Littelfuse global company offering broadest line circuit protection pr
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LITTELFUSE TODAY
Littelfuse global company offering broadest line circuit protection products industry. Littelfuse products vital components literally every product that uses electrical energy. Computers, Internet servers, modems, cell phones, telecommunications equipment, medical test equipment, DVDs, televisions, satellite television receivers typify fast growing, high volume markets served Littelfuse. company also leading provider circuit protection automotive industry third largest producer power fuses North America.
Financial Highlights Letter Shareowners Leader Circuit Protection Business Littelfuse Terminology Circuit Protection Littelfuse: Power Circuit Protection Innovating Fast Growing Electronics Market Leveraging Leading Position Automotive Market Gaining Larger Share Power Fuse Market Management's Discussion Analysis Consolidated Financial Statements Notes Consolidated Financial Statements Statement Management Responsibility Report Independent Auditors Board Directors Officers Operating Team Selected Financial Data Corporate Information
inside back cover
POWER CIRCUIT PROTECTION
LITTELFUSE
LITTELFUSE, INC. 1999 ANNUAL REPORT
FINANCIAL HIGHLIGHTS
SALES
millions dollars) 296.4 275.2 241.4 219.5 52.0 0.78 269.5 58.7 64.1 56.3 0.91
EBITDA
millions dollars) 70.2
EARNINGS SHARE- DILUTED dollars)
1.16 1.07
0.86
Record annual sales totaled $296.4 million 1999, increase from 1998. Worldwide sales electronic products increased 16%, automotive sales increased power fuse sales increased Geographically, sales 1999 increased Americas, Europe Asia.
Earnings before interest, taxes, depreciation amortization other income expenses increased record $70.2 million 1999, demonstrating company's strength ability generate cash meet current needs reinvest build additional shareholder value.
Diluted earnings share reached record $1.16 1999, from $0.86 1998. successful world-wide cost reduction program, steadily increasing unit volumes firming pricing capacitylimited products contributed improved performance.
(dollars thousands, except share, employee shareholder data)
1999
1998
Change
OPERATING RESULTS sales Gross profit Operating income income Earnings share diluted CASH FLOW INVESTMENTS Earnings before interest, taxes, depreciation amortization Operating cash flow Capital expenditures Research development RETURNS Return tangible assets Return capital employed Return equity OTHER Total assets Shareholders' equity Employee associates average year Estimated number shareholders $275,698 137,032 3,256 2,700 $250,544 124,524 3,085 2,700 18.5% 11.9% 19.3% 16.2% 10.4% 16.0% $70,163 38,851 19,975 9,455 $56,302 39,304 21,320 8,387 $296,367 117,255 44,624 25,220 1.16 $269,540 100,199 34,096 19,885 0.86
1998, ELECTRONICS ACCOUNTED TOTAL LITTELFUSE SALES. WITH ACQUISITION SUPPRESSION PRODUCTS GROUP, THAT PERCENTAGE INCREASES OVER 55%. ONLY ELECTRONICS BIGGEST PART BUSINESS, BELIEVE GREATEST FUTURE GROWTH POTENTIAL."
Howard Witt
SHAREOWNERS:
Littelfuse same company when wrote this letter just year ago. We're larger. We're stronger. we're committed electronics growth engine. highlight major accomplishments 1999 Littelfuse positioned future growth. OFFER BROADEST CIRCUIT PROTECTION LINE INDUSTRY. October 1999, acquired Suppression Products Group Harris Corporation. While this acquisition expected about million annual sales, that wasn't primary objective. What really wanted this company's line overvoltage circuit protection devices product line. These industryleading products, combined with existing overcurrent line, give Littelfuse broadest circuit protection product line industry. major player $500 million segment overvoltage protection market, addition leading position have global electronic overcurrent market. customers have told they would like "one stop" resource their circuit protection needs. Suppression Products Group acquisition step forward achieving this objective, adding products that complement ours opening doors markets. Littelfuse Suppression Products Group serve many same customers markets. Now, offer customers range solutions meet their protection requirements through worldwide sales network. Together, also have exciting opportunities expand electronics business. cross-sell combined portfolio electronic devices automotive market, where Littelfuse leading overcurrent supplier. already working develop "next level solutions" using technologies both companies. example, size electronic products gets increasingly smaller, need integrated products that provide both overcurrent overvoltage protection single device. also have potential expand suppression sales AsiaPacific region where Littelfuse number overcurrent market share, where Suppression Products Group significantly smaller presence.
FOCUSED ELECTRONICS GROWTH ENGINE. 1998, electronics accounted total Littelfuse sales. With acquisition Suppression Products Group, that percentage increases over 55%. only electronics biggest part business, believe greatest future growth potential. Littelfuse number market share electronic circuit protection products worldwide. This market growing approximately 10%-12% year. Virtually every electronic product market today circuit protection devices inside many utilize combination fuses, electrostatic discharge (ESD) suppressors, resettable devices varistors. When think computers, Internet servers, modems, machines, cellular phones, TVs, DVDs, cameras, microwave ovens, power conditioning equipment medical equipment today, idea growth potential this market, Littelfuse. However, still fully committed automotive power fuse businesses. These product lines will continue remain vital parts company. expect future growth from both these businesses, lower rate than electronics business. Littelfuse created automotive fuse standard today with nine automobiles world relying Littelfuse designed components, unquestionably global market leader. Internal growth will come from increases worldwide vehicle production, growth market share East, longer term, from electric hybrid vehicles which have higher dollar content fuses vehicle. POWR-GARDproducts have distinct competitive advantage market proprietary "indication" technology that competitor been able duplicate. This technology enables maintenance personnel quickly identify which fuse blown, saving employee time reducing downtime expensive equipment. demand this innovative technology continues grow, expect gain market share expand into areas. INTERNET OFFERS EXCITING OPPORTUNITIES. dramatic growth Internet well documented. while media focused fastpaced growth industry whole, much
been said about "trickle down" effect impact companies like Littelfuse supply components backbone equipment access devices that comprise Internet. Internet requires basic tools operate personal computers, modems, printers, handheld access devices set-top boxes users, servers, hubs routers keep system running. That's where come this sensitive equipment needs protected from short circuits, lightning strikes, power surges electrostatic discharges that damage equipment, cause computer "crashes" destroy data. Internet grown threeyear historical growth rate 55%. Today, over million people have Internet access. With broad line circuit protection products, Littelfuse positioned supplier choice best known computer telecommunications manufacturers industry. DELIVERED PROMISES. 1998 annual report, outlined steps were taking improve performance foundation future growth. 1999, delivered promises. Sales rebounded 1999, reaching record $296.4 million, over 1998. Operating income bounced back well, increasing $44.6 million, operating margin improved percentage points 15.1% 1999. income $25.2 million 1999, 27%, diluted earnings share rose $1.16. major driver behind growth sales earnings strong electronics sales, especially AsiaPacific region. Electronic product sales increased 16%, including percentage point contribution from sales Suppression Products Group 1999. Automotive sales increased 1999 power fuse sales were Looking sales geographic region, Asia-Pacific market biggest increase, 22%, followed Europe with Americas stepped cost reduction efforts, implementing aggressive program take costs business. closed facility Watseka, Illinois, lowered material costs, improved manufacturing processes relocated production plants with lower labor costs. Together, these activities added close million bottom line 1999, with similar amount
anticipated 2000. capital expenditure program 2000 will include substantial investment newly acquired Suppression Products Group reduce manufacturing costs. re-energized product development efforts, placing greater emphasis growth markets. invested $9.5 million research development 1999 expect increase this level over next years order further increase flow products market. 1999, introduced line suppressors based composite polymer technology. 2000, plan introduce line resettable devices new, even smaller surface mount fuse. frequently illustrate just tiny these fuses shaking them pepper shaker. These innovative miniature fuses will demand cellular phones, laptop computers personal handheld computer products, because they reduce space requirements printed circuit boards over half. greatest strengths high-speed, highvolume process assembly expertise. With manufacturing technology based state-of-the-art photolithography, plating parts bonding, have also become experts producing highly reliable miniature parts. inspection 100% testing systems enhance these capabilities maintain high level quality customers expect from Littelfuse. process further strengthening operations organizing company into three worldwide business units: electronic, automotive power fuses. Each business unit will lead manager with extensive industry experience. This structure establishes clearer accountability financial results will enable better serve needs large, global customers. During past years, we've experienced benefits multi-functional teams working together address specific issues. Moving business unit structure takes this concept next level, encouraging innovation increasing responsiveness customers fast-changing marketplace.
enterprise system will support business unit structure with information reporting capabilities designed improve customer service manufacturing efficiency increase quality timeliness information used managing company. Last year, said would seek opportunities growth within circuit protection. acquisition Suppression Products Group excellent There other products technologies that could further enhance business. will continue seek complementary acquisitions business relationships that broaden strengthen product offering provide additional growth opportunities Littelfuse. Each these activities strengthened company positioned future progress. additional expression confidence growth potential repurchase over 700,000 shares common stock open market during 1999. WE'RE POSITIONED FUTURE GROWTH. enter millennium, Littelfuse positioned growth. have broadest line circuit protection products industry. have sharpened focus electronics market primary growth driver. uniquely positioned develop products that provide solutions customers' circuit protection requirements. have ability manufacture deliver products anywhere world. We're strong financially. have outstanding employees levels. have excellent reputation quality. 2000, look forward building this strong base benefit customers, employees, suppliers course, shareholders.
Howard Witt Chairman, President Chief Executive Officer
LEADER CIRCUIT PROTECTION
CIRCUIT PROTECTION
OVERCURRENT PROTECTION
OVERVOLTAGE PROTECTION
FUSES
METAL OXIDE VARISTORS
PTCs
SUPPRESSORS
THYRISTORS/ DIODE ARRAYS
COMMON CUSTOMER BASE
TELECOMMUNICATIONS COMPUTERS MOTOR PROTECTION DATA COMMUNICATIONS TEST MEASUREMENT EQUIPMENT POWER SUPPLIES BALLAST PROTECTION MAIN/FEEDER CIRCUIT PROTECTION AUTOMOTIVE
industry-leading overvoltage protection technology gained through acquisition Harris Suppression Products Group, combined with overcurrent protection expertise Littelfuse, enables company offer customers most comprehensive line circuit protection products technology available anywhere world. Both product families sold same customer base shown above. overvoltage protection technology Suppression Products Group includes transient voltage suppression products such metal-oxide varistors (MOVs), multi-layer varistors, silicon thyristors diode arrays. This complements Littelfuse's existing line overcurrent protection products including fuses resettable devices well Littelfuse's polymerbased voltage suppression product line. Combining industry's leading overvoltage protection technology with Littelfuse's world class overcurrent protection capabilities makes Littelfuse major player world circuit protection.
BUSINESS LITTELFUSE
ELECTRONIC
Littelfuse world's leading supplier circuit protection products electronics industry, providing both overcurrent overvoltage protection. fuses, resettable devices, polymer suppressors, metal-oxide varistors (MOVs), multilayer varistors, silicon thyristors, diode arrays used protect nearly every type electronic product including computers, telecommunications equipment, Internet equipment, consumer electronics, medical test instruments, industrial controls aerospace equipment. Representative Customers Acer, Bosch, Canon, Cisco, Compaq, Daimler Chrysler, Delco Electronics, Dell Computer, Delta, Emerson, Ericsson, Hitachi, Honeywell, IBM, Liton, Electronics, Lucent Technologies, Motorola, Nokia, Nortel, Panasonic, Rockwell Automation, Samsung, SCI, Sharp, Siemens, Solectron, Sony, Square electronic component distributors.
OVERCURRENT PROTECTION
Components used protect delicate electronic circuits when current circuit exceeds predetermined value.
RESETTABLE DEVICES
Positive temperature coefficient devices (PTCs), designed with battery-powered products other lowvoltage applications. Made from composite polymer, products limit flow electrical current when overcurrent short circuit occurs then automatically reset themselves restore normal flow current after problem been corrected. Opportunities Growth introduction PTCs 1996 gave company access market these products that includes same customers that purchase fuses overvoltage products. surface mount resettable products expected grow computers, digital cameras scanners developed. Leveraging market leadership economies scale, Littelfuse build position market benefit from growth.
Products Surface mount PTCs Multilayer PTCs Primary Competitors Bourns Raychem Division TYCO International
FUSES
Littelfuse global leader surface mount fuses, leaded fuses cartridge fuses that enhance safety, improve manufacturers' productivity help reduce size components finished products. Designed close cooperation with customers, company's fuses feature precise, consistent performance wide variety applications, including battery packs, cell phones computers. Opportunities Growth miniaturization electronics proliferation portable telecommunications, computing devices Internet will generate even greater demand company's market-leading surface mount fuses. growing number portable devices sub-miniature surface mount fuses devices protect their small, sophisticated battery packs. With technical support production capabilities three world's major geographic markets, company well positioned single-source supplier large global original equipment manufacturers.
Products NAN02® surface mount fuses Thin Film surface mount fuses PICO® fuses SMTelecomfuses glass bonded fuses MICROfuses SlimLine fuses Primary Competitors Fuse Bussmann Division Cooper Industries San-O Industrial Corp. Wickmann-Werke GmBH
GEOGRAPHIC SALES Asia-Pacific Americas Europe
PERCENT TOTAL SALES Electronic Other
OVERVOLTAGE PROTECTION
Components used protect sensitive integrated circuits electronic equipment from temporary overvoltages caused lightning, electrostatic discharges electrical load switching.
THYRISTORS/DIODE ARRAYS
Thyristors advanced silicon controlled rectifier technology divert potentially damaging transient signals away from sensitive components designed high speed data transmission circuits. These products protect telecommunications equipment including PBX, modems, machines, telephones, repeaters, data transmission lines alarm systems. Opportunities Growth expected growth telecommunications data transmission driven Internet e-commerce will increase demand transient voltage suppressors.
Products SCR/diode arrays Silicon thyristor devices multiple package styles Primary Competitors Power Innovations Semtech STMicroelectronics Teccor
METAL-OXIDE VARISTORS (MOVs)
Littelfuse produces high energy absorption products that provide transient overvoltage surge suppression automobile, telecommunication industrial applications. Multilayer varistors used circuit boards, where although lower level, transients electrostatic discharges still damage sensitive circuits. Multilayer products used telecommunications, consumer electronics, automotive, medical industrial applications. Opportunities Growth growth electronics automobiles, portable stationary telecommunications equipment, consumer electronics, data transmission devices industrial electronics will drive growth energy absorbing components that protect sensitive circuitry. Greater sensitivity voltage increased more complex integrated circuits electrical/electronic products creates increased demand transient suppression.
Products Radial lead varistors High energy varistors Application-specific varistors Surface mount transient voltage surge suppressors Surface mount suppressors/filters SurgeNet four line transient voltage suppressor array Surface mount automotive transient surge suppressors Primary Competitors Maida Panasonic Siemens
SUPPRESSORS
Using advanced polymer-based technologies, suppressors help protect electronic equipment from overvoltage electrostatic discharge (ESD) events. Although research indicates that account close one-third electronic equipment failures, limitations today's suppression technology prevent from providing optimum protection emerging high speed data communications. Basing advances technology acquired 1998 efforts, 1999 Littelfuse introduced PulseGuard® line products computers, telecommunications other high-volume applications. Opportunities Growth Increases speed electronic processors continuing miniaturization make electronic products increasingly susceptible electrostatic discharges, increasing need capacitance components. Littelfuse's PulseGuard® line suppressors offers lowest capacitance technology available computers peripherals, data communications equipment range other products.
Products Surface mount suppressors Input/Output Connector suppressors Primary Competitors Bussmann Division Cooper Industries
AUTOMOTIVE
Nine every cars world rely Littelfuse designed products protect electrical circuits wiring harnesses. company's customers include major auto makers North America, Europe Asia, wiring harness manufacturers automotive parts suppliers. Littelfuse also sells aftermarket through distributors, merchandisers other outlets such auto parts retailers service stations. Japanese licensee supplies fuses vehicles manufactured that country.
GEOGRAPHIC SALES Americas Europe Asia Pacific
Opportunities Growth auto manufacturers more electronics vehicles re-engineer their electrical systems, number fuses used cars will continue increase. Over long term, development electric hybrid electric vehicles will increase demand sophisticated higher amperage power fuses from Powr-Gardoffering.
Products ATO® MINI® MAXIMIDI® JCASE MEGA® Diagnostic fuse kits Diodes resistors Fuseholders Multilayer Varistors Wholesale retail packaged fuses
Representative Customers Alcoa Fujikawa Ltd. Auto Zone Daimler Chrysler Corporation Delphi Automotive Systems Ford Motor Company General Motors Boys Trak Auto United Technologies Yazaki North America
Primary Competitors Bussmann Division Cooper Industries Pudenz Division Wickmann-Werke
PERCENT TOTAL SALES Automotive Other
POWR-GARDLittelfuse third largest producer power fuses North America increasing position market. POWR-GARDproducts used protect circuits industrial commercial heating cooling systems, lighting circuits electrical distribution networks well wide variety industrial equipment. company's broad range products sold electrical distributors their customers construction, original equipment manufacturer (OEM) maintenance repair (MRO) markets.
GEOGRAPHIC SALES Americas Asia Pacific
Opportunities Growth Products introduced last five years, such Indicatorseries power fuse down-sized Class fuse motor protection, have gained strong positions their markets. company also expanding power fuse product lines include fuses built European specifications. addition acquired line medium voltage power fuses extends company's product offerings makes more attractive distributors carry Littelfuse's products.
Representative Customers Electrical contractors Electrical distributors Plant maintenance engineers Allen Bradley Division Rockwell International Reliance Electric Products Class fuses Class fuses Class fuses Indicating Class fuses Indicating Class fuses Medium voltage power fuses Midget fuses Semiconductor fuses
Primary Competitors Bussmann Division Cooper Industries Ferraz Shawmut
PERCENT TOTAL SALES POWR-GARDOther
TERMINOLOGY CIRCUIT PROTECTION
Electrostatic Discharge (ESD) Suppressors Devices that protect electronic system from failure rapid transfer electrostatic charge circuit. Common causes electrostatic discharge human contact static from carpeting.
Fuse
metal link that melts from excessive current opens circuit, protecting circuit equipment from damage.
Metal-Oxide Varistors (MOVs)
ceramic-based device designed absorb high energy transients order maintain circuit voltage safe levels.
Overcurrent Protection Devices
Components used protect delicate electronic circuits when current circuit exceeds predetermined value.
Overvoltage Protection Devices
Components used protect sensitive integrated circuits electronic equipment from temporary overvoltages caused lightning, electrostatic discharges electrical load switching.
Positive Temperature Coefficient Resettable Devices (PTCs)
Components that positive temperature coefficient technology limit flow electric current when overloads short circuits occur then automatically reset themselves restore flow current after problem been corrected.
Surge
abnormal transient electrical disturbance circuit. Surges produced from many sources, such line strikes, sudden faults electrical equipment transmissions, switching operations.
Thyristor
fast-switching silicon semiconductor structure commonly used protect telecommunications circuits from overvoltage transients such those resulting from lightning.
Transient
Abnormal voltage current surges that damage circuits equipment.
LITTELFUSE: POWER CIRCUIT PROTECTION
Littelfuse products vital components literally every product that uses electrical energy, from consumer electronics telecommunications equipment, from medical test electronics equipment keep Internet running. Littelfuse also world's leading provider circuit protection automotive industry third largest producer power fuses North America.
PROTECTING WORLD ELECTRONICS
With acquisition Harris Suppression Products Group, Littelfuse broadest technology base circuit protection component industry. combination overcurrent overvoltage technology makes Littelfuse strong competitor fast-growing electronics market. growth electronics portable stationary telecommunications equipment, Internet devices, consumer electronics, data transmission devices, computers automobiles, medical test instruments industrial electronics will drive growth components that protect sensitive circuitry. Combining industry's leading overvoltage protection technology with Littelfuse's world class overcurrent protection capabilities makes Littelfuse major player world circuit protection.
LEADER AUTOMOTIVE MARKET
Littelfuse created worldwide standard blade fuses. company's customers include major auto makers North America, Europe Asia wiring harness manufacturers. Littelfuse also sells aftermarket through distributors, merchandisers other outlets such auto parts retailers service stations. Japanese licensee supplies fuses vehicles manufactured that country.
GROWING MARKET SHARE POWER FUSES
Littelfuse third largest producer power fuses North America steadily increasing position marketplace. POWR-GARDproducts used protect circuits industrial commercial heating cooling systems, lighting circuits electrical distribution networks well wide variety industrial equipment. unique patented Indicatorseries power fuse gained strong position markets. company's broad range products sold electrical distributors their customers construction, original equipment manufacturer (OEM) maintenance repair (MRO) markets.
INNOVATING FAST GROWING ELECTRONICS MARKET
With acquisition Harris Suppression Products Group, Littelfuse broadest technology base circuit protection component industry. combination overcurrent overvoltage technology makes Littelfuse strong competitor fast-growing electronics market. Littelfuse's technology expertise includes thinfilm processing, composite polymers, ceramic technology low-cost, high volume manufacturing processes that comply 9001, 9002 9000 quality system requirements. Already world market share leader electronic circuit protection components, company's sophisticated technology platform positions Littelfuse meet needs electronic manufacturers across globe gain increasingly larger share circuit protection component market.
iMAC APPLE COMPUTER
Typical home office computer set-ups like this iMAC Apple Computer rely circuit protection devices protect system's delicate electronic components keep running dependably.
THREE-YEAR HISTORICAL GROWTH RATES
CELLULAR PHONES*
PERSONAL COMPUTERS*
ON-LINE USERS**
*Source: International Data Corp. **Source: Internet Surveys
BURGEONING WORLD CONSUMER ELECTRONICS
With electronics playing bigger bigger role every facet life, application electronic technology almost limitless. Virtually every electronic product requires circuit protection devices protect delicate electronic parts inside keep them performing. Typical products that rely circuit protection devices include personal computers, machines, modems, microwave ovens, cellular phones, TVs, DVDs VCRs.
PROTECTING YOUR ACCESS
Circuit protection components protect delicate circuits expanding world Internet access devices like (clockwise from right) computer work stations, phones, lap-tops, WebTVs, handheld personal digital assistants.
RS/6000 SERVER
heart Internet's network, systems like this RS/6000 Server keep World Wide running. circuit protection devices Littelfuse protect delicate electronic components server other vital Internet devices keep them operating reliably.
SUPPORTING INTERNET TELECOMMUNICATIONS GROWTH
lightning fast growth Internet telecommunications world created vast market circuit protection devices. Products like Internet servers, routers hubs Internet appliances like modems, handheld computers, pagers set-top boxes have joined portable stationary telecommunications equipment popular products that rely circuit protection. Likewise, other advanced electronics including high tech medical systems, test equipment, avionics gear, industrial control aerospace electronics could operate reliably without assistance vast numbers circuit protection components well. world electronics grows electronic products become even smaller more sophisticated, need circuit protection expected increase become more complex. drive produce smaller smaller electronic devices will spawn need tiny, hybrid components that perform several circuit protection functions. With broad technology base, Littelfuse ready partner with customers provide "next level" solutions electronic products tomorrow.
SERIES COUPE
superbly designed engineered Series vehicles, rely Littelfuse products protect their electrical electronic systems.
LEVERAGING LEADING POSITION AUTOMOTIVE MARKET
creator global standard automotive blade fuses, automotive world relies Littelfuse products protect their electrical electronic systems. Littelfuse market leader automotive circuit protection. company also well recognized quality, innovation service. example, 1999 Quest Excellence survey, Automotive Industries magazine ranked Littelfuse "Best Best" electrical component suppliers quality, delivery service. electronic content automobiles increases electric hybrid vehicles become more common, need electronic replacements electro-mechanical devices electronic circuit protection devices expected continue grow. leading player automotive circuit protection, Littelfuse prepared tackle emerging customer needs with leading-edge solutions, providing next generation products world's auto makers. These next level solutions include responding increasing miniaturization electronic products developing smaller, lighter weight components that could embody overcurrent overvoltage protection same package. Developments like expected trend high voltage systems provide additional opportunities Littelfuse work with auto makers wiring harness producers provide circuit protection products that meet their needs reducing wiring weight vehicles future. Beyond product technology, Littelfuse engineers working develop manufacturing systems that more effective efficient reduce assembly costs. these activities build Littelfuse's established reputation high-speed, high-volume manufacturing expertise that turns quality, competitively priced products delivered time.
2000
FUSES DOUBLED STANDARD AUTOS PAST YEARS
electronic content vehicles increases, does need automotive circuit protection. example, just past years, average number blade fuses vehicle doubled. electronic components continue replace electro-mechanical devices automobiles, need more sophisticated electronic circuit protection will continue grow, expanding market these products.
1990
HYBRID/ELECTRIC CARS HAVE HIGHER DOLLAR CONTENT FUSES
Growth automotive market share will come part from electric hybrid vehicles like Honda Insight which have dollar content fuses vehicle that currently eight times that conventional vehicle. Over long term, development electric hybrid vehicles will increase demand sophisticated higher amperage power fuses.
IT'S EASY SPOT BLOWN FUSE
Littelfuse's award-winning Indicatortechnology company's POWR-GARDpower fuses allows service personnel quickly spot blown fuse, reducing maintenance time cutting costly downtime production equipment. Littelfuse will soon apply this proprietary technology additional power fuse series.
CONTROL BRANCH FEEDER
Littelfuse's innovative Indicatortechnology gaining applications worldwide. Global electrical/electronic giants Control Inc. Eaton/Cutler-Hammer have custom designed products featuring windowed enclosures that make indicating power fuses visible without opening compartment door. ABB's recently introduced fusible disconnect switch prime example.
GAINING LARGER SHARE POWER FUSE MARKET
Industry-leading features like "indication" technology Littelfuse's POWR-GARDpower fuses driving force behind steady increase company's share North American power fuse market. company's awardwinning Indicatortechnology allows service personnel quickly spot blown fuse, reducing maintenance time trimming costly downtime production equipment. This innovative technology gaining customers both original equipment maintenance repair markets. Building this momentum, Littelfuse will soon apply this proprietary technology additional power fuse product families. This past year, major producer electrical control distribution equipment selected Littelfuse's POWR-GARDtechnology product line featuring windowed enclosures that make indicating power fuses visible without opening door. Also, medium-voltage line power fuses introduced last year helping boost sales mining refining industries.
MANAGEMENT'S DISCUSSION ANALYSIS FINANCIAL CONDITION RESULTS OPERATIONS
FOLLOWING DISCUSSION PROVIDES ANALYSIS INFORMATION CONTAINED CONSOLIDATED FINANCIAL STATEMENTS ACCOMPANYING NOTES BEGINNING PAGE THREE FISCAL YEARS ENDED JANUARY 2000, JANUARY 1999 JANUARY 1998, RESPECTIVELY. CURRENT YEAR HIGHLIGHTS Sales increased 1999 $296.4 million diluted earnings share increased $1.16. Strengthening electronic demand contributed significantly sales growth successful cost reduction programs well higher unit volume increased gross margin earnings. During year, Company completed acquisition Suppression Products Group. This acquisition overvoltage products complements current line overcurrent products broaden Company's offering circuit protection. RESULTS OPERATIONS -1999 COMPARED WITH 1998 Sales increased $296.4 million 1999 from $269.5 million 1998. $26.9 million sales increase during 1999, $8.0 million attributable sales suppression products since date acquisition. Electronic sales increased $21.1 million $154.1 million 1999 compared $133.1 million 1998, primarily strength Asia-Pacific region. Automotive sales increased $4.6 million $101.3 million 1999 compared $96.7 million 1998 reflecting growth markets regions world. Power fuse sales increased $1.2 million $41.0 million 1999 compared $39.8 million 1998. Asia-Pacific European sales growth, international sales increased 1999 46.1% sales 1999 from 43.0% sales 1998. Gross profit $117.3 million 39.6% sales 1999 compared $100.2 million 37.2% sales 1998. gross margin increase resulted from successful worldwide cost reductions, increasing unit volumes during year firming selling prices last half 1999.
Selling, general administrative expenses increased $5.2 million 18.9% sales 1999 line with 18.9% sales 1998. Research development costs increased $1.1 million 3.2% sales 1999 compared 3.1% sales 1998 continued focus development products. Amortization reorganization value other intangibles $7.1 million 2.4% sales 1999 compared $6.8 million 2.5% sales prior year. Total operating expenses, including intangibles amortization, were 24.5% sales both years. Operating income 1999 increased $44.6 million 15.1% sales compared $34.1 million 12.6% sales prior year result factors discussed above. Interest expense $5.3 million 1999 compared $4.0 million 1998 higher average debt levels. Other income, net, consisting interest income, royalties, minority interest foreign currency items $1.3 million compared other expense $0.1 million prior year. increase other income primarily result higher interest income year. Income before taxes $40.7 million 1999 compared $30.0 million 1998. Income expense $15.5 million 1999 compared $10.1 million prior year. income year $25.2 million, compared $19.9 million prior year. Company's effective rate 38.0% 1999 compared 33.7% 1998. lower effective rate 1998 one-time benefit related liquidation Company's subsidiaries Korea. Diluted earnings share increased $1.16 1999 compared $0.86 1998. decline average shares outstanding 1999 compared prior year, Company's repurchase common stock, contributed favorably increase earnings share.
ELECTRONIC SALES
(millions dollars) 154.1 135.0 112.4 103.5 133.1
AUTOMOTIVE SALES
(millions dollars) 102.1 93.7 82.9 96.7 101.3
POWER FUSE SALES
(millions dollars) 41.0 38.0 33.2 35.4 39.8
INTERNATIONAL SALES
(millions dollars total sales)
136.5 46.1% 111.6 92.9 77.5 35.3% 38.5% 40.6% 115.9 43.0%
1998 COMPARED WITH 1997 Sales decreased $269.5 million 1998 from $275.2 million 1997. gross margin 37.2% compared 40.4% prior year operating income 12.7% sales compared 15.9% prior year. income decreased $19.9 million 1998 from $25.3 million 1997 diluted earnings share decreased $0.86 1998 from $1.07 1997. Sales decreased $5.6 million during 1998. Sales declined both automotive electronic markets, with modest increase power fuse sales. Automotive sales decreased $5.5 million $96.7 million 1998 compared $102.1 million 1997. Automotive sales were down domestically result continued phase-out electromechanical products absence product fixes automotive OEM's 1998. Electronic sales decreased $1.9 million $133.1 million 1998 compared $135.0 million 1997. electronics business down part continued inventory reductions North American distributors, weakness Japan greater than historical selling price declines. Power fuse sales increased $1.8 million $39.8 million 1998 compared $38.0 million 1997. European sales increases, international sales increased 1998 43.0% sales 1998 from 40.6% sales 1997. constant currency basis, electronic power fuse sales increased respectively, automotive sales decreased consolidated sales were flat. Gross profit $100.2 million 37.2% sales 1998 compared $111.1 million 40.4% sales 1997. gross margin decline resulted from greater than historical selling price reductions, lower volumes than anticipated costs associated with introduction products 1998. Selling, general administrative expenses decreased $1.3 million 18.9% sales 1998 compared 19.0% sales 1997 result decline sales favorable expense control during 1998. Research development costs increased $0.5 million 3.1% sales 1998 compared 2.9% sales 1997 continued development products. Amortization reorganization value other intangibles $6.8 million 2.5% sales 1998 compared $7.2 million 2.6% sales prior year. Total operating expenses, including intangibles amortization, were 24.5% sales both years. Operating income 1998 $34.1 million 12.7% sales compared $43.8 million 15.9% sales prior year. decline operating margin resulted from decreases gross margin. Interest expense $4.0 million 1998 compared $4.1 million 1997. Other expense, net, consisting royalties, minority interest adjustments foreign currency items
$0.1 million compared other income $1.0 million prior year. Also included other expense 1998 were charges related liquidation Littelfuse amounting approximately $0.4 million. Income before taxes $30.0 million 1998 compared $40.7 million 1997. Income expense $10.1 million 1998 compared $15.3 million prior year. Company's effective rate 33.7% 1998 compared 37.7% 1997. decrease income expense resulted from lower income before taxes well one-time benefit $1.1 million related liquidation Littelfuse. income year $19.9 million 1998 compared $25.3 million prior year. Diluted earnings share decreased $0.86 1998 compared $1.07 1997. LIQUIDITY CAPITAL RESOURCES Assuming material adverse changes market conditions, management expects that Company will have sufficient cash from operations support both operations debt obligations foreseeable future. Company started 1999 with $28.0 million cash. cash provided operations $38.9 million year. Cash used investing activities included $20.0 million property, plant equipment $24.8 million Harris Corporation's Suppression Products Group acquisition. Cash used financing activities included payments longterm debt $9.1 million. Company utilized borrowings under revolving loan facility finance purchase Harris Corporation's Suppression Products Group $6.0 million this short-term debt remaining January 2000. This left Company with $49.0 million borrowing capability under revolving loan facility January 2000. repurchase Company's common stock $12.8 million partially offset cash proceeds from exercise stock options conversion warrants $1.6 million. effect exchange rate changes increased cash $0.2 million. cash provided operations, less
INCOME
millions dollars) 25.3 21.7 19.3 19.9 25.2
RETURN EQUITY
21.8% 19.6% 18.4% 16.0% 19.3%
MANAGEMENT'S DISCUSSION ANALYSIS (continued)
investing activities, less financing activities, plus effect exchange rates resulted $26.1 million decrease cash. This left Company with cash balance $1.9 million 1999. working capital used $8.4 million cash flow from operations 1999. Increases accounts receivable $14.3 million, inventory $8.9 million other asset liability changes $0.1 million were offset increase accounts payable accrued expenses $14.9 million. Contributing increase working capital 1999 increase sales well some information systems migration difficulties, which Company addressing. Increased focus been placed working capital management improvements expected 2000. Company started 1998 with $0.8 million cash. cash provided operations $39.3 million year. Cash used invest property, plant equipment $21.3 million, invest product acquisitions electrostatic discharge devices medium voltage power fuses $2.8 million make non-compete payment $0.2 million. Cash provided financing activities included proceeds long-term debt $33.9 million $60.0 million private placement senior notes renegotiation existing bank credit agreement. available $55.0 million revolving loan facility unused January 1999. purchase Company's common stock $26.8 million partially offset cash proceeds from exercise stock options conversion warrants $6.3 million. effect exchange rate changes decreased cash $1.1 million. cash provided operations, less investing activities, less financing activities, plus effect exchange rates resulted $27.2 million increase cash. This left Company with cash balance $28.0 million 1998.
working capital used $2.8 million cash flow from operations 1998. Lower inventory prepaid other items were primary cash providers, offset increase accounts receivable decrease accounts payable. Company's capital expenditures were $20.0 million 1999, $21.3 million 1998 $18.9 million 1997. Company expects that capital expenditures will approximately $22.0 $23.0 million 2000. primary purposes capital expenditures 2000 will product tooling production equipment. 1999, capital expenditures 2000 expected financed cash flow from operations. Company decreased total debt $9.1 million 1999, after increasing debt $33.9 million 1998 decreasing debt $5.2 million 1997. Company required repay $15.0 million long-term debt 2000. 1999, Company's Board Directors authorized Company repurchase 1,000,000 shares common stock 1,000,000 warrants, combination exceed 1,000,000 shares common stock warrants, from time time, depending market conditions. Company repurchased 707,500 common shares $12.8 million 1999, 1,345,000 common shares $26.8 million 1998 210,000 warrants 205,000 common shares $8.6 million 1997. January 2000, Company over 800,000 shares remaining repurchase under Board Directors authorization expiring 2000. Earnings before interest, taxes, depreciation, amortization other income expense (EBITDA) increased $70.2 million 1999 from $56.3 million 1998. EBITDA decreased $56.3 million 1998 from $64.1 million 1997. working capital (working capital less cash current portion long-term debt) percent sales 20.2% year-end 1999 compared 17.3% year-end 1998 15.1% year-end 1997. increase working capital part increase days sales outstanding
RESEARCH DEVELOPMENT
(millions dollars total sales)
CAPITAL EXPENDITURES
(millions dollars) 21.3 18.9 17.1 14.6 20.0 3.2%
STOCK/WARRANT REPURCHASES
(millions dollars) 26.8 26.8
3.6% 3.0%
2.9%
3.1%
12.8
accounts receivable approximately days year-end 1999 compared days year-end 1998 days year-end 1997. increase days sales outstanding 1999 primarily difficulties experienced with migration information systems indicated above. Additionally, trend towards higher percentage international sales with longer standard terms than domestic sales contributed increase days sales outstanding over last several years. ratio current assets current liabilities year-end 1999 compared year-end 1998 year-end 1997. ratio long-term debt equity year-end 1999 compared year-end 1998 year-end 1997. MARKET RISK Company exposed market risk from changes interest rates, foreign exchange rates commodities. Company long-term debt outstanding January 2000 form Senior Notes lines credit both variable fixed interest rates. Since substantially debt fixed interest rates, Company's interest expense sensitive changes interest rate levels. portion Company's operations consists manufacturing sales activities foreign countries. Company manufacturing facilities Mexico, England, Ireland, Switzerland, South Korea, China Philippines. During 1999, sales exported from United States manufactured abroad accounted 46.1% total sales. Substantially sales Europe denominated Dutch Guilders, British Pounds Sterling, United States Dollars Euros substantially sales Asia-Pacific region denominated United States Dollars South Korean Won. Company's identifiable foreign exchange exposures result from purchase sale products from affiliates, repayment intercompany trade loan amounts translation local currency amounts consolidation financial results. Changes foreign currency exchange rates weak economic conditions foreign countries which manufactures distributes products could affect Company's sales financial results. Other than utilizing netting offsetting intercompany account management techniques reduce known exposures, Company does derivative financial instruments mitigate foreign currency risk present time. Company uses various metals production products, including zinc, copper silver. Company's earnings exposed fluctuations prices these commodities. Company does currently derivative financial instruments mitigate this commodity price risk.
YEAR 2000 July 1999, Company completed 100% remediation phase mission critical information technology, operating equipment systems external interface exposures. Company experienced difficulties with information technology, operating equipment systems, external interfaces related year 2000 transition. addition, Company experienced difficulties with significant suppliers. Company believes that foregoing statements conformity with Year 2000 Information Readiness Disclosure (Public 105-271, Stat. 2386), foregoing statements designated Year 2000 Readiness Disclosures thereunder. protection this does apply federal securities fraud. OUTLOOK Continued sales growth expected 2000, fueled part sales products introduced 1999 2000 continued increases electronic product sales. full year sales 2000 suppression products resulting from acquisition Suppression Products Group October 1999 expected contribute increases over 1999. Company will continue identify implement cost reduction opportunities 2000. These efforts expected help offset selling price pressure from customers. development products, global expansion, reinvestment continue Company's long-term growth strategy. Company intends continue commitment funding research development, international market development, investments capital equipment operations improvements. "SAFE HARBOR" STATEMENT UNDER PRIVATE SECURITIES LITIGATION REFORM 1995. statements under "Outlook," "Year 2000" other statements which historical facts contained this report forward-looking statements that involve risks uncertainties, including, limited product demand market acceptance risks, effect economic conditions, impact competitive products pricing, product development patent protection, commercialization technological difficulties, year 2000 issues discussed above, capacity supply constraints difficulties, exchange rate fluctuations, actual purchases under agreements, effect Company's accounting policies, other risks which detailed Company's Securities Exchange Commission filings.
CONSOLIDATED STATEMENTS FINANCIAL CONDITION (thousands dollars)
ASSETS CURRENT ASSETS: Cash cash equivalents Accounts receivable, less allowances (1999 7,121; 1998 $5,885) Inventories Deferred income taxes Prepaid expenses other current assets TOTAL CURRENT ASSETS PROPERTY, PLANT, EQUIPMENT: Land Buildings Equipment
January 2000
January 1999
1,888 59,583 48,916 5,265 3,485
27,961 41,382 36,209 2,456 3,090 111,098
119,137
8,370 28,636 157,296 194,302
6,753 25,682 131,136 163,571 85,783 77,788
Less: Allowances depreciation amortization
102,511 91,791
INTANGIBLE ASSETS, AMORTIZATION: Reorganization value excess amounts allocable identifiable assets Patents licenses Distribution network Trademarks Other 33,943 4,356 5,918 3,022 16,274 63,513 OTHER ASSETS 1,257 $275,698 37,814 6,522 6,412 3,275 5,940 59,963 1,695 $250,544
CONSOLIDATED STATEMENTS FINANCIAL CONDITION (continued) (thousands dollars)
LIABILITIES SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable Accrued payroll Accrued expenses Accrued income taxes Current portion long-term debt TOTAL CURRENT LIABILITIES Long-term debt, less current portion Deferred income taxes Other long-term liabilities SHAREHOLDERS' EQUITY: Preferred stock, value $.01 share: 1,000,000 shares authorized; shares issued outstanding Common stock, value $.01 share: 34,000,000 shares authorized; shares issued outstanding, 1999 19,489,143; 1998 20,023,520 Additional paid-in capital Notes receivable Common stock Accumulated other comprehensive loss Retained earnings
January 2000
January 1999
19,075 14,167 14,596 9,403 20,974 78,215 55,460 4,490
9,926 12,555 7,929 6,042 15,515 51,967 70,061 3,951
55,241 (2,909) (5,642) 90,147 137,032
55,537 (2,772) (3,726) 75,285 124,524 $250,544
accompanying notes.
$275,698
CONSOLIDATED STATEMENTS INCOME thousands dollars, except share amounts)
YEAR ENDED sales Cost sales Gross profit Selling, general administrative expenses Research development expenses Amortization intangibles Operating income Interest expense Other expense/(income), Income before income taxes Income taxes INCOME INCOME SHARE: Basic Diluted WEIGHTED-AVERAGE SHARES EQUIVALENT SHARES OUTSTANDING: Basic Diluted accompanying notes.
January 2000 $296,367 179,112 117,255 56,098 9,455 7,078 44,624 5,253 (1,306) 40,677 15,457 25,220
January 1999 $269,540 169,341 100,199 50,936 8,387 6,780 34,096 3,989 30,009 10,124 19,885
January 1998 $275,165 164,034 111,131 52,226 7,927 7,210 43,768 4,103 (987) 40,652 15,310 25,342
1.29 1.16
0.97 0.86
1.28 1.07
19,572 21,751
20,474 23,154
19,824 23,623
CONSOLIDATED STATEMENTS CASH FLOWS (thousands dollars)
YEAR ENDED OPERATING ACTIVITIES income Adjustments reconcile income cash provided operating activities: Depreciation Amortization intangibles Provision debts Deferred income taxes Other Changes operating assets liabilities: Accounts receivable Inventories Accounts payable accrued expenses Prepaid expenses other cash provided operating activities INVESTING ACTIVITIES Purchases property, plant, equipment, Purchase business, cash acquired Other cash used investing activities FINANCING ACTIVITIES Proceeds (payments) long-term debt, Proceeds from exercise stock options warrants Purchases common stock redemption warrants cash provided (used financing activities Effect exchange rate changes cash Increase (decrease) cash cash equivalents Cash cash equivalents beginning year Cash cash equivalents year accompanying notes.
January 2000
January 1999
January 1998
25,220
19,885
25,342
18,461 7,078 (3,922) (225) (14,323) (8,850) 14,915 (117) 38,851
15,426 6,780 (896) (3,218) 3,610 (4,992) 1,757 39,304
13,184 7,210 (159) (3,331) (8,281) 1,950 36,757
(19,975) (24,754) (56) (44,785)
(21,320) (2,751) (249) (24,320)
(18,936) (5,268) (357) (24,561)
(9,132) 1,645 (12,833) (20,320) (26,073) 27,961 1,888
33,851 6,308 (26,803) 13,356 (1,134) 27,206 27,961
(5,192) 1,055 (8,642) (12,779) (89) (672) 1,427
CONSOLIDATED STATEMENTS SHAREHOLDERS' EQUITY (thousands dollars)
Period from December 1996 January 2000
Common Stock
Additional Paid-In Capital
Notes ReceivableCommon Stock
Accumulated Other Comprehensive Income/(Loss)
Retained Earnings
Total
Balance December 1996 Comprehensive income: income year Foreign currency translation adjustment Comprehensive income Stock options warrants exercised Purchase 205,000 shares common stock Redemption 210,250 warrants Balance January 1998 Comprehensive income: income year Foreign currency translation adjustment Comprehensive income Stock options warrants exercised Purchase 1,345,300 shares common stock Balance January 1999 Comprehensive income: income year Foreign currency translation adjustment Comprehensive income Stock options warrants exercised Purchase 707,500 shares common stock Balance January 2000 accompanying notes.
$198 (14) $195
54,569 2,567 (720) (3,876) 52,540 7,693 (4,696) 55,537 2,172 (2,468) $55,241
(1,470) (490) (1,960) (812) (2,772) (137) $(2,909)
(870) (3,897) (4,767) (1,041) (3,726) (1,916) $(5,642)
56,195 25,342 (4,044) 77,493 19,885 (22,093) 75,285 25,220 (10,358) $90,147
$108,622 25,342 (3,897) 21,445 2,080 (4,766) (3,876) 123,505 19,885 1,041 20,926 6,896 (26,803) 124,524 25,220 (1,916) 23,304 2,037 (12,833) $137,032
NOTES CONSOLIDATED FINANCIAL STATEMENTS January 2000 January 1999
SUMMARY SIGNIFICANT ACCOUNTING POLICIES OTHER INFORMATION Nature Operations Littelfuse, Inc. subsidiaries ("the Company") design, manufacture, sell fuses other circuit protection devices automotive, electronic, general industrial markets throughout world. Company also manufactures supplies relays, switches circuit breakers. Fiscal Year Company's fiscal years ended January 2000 January 1999, contained weeks. Company's fiscal year ended January 1998, contained weeks. Principles Consolidation consolidated financial statements include accounts Littelfuse, Inc. subsidiaries. significant intercompany accounts transactions have been eliminated. Cash Equivalents highly liquid investments, with maturity three months less when purchased, considered cash equivalents. Fair Value Financial Instruments Company's financial instruments include cash cash equivalents, accounts receivable, long-term debt. carrying values such financial instruments approximate their estimated fair values. Accounts Receivable Company performs credit evaluations customers' financial condition generally does require collateral. Credit losses provided financial statements consistently have been within management's expectations. Inventories Inventories stated lower cost (first first method) market, which approximates current replacement cost. Property, Plant, Equipment Land, buildings, equipment carried cost. Depreciation provided under accelerated methods using useful lives years buildings, years equipment, years furniture fixtures. Tooling computer software depreciated using straight-line method over years years, respectively. Intangible Assets Reorganization value excess amounts allocable identifiable assets trademarks amortized using straight-line method over years. Patents amortized using straight-line method over their estimated useful lives, which average approximately years. distribution network amortized using accelerated method over years. Licenses amortized using accelerated method over their estimated useful lives, which average approximately years. Other intangible assets consist principally goodwill that being amortized over years. Accumulated amortization these intangible assets $53.2 million January 2000 $46.1 million January 1999. there
indicators that asset impaired, Company assesses recoverability from future operations using undiscounted cash flows related business measure. Under this approach, carrying value intangible asset would reduced fair value Company's best estimate expected undiscounted future cash flows related business would less than carrying amount intangible asset over remaining amortization period. Revenue Recognition Sales associated costs recognized when products shipped customers. Advertising Costs Company expenses advertising costs incurred which amounted $2.6 million 1999, $2.6 million 1998 $2.8 million 1997. Foreign Currency Translation financial statements foreign entities have been translated accordance with Statement Financial Accounting Standards (SFAS) "Foreign Currency Translation," and, accordingly, unrealized foreign currency translation adjustments reflected component shareholders' equity. Stock-Based Compensation Under provisions SFAS 123, "Accounting Stock-Based Compensation" (SFAS 123), Company accounts stock option grants employees directors accordance with Accounting Principles Board Opinion "Accounting Stock Issued Employees." Generally, Company grants stock options fixed number shares with exercise price equal market price underlying stock date grant and, accordingly, does recognize compensation expense. certain occasions, Company granted stock options fixed number shares with exercise price below that underlying stock date grant recognizes compensation expense accordingly. This compensation expense been material. Estimates preparation financial statements conformity with generally accepted accounting principles requires management make estimates assumptions that affect amounts reported financial statements accompanying notes. Actual results could differ from those estimates. Comprehensive Income June 1997, Financial Accounting Standards Board (FASB) issued SFAS 130, "Reporting Comprehensive Income" (SFAS 130). SFAS establishes standards reporting display comprehensive income components financial statements. Company adopted SFAS 1998. Company chosen disclose comprehensive income, which encompasses income foreign currency translation adjustments, consolidated statements shareholders' equity. Prior years have been restated conform SFAS requirements.
Business Segment Disclosure June 1997, FASB issued SFAS 131, "Disclosures about Segments Enterprise Related Information" (SFAS 131). SFAS establishes standards which public business enterprises report information about operating segments annual financial statements interim financial reports issued shareholders. also establishes standards related disclosures about products services, geographic areas, major customers. Company adopted SFAS fiscal 1998. (See Note Reclassifications Certain amounts 1997 financial statements have been reclassified conform with 1999 1998 financial statement presentation. ACQUISITION BUSINESS LIQUIDATION 1997, Company invested $5.3 million exchange interest Samjoo Elec. Ind. Ltd., Korean fuse manufacturer, doing business Littelfuse Triad. This acquisition been accounted through purchase method accounting; accordingly, accompanying financial statements include results operations since acquisition date. Goodwill arising from this acquisition approximately $2.9 million being amortized over years. forma results operations, assuming this acquisition occurred December 1996, would differ materially from reported results operations. During year ended January 1999, Company made acquisitions approximately $2.8 million. acquisitions have been accounted through purchase method accounting; accordingly, accompanying financial statements include results operations since acquisition dates. Goodwill arising from these acquisitions approximately $2.6 million being amortized over years. forma results operations, assuming these acquisitions occurred December 1996, would differ materially from reported results operations. March 1998, Company consolidated Korean operations into Littelfuse Triad. Pursuant consolidation, Company incurred costs approximately $400,000 liquidate Littelfuse, Inc. October 1999, Company acquired Harris Corporation's Suppression Products Group $24.8 million cash. Suppression Products Group manufactures markets broad line transient voltage suppression devices that provide circuit protection products numerous markets including consumer, computer, telecommunications, automotive, office equipment, industrial power transmission. This acquisition been accounted through purchase method accounting; accordingly, accompanying financial statements include results operations since acquisition date. purchase price been allocated following assets acquired based fair value: accounts receivable $7.4 million, inventory $4.6 million, property, plant equipment $12.7 million, other assets $0.4 million liabilities assumed $5.1 million. Purchase accounting liabilities recorded during 1999
consist $0.5 million transaction costs $5.7 million costs associated with exiting product line involuntary termination employees connection with integration business. Goodwill arising from this acquisition approximately $11.0 million being amortized over years. Assuming that this acquisition occurred January 1998, forma sales Littelfuse, Inc. would have been $328.3 million 1999 $311.9 million 1998 forma results operations would differ materially from reported results operations. INVENTORIES components inventories follows January 2000, January 1999 thousands): 1999 1998 materials Work process Finished goods 12,684 14,854 21,378 $48,916 9,800 5,338 21,071 $36,209
LONG-TERM OBLIGATIONS carrying amounts long-term debt, which approximate fair value, follows January 2000, January 1999 thousands): 1999 1998 6.16% Senior Notes, maturing 2005 6.31% Senior Notes, maturing 2000 Revolving credit facility Other obligations Capital lease obligations $55,000 9,000 6,000 4,964 1,470 76,434 20,974 $55,460 $60,000 18,000 5,539 2,037 85,576 15,515 $70,061
Less: Current maturities
Company unsecured financing arrangements consisting Senior Notes with insurance companies credit agreement with banks that provides $55.0 million revolving credit facility. Senior Notes require minimum annual principal payments. principal payments required borrowings against revolving line credit until line matures August 2002. January 2000, Company available $49.0 million borrowing capability under revolving credit facility interest rate LIBOR plus 0.375%. bank credit agreement provides letters credit $8.0 million part available credit line. January 2000 Company $1.8 million outstanding letters credit. Senior Notes bank credit agreement contain covenants that, among other matters, impose limitations incurrence additional indebtedness, future mergers, sales assets, payment dividends, changes control, defined. addition, Company required satisfy certain financial covenants tests relating among other matters, interest coverage, working capital, leverage worth.
Aggregate maturities long-term obligations January 2000, follows thousands):
thousands) Weighted-average assumptions Discount Expected return plan assets Salary growth rate
1999
1998
2000 2001 2002 2003 2004 thereafter
20,974 14,475 10,063 10,063 20,859 $76,434
7.50% 9.00% 4.50%
6.75% 9.00% 4.50%
Interest paid long-term debt approximated $4.9 million 1999, $3.8 million 1998 $4.0 million 1997. BENEFIT PLANS Company defined-benefit pension plan covering substantially North American employees. amount retirement benefit based years service final average monthly pay. plan also provides post-retirement medical benefits retirees their spouses retiree reached provided least years service prior retirement. Such benefits generally cease once retiree attains Company's contributions made amounts sufficient satisfy ERISA funding requirements. 1998, Company adopted SFAS 132, "Employers' Disclosure about Pensions Other Postretirement Benefits." statement standardizes disclosure requirements pensions other postretirement benefits. thousands) Change benefit obligation Benefit obligation beginning year Service cost Interest cost Actuarial loss Benefits paid Benefit obligation year 1999 1998
Components periodic benefit cost Service cost 2,264 Interest cost 3,015 Expected return plan assets (3,648) Amortization prior service cost Recognized actuarial loss periodic benefit cost 1,747
1,942 2,822 (3,243) 1,737
Company defined-benefit pension plan covering most Ireland employees result acquisition Suppression Products Group October, 1999. amount retirement benefit based years service final average monthly pay. plan also provides death benefits plan participants. January 1998 Ireland pension plan assets amount $11.1 million liabilities amount $10.4 million. Company process obtaining more current actuarial valuation Ireland plan. Company provides additional retirement benefits certain executives through unfunded defined contribution Supplemental Executive Retirement Plan. charge expense this plan amounted $1,058,000, $852,000 $853,000 1999, 1998 1997, respectively. Company also maintains 401(k) savings plan covering substantially U.S. employees. Company matches employee's annual contributions first employee's gross wages. Employees vest Company contributions after years service. Company matching contributions amounted $632,000 1999, $547,000 1998 $523,000 1997.
$45,487 2,264 3,015 (4,760) (1,902) $44,104
$41,649 1,942 2,822 1,155 (2,081) $45,487
Change plan assets fair value Plan assets beginning year Actual return plan assets Employer contributions Benefits paid Fair value plan assets year
$44,363 5,050 (1,902) $47,511
$39,703 6,041 (2,081) $44,363
Funded status 3,407 Unrecognized prior service cost Unrecognized actuarial loss/(gain) (3,910) Prepaid pension obligation (325)
(1,124) 2,301 1,422
SHAREHOLDERS' EQUITY Stock Split April 1997, Company's Board Directors approved two-for-one stock split stockholders record 1997, payable June 1997, form stock dividend. prior years' number shares share amounts have been restated reflect stock split. Stock Purchase Warrants Warrants purchase 2,461,309 shares common stock $4.18 share were outstanding January 2000. warrants exercisable option holder time prior December 2001, callable Company. Stock Options Company stock option plans authorizing granting both incentive nonqualified options other stock rights 2,800,000 shares common stock employees directors. stock options vest over five-year period exercisable over ten-year period commencing from date vesting. summary stock option information follows:
1999 Weighted Average Exercise Price 1998 Weighted Average Exercise Price 1997 Weighted Average Exercise Price
Options
Options
Options
Outstanding beginning year Granted Option price equals market price Option price less than market price Exercised Forfeited Outstanding year Exercisable year Available future grant Weighted-average value options granted during year Option price equals market price Option price less than market price
1,428,910 367,200 352,200 15,000 (144,870) (62,400) 1,588,840 765,960 216,440
$16.91 19.63 20.25 5.00 9.34 21.98 $18.02
1,361,310 311,500 311,500 (153,480) (90,420) 1,428,910 708,818 517,340
$14.28 24.64 24.64 6.49 15.31 $16.91
1,257,380 274,300 274,300 (156,170) (14,200) 1,361,310 671,126 138,420
$10.95 25.29 25.29 6.70 15.69 $14.28
$12.04 11.79 17.75
$11.81 11.81
$11.16 11.16
January 2000, Company following outstanding options:
WeightedAverage Remaining Life WeightedOptions Exercisable
Exercise Price
Options Outstanding
Average Exercise Price
3.688 $5.00 7.50 $11.155 1.625 $16.50 17.813 $25.50
147,700 185,100 235,600 930,240 90,200
4.00 10.20 14.84 21.52 28.93
3.00 3.92 5.03 8.27 7.56
129,500 182,700 201,920 215,520 36,320
28.875 $34.125
Disclosure forma information regarding income income share required SFAS been determined Company accounted stock options granted 1999, 1998, 1997 under fair value method using Black-Scholes option pricing model. following assumptions were utilized valuation: 1999 Risk-free interest rate Expected dividend yield Expected stock price volatility Expected life options 6.52% 41.0% years 1998 5.59% 30.0% years 1997 6.63% 19.5% years
compensation cost Company's stock options granted 1999, 1998, 1997 been determined based fair value dates grant, Company's income income share would have been reduced forma amounts indicated: 1999 1998 1997 forma income thousands dollars) forma basic income share forma diluted income share
24,341 1.24 1.12
$18,710 0.91 0.81
$24,621 1.24 1.04
exercise price right. After individual group acquires Company's common stock before they acquire 50%, Company's Board Directors exchange rights whole part, exchange ratio share common stock 1/100th share series preferred stock right. Before individual group acquires Company's common stock, majority Company's Board Directors removed written consent, whichever occurs first, rights redeemable $.01 right option Company's Board Directors. Company's Board Directors authorized reduce threshold less than 10%. Each right will expire December 2005, unless earlier redeemed Company. INCOME TAXES Federal, state, foreign income expense (credit) consists following thousands): 1999 1998 1997
forma effect income 1999, 1998, 1997 representative forma effect income future years forma disclosures reflect only fair value stock options granted those years reflect fair value outstanding options granted prior 1996. Notes Receivable Common Stock 1995, Company established Executive Loan Program under which certain management employees obtain interest-free loans from Company facilitate their exercise stock options payment related income liabilities. Such loans, limited exercise price plus related liabilities, have five-year maturity, subject acceleration termination employment death employee. Such loans classified reduction shareholders' equity. Preferred Stock Board Directors authorize issuance from time time preferred stock more series with such designations, preferences, qualifications, limitations, restrictions, optional other special rights Board resolution. connection with Rights Plan, Board Directors reserved, issued, 200,000 shares preferred stock. Rights Plan December 1995, Company adopted shareholder rights plan providing dividend distribution preferred share purchase right each share common stock outstanding after December 1995. rights exercised only individual group acquires announces tender offer more Company's common stock warrants. rights first become exercisable result announced tender offer, each right would entitle holder 1/200th share series preferred stock exercise price $67.50. Once individual group acquires more Company's common stock, each right held such individual group becomes void remaining rights will then entitle holder purchase number common shares having market value twice exercise price right. attempted takeover succeeds, each right will then entitle holder purchase number acquiring Company's common shares having market value twice
Current: Federal State Foreign 10,078 1,467 6,180 17,725 Deferred: Federal Foreign (1,875) (393) (2,268) 15,457 (809) (87) (896) $10,124 $15,310 4,861 5,239 11,020 7,845 1,859 5,391 15,095
Domestic foreign income before income taxes follows thousands): 1999 1998 1997 Domestic Foreign 22,846 17,831 40,677 $15,337 14,672 $30,009 $26,494 14,158 $40,652
reconciliation between income taxes computed income before income taxes federal statutory rate provision income taxes provided below thousands):
1999 expense statutory rate $14,237 State local taxes, federal benefit Foreign income taxes (735) SamHwa Littelfuse, Inc. liquidation Foreign losses which benefit available Other, $15,457
1998
1997
$10,503 (1,055) (73) $10,124
$14,228 1,208 (705) (395) $15,310
deferred asset valuation allowance related deferred assets from foreign operating losses. operating loss carryforwards have expiration date. Certain foreign operating loss carryforwards related valuation allowance longer available liquidation Littelfuse, Inc. Company received one-time benefit associated with liquidation approximately $1.1 million year ended January 1999. Company paid income taxes $12.1 million 1999, $11.5 million 1998 $14.0 million 1997. BUSINESS SEGMENT INFORMATION Company designs, manufactures, sells circuit protection devices throughout world. Company three reportable geographic segments: Americas, Europe, Asia-Pacific. circuit protection market these geographical segments categorized into three major product areas: electronic, automotive, power fuses. Company evaluates performance each geographic segment based income loss. Company also accounts intersegment sales sales were third parties. Company's reportable segments business units where revenue earned expenses incurred. Company subsidiaries Americas, Europe, AsiaPacific where each region measured based sales operating income loss. Information concerning operations these geographic segments year ended January 2000, follows thousands):
Deferred income taxes provided effects temporary differences between financial reporting bases bases Company's assets liabilities. Significant components Company's deferred assets liabilities January 2000 January 1999, follows thousands): 1999 Deferred liabilities over book depreciation amortization Prepaid expenses Other Total deferred liabilities Deferred assets Accrued expenses Foreign operating loss carryforwards Other Total deferred assets Less: Valuation allowance Total deferred assets deferred assets (liabilities) 5,648 5,906 (258) 5,648 3,899 4,651 (174) 4,477 $(1,493) $2,736 1,250 4,873 $4,289 1,265 5,970 1998
Americas
Europe
Asia-Pacific
Combined Total
Corporate Reconciliation
Consolidated Total
Sales Intersegment revenues Interest expense Depreciation amortization Other income (loss) Income expense income (loss) Identifiable assets Capital expenditures
1999 1998 1999 1998 1999 1998 1999 1998 1999 1998 1999 1998 1999 1998 1999 1998 1999 1998
$172,122 164,211 32,250 30,297 5,007 3,724 10,831 8,495 8,967 4,412 21,007 18,970 191,997 130,981 13,303 15,269
$50,434 44,835 18,884 10,024 1,969 1,459 3,706 3,896 8,156 7,692 36,228 24,282 2,978 2,344
$73,811 60,494 3,883 3,700 3,417 (77) (672) 2,784 1,816 5,101 2,058 39,112 42,658 3,694 3,707
$296,367 269,540 55,017 40,584 5,253 3,989 16,500 13,371 1,306 (98) 15,457 10,124 34,264 28,720 267,337 197,921 19,975 21,320
9,039 8,835 (9,044) (8,835) 66,076 89,619
(55,017) (40,584) (57,715) (36,996)
$296,367 269,540 5,253 3,989 25,539 22,206 1,306 (98) 15,457 10,124 25,220 19,885 275,698 250,544 19,975 21,320
Intersegment revenues receivables eliminated reconcile consolidated totals. Corporate identifiable assets consist primarily cash intangible assets. Company's revenues product areas years ended January 2000 January 1999, follows thousands): Revenues Electronic Automotive Power Fuse Consolidated Total Revenues from single customer Company amount more. LEASE COMMITMENTS Company leases certain office warehouse space under noncancelable operating leases, well certain machinery equipment. Rental expense under these leases approximately $0.9 million 1999 1998, respectively, $1.3 million 1997. Future minimum payments noncancelable operating leases with initial terms year more January 2000 follows thousands): 1999 $154,141 101,270 40,956 $296,367 1998 $133,086 96,685 39,769 $269,540
2000 2001 2002 2003 2004 thereafter
$481 $967
EARNINGS SHARE following table sets forth computation basic diluted earnings share: thousands) Numerator: income Denominator: Denominator basic earnings share Weighted-average shares Effect dilutive securities: Warrants Employee stock options Denominator diluted earnings share Adjusted weighted-average shares assumed conversions Basic earnings share Diluted earnings share 21,751 1.29 1.16 23,154 0.97 0.86 23,623 1.28 1.07 1,970 2,311 3,335 19,572 20,474 19,824 $25,220 19,885 25,342 1999 1998 1997
STATEMENT MANAGEMENT'S RESPONSIBILITY company's management responsible preparation, integrity objectivity consolidated financial statements other financial information presented this report. accompanying consolidated financial statements were prepared conformity with generally accepted accounting principles incorporate certain estimates judgements made management. Management developed maintains system accounting controls designed provide reasonable assurance that company's assets protected from improper that accounting records provide reliable basis preparation financial statements. This system reviewed, improved, modified response changing business conditions operations recommendations made independent auditors. Management believes that accounting control systems provide reasonable assurance that assets safeguarded financial information reliable. company adopted Code Conduct which intended guide management continued observance high ethical standards honesty, integrity fairness conduct business accordance with law. Compliance with guidelines standards periodically reviewed acknowledged writing certain management associates. company's consolidated financial statements have been audited Ernst Young LLP, independent auditors. Their audits were conducted accordance with generally accepted auditing standards, included review financial controls tests accounting records procedures they considered necessary circumstances. Audit Committee Board Directors, consisting outside directors, meets regularly with management independent auditors review accounting, reporting, auditing internal control matters. committee direct private access independent auditors.
Howard Witt Chairman, President Chief Executive Officer
Philip Franklin Vice President, Treasurer Chief Financial Officer
REPORT INDEPENDENT AUDITORS Board Directors Shareholders Littelfuse, Inc. have audited consolidated statements financial condition Littelfuse, Inc. subsidiaries January 2000, January 1999, related consolidated statements income, shareholders' equity, cash flows each three years period ended January 2000. These financial statements responsibility Company's management. responsibility express opinion these financial statements based audits. conducted audits accordance with auditing standards generally accepted United States. Those standards require that plan perform audit obtain reasonable assurance about whether financial statements free material misstatement. audit includes examining, test basis, evidence supporting amounts disclosures financial statements. audit also includes assessing accounting principles used significant estimates made management, well evaluating overall financial statement presentation. believe that audits provide reasonable basis opinion. opinion, financial statements referred above present fairly, material respects, consolidated financial position Littelfuse, Inc. subsidiaries January 2000 January 1999, consolidated results their operations their cash flows each three years period ended January 2000, conformity with accounting principles generally accepted Unites States.
Chicago, Illinois February 2000
BOARD DIRECTORS
Howard Witt Chairman, President, Chief Executive Officer Howard Witt, Chairman, President Chief Executive Officer Littelfuse, Inc. worked Littelfuse since 1979, appointed President Chief Executive Officer 1990 elected Chairman Board 1993. holds Bachelor's degree Mechanical Engineering from Northwestern University M.B.A. from Krannert School Management Purdue University where graduated with honors Krannert Scholar. John Driscoll President Jack Driscoll Enterprises, Inc. Jack Driscoll, president Jack Driscoll Enterprises, Inc., management consulting firm. retired 1998 Executive Vice President Murata Electronics North America, Inc. former Vice President Components Group Electronic Industry Alliance former member Board Governors. many years affiliated with Electronics Component Technology Conference. member Littelfuse's Compensation Committee. Jack serves member Board Directors Spectrum Products, Inc. received degree Industrial Management from Boston College attended Northeastern University Graduate School Business. Anthony Grillo Partner Joseph Littlejohn Levy, Inc. Anthony Grillo, senior managing director Joseph Litteljohn Levy, private equity firm. Tony member Littelfuse's Audit Committee. currently serves member Board Directors Hayes Lemmerz International, Inc., Lancer Industries, Iasis Healthcare several privately held companies non-profit organizations. holds Bachelor's degree Economics M.B.A. Finance from Wharton School, University Pennsylvania. John Major Chief Executive Officer Wireless Knowledge John Major, Wireless Internet Solutions Group, which provides strategic advice businesses that develop products services Internet. Previously, held positions Wireless Knowledge, privately held joint venture funded Microsoft Qualcomm President Qualcomm's Wireless Infrastructure Division. past Chairman both (Electronic Industries Alliance) (Telecommunications Industry Association), serves Executive Committee each. also serves Board Directors Lennox Verilink corporations. member Littelfuse's Compensation Committee. holds Bachelor Science degree Mechanical Aerospace Engineering from University Rochester, Master Science degree Mechanical Engineering from University Illinois. also holds M.B.A., with distinction, from Northwestern University J.D. from Loyola University. received honorary doctorate from Westminster College May, 1995. Bruce Karsh President Co-Founder Oaktree Capital Management, Bruce Karsh, president co-founder Oaktree Capital Management, LLC, investment advisory firm with over billion assets under management. Bruce member Littelfuse's Compensation Committee. serves member Board Directors Furniture Brands International. holds Bachelor's degree Economics from Duke University J.D. from University Virginia School Law. John Nevin Retired Chairman Bridgestone/Firestone, Inc. John Nevin, retired Chairman Board Directors Bridgestone/Firestone, Inc. member Littelfuse's Audit Committee life trustee Northwestern University. holds Bachelor's degree Business Administration from University California received M.B.A. from Harvard Graduate School Business.
OFFICERS MANAGEMENT TEAM
Howard Witt Chairman, President, Chief Executive Officer (Please Board Directors) William Barron Vice President, Sales Marketing Bill Barron, responsible company's overall sales marketing. Prior joining Littelfuse 1991, Bill held positions director sales marketing business unit manager Cinch Manufacturing, division TRW. holds Bachelor's degree Engineering from University Illinois M.B.A. from Northwestern University. Philip Franklin Vice President, Treasurer Chief Financial Officer Phil Franklin, responsible treasury, investor relations, financial control, financial reporting information systems functions company. joined company 1998 from OmniQuip International, $450 million construction equipment manufacturer which helped take public. holds Bachelor's degree laude Economics M.B.A., both from Dartmouth College. Hans Ouwehand Vice President, European Operations Hans Ouwehand, responsible sales, marketing, manufacturing engineering activities Europe. joined Littelfuse 1984 sales manager European electronics sales. Hans assumed current responsibilities 1986. 1997, promoted position Vice President. holds Bachelor's degree Electrical Engineering from Polytechnical University Hague, Netherlands. Lloyd Turner Vice President, Operations Lloyd Turner, responsible manufacturing operations related support functions. Lloyd joined Littelfuse 1988 director operations. holds Bachelor's degree Mechanical Engineering from University Southwestern Louisiana Master's degree Engineering Mechanics from Virginia Polytechnic Institute. David Heinzmann Manufacturing Technical Services Manager Dave Heinzmann, responsible manufacturing engineering automation services well supporting existing products product development. Heinzmann joined Littelfuse 1985 manufacturing engineer Centralia facility promoted plant manager 1994. holds Bachelor's degree Mechanical Engineering from University Missouri Rolla. Kenneth Audino Vice President, Organizational Development Total Quality Management Audino, responsible company's overall quality, reliability environmental compliance, quality systems, human resources training efforts. Audino worked Littelfuse since 1964. holds Bachelor's degree Business Administration from Northwestern University M.B.A. with high honors from Lake Forest Graduate School Management Stephen Whitney Director Engineering Steve Whitney, responsible aspects product design engineering. joined Littelfuse 1998 engineering manager, advanced products. Prior joining Littelfuse, manager product market development Bussmann Division Cooper Industries. Steve holds Bachelor's degree Electrical Engineering from University Wisconsin-Madison. Janet LaHayne Chief Information Officer LaHayne, responsible aspects company's information systems. Prior joining Littelfuse October 1999, director information services World's Finest Chocolate, $120 million private company headquartered Chicago. also years experience with Quaker Oats Company wide variety assignments. holds Bachelor's degree Home Economics Master's degree Organization Development from Valparaiso University. Mary Muchoney Corporate Secretary Mary Muchoney, joined company 1977 served Corporate Secretary since 1991. responsible providing secretarial administrative functions President Littelfuse Board Directors. member American Society Corporate Secretaries. James Stoffel Quality Reliability Manager Stoffel, responsible product evaluation quality activities Littelfuse's North American facilities. Stoffel joined Littelfuse 1985 reliability engineer promoted manager reliability engineering test laboratories 1988. Previously, supplier relations manager three years. holds Bachelor's degree Mechanical Engineering from University Dayton achieved quality reliability certifications from American Society Quality.
Pictured left: Hans Ouwehand, Howard Witt, LaHayne James Stoffel, Philip Franklin, David Heinzman, Stephen Whitney William Barron, Lloyd Turner, Kenneth Audino, Mary Muchoney
SELECTED FINANCIAL DATA thousands, except share data)
FIVE YEAR SUMMARY sales Gross profit Operating income income income share Diluted working capital Total assets Long-term debt
1999 $296,367 117,255 44,624 25,220 1.16 60,008 275,698 55,460
1998 269,540 100,199 34,096 19,885 0.86 46,685 250,544 70,061
1997 275,165 111,131 43,768 25,342 1.07 41,548 221,885 40,385
1996 241,446 98,288 37,669 21,735 0.91 31,343 209,951 44,556
1995 291,535 89,872 33,729 19,272 0.78 27,963 205,186 40,804
QUARTERLY RESULTS OPERATIONS (Unaudited) sales Gross profit Operating income income income share: Basic Diluted 0.39 0.35 0.34 0.30 0.31 0.28 82,009 34,098 13,162 7,604 73,293 29,317 11,538 6,588 72,094 28,053 10,862 6,005
1999 68,971 25,787 9,062 5,023 0.25 0.23 62,058 21,370 5,890 3,139 0.16 0.14 69,035 25,905 9,226 5,366 0.26 0.23 69,116 26,331 9,809 5,555 0.27 0.24
1998 69,331 26,592 9,171 5,826 0.29 0.25
QUARTERLY STOCK PRICE High Close 17/64 17/64 17/64
1999
1998
11/16
CORPORATE INFORMATION
INDEPENDENT AUDITORS Ernst Young, South Wacker Drive Chicago, Illinois 60606 REGISTRAR TRANSFER AGENT LaSalle Bank South LaSalle Street Chicago, Illinois 60603 LEGAL COUNSEL Chapman Cutler West Monroe Street Chicago, Illinois 60603 RESEARCH MANUFACTURING FACILITIES Arcola, Illinois, Centralia, Illinois, Plaines, Illinois, Grenchen, Switzerland Batangas, Philippines Piedras Negras, Mexico Seoul, Korea Suzhou, China Washington, England Dundalk, Ireland SALES, DISTRIBUTION ENGINEERING FACILITIES Livonia, Michigan, Hong Kong, China Singapore Yokohama, Japan Utrecht, Netherlands Paulo, Brazil ANNUAL MEETING annual meeting Littelfuse, Inc. will held 9:00 a.m. April 2000, Littelfuse Corporate Headquarters. Proxy material copy this report will mailed advance meeting shareholders record March 2000. SHAREHOLDER INFORMATION addition annual reports shareholders, copies company's 10-K 10-Q reports filed with Securities Exchange Commission available request from company. Address your request Mary Muchoney, Corporate Secretary. Littelfuse news releases other information available Internet www.littelfuse.com. COMMON STOCK Littelfuse, Inc. common stock traded Nasdaq National Market System under symbol LFUS. Warrants purchase common stock exercise price $4.18 share, expiring December 2001, also traded under symbol LFUSW.
Design: Grady, Campbell Incorporated, Chicago Photography: KAZU Portraits: Mark Joseph server courtesy International Business Machines Corporation. Unauthorized permitted. Sony products courtesy Sony Electronics Inc.
WORLD HEADQUARTERS Littelfuse, Inc. East Northwest Highway Plaines, Illinois 60016 (847) 824-1188 www.littelfuse.com
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