Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K/A
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): July 31, 2008
BEL
FUSE INC.
(Exact
name of registrant as specified in charter)
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New
Jersey
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0-11676
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22-1463699
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(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
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(IRS
Employer Identification Number)
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206
Van Vorst Street, Jersey City, New Jersey
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07302
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including
area
code: (201) 432-0463
(Former
name or former address, if changed since
last
report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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| o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
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Pre-commencement
communications pursuant to Rule 14s-2(b) under the Exchange Act (17
CFR
240-14d-2(b))
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| o |
Pre-commencement
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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EXPLANATORY
NOTE
On
July
31, 2008, the Company filed a Form 8-K (the “Original Form 8-K”) reporting the
Company’s decision to cease manufacturing operations at its Bel Power Inc.
facility in Westborough, Massachusetts by January 2009. At the time of the
Original Form 8-K filing, the Company was unable in good faith to make a
determination of an estimate or range of estimates required by paragraphs (b),
(c) and (d) of Item 2.05 of Form 8-K with respect to the costs that may be
incurred in connection with the closure of this facility. This Amendment No.
1
on Form 8-K/A is being filed solely to update the Company’s disclosure contained
in the Original Form 8-K to include certain of those estimates.
ITEM
2.05. COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.
On
July
31, 2008, Bel Fuse Inc. (the “Company”) issued a press release regarding its
decision to cease manufacturing operations at its Bel Power Inc. facility in
Westborough, Massachusetts by January 2009. The Company is able to estimate
certain of the costs associated with the closure of this facility to be up
to
$2.4 million. The Company estimates that of these costs, up to $0.7 million
relates to one-time termination benefits, of which $0.3 million was incurred
in
the quarter ended September 30, 2008 and $0.4 million is expected to result
in
future cash expenditures. The remaining estimated cost of up to $1.7 million
relates to anticipated non-cash asset impairment charges. The Company is
currently in negotiation with the landlord regarding the lease termination.
At
this time, the Company is still unable in good faith to make a determination
of
an estimate or range of estimate with respect to the charges related to the
lease termination. As permitted by Item 2.05 of Form 8-K, the Company will
file
an amendment to this Report under Item 2.05 within four business days after
the
Company’s determination of such estimate or range of estimates. Once determined,
the Company expects to record the majority of this cost during fiscal 2009
once
manufacturing at this facility has ceased and the lease is terminated.
This
Amendment No. 1 to Current Report on Form 8-K contains forward-looking
statements within the meaning of the federal securities laws. You can identify
these statements by our use of the word “estimates” and similar expressions that
do not relate to historical matters. These statements involve known and unknown
risks, uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking
statements. Factors that may cause our actual results to differ materially
from
those in the forward-looking statements include the Company’s and its service
providers’ ability to estimate fees, in addition to factors described under the
heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2007 and subsequent Quarterly Reports on Form 10-Q
or described in our other public filings. Our results may also be affected
by
factors of which we are not currently aware. We may not update these
forward-looking statements, even though our situation may change in the future,
unless we have obligations under the federal securities laws to update and
disclose material developments related to previously disclosed information.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
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BEL
FUSE INC
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By:
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/s/
Daniel Bernstein
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Name:
Daniel Bernstein
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Title:
President
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Date:
October 10, 2008