News

Bel Fuse Releases Third Quarter Financial Results

November 01, 2006 by Jeff Shepard

Bel Fuse Inc. announced financial results for the third quarter of 2006, highlighted by a 29% increase in net earnings and a 30% increase in net sales from the comparable period in 2005. For the three months ended September 30, 2006, net sales rose to a quarterly record $73,260,000 from $56,248,000 for the same period last year. Net earnings increased 29% to $7,745,000, or $0.65 per diluted share, compared to $5,986,000, or $0.52 per diluted share, for the third quarter of 2005.

"Sales in each of our four product groups rose to new records in the third quarter, driving sequential gains in revenue and income from operations compared to this year's second quarter and to the prior year. Growth in our Magnetics and Modules groups was particularly strong." said Daniel Bernstein, President. "We are encouraged by Bel's third quarter performance, especially in light of the increases in raw materials and transportation costs that continue to affect our industry."

For the nine months ended September 30, 2006, net sales increased 22% to a record $194,360,000 from $159,231,000 for the first nine months of 2005. Net earnings increased 21% to $20,506,000, or $1.73 per diluted share, compared to $16,968,000, or $1.47 per diluted share, for the same period last year. At September 30, 2006, Bel reported cash, cash equivalents and marketable securities of approximately $96,815,000, working capital of approximately $141,025,000, a current ratio of 3.7 to 1, total long-term obligations of $4,013,000 and shareholders' equity of $220,691,000.