LITTELFUSE REPORTS FIRST QUARTER 2005 RESULTS
DES PLAINES, Illinois, May 9, 2005 - Littelfuse, Inc. (NASDAQ/NMS:LFUS) today reported sales and earnings for the first quarter of 2005.
Sales for the first quarter of 2005 were $121.7 million, a 9% increase from sales of $111.4 million in the first quarter of 2004. Heinrich Industrie AG, acquired in May 2004, accounted for $22.6 million of sales in the first quarter. Excluding Heinrich, sales for the first quarter of 2005 were down 11% from the prior year quarter. Diluted earnings per share were $0.20 for the first quarter of 2005. Excluding a $1.7 million pre-tax charge for plant rationalization and staff reductions, diluted earnings per share were $0.24 for the first quarter of 2005. This compares to diluted earnings per share of $0.43 for the first quarter of 2004.
“Our first quarter performance was consistent with our expectations of sales and earnings similar to the fourth quarter,” said Gordon Hunter, Chief Executive Officer. “Sales for our base business were below last year’s first quarter due primarily to inventory correction in the electronic distribution channels and softness in the telecom end markets in North America and China.”
Excluding Heinrich, sales for the first quarter of 2005 compared to the prior year period were down 11%, with the Americas down 9%, Europe down 15% and Asia down 12%. By market and excluding Heinrich, sales for the first quarter of 2005 compared to the prior year period were down 16% for electronics, down 7% for automotive and up 15% for electrical.
“Our automotive business, while up 4% sequentially in the first quarter, declined from last year’s strong first quarter due to incremental sales to support an OEM recall program in 2004 and lower car build in both the U.S. and Europe in 2005. Electrical sales continue to trend above last year, reflecting improved fundamentals in the industrial and non-residential construction sectors,” said Hunter. “Heinrich sales for the first quarter of 2005 showed a similar decline to the Littelfuse base business, primarily driven by weakness in the electronics markets.”
Cash from operating activities was $0.1 million for the first quarter of 2005, compared to $2.9 million for the same period in 2004. Net capital expenditures for the first quarter of 2005 were $8.7 million, compared to $3.0 million in the first quarter of 2004.
“The increase in capital spending for the quarter relates primarily to manufacturing process improvements, new product introductions and future capacity increases,” said Phil Franklin, Chief Financial Officer. “It is typical in our business for most of our cash flow to be generated in the second half of the year, and it is expected that this year will follow the same pattern.”
Littelfuse will host a conference call today, Monday, May 9, 2005 at 11:00 a.m. Eastern/10:00 a.m. Central time to discuss the first quarter results. The call will be broadcast live over the Internet and can be accessed through the company’s Web site: www.littelfuse.com. Listeners should go to the Web site at least 15 minutes prior to the call to download and install any necessary audio software. The call will be available for replay through June 30, 2005 and can be accessed through the Web site listed above.
Littelfuse is a global company offering the broadest line of circuit protection products in the industry. In addition to its Des Plaines, Illinois, world headquarters, Littelfuse has research and manufacturing facilities in China, England, Germany, Ireland, Mexico, the Philippines and the United States. It also has sales, distribution and engineering facilities in Brazil, China, Germany, Hungary, Japan, Korea, the Netherlands, Singapore, Taiwan and the U.S.
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