SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
July 3, 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 organizatio 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 July 3, 1999, 19,442,723 shares of common stock, $.01 par value,
of the Registrant and warrants to purchase 2,474,615 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
Consolidated Condensed Statements of Income for the period ended
July 3, 1999 and July 4, 1998 (unaudited...........................1
Consolidated Condensed Balance Sheets for the period ended
July 3, 1999(unaudited) and January 2, 1999........................2
Consolidated Condensed Statements of Cash Flows for the period
ended July 3, 1999 and July 4, 1998 (unaudited)....................3
Notes to the Consolidated Financial Statements.....................4
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations .................... 6
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.............. 11
Item 6. Exhibits and Reports on Form 8-K.................................. 12
<PAGE>
<TABLE>
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(In thousands, except per share data)
(unaudited)
For the Three For the Six
Months Ended Months Ended
July 3, July 4, July 3, July 4,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Net sales .................................................... $ 72,094 $ 69,116 $ 141,065 $ 138,447
Cost of sales ................................................ 44,041 42,785 87,225 85,524
--------- --------- --------- ---------
Gross profit ................................................. 28,053 26,331 53,840 52,923
Selling, general and administrative expenses ................. 12,949 12,807 25,545 26,169
Research and development expenses ............................ 2,499 2,105 4,886 4,276
Amortization of intangibles .................................. 1,743 1,610 3,484 3,498
--------- --------- --------- ---------
Operating Income ............................................. 10,862 9,809 19,925 18,980
Interest expense ............................................. 1,353 889 2,695 1,732
Other (income) /expense ...................................... (176) 103 (557) 739
--------- --------- --------- ---------
Income before income taxes ................................... 9,685 8,817 17,787 16,509
Income Taxes ................................................. 3,680 3,262 6,759 5,128
Net Income ................................................... $ 6,005 $ 5,555 $ 11,028 $ 11,381
========= ========= ========= =========
Net income per share ............................. -Basic $ 0.31 $ 0.27 $ 0.56 $ 0.55
========= ========= ========= =========
-Diluted $ 0.28 $ 0.24 $ 0.51 $ 0.48
========= ========= ========= =========
Weighted-average shares and
Equivalent shares outstanding ................... -Basic 19,461 20,934 19,633 20,560
========= ========= ========= =========
-Diluted 21,625 23,525 21,777 23,568
========= ========= ========= =========
</TABLE>
<PAGE>
<TABLE>
CONDENSED CONSOLIDATED
BALANCE SHEETS
(In thousands)
(unaudited)
July 3, January 2,
1999 1999
ASSETS
<S> .................................................................................... <C> <C>
Cash and cash equivalents .............................................................. $ 21,838 27,961
Receivables ............................................................................ 50,071 41,382
Inventories ............................................................................ 36,672 36,209
Other current assets ................................................................... 5,558 5,546
-------- --------
Total current assets ................................................................... 114,139 111,098
Property, plant, and equipment, net .................................................... 80,395 77,788
Reorganization value, net .............................................................. 36,079 37,814
Other intangible assets, net ........................................................... 20,416 22,148
Other assets ........................................................................... 1,674 1,696
-------- --------
$252,703 $250,544
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities excl. current portion of long-term debt ............................ 40,333 36,452
Current portion of long-term debt ...................................................... 15,297 15,515
-------- --------
Total current liabilities .............................................................. 55,630 51,967
Long-term debt ......................................................................... 69,689 70,061
Deferred liabilities ................................................................... 3,951 3,951
Other long-term liabilities ............................................................ 33 41
Shareholders' Equity .................................................................. 123,400 124,524
-------- --------
$252,703 $250,544
======== ========
</TABLE>
<PAGE>
<TABLE>
CONSOLIDATED CONDENSED
STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
For the Three For the Six
Months Ended Months Ended
July 3, July 4, July 3, July 4,
1999 1998 1999 1998
Operating activities:
<S> <C> <C> <C> <C>
Net income ......................................................... $ 6,005 $ 5,555 $ 11,028 $ 11,381
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation ................................................. 4,060 3,407 8,328 6,731
Amortization ................................................. 1,742 1,610 3,484 3,498
Changes in operating assets and liabilities:
Accounts receivable .......................................... (3,232) (1,372) (9,641) (6,761)
Inventories .................................................. (408) 341 (1,090) 1,358
Accounts payable and accrued expenses ........................ 2,852 212 4,250 880
Other, net ................................................... 602 746 (234) 352
---------- --------- -------- ---------
Net cash provided by operating activities .......................... $ 11,621 $ 10,499 $ 16,125 $ 17,439
Cash used in investing activities:
Purchases of property, plant, and equipment, net ................. (6,428) (4,340) (11,431) (10,053)
-------- -------- -------- ---------
(6,428) (4,340) (11,431) (10,053)
Cash provided by (used in) financing activities:
Borrowings/ (Payments) of long-term debt, net .................... (355) 4,773 (476) (166)
Proceeds from exercise of stock options and warrants ............. 46 827 114 5,532
Purchase of common stock and warrants ............................ (643) (7,334) (10,476) (8,973)
--------- --------- --------- ---------
Net cash used in financing activities .............................. (952) (1,734) (10,838) (3,607)
Effect of exchange rate changes on cash ............................ 151 (185) 21 (251)
-------- --------- -------- --------
Increase/ (decrease) in cash and cash equivalents .................. 4,392 4,240 (6,123) 3,528
Cash and cash equivalents at
beginning of period ............................................ 17,446 43 27,961 755
-------- -------- -------- --------
Cash and cash equivalents at end of period ......................... $ 21,838 $ 4,283 $ 21,838 $ 4,283
======== ======== ======== ========
</TABLE>
<PAGE>
Notes to Consolidated Condensed Financial Statements
(Unaudited)
July 3, 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 July 3, 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):
July 3, January 2,
1999 1999
<S> <C> <C>
Raw material $ 9,053 $ 9,800
Work in process 8,316 5,338
Finished goods 19,301 21,071
-------- -------
Total $ 36,672 $ 36,209
======== ========
</TABLE>
3. Per Share Data
Net income per share amounts for the three months and six months ended July 3,
1999, and July 4, 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):
<TABLE>
Three months ended Six months ended
July 3, July 4, July 3, July 4,
1999 1998 1999 1998
----- ----- ---- ----
<S> <C> <C> <C> <C>
Average shares outstanding 19,461 20,934 19,633 20,560
Net effect of dilutive stock options,
warrants and restricted shares
- Basic - - - -
-------- -------- ------- ------
- Diluted 2,164 2,591 2,144 3,008
------- ------- ------- ------
Average shares outstanding
- Basic 19,461 20,934 19,633 20,560
====== ====== ====== ======
- Diluted 21,625 23,525 21,777 23,568
====== ====== ====== ======
Net income $ 6,005 $ 5,555 11,028 11,381
======= ======= ====== ======
Net income per share
- Basic $ 0.31 $ 0.27 $ 0.56 $ 0.55
======== ======== ======== =======
- Diluted $ 0.28 $ 0.24 $ 0.51 $ 0.48
======== ======== ======== =======
</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 July 3, 1999, and July 4, 1998, was approximately $5.6 million and
$5.5 million, respectively, and the six months ended July 3, 1999, and July 4,
1998 was $9.2 and $11.6 million, respectively. The adjustment for comprehensive
income is related to the Company's foreign currency translation.
<PAGE>
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations
Results of Operations
Sales increased 4 % to $72.1 million in the second quarter this year compared to
$69.1 million in the second quarter of 1998. Gross margin was 38.9% this year
compared to 38.1 % in the same period of the prior year. Operating income
increased to 15.1 % of sales in the second quarter of 1999 compared to 14.2% in
the prior year. Net income increased 8 % to $6.0 million in the second quarter
this year compared to $5.6 million in the second quarter of last year and
diluted earnings per share increased 18% to $0.28 in the second quarter this
year compared to $0.24 per diluted share in the same quarter last year.
Second quarter 1999 sales increased $3.0 million compared to the same quarter in
the prior year. Sales in the Americas increased 2% over the second quarter of
1998 due in part to increased power fuse sales. Europe second quarter 1999 sales
declined 4% in dollars, as compared to the same quarter in the prior year due to
softness in the electronic market. However, Europe sales were flat in constant
currency terms. Increased Korean and Southeast Asian electronics sales
contributed to a 17% sales increase in the Asia-Pacific region. In constant
currency terms, sales increased 13 % in the Asia-Pacific region.
Electronic sales grew to $35.2 million in the second quarter of 1999 from $34.1
million in the same quarter of last year for an increase of $1.1 million or 3%.
Strong Korean and Southeast Asian electronics sales were partially offset by
lower domestic electronic demand. Automotive sales grew to $25.2 million in the
second quarter 1999 from $24.8 million in the same quarter last year for an
increase of $0.4 million or 2%. Automotive sales increases were led by increased
Asia-Pacific demand and were partially offset by lower European automotive sales
in the quarter. Power fuse sales rose to $11.7 million in the second quarter
1999 from $10.2 million in the same quarter last year for an increase of $1.5
million or 14 % reflecting catch up after a slow first quarter enhanced by an
end-of-quarter promotion.
Gross profit was $28.1 million or 38.9% of sales for the second quarter of 1999,
compared to $26.3 million or 38.1 % in the same quarter last year, as lower
average selling prices were more than offset by the continuing effects of
worldwide cost reduction programs and an increase in volume.
Operating expenses were $15.4 million or 21.4 % of sales for the second quarter
1999, compared to $14.9 million or 21.6 % 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 second quarter of 1999, compared to 2.3 % of sales in
the second quarter of 1998. Total operating expenses, including intangible
amortization, were 23.9 % of sales in the second quarter of both years.
Operating income was $10.9 million or 15.1 % of sales for the second quarter
1999 compared to $9.8 million or 14.2 % of sales for the same quarter of last
year.
Interest expense was $1.4 million in the second quarter of this year compared to
$0.9 million in the second quarter last year due to higher average debt levels
during the quarter. Other income was $0.2 million for the second quarter of 1999
compared to $0.1 million of other expense in the second quarter of the prior
year.
Income before income taxes was $9.7 million for the second quarter 1999 compared
to $8.8 million for the second quarter of 1998. Income taxes were $3.7 million
with an effective tax rate of 38% for the second quarter 1999 compared to $3.3
million with an effective tax rate of 37 % in the second quarter of last year.
Net income for the second quarter 1999 was $6.0 million or $0.28 per diluted
share compared to $5.6 million or $0.24 per diluted share for the same quarter
of last year. The Company's share repurchase program contributed to the increase
in diluted earnings per share by decreasing the diluted average shares
outstanding during the 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 $16.1 million for the first half 1999. Cash used to invest in
property, plant and equipment was $11.4 million. Cash used to repay long-term
debt and to repurchase stock was $10.9 million. In addition, proceeds from
warrant and stock option exercises were $0.1 million, resulting in net financing
activities use of cash of $10.8 million. The net of cash provided, less
investing and financing activities, resulted in a decrease in cash of $6.1
million. This left the Company with a cash balance of approximately $21.8
million at July 3, 1999.
The ratio of current assets to current liabilities was 2.1 to 1 at the end of
the second quarter 1999 compared to 2.1 to 1 at year end 1998 and 1.8 to 1 at
the end of the second quarter 1998. The days sales in receivables was
approximately 69 days at the end of the second quarter 1999 compared to 62 days
at year end 1998 and 55 days at second quarter end 1998. Contributing to an
increase in days sales in receivables in the second quarter was an increase in
Asia sales, with longer average terms, and some domestic promotional terms
granted in the second quarter of 1999. Management does not believer that there
are any significant collections problems at this time. The days inventory
outstanding was approximately 75 days at second quarter end 1999 compared to 81
days at year end 1998 and second quarter end 1998.
The Company's capital expenditures were $6.4 million for the second quarter
1999. The Company expects that capital expenditures, which will be primarily for
new machinery, equipment and information systems, will be approximately $20-22
million in 1999.
The long-term debt at the end of the second quarter 1999 consisted of four types
totaling $85.0 million. They are as follows: (1) private placement notes
totaling $78.0 million, (2) foreign revolver borrowings totaling $4.2 million,
(3) notes payable relating to mortgages totaling $0.5 million, and (4) other
long-term debt, including capital leases, totaling $2.3 million. These four
items include $15.3 million of private placement notes, tax notes and mortgage
notes, which are considered to be current. This leaves net long-term debt
totaling $69.7 million at July 3, 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 July 3, 1999. The Company
also has a $8.0 million letter of credit facility, of which approximately $1.9
million was being used at July 3, 1999.
Year 2000
The Company utilizes software, hardware and related computer technologies
essential to its operations. To the extent that these systems use two digits
rather than four to specify the applicable year, this could result in a date
recognition problem with the transition to the year 2000. The Company presently
believes that modification and replacement of certain software and hardware has
mitigated date recognition problems associated with the year 2000.
To date, the Company has fully completed its assessment of all mission-critical
systems. In addition, the Company has gathered information about the year 2000
compliance status of its significant customers, suppliers and subcontractors and
continues to monitor their compliance.
As of July 3, 1999, the Company had completed all remediation and testing of
mission critical systems for its information technology, operating equipment
systems and external interface exposures.
The Company has queried its significant suppliers and subcontractors, none of
which share information systems with the Company ("external agents"). To date,
the Company is not aware of any external agent with a year 2000 issue that would
materially impact the Company's results of operations, liquidity or capital
resources. However, the Company has no means of ensuring that external agents
will be year 2000 ready. The inability of external agents to complete their year
2000 resolution process in a timely fashion could materially impact the Company.
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 total cost of projects that relate
to year 2000 compliance is estimated at $11.0 million and is being funded
through operating cash flows. Through July 3, 1999, the Company has incurred
costs totaling approximately $9.6 million, $0.9 of which has been expensed and
$8.7 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
periods ended July 3, 1999 and July 4, 1998, is as follows (in thousands):
<TABLE>
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
Revenues July 3, 1999 July 4, 1998 July 3, 1999 July 4, 1998
- -------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
The Americas $43,199 $42,321 $82,012 $85,334
Europe 11,249 11,729 25,074 23,248
Asia-Pacific 17,646 15,066 33,978 29,864
------ ------ ------ ------
Combined Total 72,094 69,116 141,065 138,447
Corporate 0 0 0 0
Reconciliation 0 0 0 0
- - - -
Consolidated Total 72,094 69,116 141,065 138,447
====== ====== ======= =======
Intersegment Revenues
The Americas $7,146 $7,637 $15,231 $15,111
Europe 2,717 2,398 5,373 5,679
Asia-Pacific 869 35 1,642 86
--- -- ----- --
Combined Total 10,732 10,070 22,246 20,876
Corporate 0 0 0 0
Reconciliation -10,732 -10,070 -22,246 -20,876
------- ------- ------- -------
Consolidated Total 0 0 0 0
= = = =
Interest Expense
The Americas $1,296 $849 $2,577 $1,661
Europe 3 3 3 7
Asia-Pacific 54 37 115 64
-- -- --- --
Combined Total 1,353 889 2,695 1,732
Corporate 0 0 0 0
Reconciliation 0 0 0 0
- - - -
Consolidated Total 1,353 889 2,695 1,732
===== === ===== =====
Depreciation and Amortization
The Americas $2,365 $1,888 $4,892 $3,691
Europe 331 325 661 610
Asia-Pacific 852 596 1,751 1,512
--- --- ----- -----
Combined Total 3,548 2,809 7,304 5,813
Corporate 2,254 2,208 4,508 4,416
Reconciliation 0 0 0 0
- - - -
Consolidated Total 5,802 5,017 11,812 10,229
===== ===== ====== ======
Other income (loss)
The Americas $247 $50 $538 $-26
Europe 26 22 137 67
Asia-Pacific -98 -175 -118 -780
--- ---- ---- ----
Combined Total 175 -103 557 -739
Corporate 0 0 0 0
Reconciliation 0 0 0 0
- - - -
Consolidated Total 175 -103 557 -739
=== ==== === ====
Income Tax Expense
The Americas $2,019 $1,893 $2,910 $2,491
Europe 947 1,100 2,266 2,077
Asia-Pacific 714 269 1,583 560
--- --- ----- ---
Combined Total 3,680 3,262 6,759 5,128
Corporate 0 0 0 0
Reconciliation 0 0 0 0
- - - -
Consolidated Total 3,680 3,262 6,759 5,128
===== ===== ===== =====
Net Income
The Americas $5,291 $5,102 $9,251 $11,115
Europe 1,631 1,957 3,993 4,108
Asia-Pacific 1,337 703 2,292 573
----- --- ----- ---
Combined Total 8,259 7,762 15,536 15,796
Corporate -2,254 -2,208 -4,508 -4,416
Reconciliation 0 0 0 0
- - - -
Consolidated Total 6,005 5,554 11,028 11,380
===== ===== ====== ======
Revenues
Electronic $35,173 $34,078 $68,371 $68,683
Automotive 25,244 24,837 51,531 50,057
Power 11,677 10,201 21,163 19,707
Consolidated Total 72,094 69,116 141,065 138,447
</TABLE>
Revenues from no single customer of the Company amount to 10% or more for the
quarter ended July 3, 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 Quarterly Report on Form 10Q 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 4: Submission of Matters to a Vote of Security Holders
The annual meeting of stockholders of Littelfuse, Inc. was
held on April 30, 1999. The following matters were voted upon
at this annual meeting and the results of such votes are
provided below:
1. Election of six nominees to the Board of Directors to serve terms
of one year or until their successors are elected:
(i) Howard B. Witt
<TABLE>
Withhold Broker
<S> <C> <C> <C> <C>
For 18,181,890 Authority 150,397 Abstentions ___ Nonvotes ___
----------- -------
(ii) John Driscoll
Withhold Broker
For 18,181,532 Authority 150,755 Abstentions ___ Nonvotes ___
---------- -------
(iii) Anthony Grillo
Withhold Broker
For 18,182,432 Authority 149,855 Abstentions ___ Nonvotes ___
---------- -------
(iv) Bruce A. Karsh
Withhold Broker
For 18,179,932 Authority 152,355 Abstentions ___ Nonvotes ___
---------- -------
(v) John E. Major
Withhold Broker
For 18,182,756 Authority 149,531 Abstentions ___ Nonvotes ___
---------- -------
(vi) John J. Nevin
Withhold Broker
For 18,158,936 Authority 173,351 Abstentions ___ Nonvotes ___
----------- -------
</TABLE>
2. Approval and ratification of the Directors' appointment of Ernst
& Young LLP as the Company's independent auditors for the year
ending January 1, 2000
<TABLE>
Broker
<S> <C> <C> <C> <C>
For 18,268,216 Against 32,218 Abstentions 31,853 Nonvotes ___
---------- ------ -------
3. Approval of an amendment to the 1993 Stock Plan for
employees and directors of Littelfuse, Inc. which
provides that no individual will receive in any
calendar year awards of options, restricted shares,
units or rights for more than 100,000 shares of Common
Stock of the Company
Broker
<S> <C> <C> <C> <C>
For 17,807,358 Against 479,535 Abstentions 45,394 Nonvotes ___
---------- ------- ------
</TABLE>
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
July 3, 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 July 3, 1999, to be signed on its behalf by the undersigned thereunto duly
authorized.
Littelfuse, Inc.
Date: August 17, 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> 6-mos
<FISCAL-YEAR-END> JAN-1-2000
<PERIOD-START> Jan-4-1999
<PERIOD-END> JUL-3-1999
<EXCHANGE-RATE> 1
<CASH> 21,838
<SECURITIES> 0
<RECEIVABLES> 50,071
<ALLOWANCES> 0
<INVENTORY> 36,672
<CURRENT-ASSETS> 114,139
<PP&E> 80,395
<DEPRECIATION> 8,328
<TOTAL-ASSETS> 252,703
<CURRENT-LIABILITIES> 55,630
<BONDS> 0
0
0
<COMMON> 194
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 252,703
<SALES> 141,065
<TOTAL-REVENUES> 141,065
<CGS> 87,225
<TOTAL-COSTS> 87,225
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,695
<INCOME-PRETAX> 17,787
<INCOME-TAX> 6,759
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 19,633
<EPS-BASIC> 0.56
<EPS-DILUTED> 0.51
</TABLE>
