Bel Fuse (BELFB) 8-K Financial statements and exhibits

   FOR IMMEDIATE RELEASE   Bel Fuse Inc. 206 Van Vorst Street Jersey City, NJ 07302 www.belfuse.com tel 201.432.0463 fax 201.432.9542  

Investor Contact: Neil Berkman Associates (310) 277-5162 info@berkmanassociates.com Company Contact: Daniel Bernstein President (201) 432-0463    

Bel Reports Higher Second Quarter Revenue and Net Income

JERSEY CITY, New Jersey, July 26, 2004 --Bel Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB) announced today that net income for the second quarter ended June 30, 2004 increased to $7,145,000, or $0.62 per diluted share. Net income for the quarter included net proceeds of $2,395,000 from the settlement of a lawsuit and a fixed asset write down of $1,033,000. The net effect of this settlement and writedown was to increase Bel's net earnings on an after-tax basis by $0.12 per diluted share. For the second quarter of 2003, net income was $2,757,000, or $0.25 per diluted share. Gross margin improved to 31% of revenue from 27% for the second quarter of 2003. Revenue increased to $48,390,000 from $44,821,000 for the same period a year ago.

For the six months ended June 30, 2004, net income increased to $11,800,000, or $1.03 per diluted share, compared to $4,538,000, or $0.41 per diluted share, for the first half of 2003. Revenue increased 30% to $90,747,000 from $69,769,000 for last year's first six months. First half results reflect the contribution of Insilco since its acquisition on March 24, 2003.

"Second quarter revenue increased 8% compared to the last year's second quarter and was 14% ahead of this year's first quarter, reflecting sales gains across all of our product lines, led by MagJack® integrated connectors with magnetics. Even without the benefit of the legal settlement, Bel had a strong quarter, with increased profitability fueled primarily by higher gross margin and lower selling, general and administrative expenses compared to the second quarter of 2003," said Daniel Bernstein, Bel's president.

At June 30, 2004, Bel reported cash, cash equivalents and marketable securities of approximately $76,324,000, working capital of approximately $119,726,000, a current ratio of 6-to-1, total long term debt of $5,500,000 and shareholders' equity of approximately $160,758,000.

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 theInvestor Info link atwww.BelFuse.com. A replay will be available after 1:00 p.m. EDT, for a period of 20 days, at this same Internet address. For a telephone replay, dial (800) 633-8284, reservation #21197488 after 1:00 p.m. EDT.

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®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.

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 business 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 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)                            #3662

BEL FUSE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

($000s omitted, except for per share data)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
		2004		2003		2004		2003
	(unaudited)				(unaudited)
Net Sales	$	48,390	$	44,821	$	90,747	$	69,769
Cost of expenses:
Cost of sales		33,196		32,908		62,987		50,875
Selling, general and administrative expenses		8,119		8,322		15,069		13,169
Fixed asset write-down		1,033		--		1,033		--
		42,348		41,230		79,089		64,044
Income from operations		6,042		3,591		11,658		5,725
Other income - net		116		--		163		116
Lawsuit proceeds		2,935		--		2,935		--
Earnings before income tax provision		9,093		3,591		14,756		5,841
Income tax provision		1,948		834		2,956		1,303
Net earnings	$	7,145	$	2,757	$	11,800	$	4,538
Net earnings per common share
Basic		0.64		0.25		1.05		0.41
Diluted	$	0.62	$	0.25	$	1.03	$	0.41
Weighted average common shares outstanding
Basic		11,247		10,956		11,225		10,951
Diluted		11,478		11,091		11,474		11,081

CONDENSED CONSOLIDATED BALANCE SHEETS
($000s omitted)
	Jun. 30,		Dec. 31,				Jun. 30,		Dec. 31,
ASSETS	2004		2003		LIABILITIES & EQUITY		2004		2003
	(Unaudited)		(Audited)				(Unaudited)		(Audited)
Current assets	$	144,140	$	121,465		Current liabilities	$	24,414	$	19,714
Property, plant &
equipment - net		41,301		44,120		Long-term liabilities		7,688		8,484
Goodwill, net		9,882		9,882		Deferred income taxes		8,412		6,764
Intangibles &
other assets		5,949		6,350		Stockholders' equity		160,758		146,855
Total assets	$	201,272	$	181,817		Total liabilities & equity	$	201,272	$	181,817