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[GRAPHIC OMITTED] BEL FUSE INC.
206 Van Vorst Street
FOR IMMEDIATE RELEASE Jersey City, NJ 07302
www.belfuse.com
tel 201.432.0463
fax 201.432.9542
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INVESTOR CONTACT: COMPANY CONTACT:
Neil Berkman Associates Daniel Bernstein
(310) 277-5162 President
info@berkmanassociates.com (201) 432-0463
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BEL REPORTS FIRST QUARTER RESULTS
Net Income Is $0.16 Per Diluted Share Versus A Loss of $0.17 Per Share
Revenue Increases to $24.9 Million From $16.5 Million
JERSEY CITY, NEW JERSEY, April 29, 2003 . . . BEL FUSE INC.
(NASDAQ:BELFA & NASDAQ:BELFB) today announced preliminary unaudited results for
the first quarter ended March 31, 2003.
Net income for the first quarter increased to $1,780,000, or $0.16 per
diluted share. This compares to a net loss for the first quarter of 2002 of
$1,821,000, or $0.17 per share. Revenue increased 51% to $24,947,000 for this
year's first quarter from $16,514,000 for the first quarter of 2002.
Effective March 22, 2003, Bel completed the acquisition of the Passive
Components Group from Insilco Technologies, Inc., which included the net assets
of Stewart Connector Systems, Inc., InNet Technologies, Inc., Signal Transformer
Co., Inc. and related entities. The contribution to Bel's first quarter revenue
attributable to this acquisition was approximately $1,900,000.
Daniel Bernstein, President, said, "Together with the acquisition in
January 2003 of the Communications Products Division of Advanced Power
Components plc (APC), the Insilco transaction expands our customer base
throughout the world and diversifies our product line, making Bel more
attractive to customers seeking a greater variety of products from individual
suppliers."
Bernstein added, "The integration of APC is complete, and we have
already made significant progress consolidating the Insilco companies into Bel's
global operations. We expect this project to be substantially completed during
the second quarter."
At March 31, 2003, Bel reported cash, cash equivalents and marketable
securities of approximately $41,711,000, working capital of approximately
$84,715,000, a current ratio of 4.5-to-1, total term debt of $10,000,000 and
shareholders' equity of approximately $132,161,000.
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 and connectors for voice and data transmission, fuses, DC/DC
converters, delay lines and hybrid circuits. The Company operates facilities
around the world.
(more)
<page>
BEL REPORTS FIRST QUARTER RESULTS
April 29, 2003
Page Two
CONFERENCE CALL
Bel has scheduled a conference call at 11:00 AM ET today. A
simultaneous WebCast of the conference call may be accessed online from the
Investor Information link at www.BelFuse.com. A replay will be available after
6:30 PM ET at this same Internet address. For a telephone replay, dial
(800) 633-8284, reservation #21141301 after 1:00 PM ET.
FORWARD-LOOKING STATEMENTS
Except for historical information contained in this news release, the
matters discussed,including, the Company's timing estimate with respect to the
integration of the businesses acquired from Insilco and statements made
regarding customer preferences, 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.
(table attached)
<page>
BEL FUSE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($000 omitted, except for per share data)
Three Months Ended
March 31,
-------------------
2003 2002
-------- --------
(unaudited)
Net Sales $ 24,947 $ 16,514
-------- --------
Costs and Expenses:
Cost of Sales 17,967 14,361
Selling, General and
Administrative expenses 4,847 4,094
-------- --------
22,814 18,455
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Income (loss) from operations 2,133 (1,941)
Other income - net 116 252
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Earnings (loss) before
income tax provision 2,249 (1,689)
Income tax provision 469 132
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Net Earnings (Loss) $ 1,780 $ (1,821)
======== ========
Net Earnings (Loss) per common share:
Primary $ 0.16 $ (0.17)
Diluted $ 0.16 $ (0.17)
Average common shares outstanding:
Primary 10,945 10,847
Diluted 11,072 10,847
CONDENSED CONSOLIDATED BALANCE SHEET DATA
($000 omitted)
Mar. 31, Dec. 31, LIABILITIES AND Mar. 31, Dec. 31,
ASSETS 2003 2002 EQUITY 2003 2002
- ------ -------- -------- --------------- --------- --------
(unaudited) (unaudited)
Current assets $105,700 $ 94,504 Current liabilities $ 20,985 $ 11,715
Property, plant &
equipment, net $ 48,082 $ 37,605 Long-term liabilities $ 13,176 $ 4,519
Goodwill, net $ 11,641 $ 7,625
Other assets $ 899 $ 7,159 Stockholders' equity $132,161 $130,659
-------- -------- -------- --------
Total assets $166,322 $146,893 Total liabilities &
======== ======== equity $166,322 $146,893
======== ========