Littelfuse Inc. (LFUS, Financial) filed Quarterly Report for the period ended 2009-03-28.
Littelfuse Inc. is a leading manufacturer and seller of fuses and other circuit protection devices for use in the electronic automotive and general industrial markets. In addition to its Des Plaines Illinois world headquarters Littelfuse has manufacturing facilities in England Ireland Switzerland Mexico Korea China and the Philippines as well as in Centralia and Arcola Illinois. It also has sales engineering and distribution facilities in the Netherlands Singapore Hong Kong Taiwan Japan Brazil and Livonia Michigan. Littelfuse Inc. has a market cap of $368.6 million; its shares were traded at around $16.97 with a P/E ratio of 58.6 and P/S ratio of 0.7. Littelfuse Inc. had an annual average earning growth of 3.8% over the past 5 years.
On a geographic basis, sales in the Americas decreased $12.9 million or 26% to $36.8 million in the first quarter of 2009 compared to $49.7 million in the first quarter of 2008, primarily due to decreased electronics and automotive sales of $8.2 million and $6.7 million, respectively, partially offset by increased electrical sales of $2.0 million reflecting the addition of Startco.
Europe sales decreased $15.6 million or 47% to $17.7 million in the first quarter of 2009 compared to $33.3 million in the first quarter of 2008 mainly due to decreased automotive and electronics sales. The Company also experienced $2.5 million in unfavorable foreign currency effects in the first quarter of 2009, primarily related to the negative impact from sales denominated in euros, compared to a $4.1 million net favorable currency effect in the first quarter of 2008.
Asia-Pacific sales decreased $20.8 million or 41% to $29.9 million in the first quarter of 2009 compared to $50.7 million in the first quarter on 2008 primarily due to weak demand for consumer electronics and inventory reductions by distributors. The Company also experienced $3.1 million in unfavorable foreign currency effects in the first quarter of 2009, primarily related to the negative impact from sales denominated in Korean won.
The Company started 2009 with $70.9 million of cash and cash equivalents. Net cash used in operating activities was approximately $1.9 million for the first quarter of 2009 reflecting a $7.8 million net loss and $4.0 in net changes to various operating assets and liabilities, partially offset by $9.9 million in non-cash adjustments (primarily $8.6 million in depreciation and amortization and $1.3 million in stock-based compensation). Changes in various operating assets and liabilities (including short-term and long-term items) that impacted cash flows in 2009 consisted of net decreases in accrued payroll and severance ($9.5 million) and accrued expenses and income taxes ($10.2 million), partially offset by decreases in accounts receivable ($9.4 million), inventories ($4.7 million) and prepaid expenses and other ($1.6 million).
Net cash used in investing activities was approximately $8.1 million and included $7.2 million in capital spending, related to the Companys plant expansion in the Asia-Pacific region, new production facilities for Startco, and office space for the Companys new U.S. headquarters, and a $0.9 million payment associated with the Shock Block acquisition (refer to Note 2). Net cash provided by financing activities included net proceeds from debt of $0.4 million. The effects of exchange rate changes decreased cash and cash equivalents by approximately $1.1 million. The net cash used in operating activities and investing activities combined with the effects of exchange rate changes less net cash provided by financing activities resulted in a $10.7 million decrease in cash, which left the Company with a cash balance of approximately $60.2 million at March 28, 2009.
Read the The complete ReportLFUS is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC.
Littelfuse Inc. is a leading manufacturer and seller of fuses and other circuit protection devices for use in the electronic automotive and general industrial markets. In addition to its Des Plaines Illinois world headquarters Littelfuse has manufacturing facilities in England Ireland Switzerland Mexico Korea China and the Philippines as well as in Centralia and Arcola Illinois. It also has sales engineering and distribution facilities in the Netherlands Singapore Hong Kong Taiwan Japan Brazil and Livonia Michigan. Littelfuse Inc. has a market cap of $368.6 million; its shares were traded at around $16.97 with a P/E ratio of 58.6 and P/S ratio of 0.7. Littelfuse Inc. had an annual average earning growth of 3.8% over the past 5 years.
Highlight of Business Operations:
Electrical sales increased $2.1 million or 17% to $14.7 million in the first quarter of 2009 compared to $12.6 million in the first quarter of 2008 primarily due to $4.3 million in acquired business related to Startco, partially offset by an 18% decline in the electrical fuse business reflecting a downturn in non-residential construction and inventory reductions in the distribution channel.On a geographic basis, sales in the Americas decreased $12.9 million or 26% to $36.8 million in the first quarter of 2009 compared to $49.7 million in the first quarter of 2008, primarily due to decreased electronics and automotive sales of $8.2 million and $6.7 million, respectively, partially offset by increased electrical sales of $2.0 million reflecting the addition of Startco.
Europe sales decreased $15.6 million or 47% to $17.7 million in the first quarter of 2009 compared to $33.3 million in the first quarter of 2008 mainly due to decreased automotive and electronics sales. The Company also experienced $2.5 million in unfavorable foreign currency effects in the first quarter of 2009, primarily related to the negative impact from sales denominated in euros, compared to a $4.1 million net favorable currency effect in the first quarter of 2008.
Asia-Pacific sales decreased $20.8 million or 41% to $29.9 million in the first quarter of 2009 compared to $50.7 million in the first quarter on 2008 primarily due to weak demand for consumer electronics and inventory reductions by distributors. The Company also experienced $3.1 million in unfavorable foreign currency effects in the first quarter of 2009, primarily related to the negative impact from sales denominated in Korean won.
The Company started 2009 with $70.9 million of cash and cash equivalents. Net cash used in operating activities was approximately $1.9 million for the first quarter of 2009 reflecting a $7.8 million net loss and $4.0 in net changes to various operating assets and liabilities, partially offset by $9.9 million in non-cash adjustments (primarily $8.6 million in depreciation and amortization and $1.3 million in stock-based compensation). Changes in various operating assets and liabilities (including short-term and long-term items) that impacted cash flows in 2009 consisted of net decreases in accrued payroll and severance ($9.5 million) and accrued expenses and income taxes ($10.2 million), partially offset by decreases in accounts receivable ($9.4 million), inventories ($4.7 million) and prepaid expenses and other ($1.6 million).
Net cash used in investing activities was approximately $8.1 million and included $7.2 million in capital spending, related to the Companys plant expansion in the Asia-Pacific region, new production facilities for Startco, and office space for the Companys new U.S. headquarters, and a $0.9 million payment associated with the Shock Block acquisition (refer to Note 2). Net cash provided by financing activities included net proceeds from debt of $0.4 million. The effects of exchange rate changes decreased cash and cash equivalents by approximately $1.1 million. The net cash used in operating activities and investing activities combined with the effects of exchange rate changes less net cash provided by financing activities resulted in a $10.7 million decrease in cash, which left the Company with a cash balance of approximately $60.2 million at March 28, 2009.
Read the The complete ReportLFUS is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC.
