Bel Fuse Inc. (Jersey City, NJ) announced preliminary and unaudited results for the fourth quarter ended December 31, 2002, and for the year then ended. Net income for the fourth quarter increased to $1,925,000, or $0.17 per diluted share. This compares to a net loss for the fourth quarter of 2001 of $8,228,000, or $0.77 per diluted share, after charges principally related to severance and fixed-asset impairment. Revenue increased 58 percent to $26,886,000 for the 2002 fourth quarter from $16,973,000 for the same period a year earlier.
For the 12 months ended December 31, 2002, net income was $3,143,000, or $0.28 per diluted share. This compares to a net loss for 2001 of $12,162,000, or $1.13 per diluted share, after charges principally related to severance and fixed asset impairment. Revenue was $95,528,000 compared to $96,045,000 for 2001.
