lfus20180502_8k.htm

United States

Securities and Exchange Commission
Washington, D.C. 20579

 

Form 8-K
Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) – May 3, 2018

 

Littelfuse, Inc.

(Exact name of registrant as specified in its charter)

Delaware

0-20388

36-3795742

(State of other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

 

8755 W. Higgins Road, Suite 500, Chicago, IL 60631

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (773) 628-1000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[___]

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[___]

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[___]

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[___]

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company     ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          ☐

 

 

 

 

Item 8.01     Other Items.

 

The information contained in this Item 8.01, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference into any filing by Littelfuse, Inc. under the Securities Act or the Securities Exchange Act of 1934, as amended.

 

Littelfuse, Inc. provides the Supplemental GAAP to Non-GAAP Reconciliation attached as Exhibit 99.1 to this Form 8-K.

 

Item 9.01     Financial Statements and Exhibits.

 

(d)     Exhibits.

 

Exhibit No. Description of Exhibits
99.1  Supplemental GAAP to Non-GAAP Reconciliation, dated May 3, 2018.

 

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Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  Littelfuse, Inc.
   

Date: May 3, 2018

By: /s/ Meenal A. Sethna

 

Meenal A. Sethna
Executive Vice President and
Chief Financial Officer

  

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Exhibit Index

 

 

Item 9.01     Financial Statements and Exhibits.

 

(d)     Exhibits.

 

Exhibit No. Description of Exhibits
99.1  Supplemental GAAP to Non-GAAP Reconciliation, dated May 3, 2018.

 

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ex_112475.htm

Exhibit 99.1

 

LITTELFUSE, INC.

Condensed Consolidated Statement of Comprehensive Income

Supplemental GAAP to Non-GAAP Reconciliation

(In thousands of USD, except per share data, unaudited)

 

   

GAAP As Reported

   

Non-GAAP Adjustments

     

Non-GAAP

 
   

March 31, 2018

   

March 31, 2018

     

March 31, 2018

 
                           

Net sales

  $ 417,813               $ 417,813  
                           

Cost of sales

    268,190       (18,878 )

(a)

    249,312  
                           

Gross profit

    149,623       18,878         168,501  
                           
                           

Selling, general and administrative expenses

    77,514       (16,504 )

(b)

    61,010  

Research and development expenses

    22,540       (1,607 )

(c)

    20,933  

Amortization of intangibles

    11,998       (2,504 )

(d)

    9,494  
      112,052       (20,615 )       91,437  
                           

Operating income

    37,571       39,493         77,064  
                           

Interest expense

    5,423                 5,423  

Foreign exchange gain

    (10,555 )     10,555         -  

Other income, net

    (1,943 )               (1,943 )
                           

Income before income taxes

    44,646       28,939         73,584  

Income taxes

    8,617       5,805         14,422  
                           

Net income

  $ 36,029     $ 23,133       $ 59,162  
                           

Net income per share:

                         

Basic

  $ 1.48     $ 0.95       $ 2.43  

Diluted

  $ 1.45     $ 0.94       $ 2.39  
                           

Weighted average shares outstanding:

                         

Basic

    24,339                 24,339  

Diluted

    24,775                 24,775  
                           
                           

Comprehensive income

  $ 35,750               $ 58,883  

 

(a) Cost of sales included $17.9 million for purchase accounting inventory adjustments, $0.5 million for acquisition related stock-based compensation charges and $0.5 million of restructuring charges

 

(b) Selling, general and administrative included $11.7 million for acquisition related and integration costs, $2.4 million for acquisition related stock-based compensation charges, $2.1 million for IXYS change in control and $0.3 million of restructuring charges

 

(c) Research and development expenses included $1.6 million for acquisition related stock-based compensation charges

 

(d) Amoritization of intangibles included $2.5 million of IXYS backlog amortization

 

 

The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the Company’s operating performance. Internally, the Company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to this indicator. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.