Littelfuse (LFUS) Q4 2002 earnings summary

Executive summary

• Fiscal 2002 net sales were $283.267 million, compared with $272.149 million in 2001 and $371.920 million in 2000; 54% of 2002 sales were to customers outside the United States.

• Business spans electronic, automotive and electrical circuit protection, with more than 10,000 customers and no customer exceeding 10% of sales in any of the last three years.

Financial highlights

• Net sales by product area in 2002, 2001 and 2000, respectively: Electronic $150.838 million, $146.342 million, $232.677 million; Automotive $98.235 million, $91.061 million, $100.036 million; Electrical $34.194 million, $34.746 million, $39.207 million.

• Product design and development spending was $8.3 million in 2002, $8.9 million in 2001 and $11.2 million in 2000.

• Automotive fuse royalties were $369,000 in 2002, $390,000 in 2001 and $338,000 in 2000.

Outlook and guidance

• Year-end unfilled order backlog was $29.2 million, versus $21.9 million in 2001; substantially all 2002 backlog was scheduled for delivery in 2003 and considered generally firm.

• Automotive fuse content per vehicle is expected to continue growing as vehicles add electronic features; products also serve electric and hybrid vehicles.

• Management considered worldwide facilities adequate for foreseeable requirements and did not anticipate a material impact from lease expirations in 2003.