SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED October 2, 1999 OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM______ TO ______
Commission file number 0-20388
LITTELFUSE, INC.
(Exact name of registrant as specified in its charter)
Delaware 36-3795742
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
800 East Northwest Highway
Des Plaines, Illinois 60016
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(847) 824-1188
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes X No
As of October 2, 1999, 19,551,523 shares of common stock, $.01 par
value, of the Registrant and warrants to purchase 2,461,915 shares of common
stock, $.01 par value, of the Registrant were outstanding.
<PAGE>
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
PAGE
Item 1. Financial Statements
Condensed Consolidated Statements of Income for the three and nine months
ended October 2,1999 and October 3,1998......................................1
Condensed Consolidated Statements of Financial Condition at October 2, 1999
and January 2, 1999..........................................................2
Condensed Consolidated Statements of Cash Flows for the three and nine
months ended October 2,1999 and October 3,1998...............................3
Notes to the Condensed Consolidated Financial Statements.....................4
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations ....................6
PART II - OTHER INFORMATION
Item 5. Other Information ................................................ 12
Item 6. Exhibits and Reports on Form 8-K...................................12
<PAGE>
<TABLE>
Part 1 - Financial Information
Item 1.
LITTELFUSE, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
For the Three Months Ended For the Nine Months Ended
-------------------------- -------------------------
Oct. 2, 1999 Oct. 3, 1998 Oct. 2, 1999 Oct. 3, 1998
------------- ------------ ------------ - ------------
<S> <C> <C> <C> <C>
Net sales . . . . . . . . . . . $73,292 $ 69,035 $ 214,357 $ 207,482
Cost of sales . . . . . . . . . 43,975 43,130 131,200 128,653
----------------- ----------------- ------------------- -----------------
Gross profit . . . . . . . . . . 29,317 25,905 83,157 78,829
Selling, general and administrative
expenses . . . . . 13,911 12,953 39,457 39,122
Research and development expenses . . . 2,138 2,113 7,023 6,389
Amortization of intangibles . . . 1,730 1,613 5,214 5,112
----------------- ----------------- ------------------- -----------------
Operating income . . . . . . . 11,538 9,226 31,463 28,206
Interest expense . . . . . . . . 1,330 4,026 2,634
902
Other (income)/expense . . . . (420) (978)
(194) 546
Income before income taxes . . 10,628 8,518 28,415 25,026
Income taxes . . . . . . . . . 4,040 3,152 10,799 8,280
Net income . . . . . . . . . . $ 6,588 $ 5,366 $ 17,616 $ 16,746
================= ================= =================== =================
Net income per share:
Basic . . . . . . . . $ 0.34 $ 0.26 $ 0.90 $ 0.81
================= ================= =================== =================
Diluted . . . . . . . $ 0.30 $ 0.23 $ 0.81 $ 0.72
================= ================= =================== =================
Weighted average shares and equivalent shares outstanding:
Basic . . . . . . . . 19,505 20,587 19,591 20,570
=================
================= ================= ===================
Diluted . . . . . . . 21,712 22,979 21,747 23,343
================= ================= =================== =================
See accompanying notes
</TABLE>
<PAGE>
<TABLE>
LITTELFUSE, INC.
Condensed Consolidated Statements of Financial Condition
(in thousands)
October 2, 1999 January 2, 1999
----- -----
Assets: (unaudited)
<S> <C> <C>
Cash and cash equivalents . . . . . . $ 8,588 $ 27,961
Receivables . . . . . . . . . . . . 55,902 41,382
Inventories . . . . . . . . . . . . 39,285 36,209
Other current assets . . . . . . . . .
7,197 5,546
------------------- -------------------
Total current assets . . . . . . . . . . $ 110,972 $ 111,098
Property, plant, and equipment, net . . 81,178 77,788
Reorganization value, net . . . . . . . 35,211 37,814
Other intangible assets, net . . . . . . 19,531 22,148
Other assets . . . . . . . . . . . . 1,651 1,696
------------------- -------------------
$ 248,543 $ 250,544
=================== ===================
Liabilities and Shareholders' Equity:
Current liabilities excluding current portion of
long-term debt . . . . . . . . . . . $ 42,653 $ 36,452
Current portion of long-term debt . . . 14,905 15,515
------------------- -------------------
Total current liabilities . . . . . . . . 57,558 51,967
Long-term debt . . . . . . . . . . . . 55,371 70,061
Deferred liabilities . . . . . . . . . 3,947 3,951
Other long-term liabilities . . . . . . . 26 41
Shareholders' equity . . . . . . . . . . 131,641 124,524
------------------- -------------------
$ 248,543 $ 250,544
=================== ===================
See accompanying notes
</TABLE>
<PAGE>
<TABLE>
LITTELFUSE, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
For the Three For the Nine
Months Ended Months Ended
Oct. 2, Oct. 3, Oct. 2, Oct. 3,
1999 1998 1999 1998
------- ------- -------- --------
Operating activities:
<S> <C> <C> <C> <C>
Net income . . . . . . . . . . . . . $ 6,588 $ 5,366 $ 17,616 $ 16,746
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation . . . . . . . . . . 4,684 3,786 13,012 10,517
Amortization . . . . . . . . . . 1,730 1,614 5,214 5,112
Changes in operating assets and liabilities:
Accounts receivable . . . . . . . (5,650) (2,449) (15,388) (9,494)
Inventories . . . . . . . . . . . (2,427) 2,435 (3,517) 3,793
Accounts payable and accrued expenses . . 2,149 (1,315) 6,398 (434)
Other, net . . . . . . . . . . . (1,565) (690) (1,701) (54)
---------------- -------------- --------------- ---------------
Net cash provided by operating
activities . . . . . . . . . . . $ 5,509 $ 8,747 $ 21,634 $ 26,186
Cash used in investing activities:
Purchases of property, plant, and
equipment, net . . . . . . . . . . (5,073) (5,296) (16,504) (15,349)
---------------- -------------- --------------- ---------------
(5,073) (5,296) (16,504) (15,349)
Cash provided by (used in) financing
activities:
Borrowings/(Payments) of long-term
debt, net . . . . . . . . . (14,560) 31,938 (15,036) 31,772
Proceeds from exercise of stock
options and warrants . . . . . . 1,093 (4) 1,207 5,528
Purchase of common stock and warrants . . 0 (9,376) (10,476) (18,349)
---------------- -------------- --------------- ---------------
(13,467) 22,558 (24,305) 18,951
Effect of exchange rate changes on cash (219) (468) (198) (719)
---------------- -------------- --------------- ---------------
Increase/(decrease) in cash and cash
equivalents . . . . . . . . . . . (13,250) 25,541 (19,373) 29,069
Cash and cash equivalents at beginning
of period . . . . . . . . . . . 21,838 4,283 27,961 755
---------------- -------------- --------------- ---------------
Cash and cash equivalents at end of
period . . . . . . . . . . . . $ 8,588 $ 29,824 $ 8,588 $ 29,824
================ ============== =============== ===============
See accompanying notes
</TABLE>
<PAGE>
Notes to Condensed Consolidated Financial Statements
(Unaudited)
October 2, 1999
1. Basis of Presentation
Littelfuse, Inc. and its subsidiaries ("Littelfuse" or the "Company") are the
successors in interest to the components business previously conducted by
subsidiaries of Tracor Holdings, Inc. ("Predecessor"). The Company acquired its
business as a result of the Predecessor's reorganization activities concluded on
December 27, 1991.
The accompanying unaudited consolidated condensed financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information. Accordingly, they do not include all of the information
and notes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments, consisting
of normal recurring accruals, considered necessary for a fair presentation have
been included. Operating results for the period ended October 2, 1999, are not
necessarily indicative of the results that may be expected for the year ending
January 1, 2000. For further information, refer to the Company's consolidated
financial statements and the notes thereto incorporated by reference in the
Company's Annual Report on Form 10-K for the year ended January 2, 1999.
2. Inventories
<TABLE>
The components of inventories are as follows (in thousands):
October 2, January 2,
1999 1999
<S> <C> <C>
Raw material $10,135 $ 9,800
Work in process 12,493 5,338
Finished goods 16,657 21,071
------- ------
Total $39,285 $36,209
======= =======
</TABLE>
3. Per Share Data
Net income per share amounts for the three months and nine months ended October
2, 1999, and October 3, 1998, are based on the weighted average number of common
and common equivalent shares outstanding during the periods as follows (in
thousands, except per share data):
<PAGE>
<TABLE>
Three months ended Nine months ended
October 2, October 3, October 2, October 3,
1999 1998 1999 1998
----------- ----------- ---------- --------------
<S> <C> <C> <C> <C>
Average shares outstanding 19,505 20,587 19,591 20,570
Net effect of dilutive stock options,
warrants and restricted shares
- Basic - - - -
---------- ---------- --------- ---------
- Diluted 2,207 2,392 2,156 2,773
---------- ---------- --------- ---------
Average shares outstanding
- Basic 19,505 20,587 19,591 20,570
========== ========== ========== ==========
- Diluted 21,712 22,979 21,747 23,343
========== ========== ========== ==========
Net income $ 6,588 $ 5,366 17,616 16,746
=========== =========== ========== ==========
Net income per share
- Basic $ 0.34 $ 0.26 $ 0.90 $ 0.81
=========== ========== =========== ===========
- Diluted $ 0.30 $ 0.23 $ 0.81 $ 0.72
=========== ========== =========== ===========
</TABLE>
4. Comprehensive Income
In accordance with Statement of Financial Accounting Standards No. 130,
"Reporting Comprehensive Income," total comprehensive income for the three
months ended October 2, 1999, and October 3, 1998, was approximately $7.2
million and $6.4 million, respectively and the nine months ended October 2,
1999, and October 3, 1998 was $16.4 million and $18.1 million respectively. The
adjustment for comprehensive income is related to the Company's foreign currency
translation.
5. Subsequent Event
On October 21, 1999, the Company announced it had completed the acquisition of
Harris Corporation's Suppression Products Group for $25.7 million in cash. The
purchase was funded with cash on hand and $20 million from the Company's
existing credit facility. The Suppression Products Group manufactures and
markets a broad line of transient voltage suppression devices. With this new
line of products, the Company expands its circuit protection business to include
some segments of the overvoltage protection market.
<PAGE>
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations
Results of Operations
Third Quarter, 1999
Sales increased 6 % to $73.3 million in the third quarter this year compared to
$69.0 million in the third quarter of 1998. Gross margin was 40.0% this year
compared to 37.5 % in the same period of the prior year. Operating income
increased to 15.7 % of sales in the third quarter of 1999 compared to 13.4% in
the prior year. Net income increased 23 % to $6.6 million in the third quarter
this year compared to $5.4 million in the third quarter of last year and diluted
earnings per share increased 30% to $0.30 in the third quarter this year
compared to $0.23 per diluted share in the same quarter last year.
Third quarter 1999 sales increased $4.3 million compared to the same quarter in
the prior year. Growth in domestic electronic and power fuse sales was offset by
a decline in automotive aftermarket sales, resulting in flat sales for North
America. Sales grew 5 % in constant currency and declined 1 % in dollars in
Europe due to currency effects and lower automotive sales. Increased Southeast
Asian and Korean electronics sales along with favorable currency effects
contributed to a 29 % sales increase in the Asia-Pacific region. In constant
currency, sales increased 22 % in the Asia-Pacific region.
Electronic sales increased to $38.6 million in the third quarter of 1999 from
$33.8 million in the same quarter of last year for an increase of $4.8 million
or 14 %. Automotive sales declined to $23.4 million in the third quarter 1999
from $24.2 million the same quarter last year for a decrease of $0.8 million or
3 %. The decrease was due to lower domestic automotive aftermarket sales
resulting primarily from supplier delays. Power fuse sales grew to $11.3 million
in the third quarter 1999 from $11.1 million the same quarter last year for an
increase of $0.2 million or 2 %.
Gross profit was $29.3 million or 40.0 % of sales for the third quarter of 1999
compared to $25.9 million or 37.5 % in the same quarter last year, primarily due
to continued cost reduction efforts and increased unit volume.
Operating expenses were $16.0 million or 21.9 % of sales for the third quarter
1999, compared to $15.1 million or 21.8 % of sales for the same quarter in the
prior year. The amortization of the reorganization value and other intangibles
was 2.4 % of sales for the third quarter of 1999, compared to 2.3 % of sales in
the third quarter of 1998. Total operating expenses, including intangible
amortization, were 24.3 % of sales in the third quarter 1999 compared to 24.2%
of sales in the same quarter last year.
Operating income was $11.5 million or 15.7 % of sales for the third quarter 1999
compared to $9.2 million or 13.4 % of sales for the same quarter of last year.
Interest expense was $1.3 million in the third quarter of this year compared to
$0.9 million in the third quarter last year due to higher average debt levels.
Other income was $0.4 million for the third quarter of 1999 compared to $0.2
million of other expense in the third quarter of the prior year.
Income before income taxes was $10.6 million for the third quarter 1999 compared
to $8.5 million for the third quarter of 1998. Income taxes were $4.0 million
with an effective tax rate of 38% for the third quarter 1999 compared to $3.2
million with an effective tax rate of 37 % in the third quarter of last year.
Net income for the third quarter 1999 was $6.6 million or $0.30 per diluted
share compared to $5.4 million or $0.23 per diluted share for the same quarter
of last year.
Nine Months, 1999
Sales increased 3 % to $214.4 million from $207.5 million last year. Operating
income increased 12 % to $31.5 million from $28.2 million the first nine months
of last year. Net income increased 5 % to $17.6 million from $16.7 million last
year. Earnings per diluted share increased 13 % to $0.81 the first nine months
of 1999 compared to $0.72 for the same period last year.
Nine months electronics sales were up 4 % at $107.0 million compared to $102.4
million last year, as strong Asia Pacific sales and improving European
electronic sales more than offset lower Americas electronic sales. Automotive
sales were up 1 % at $74.9 million compared to $74.0 million last year, as
higher OEM sales were partially offset by sales declines in the automotive
aftermarket.
Power fuse sales were up 5 % to $32.5 million from $31.1 million last year.
Gross profit was $83.2 million or 38.8 % for the first nine months of 1999
compared to $78.8 million or 38.0 % the first nine months of last year. The
improvement in gross profit is primarily attributable to continued cost
reduction efforts.
Operating expenses were 21.7 % of sales for the first nine months of 1999
compared to 21.9 % last year. The amortization of intangibles was 2.4 % of sales
for the first nine months of 1999 compared to 2.5 % last year. Total operating
expenses including intangibles amortization were 24.1 % of sales the first nine
months 1999 compared to 24.4 % of sales the first nine months of last year.
Operating income increased to $31.5 million or 14.7 % of sales in the first nine
months 1999 compared to $28.2 million or 13.6 % last year due to increases in
gross profit.
Interest expense was $4.0 million for the first nine months 1999 compared to
$2.6 million for the first nine months of last year. Other income was $1.0
million for the first nine months of 1999 compared to other expense of $0.5
million for the same period last year. Income before taxes was $28.4 million for
the first nine months of 1999 compared to $25.0 million for the first nine
months of last year. Income taxes were $10.8 million the first nine months 1999
compared to $8.3 million last year. Income taxes in 1998 were lower because of a
one-time event related to consolidation of Korean operations.
Net income for the first nine months of 1999 increased 5 % to $17.6 million from
$16.7 million for the same period last year. Earnings per share for the first
nine months of 1999 increased 13 % to $0.81 per diluted share compared to $0.72
per diluted share last year.
Liquidity and Capital Resources
Assuming no material adverse changes in market conditions or interest rates,
management expects that the Company will have sufficient cash from operations to
support both its operations and its current debt obligations for the foreseeable
future.
Littelfuse started the 1999 year with $27.9 million of cash. Net cash provided
by operations was $21.6 million for the first nine months. Cash used to invest
in property, plant and equipment was $16.5 million. Cash used to repay long term
debt and to repurchase stock was $25.5 million. In addition, proceeds from
warrant and stock option exercises were $1.2 million, resulting in net financing
activities use of cash of $24.3 million. The net decrease in cash for the nine
months ended October 2, 1999 was $19.3 million. This left the Company with a
cash balance of approximately $8.6 million at October 2, 1999.
The ratio of current assets to current liabilities was 1.9 to 1 at the end of
the third quarter 1999 compared to 2.1 to 1 at year end 1998 and 2.6 to 1 at the
end of the third quarter 1998. The days sales in receivables was approximately
72 days at the end of the third quarter 1999 compared to 62 days at year end
1998 and 57 days at third quarter end 1998. The increase in days sales in
receivables is due primarily to delays in collection of money caused primarily
by invoicing problems related to conversion to a new system at the start of the
third quarter. Management believes that the invoicing problems have been
resolved and is expecting a reduction in accounts receivable in the fourth
quarter of this year. The days inventory outstanding was approximately 82 days
at third quarter end 1999 compared to 81 days at year end 1998 and 76 days at
third quarter end 1998.
The Company's capital expenditures were $5.1 million for the third quarter of
1999 and $16.5 million through nine months of 1999, primarily for new machinery,
equipment and information systems. The Company expects that capital expenditures
for the year 1999 will be approximately $20-22 million.
The long-term debt at the end of the third quarter 1999 consisted of four types
totaling $70.3 million. They are as follows: (1) private placement notes
totaling $64.0 million, (2) foreign revolver borrowings totaling $3.6 million,
(3) notes payable relating to mortgages totaling $0.5 million, and (4) other
long-term debt, including capital leases, totaling $2.2 million. These four
items include $14.9 million of senior notes and mortgage notes, which are
considered to be current. This leaves net long-term debt totaling $55.4 million
at October 2, 1999. The private placement notes carry interest rates of 6.31%
and 6.16%. The Company has in place a $55.0 million revolving credit facility,
none of which was drawn on October 2, 1999. The Company also has an $8.0 million
letter of credit facility, of which approximately $1.9 million was being used at
October 2, 1999.
<PAGE>
Year 2000
The Company utilizes software, hardware and related computer technologies
essential to its operations that use two digits rather than four to specify the
applicable year, which could result in a date recognition problem with the
transition to the year 2000.
Littelfuse has surveyed its significant suppliers of raw materials, service
suppliers and customers about the status of their year 2000 projects. All
high-risk suppliers have been identified and second sources qualified. A
contingency plan is in place that will pull forward the purchase of critical raw
materials during the fourth quarter to ensure adequate inventories during the
first months of the year 2000. Follow-ups are scheduled as appropriate to insure
compliance and management will decide if the contingency plan is necessary.
As of July 3, 1999, the Company had completed 100% of the remediation phase for
its mission critical information technology, operating equipment systems and
external interface exposures.
The Company utilized both internal and external resources to reprogram or
replace, test, and implement the software, operating equipment and external
interfaces for year 2000 modifications. The Company has incurred costs totaling
approximately $11.0 million, $1.0 million of which has been expensed and $10.0
million of which has been capitalized, related to all phases of the year 2000
project.
The Company believes that the foregoing statements are in conformity with the
Year 2000 Information and Readiness Disclosure Act (Public Law 105-271, 112
Stat. 2386), and all of the foregoing statements are designated as Year 2000
Readiness Disclosures thereunder. The protection of this act does not apply to
federal securities fraud.
Business Segment Information
The Company designs, manufactures, and sells circuit protection devices
throughout the world. The Company has three reportable geographic segments: The
Americas, Europe and Asia-Pacific. The circuit protection market in these
geographical segments is categorized into three major product areas: electronic,
automotive and power fuses.
The Company evaluates the performance of each geographic segment based on its
net income or loss. The Company also accounts for intersegment sales as if the
sales were to third parties.
The Company's reportable segments are the business units where the revenue is
earned and expenses are incurred. The Company has subsidiaries in The Americas,
Europe, and Asia-Pacific where each region is measured based on its sales and
operating income or loss.
Information concerning the operations in these geographic segments for the
period ended October 2, 1999 and October 3, 1998, is as follows (in thousands):
<TABLE>
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
Oct 2, 1999 Oct 3, 1998 Oct 2, 1999 Oct 3, 1998
----------- ----------- ----------- -----------
Revenues
<S> <C> <C> <C> <C>
The Americas $ 42,484 $ 42,502 $ 124,496 $ 127,836
Europe 11,200 11,277 36,274 34,525
Asia-Pacific 19,607 15,256 53,585 45,121
----------- ----------- -------------- -----------
Combined Total 73,291 69,035 214,356 207,482
Corporate 0 0 0 0
Reconciliation 0 0 0 0
------------ ------------ -------------- -----------
Consolidated Total $ 73,291 $ 69,035 $ 214,356 $ 207,482
========== ============ ============== ===========
Intersegment Revenues
The Americas $ 8,425 $ 7,175 $ 23,656 $ 22,286
Europe 2,768 2,043 8,141 7,722
Asia-Pacific 1,005 76 2,647 162
----------- ------------- ---------------
Combined Total 12,198 9,294 34,444 30,170
Corporate 0 0 0 0
Reconciliation (12,198) (9,294) (34,444) (30,170)
----------- ------------- ---------------
Consolidated Total $ - $ - $ - $ -
=========== ============= =============== ==========
Interest Expense
The Americas $ 1,260 $ 825 $ 3,837 $ 2,486
Europe 4 2 7 9
Asia-Pacific 66 75 181 139
----------- ------------- --------------- ----------
Combined Total 1,330 902 4,025 2,634
Corporate 0 0 0 0
Reconciliation 0 0 0 0
------------ ------------- --------------- ----------
Consolidated Total $ 1,330 $ 902 $ 4,025 $ 2,634
============ ============= =============== ==========
Depreciation and Amortization
The Americas $ 2,767 $ 2,000 $ 7,659 $ 5,691
Europe 431 370 1,092 980
Asia-Pacific 957 820 2,708 2,332
-------------- --------------- --------------- -------------
Combined Total 4,155 3,190 11,459 9,003
Corporate 2,259 2,210 6,767 6,626
Reconciliation 0 0 0 0
------------- ----------------- --------------- -------------
Consolidated Total $ 6,414 $ 5,400 $ 18,226 $ 5,629
============= ================= =============== =============
<PAGE>
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
Oct 2, 1999 Oct 3, 1998 Oct 2, 1999 Oct 3, 1998
----------- ----------- ----------- -----------
Other income (expense)
The Americas $ 244 $ 75 $ 782 $ 49
Europe 7 (55) 144 12
Asia-Pacific 170 173 52 (607)
------------ ----------- ----------- -----------
Combined Total 421 193 978 (546)
Corporate 0 0 0 0
Reconciliation 0 0 0 0
------------- ----------- ----------- -----------
Consolidated Total $ 421 $ 193 $ 978 $ (546)
============= =========== =========== ===========
Income Tax Expense
The Americas $ 2,437 $ 1,589 $ 5,347 $ 4,080
Europe 814 993 3,080 3,070
Asia-Pacific 789 570 2,372 1,130
--------------- ------------ ---------- ------------
Combined Total 4,040 3,152 10,799 8,280
Corporate 0 0 0 0
Reconciliation 0 0 0 0
--------------- ------------- ---------- -------------
Consolidated Total $ 4,040 $ 3,152 $ 10,799 $ 8,280
=============== ============= ========== =============
Net Income
The Americas $ 5,590 $ 4,702 $ 14,841 $ 15,817
Europe 1,683 2,279 5,676 6,387
Asia-Pacific 1,579 597 3,871 1,170
------------ -------------- ---------- -----------
Combined Total 8,852 7,578 24,388 23,374
Corporate (2,264) (2,212) (6,772) (6,628)
Reconciliation 0 0 0 0
------------ -------------- ---------- -----------
Consolidated Total $ 6,588 $ 5,366 $ 17,616 $ 16,746
============ ============== ========== ===========
Revenues
Electronic $ 38,586 $ 33,771 $106,957 $ 102,454
Automotive 23,376 24,203 74,907 74,260
Power 11,329 11,061 32,492 30,768
-------------- -------------- ---------- ------------
Consolidated Total $ 73,291 $ 69,035 $214,356 $ 207,482
============== ============== ========== ============
</TABLE>
Revenues from no single customer of the Company amount to 10% or more for the
quarter ended October 2, 1999.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995.
The preceding commentary presents management's discussion and analysis of the
Company's financial condition and results of operations for the periods
presented. Certain of the statements included above, including those regarding
future financial performance or results or those that are not historical facts,
are or contain "forward-looking" information as that term is defined in the
Securities Exchange Act of 1934, as amended. The words "expect," "believe,"
"anticipate," "project," "estimate," and similar expressions are intended to
identify forward-looking statements. The Company cautions readers that any such
statements are not guarantees of future performance or events and such
statements involve risks, uncertainties and assumption, including, but not
limited to, product demand and market acceptance risks, the effect of economic
conditions, the impact of competitive products and pricing, product development
and patent protection, commercialization and technological difficulties,
capacity and supply constraints or difficulties, actual purchases under
agreements, the effect of the Company's accounting policies, and other factors
discussed above and in the Company's Annual Report on Form 10-K for the year
ended January 2, 1999. Should one or more of these risks or uncertainties
materialize or should the underlying assumptions prove incorrect, actual results
and outcomes may differ materially from those indicated or implied in the
forward-looking statements. This review should be read in conjunction with
information provided in the financial statements appearing in the Company's
Annual Report on Form 10-K for the year ended January 2, 1999.
PART II - OTHER INFORMATION
Item 5: Other Information
On October 21, 1999, the Company announced it had completed the acquisition of
Harris Corporation's Suppression Products Group for $25.7 million in cash. The
purchase was funded with cash on hand and $20 million from the Company's
existing credit facility. The Suppression Products Group manufactures and
markets a broad line of transient voltage suppression devices. With this new
line of products, the Company expands its circuit protection business to include
some segments of the overvoltage protection market.
Item 6: Exhibits and Reports on Form 8-K
(a) Exhibit Description
Exhibit No. 27 Financial Data Schedule
(b) There were no reports on Form 8-K during the quarter
ended October 2, 1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Quarterly Report on Form 10-Q for the quarter
ended October 2, 1999, to be signed on its behalf by the undersigned thereunto
duly authorized.
Littelfuse, Inc.
Date: November 16, 1999 By /s/ Philip G. Franklin
--------------------------------
Philip G. Franklin Vice
President, Treasurer, and
Chief Financial Officer (As
duly authorized officer and
as the principal financial
and accounting officer)
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000889331
<NAME> Littelfuse, Inc.
<MULTIPLIER> 1000
<CURRENCY> us dollar
<S> <C>
<PERIOD-TYPE> 9-mos
<FISCAL-YEAR-END> JAN-1-2000
<PERIOD-START> Jul-4-1999
<PERIOD-END> Oct-2-1999
<EXCHANGE-RATE> 1.0
<CASH> 8,588
<SECURITIES> 0
<RECEIVABLES> 55,902
<ALLOWANCES> 0
<INVENTORY> 39,285
<CURRENT-ASSETS> 110,972
<PP&E> 81,178
<DEPRECIATION> 13,012
<TOTAL-ASSETS> 248,543
<CURRENT-LIABILITIES> 57,558
<BONDS> 0
0
0
<COMMON> 196
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 248,543
<SALES> 214,357
<TOTAL-REVENUES> 214,357
<CGS> 131,200
<TOTAL-COSTS> 131,200
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,026
<INCOME-PRETAX> 28,415
<INCOME-TAX> 10,799
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 17,616
<EPS-BASIC> 0.90
<EPS-DILUTED> 0.81
</TABLE>
