Littelfuse (LFUS) 8-K Littelfuse Reports Third Quarter Results

Exhibit 99.1

CONTACT: Phil Franklin,

     Vice President, Operations Support & CFO (847) 391-0566

LITTELFUSE REPORTS THIRD QUARTER RESULTS

          DES PLAINES, Illinois, October 29, 2008 —Littelfuse, Inc. (NASDAQ:LFUS) today reported sales and earnings for the third quarter of 2008.

Third Quarter Highlights

• Sales for the third quarter of 2008 were slightly above the company’s revised guidance of September 29, and earnings per share before special items were at the high end of the guidance range.

• Sales for the third quarter of 2008 were $141.5 million, an increase of $1.3 million or 1% compared to the third quarter of 2007. Electrical and electronics sales increased 21% and 4% respectively compared to the prior year, while automotive sales declined by 15%. The automotive decline was driven by sharp reductions in global car production.

• Diluted earnings per share for the third quarter of 2008 were $0.18 compared to diluted earnings per share of $0.64 for the third quarter of 2007.

• Adjusted diluted earnings per share (see Supplemental Information) were $0.35, which excludes $6.0 million of charges primarily related to settlement of a pension plan in Ireland. This compares to $0.48 per diluted share for the third quarter of 2007 excluding special items.

• The lower adjusted earnings for the third quarter of 2008 compared to the prior year primarily reflected higher costs related to manufacturing transfer projects, price erosion in excess of cost reductions and increased freight surcharges.

• For the third quarter of 2008, cash from operating activities was $13.2 million while capital expenditures were $11.9 million. The company generated positive free cash flow for the third quarter despite high capital expenditures to support the manufacturing transfer projects and over $7 million of severance payments related to plant closures.

• The book-to-bill ratio for electronics for the third quarter of 2008 was 0.9, but this has dropped to 0.8 for the month of October.

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Fourth Quarter Outlook

“Passenger vehicle production continues to decline, and as a result, our automotive business shows few signs of recovery from the weak levels of the third quarter,” said Gordon Hunter, Chief Executive Officer. “The low third quarter electronics book-to-bill ratio has now translated into slowing shipments. As we head toward the end of the year, OEMs are reducing production rates and distributors are managing their inventories tightly. This reflects the high level of market uncertainty and concerns about the global economy.”

• Sales for the fourth quarter of 2008 are expected to be 12-16% below the third quarter of 2008 due to the depressed automotive market and weakening electronics sales on top of normal seasonal slowing, partially offset by the acquisition of Startco Engineering Ltd. Startco, acquired on September 30, is expected to contribute $4 to $5 million in sales for the quarter depending on the Canadian dollar exchange rate.

• The company expects diluted earnings per share before restructuring charges for the fourth quarter of 2008 to be in the range of $0.04 to $0.14 per share, or ($0.05) to $0.05 per share on a U.S. GAAP basis (see Supplemental Schedule on page 9). Startco is expected to be neutral to slightly accretive to earnings for the fourth quarter. The company expects to incur restructuring charges of approximately $0.09 per share primarily related to anticipated manufacturing transfer projects.

2009 Outlook

“The outlook for 2009 is still highly uncertain, but we believe that the current weakness in our automotive and electronics markets could persist through at least the first half of the year,” said Hunter. “The electrical market, which is still relatively healthy, could also weaken if non-residential construction declines further. Startco, on the other hand, has a strong backlog that should enable double-digit growth for the year.”

“We are not prepared to give specific 2009 guidance at this point, but it appears likely that sales will be down year over year even after the positive contribution of Startco,” added Hunter. “However, we believe the negative impacts of a weak top line in 2009 will be cushioned by significant cost savings from our manufacturing transfer projects and lower material costs if commodity prices remain at current levels.”

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Conference Call Webcast Information

          Company management will host a conference call today, Wednesday, October 29, 2008, at 11:00 a.m. Eastern/10:00 a.m. Central time to discuss the third quarter results. The call will be broadcast live over the Internet and can be accessed through the company’s Web site:www.littelfuse.com. Listeners should go to the Web site at least 15 minutes prior to the call to download and install any necessary audio software. The call will be available for replay through December 31, 2008 on the company’s Web site.

About Littelfuse

          As the worldwide leader in circuit protection products and solutions with annual sales of $536.1 million in 2007, the Littelfuse portfolio is backed by industry leading technical support, design and manufacturing expertise. Littelfuse products are vital components in virtually every product that uses electrical energy, including automobiles, computers, consumer electronics, handheld devices, industrial equipment, and telecom/datacom circuits. Littelfuse offers Teccor^®, Wickmann^®and Pudenz^® brand circuit protection products. In addition to its Des Plaines, Illinois, world headquarters, Littelfuse has sales, distribution, manufacturing and engineering facilities in Brazil, China, England, Germany, Hong Kong, India, Ireland, Japan, Korea, Mexico, the Netherlands, the Philippines, Singapore, Taiwan and the U.S.

          For more information, please visit Littelfuse’s web site atwww.littelfuse.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.

This press release may include statements that constitute “forward looking statements” within the meaning of federal securities regulations and 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 that may be detailed in the company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2007 under the heading “Risk Factors” and elsewhere in the company’s other Securities and Exchange Commission filings. These forward looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the company 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. The company assumes no obligation to update this forward-looking information, except as required by law.

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LITTELFUSE, INC.
Net Sales by Business Unit and Geography
(in millions, unaudited)

	Third Quarter							Year-to-Date
	2008		2007		% Change			2008		2007		% Change
Business Unit
Electronics	$	95.8	$	92.4		4	%	$	276.2	$	260.7		6	%
Automotive		28.9		33.9		(15	%)		104.1		101.5		3	%
Electrical		16.8		13.9		21	%		44.7		39.0		15	%
Total	$	141.5	$	140.2		1	%	$	425.0	$	401.2		6	%

	Third Quarter							Year-to-Date
	2008		2007		% Change			2008		2007		% Change
Geography
Americas	$	51.9	$	52.9		(2	%)	$	156.7	$	155.5		1	%
Europe		29.0		28.2		3	%		98.1		88.8		10	%
Asia-Pacific		60.6		59.1		3	%		170.2		156.9		8	%
Total	$	141.5	$	140.2		1	%	$	425.0	$	401.2		6	%

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LITTELFUSE, INC.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)

	September 27, 2008			December 29, 2007
Assets
Current assets:
Cash and cash equivalents	$	67,364		$	64,943
Accounts receivable		90,373			85,607
Inventories		64,598			58,845
Deferred income taxes		10,607			10,986
Prepaid expenses and other current assets		11,936			14,789
Total current assets		244,878			235,170
Property, plant and equipment:
Land		11,067			12,573
Buildings		57,744			49,321
Equipment		294,284			282,416
		363,095			344,310
Accumulated depreciation		(207,468	)		(199,748	)
Net property, plant and equipment		155,627			144,562
Intangible assets, net of amortization:
Patents, licenses and software		8,435			9,231
Distribution network		12,395			13,823
Customer lists, trademarks and tradenames		3,141			1,192
Goodwill		80,673			73,462
		104,644			97,708
Investments		4,733			6,544
Deferred income taxes		7,387			6,141
Other assets		1,153			1,240
Total Assets	$	518,422		$	491,365
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	25,427		$	27,889
Accrued payroll		17,814			19,441
Accrued expenses		14,184			11,595
Accrued severance		12,440			21,092
Accrued income taxes		1,701			4,484
Current portion of long-term debt		37,517			12,086
Total current liabilities		109,083			96,587
Long-term debt, less current portion		—			1,223
Accrued severance		7,641			8,912
Accrued post-retirement benefits		19,480			18,371
Other long-term liabilities		11,473			12,715
Minority interest		143			143
Total shareholders’ equity		370,602			353,414
Total Liabilities and Shareholders’ Equity	$	518,422		$	491,365
Common shares issued and outstanding of 21,712,017 and 21,869,824, at September 27, 2008, and December 29, 2007, respectively.

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LITTELFUSE, INC.
Consolidated Statements of Income
(in thousands, except per share data, unaudited)

	For the Three Months Ended						For the Nine Months Ended
	Sept 27, 2008			Sept 29, 2007			Sept 27, 2008			Sept 29, 2007
Net sales	$	141,448		$	140,215		$	424,982		$	401,178
Cost of sales		105,548			93,926			303,139			272,297
Gross profit		35,900			46,289			121,843			128,881
Selling, general and administrative expenses		26,594			27,578			79,216			76,938
Research and development expenses		6,265			5,644			18,101			16,237
Gain on sale of Ireland property		—			(8,037	)		—			(8,037	)
Amortization of intangibles		1,030			877			2,923			2,413
Operating income		2,011			20,227			21,603			41,330
Interest expense		346			207			1,048			1,037
Other expense (income), net		(3,246	)		195			(2,890	)		(690	)
Income before income taxes		4,911			19,825			23,445			40,983
Income taxes		923			5,531			6,204			12,086
Net income	$	3,988		$	14,294		$	17,241		$	28,897
Net income per share:
Basic	$	0.18		$	0.64		$	0.79		$	1.30
Diluted	$	0.18		$	0.64		$	0.79		$	1.29
Weighted average shares and equivalent shares outstanding:
Basic		21,703			22,359			21,724			22,272
Diluted		21,855			22,499			21,871			22,445

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LITTELFUSE, INC.
Consolidated Statements of Cash Flows
(in thousands, unaudited)

	For the Nine Months Ended
	Sept 27, 2008			Sept 29, 2007
Operating activities:
Net income	$	17,241		$	28,897
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		20,843			18,503
Amortization of intangibles		2,923			2,413
Stock-based compensation		3,770			3,795
Gain on sale of property, plant and equipment		(305	)		(8,037	)
Pension settlement expenses		5,725			1,847
Changes in operating assets and liabilities:
Accounts receivable		(5,669	)		(5,356	)
Inventories		(6,190	)		7,182
Accounts payable and accrued expenses		(223	)		(6,615	)
Accrued payroll and severance		(11,552	)		(2,582	)
Accrued taxes		(5,932	)		(4,373	)
Prepaid expenses and other		7,082			(4,400	)
Net cash provided by operating activities		27,713			31,274
Investing activities:
Purchases of property, plant and equipment		(36,956	)		(26,215	)
Purchase of business, net of cash acquired		(9,280	)		(4,507	)
Sale of property, plant and equipment		3,384			8,593
Net cash used in investing activities		(42,852	)		(22,129	)
Financing activities:
Proceeds from debt		75,500			41,700
Payments of debt		(51,412	)		(59,866	)
Notes receivable, common stock		5			—
Purchases of common stock		(6,623	)		—
Proceeds from exercise of stock options		1,687			6,205
Excess tax benefit on share-based compensation		136			1,005
Net cash provided by (used in) financing activities		19,293			(10,956	)
Effect of exchange rate changes on cash		(1,733	)		2,823
Increase in cash and cash equivalents		2,421			1,012
Cash and cash equivalents at beginning of period		64,943			56,704
Cash and cash equivalents at end of period	$	67,364		$	57,716

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LITTELFUSE, INC.
Supplemental Information
(in thousands, except per share data, unaudited)

	For the Three Months Ended
	Sept 27, 2008			Sept 29, 2007
Net sales	$	141,448		$	140,215
Cost of sales		105,548			93,926
Special items (1)		(6,029	)		(475	)
Adjusted cost of sales		99,519			93,451
Adjusted gross profit		41,929			46,764
% of sales		29.6	%		33.4	%
Total operating expenses		33,889			26,062
Special items (2)		(516	)		5,963
Adjusted total operating expenses		33,373			32,025
% of sales		23.6	%		22.8	%
Adjusted operating income		8,556			14,739
% of sales		6.0	%		10.5	%
Interest/other (income) expense		(2,900	)		402
Special items (3)		577			(745	)
Adjusted interest/other (income) expense		(2,323	)		(343	)
Adjusted income before tax		10,879			15,082
Adjusted income tax expense		3,220			4,208
Effective rate		29.6	%		27.9	%
Adjusted net income	$	7,659		$	10,874
Adjusted diluted earnings per share	$	0.35		$	0.48
Diluted shares		21,855			22,499

Note: The Company believes that adjusted operating income is more indicative of its ongoing operating performance than U.S. GAAP operating income since the former excludes special charges that are related to closure of legacy operations.

Special Items:

(1)	Special items for 2008 relate to the Ireland pension settlement and Swindon severance. Special items for 2007 relate to Ireland severance.
(2)	Special items for 2008 relate to Swindon severance. Special items for 2007 relate to the gain on the sale of property in Ireland and the U.K. pension settlement.
(3)	Special items for 2008 reflect the net exchange rate impact from the Ireland pension settlement. Special items for 2007 reflect the net exchange rate impact from the Ireland long-term severance adjustments.

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LITTELFUSE, INC.
Supplemental Schedule (unaudited)
Diluted Earnings Per Share — Fiscal Year 2008

	Actual For the			Forecasted For			Forecasted For
	Nine Months			the Final Three			the Year Ended
	Ended September 27,			Months of Fiscal			December 27,
	2008			Year 2008			2008
Diluted Earnings Per Share — U.S. GAAP	$	0.79		$	(0.05) - 0.05		$	0.74 - 0.84
Adjustments / Special Items		0.37	(1)		0.09	(2)		0.46
Diluted Earnings Per Share — Adjusted	$	1.16		$	0.04 - 0.14		$	1.20 - 1.30

Note: The Company believes that adjusted earnings per share is more indicative of its ongoing operating performance than U.S. GAAP earnings per share since the former excludes special charges that are related to closure of legacy operations.

Adjustments / Special Items:

(1)	Special items for the nine months ended September 27, 2008 relate to restructuring charges involving the transfer of the Company’s Matamoros, Mexico manufacturing operations to China, severance and impairment charges for Ireland, Swindon (UK) and Dongguan Wickman (China) and the Ireland pension settlement.
(2)	Special items forecasted for the remaining three months of fiscal year 2008 relate to restructuring charges involving anticipated manufacturing transfer projects.

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