Littelfuse Inc. (LFUS, Financial) filed Quarterly Report for the period ended 2010-07-03.
Littelfuse Inc. has a market cap of $797.2 million; its shares were traded at around $36.37 with a P/E ratio of 22 and P/S ratio of 1.8. LFUS is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Chuck Royce of Royce& Associates, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Asia-Pacific sales increased $25.5 million or 57% to $70.3 million in the second quarter of 2010 compared to $44.8 million in the second quarter of 2009 primarily due to continued strong demand for consumer electronic products and restocking by distributors. The second quarter of 2009 reflected weak demand for consumer electronics and inventory reductions by distributors. The Asia-Pacific region also experienced $0.8 million in favorable foreign currency effects in the second quarter of 2010 as compared to the second quarter of 2009. This increase primarily resulted from sales denominated in Korean won and Japanese yen.
Automotive sales increased $25.2 million or 61% to $66.8 million in the first six months of 2010 compared to $41.6 million in the first six months of 2009 primarily due to improved demand in the passenger car markets in all geographic regions. In 2009, weakness in the Europe and Americas passenger car markets resulted in sharp declines in global car production. Many automotive original equipment manufacturers took extended plant shutdowns in response to weak demand and the uncertain economic outlook. The automotive segment also experienced $0.4 million in favorable foreign currency effects in the first six months of 2010 as compared to the first six months of 2009. This increase primarily resulted from sales denominated in Korean won.
Asia-Pacific sales increased $56.8 million or 76% to $131.6 million in the first six months of 2010 compared to $74.8 million in the first six months of 2009 primarily due to continued strong demand for consumer electronic products and restocking by distributors. The first six months of 2009 reflected weak demand for consumer electronics and inventory reductions by distributors. The Asia-Pacific region also experienced $1.9 million in favorable foreign currency effects in the first six months of 2010 as compared to the first six months of 2009. This increase primarily resulted from sales denominated in Korean won.
The company started 2010 with $70.4 million of cash and cash equivalents. Net cash provided by operating activities was approximately $26.1 million for the first six months of 2010 reflecting $35.7 million in net income and $18.7 million in non-cash adjustments (primarily $16.9 million in depreciation and amortization and $2.8 million in stock-based compensation) offset by $28.3 million in net changes to various operating assets and liabilities. Changes in various operating assets and liabilities (including short-term and long-term items) that impacted cash flows negatively for the first six months of 2010 consisted of net increases in accounts receivables ($30.8 million) and inventory ($9.2 million), decreases in accrued expenses (including post retirement) ($5.4 million), and accrued payroll and severance ($1.7 million). Changes that had a positive impact on cash flows were increases in accounts payable ($4.9 million), accrued income taxes ($11.4 million) and prepaid expenses and other ($2.4 million). The company also made a $6.0 million contribution to its domestic pension plan during the first six months of 2010.
Net cash used in financing activities was approximately $0.2 million and included net payments of debt of $8.4 million offset by proceeds from the exercise of stock options including tax benefits of $8.2 million. The effects of exchange rate changes decreased cash and cash equivalents by approximately $6.2 million primarily as a result of cash balances held in euros and the impact of the euro weakening against the dollar in 2010. The net cash provided by operating activities combined with the effects of exchange rate changes less net cash used in investing and financing activities resulted in a $17.3 million increase in cash, which left the company with a cash and cash equivalents balance of approximately $87.7 million at July 3, 2010.
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Littelfuse Inc. has a market cap of $797.2 million; its shares were traded at around $36.37 with a P/E ratio of 22 and P/S ratio of 1.8. LFUS is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Chuck Royce of Royce& Associates, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Automotive sales increased $8.9 million or 38% to $32.1 million in the second quarter of 2010 compared to $23.2 million in the second quarter of 2009 primarily due to improved demand in the passenger car markets in all geographic regions. In 2009, weakness in the Europe and Americas passenger car markets resulted in sharp declines in global car production. Many automotive original equipment manufacturers took extended plant shutdowns in response to weak demand and the uncertain economic outlook. The automotive segment also experienced $0.9 million in unfavorable foreign currency effects in the second quarter of 2010 as compared to the second quarter of 2009. This decrease resulted primarily from sales denominated in euros.Asia-Pacific sales increased $25.5 million or 57% to $70.3 million in the second quarter of 2010 compared to $44.8 million in the second quarter of 2009 primarily due to continued strong demand for consumer electronic products and restocking by distributors. The second quarter of 2009 reflected weak demand for consumer electronics and inventory reductions by distributors. The Asia-Pacific region also experienced $0.8 million in favorable foreign currency effects in the second quarter of 2010 as compared to the second quarter of 2009. This increase primarily resulted from sales denominated in Korean won and Japanese yen.
Automotive sales increased $25.2 million or 61% to $66.8 million in the first six months of 2010 compared to $41.6 million in the first six months of 2009 primarily due to improved demand in the passenger car markets in all geographic regions. In 2009, weakness in the Europe and Americas passenger car markets resulted in sharp declines in global car production. Many automotive original equipment manufacturers took extended plant shutdowns in response to weak demand and the uncertain economic outlook. The automotive segment also experienced $0.4 million in favorable foreign currency effects in the first six months of 2010 as compared to the first six months of 2009. This increase primarily resulted from sales denominated in Korean won.
Asia-Pacific sales increased $56.8 million or 76% to $131.6 million in the first six months of 2010 compared to $74.8 million in the first six months of 2009 primarily due to continued strong demand for consumer electronic products and restocking by distributors. The first six months of 2009 reflected weak demand for consumer electronics and inventory reductions by distributors. The Asia-Pacific region also experienced $1.9 million in favorable foreign currency effects in the first six months of 2010 as compared to the first six months of 2009. This increase primarily resulted from sales denominated in Korean won.
The company started 2010 with $70.4 million of cash and cash equivalents. Net cash provided by operating activities was approximately $26.1 million for the first six months of 2010 reflecting $35.7 million in net income and $18.7 million in non-cash adjustments (primarily $16.9 million in depreciation and amortization and $2.8 million in stock-based compensation) offset by $28.3 million in net changes to various operating assets and liabilities. Changes in various operating assets and liabilities (including short-term and long-term items) that impacted cash flows negatively for the first six months of 2010 consisted of net increases in accounts receivables ($30.8 million) and inventory ($9.2 million), decreases in accrued expenses (including post retirement) ($5.4 million), and accrued payroll and severance ($1.7 million). Changes that had a positive impact on cash flows were increases in accounts payable ($4.9 million), accrued income taxes ($11.4 million) and prepaid expenses and other ($2.4 million). The company also made a $6.0 million contribution to its domestic pension plan during the first six months of 2010.
Net cash used in financing activities was approximately $0.2 million and included net payments of debt of $8.4 million offset by proceeds from the exercise of stock options including tax benefits of $8.2 million. The effects of exchange rate changes decreased cash and cash equivalents by approximately $6.2 million primarily as a result of cash balances held in euros and the impact of the euro weakening against the dollar in 2010. The net cash provided by operating activities combined with the effects of exchange rate changes less net cash used in investing and financing activities resulted in a $17.3 million increase in cash, which left the company with a cash and cash equivalents balance of approximately $87.7 million at July 3, 2010.
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