Bel Fuse Inc. (Jersey City, NJ) announced a net loss for the first quarter ended March 31, 2002, of $1,821,000, or $0.17 per diluted share. Revenue for this year's first quarter was $16,514,000, compared to a net loss for the fourth quarter of 2001 of $8,228,000, or $0.77 per share, which included charges of $4,603,000 (net of taxes), or $0.44 per share. Revenue for the 2001 fourth quarter was $16,973,000.
For the first quarter of 2001, Bel reported net income of $7,600,000, or $0.68 per diluted share, on revenue of $33,700,000.
At March 31, 2002, Bel reported cash, cash equivalents and marketable securities of $71,230,000; working capital of approximately $84,000,000; a current ratio of 7 to 1; no debt; and shareholders' equity of $128,800,000.
"We believe that the worst of the slowdown in the global electronics industry is now behind us," said President Daniel Bernstein. "While business conditions remain tough, they are clearly getting better. We currently expect Bel to report improved top and bottom-line performance in the second quarter compared to the first, with further improvement likely in the year's second half."
