Bel Fuse Inc. reported net income for the second quarter of $2.75 million, or 25 cents per share on revenue of $44.7 million, up from $1.29 million, or 12 cents per share on sales of $24.7 million in the year-ago second quarter.
For the first half of 2003, net income increased to $4.54 million, or 41 cents per share on sales of $69.8 million, compared to a net loss of $0.53 million, or 5 cents per share on sales of $41.2 million in the corresponding 2002 period.
The Passive Components Group, which was acquired from Insilco Technologies Inc. on March 22, 2003, contributed revenue of $17.6 million the second quarter and $19.5 million the first half of 2003.
"Customers increasingly are seeking to buy a greater variety of products from individual suppliers," said Dan Bernstein, president of Bel Fuse, in a statement. "Our strategy is to expand and diversify Bel's product offerings through internal engineering and product development as well as selective acquisitions that enhance Bel's competitive position and expand our global customer base expectations."
At the end of the second quarter, Bel reported cash, cash equivalents and marketable securities of $42.3 million, working capital of $86.6 million, a current ratio of 5 to 1, total long-term debt of $9.5 million, and shareholders' equity of $135.1 million.