Bel Fuse Inc. (Jersey City, NJ), a developer of magnetic-based solutions for networking and computing applications, reported that net sales for the second quarter ended June 30, 2005, increased 19 percent to a record $57,545,000, compared to $48,390,000 for the second quarter of 2004. Net income for the second quarter was $6,669,000, or $0.58 per diluted share, compared to net income of $7,145,000, or $0.63 per diluted share, for the second quarter of 2004. Results for the second quarter of 2004 included a net after-tax gain of $0.12 per share from net proceeds of $2,935,000 from the settlement of a lawsuit and a fixed asset write down of $1,033,000.
For the six months ended June 30, 2005, sales increased 13 percent to a record $102,984,000 from $90,747,000 for the same period last year. Net income was $10,982,000, or $0.95 per diluted share, compared to $11,800,000, or $1.03 per diluted share, for last year's first six months. Results for the first six months of 2004 included a net after-tax gain of $0.12 per share from the settlement and fixed asset write-down.
At June 30, 2005, Bel Fuse reported cash, cash equivalents, and marketable securities of approximately $72,508,000; working capital of approximately $115,748,000; a current ratio of 4.5-to-1; total long-term obligations of $2,603,000; and shareholders' equity of approximately $186,853,000.
