Bel Fuse Inc. announced higher revenue and net income for the fourth quarter and 2006 versus the comparable periods of 2005 (all information is preliminary and unaudited). For the three months ended December 31, 2006, net sales rose 7% to $60,573,000 from $56,684,000 for the prior year. Net earnings for the fourth quarter of 2006 increased 44% to $4,697,000, compared to net earnings of $3,265,000 for the fourth quarter of 2005.
For the twelve months ended December 31, 2006, revenue increased 18% to a record $254,933,000, compared to $215,916,000 for 2005. Net earnings for 2006 increased 25% to $25,203,000, which included a pre-tax casualty loss of $1,030,000 and a gain on sale of marketable securities of $5,150,000. For 2005, net earnings were 20,233,000.
Bel has revised the method it uses to report earnings per share to utilize the two-class method, displaying earnings per share separately for both classes of Bel’s common stock. For the three months ended December 31, 2006, net earnings per diluted Class A common share were $0.38, compared to $0.26, and net earnings per diluted Class B common share were $0.40, compared to $0.28. For the twelve months ended December 31, 2006, net earnings per diluted Class A common share were $2.03, compared to $1.67, and net earnings per diluted Class B common share were $2.15, compared to $1.77.
"Bel’s product groups all experienced strong sales growth through the first three quarters of 2006. However, we experienced softness in many product categories in the fourth quarter. We are encouraged by the generally improved tone of orders so far in 2007," said Daniel Bernstein, the company's President.
At December 31, 2006, Bel reported cash, cash equivalents and marketable securities of approximately $92,300,000, working capital of approximately $144,677,000, a current ratio of 4.5, total long-term obligations of $4,728,000 and shareholders’ equity of $222,150,000.
