,625
--------------------------------------------------------------------------------
Contact:
Bel Fuse Inc., Jersey City
Colin Dunn, 201/432-0463
or
Neil G. Berkman & Associates, Los Angeles
310/277-5162 |
