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Littelfuse Inc.$207.76$1.20.58%

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 Littelfuse Reports Fourth Quarter and Full Year Results
   Wednesday, February 04, 2015 6:30:14 AM ET

Littelfuse, Inc. (LFUS ) today reported sales and earnings for the fourth quarter and fiscal year ending December 27, 2014.

Fourth Quarter Highlights

-- Sales for the fourth quarter of 2014 were $207 million, a 4% increase (7% excluding currency effects) compared to the prior-year quarter due primarily to continued strong growth in the automotive business. Excluding acquisitions, sales increased 2% (4% excluding currency effects) compared to the prior year.

-- On a GAAP basis, fourth quarter 2014 earnings were $0.86 per diluted share. This included $4.7 million of special items comprised primarily of restructuring charges and non-operating foreign exchange losses related to balance sheet revaluation (see Supplemental Financial Information on page 9). Excluding these special items, earnings for the fourth quarter of 2014 were $1.02 per diluted share.

-- In addition to the restructuring charges mentioned above, operating income for the fourth quarter was negatively impacted by the following: -- Foreign currency effects primarily related to the company’s long euro exposure. In total these currency effects negatively affected operating income by approximately $2.1 million in the fourth quarter.

-- Year-end true up of certain accruals including those for customer credits, inventory reserves and medical and post-retirement plans. In total these expenses negatively affected operating income by approximately $1.9 million in the fourth quarter.

-- Performance issues at a few of the company’s plants including reduced production volumes and higher overhead expenses. In total these plant performance issues negatively affected operating income by approximately $1.0 million in the fourth quarter.

-- The effective tax rate for the fourth quarter was favorably impacted by the mix of income (less income in high tax jurisdictions) and various favorable adjustments.

-- Sales trends by business unit for the fourth quarter were as follows: -- Electronics sales increased 1% year over year (3% excluding currency effects) reflecting sales growth in constant currency in all regions.

-- Automotive sales increased 10% year over year (14% excluding currency effects) reflecting growth across all product categories and all regions.

-- Electrical sales were flat year over year. Excluding the effects of the SymCom acquisition and currency, electrical sales declined 12% year over year due primarily to continued weakness in mining and lower sales into the solar market. As expected, sales of the company’s custom products increased compared to the third quarter of 2014.

-- The electronics book-to-bill ratio for the fourth quarter of 2014 was 1.06 (1.00 excluding Sensors).

-- Cash provided by operating activities was $49.3 million for the fourth quarter of 2014 compared to $31.6 million for the fourth quarter of 2013. Capital expenditures for the fourth quarter of 2014 were $12.9 million compared to $9.6 million for the fourth quarter of 2013.

Full Year Highlights

-- Sales for 2014 were $852.0 million, a 12.4% increase compared to 2013. Organic growth for the year was 5.0% and acquisition growth was 7.4%.

-- On a GAAP basis, 2014 earnings were $4.37 per diluted share, an 11% increase compared to 2013.

-- Excluding special items, 2014 earnings were $4.78 per diluted share, a 7% increase compared to 2013.

-- Cash flow from operating activities for 2014 was $153.1 million, a 30% increase compared to 2013.

"After strong performance for the first three quarters of the year, fourth quarter earnings were below our expectations," said Gordon Hunter, Chief Executive Officer. "The combination of unfavorable currency effects, non-recurring charges and poor execution in a few areas of the business made for a challenging quarter. While we will continue to be impacted by currency headwinds for the foreseeable future, we will also be taking a number of corrective actions including selective price increases, more aggressive expense controls and, where possible, moving faster on our various restructuring efforts."

"Despite the disappointing results for the fourth quarter, our full year performance was solid," said Phil Franklin, Chief Financial Officer. "Cash flow continues to be a bright spot as we generated cash from operating activities of $153.1 million for 2014. This beat our previous record by over $30 million."

Outlook

-- Sales for the first quarter of 2015 are expected to be in the range of $202 to $212 million which represents flat revenue at the midpoint compared to the prior year after currency effects (approximately 4% growth in constant currency).

-- Earnings for the first quarter of 2015 are expected to be in the range of $1.00 to $1.14 per diluted share. This includes negative currency effects of approximately $0.10 compared to the prior year.

"It now seems likely that we will be facing currency headwinds for much of 2015," said Franklin. "At the current exchange rates, we estimate that sales would be negatively impacted by approximately $30 million and earnings by approximately 40 cents per share compared to 2014. Nevertheless, with our planned improvements in the electrical, automotive sensor and CVP businesses, continued solid performance in the core automotive and electronics businesses and a lower tax rate, we believe we can achieve 2015 earnings above $5.00 per share."

Dividend

The company will pay a cash dividend of $0.25 per common share on March 5, 2015 to shareholders of record at the close of business on February 13, 2015.

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, February 4, 2015, at 10:00 a.m. Central / 11:00 a.m. Eastern time to discuss the fourth quarter results. The call will be broadcast live over the Internet and can be accessed through the company’s website: www.littelfuse.com. Listeners should go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call will be available for replay through March 31, 2015 on the company’s website.

About Littelfuse

Founded in 1927, Littelfuse is the world leader in circuit protection with growing global platforms in power control and sensing. The company serves customers in the electronics, automotive and industrial markets with technologies including fuses, semiconductors, polymers, ceramics, relays and sensors. Littelfuse has over 8,000 employees in more than 35 locations throughout the Americas, Europe and Asia. For more information, please visit the Littelfuse website: littelfuse.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995.

The statements in this press release that are not historical facts are intended to constitute "forward-looking statements" entitled to the safe-harbor provisions of the PSLRA. These statements may involve risks and uncertainties, including, but not limited to, risks relating to product demand and market acceptance, economic conditions, the impact of competitive products and pricing, product quality problems or product recalls, capacity and supply difficulties or constraints, coal mining exposures reserves, failure of an indemnification for environmental liability, exchange rate fluctuations, commodity price fluctuations, the effect of the company’s accounting policies, labor disputes, restructuring costs in excess of expectations, pension plan asset returns less than assumed, integration of acquisitions and other risks which may be detailed in the company’s other Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This report should be read in conjunction with information provided in the financial statements appearing in the company’s Annual Report on Form 10-K for the year ended December 28, 2013. For a further discussion of the risk factors of the company, please see Item 1A. "Risk Factors" to the company’s Annual Report on Form 10-K for the year ended December 28, 2013.

LFUS-F

                                                                                                                                                                             LITTELFUSE, INC.
                                                                                                                                                              Net Sales and Operating Income by Business Unit
                                                                                                                                                                     (In thousands of USD, unaudited)
                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                            
                                                                                                              Fourth Quarter                                                                                                                                          Year-to-Date                                                          
                                                  ---------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         2014                                                  2013                                             % Change                                             2014                                                                   2013                                       % Change
                                                  --------------------------------------------------    --------------------------------------------------                     ----------                     --------------------------------------------------                     --------------------------------------------------    --------------------------------
                                                                                                                                                                                                                                                                                                                                            
Net Sales
----------------------------
Electronics (2)                                                      $  96,339                                             $  95,174                                              1 %                                            $ 410,065                                                              $ 367,052                                  12 %
Automotive (3)                                                          80,332                                                72,888                                             10 %                                              325,415                                                                267,207                                  22 %
Electrical (4)                                       29,949          30,067                          (0 %)                          116,515                          123,594               (6 %)
                                                  -------------------- ------- --------------------     -------------------- ------- --------------------                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                            
     Total net sales (1)                                             $ 206,620                          $ 198,129                           4 %                                            $ 851,995                                           $ 757,853               12 %
                                                  ==================== ======= ====================     ==================== ======= ====================                                                     ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                            
(1) Total net sales for 2014 include an incremental $4.3M for the
quarter and $56.1M year-to-date from business acquisitions.
(2) Total Electronics net sales for 2014 include an incremental
$16.3M year-to-date from the Hamlin acquisition.
(3) Total Automotive net sales for 2014 include an incremental
$20.2M year-to-date from the Hamlin acquisition.
(4) Total Electrical net sales for 2014 include an incremental
$4.3M for the quarter and $19.6M year-to-date from the SymCom
acquisition.
       
                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                            
                                                                                                              Fourth Quarter                                                                                                                                          Year-to-Date                                                          
                                                  ---------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         2014                                                  2013                                             % Change                                             2014                                                                   2013                                       % Change
                                                  --------------------------------------------------    --------------------------------------------------                     ----------                     --------------------------------------------------                     --------------------------------------------------    --------------------------------
                                                                                                                                                                                                                                                                                                                                            
Operating Income/(Expense)
----------------------------
Electronics                                                          $  16,176                                             $  17,275                                             (6 %)                                           $  86,981                                                              $  69,559                                  25 %
Automotive                                                               9,928                                                 9,639                                              3 %                                               45,086                                                                 39,170                                  15 %
Electrical                                                               3,133                                                 5,562                                            (44 %)                                              10,674                                                                 24,363                                 (56 %)
Other (5)                                            (2,846 )                    (6)       347                        (920 %)                           (8,911 )                                            (3,211 )                               178 %
                                                  -------------------- ------- --------------------     -------------------- ------- --------------------                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                            
   Total operating income                                            $  26,391                                             $  32,823                                            (20 %)                                           $ 133,830                                                              $ 129,881                                   3 %
                                                                                                                                                                                                                                                                                                                                            
Interest expense                                                         1,167                                                   958                                                                                                 4,903                                                                  2,917
Investment impairment                                                        -                                                     -                                                                                                     -                                                                 10,678                      (7)             
Foreign exchange (gain) loss                                             1,903                                                (1,374 )                                                                                               3,925                                                                 (3,303 )
Other (income) expense, net                          (1,751 )                           (1,103 )                                                                           (6,644 )                                            (4,646 )
                                                  -------------------- ------- --------------------     -------------------- ------- --------------------                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                            
Income before taxes                                                  $  25,072                          $  34,342                         (27 %)                                           $ 131,646                                           $ 124,235                6 %
                                                  ==================== ======= ====================     ==================== ======= ====================                                                     ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                            
(5) "Other" typically includes special items such as
acquisition-related costs, restructuring costs, asset impairments,
and gains and losses on asset sales.
(6) Primarily consists of tax consulting and legal expenses to
effect changes in the company’s legal structure that will enable the
up-streaming of cash to the U.S. ($1.1M), severance and
restructuring charges at various locations ($1.2M),
acquisition-related expenses ($0.3M) and asset impairments ($0.3M).
(7) Impairment and loan losses from investment in Shocking
Technologies.
                                                                                                               
                                                                                                      LITTELFUSE, INC.
                                                                                            Condensed Consolidated Balance Sheets
                                                                                         (In thousands of USD, except share amounts)
                                                                                                                                                                          
                                                                                             December 27, 2014                                                                             December 28, 2013
                                                                           ----------------------------------------------------                                          ----------------------------------------------------
                                                                                                (Unaudited)
                                                                           ----------------------------------------------------
ASSETS
Current assets:
  Cash and cash equivalents                                                                   $   297,571                                                                                   $   305,192
  Short-term investments                                                                            4,302                                                                                         6,886
  Accounts receivable, less allowances                                                            135,356                                                                                       127,887
  Inventories                                                                                      97,391                                                                                        92,591
  Deferred income taxes                                                                            17,481                                                                                        10,463
  Prepaid expenses and other current assets                                                        13,904                                                                                        17,080
  Assets held for sale                                                           5,500                                                   5,500  
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Total current assets                                                                              571,505                                                                                       565,599
Property, plant and equipment:
  Land                                                                                              5,697                                                                                         4,382
  Buildings                                                                                        64,609                                                                                        59,699
  Equipment                                                                    370,179                                                 354,475  
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                  440,485                                                                                       418,556
Accumulated depreciation                                                      (281,845 )                                                                 (268,383 )
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Net property, plant and equipment                                                                 158,640                                                                                       150,173
Intangible assets, net of amortization:
  Patents, licenses and software                                                                   23,640                                                                                        25,166
  Distribution network                                                                             19,428                                                                                        22,770
  Customer lists, trademarks and tradenames                                                        60,605                                                                                        50,421
Goodwill                                                                       196,256                                                 186,464  
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                  299,929                                                                                       284,821
Investments                                                                                        12,056                                                                                        12,286
Deferred income taxes                                                                               5,393                                                                                         5,092
Other assets                                                                    23,303                                                   6,402  
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Total assets                                                                                  $ 1,070,826                                                                $ 1,024,373  
                                                                           ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                          
LIABILITIES AND EQUITY
Current liabilities:
  Accounts payable                                                                            $    50,793                                                                                   $    33,872
  Accrued payroll                                                                                  30,511                                                                                        29,437
  Accrued expenses                                                                                 13,059                                                                                        13,087
  Accrued severance                                                                                   790                                                                                           182
  Accrued income taxes                                                                              9,045                                                                                         5,931
  Deferred income taxes                                                                                 -                                                                                           229
  Current portion of accrued post-retirement benefits                                              11,768                                                                                             -
  Current portion of long-term debt                                             88,500                                                 126,000  
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Total current liabilities                                                                         204,466                                                                                       208,738
Long-term debt, less current portion                                                              106,658                                                                                        93,750
Deferred income taxes                                                                              11,076                                                                                        11,585
Accrued post-retirement benefits                                                                    5,147                                                                                         8,528
Other long-term liabilities                                                                        15,814                                                                                        14,856
Total equity                                                                   727,665                                                 686,916  
                                                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Total liabilities and equity                                                                  $ 1,070,826                                                                $ 1,024,373  
                                                                           ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                          
Common shares issued and outstanding of
22,585,529 and 22,467,491 at December 27, 2014 and
December 28, 2013, respectively.
                                                                                                                                                                                                           
                                                                                                                                                             LITTELFUSE, INC.
                                                                                                                                              Consolidated Statements of Comprehensive Income
                                                                                                                                          (In thousands of USD, except per share data, unaudited)
                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                         
                                                                                                                  For the Three Months Ended                                                                                                                    For the Twelve Months Ended
                                                                   -------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                         
                                                                                    December 27, 2014                                                      December 28, 2013                                                      December 27, 2014                                                      December 28, 2013
                                                                   --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------                     --------------------------------------------------
                                                                                                                                                                                                                                                                                         
Net sales                                                                             $ 206,620                                                              $ 198,129                                                              $ 851,995                                                              $ 757,853
                                                                                                                                                                                                                                                                                         
Cost of sales                                                        131,061                          121,020                          527,567                          461,621  
                                                                   -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                         
Gross profit                                                                             75,559                                                                 77,109                                                                324,428                                                                296,232
                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                         
Selling, general and administrative                                                      37,829                                                                 34,566                                                                146,975                                                                132,657
Research and development expenses                                                         8,289                                                                  6,690                                                                 31,122                                                                 24,415
Amortization of intangibles                                            3,050                            3,030                           12,501                            9,279  
                                                                   -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                         49,168                                                                 44,286                                                                190,598                                                                166,351
                                                                                                                                                                                                                                                                                         
Operating income                                                                         26,391                                                                 32,823                                                                133,830                                                                129,881
                                                                                                                                                                                                                                                                                         
Interest expense                                                                          1,167                                                                    958                                                                  4,903                                                                  2,917
Impairment and loan loss in
  unconsolidated affiliate                                                                    -                                                                      -                                                                      -                                                                 10,678
Foreign currency revaluation (income) expense                                             1,903                                                                 (1,374 )                                                                3,925                                                                 (3,303 )
Other (income) expense, net                                           (1,751 )                                            (1,103 )                                            (6,644 )                                            (4,646 )
                                                                   -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                         
Income before income taxes                                                               25,072                                                                 34,342                                                                131,646                                                                124,235
Income taxes                                                           5,561                           10,684                           32,228                           35,451  
                                                                   -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                         
Net income                                                                            $  19,511                                           $  23,658                                           $  99,418                                           $  88,784  
                                                                   ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                         
Net income per share:
    Basic                                                                             $    0.86                                           $    1.05                                           $    4.41                                           $    3.98  
                                                                   ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
    Diluted                                                                           $    0.86                                           $    1.04                                           $    4.37                                           $    3.94  
                                                                   ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                         
Weighted average shares and
   equivalent shares outstanding:
    Basic                                                             22,563                           22,440                           22,543                           22,315  
                                                                   ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
    Diluted                                                           22,729                           22,657                           22,727                           22,537  
                                                                   ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                         
Diluted Net Income Per Share
---------------------------------------------
    Net income as reported                                                            $  19,511                                                              $  23,658                                                              $  99,418                                                              $  88,784
    Less: income allocated to participating
      securities                                                           -                               (6 )                                                 -                              (51 )
                                                                   -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
    Net income available to common
      shareholders                                                                    $  19,511                                           $  23,652                                           $  99,418                                           $  88,733  
                                                                   ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                         
Weighted average shares adjusted for
   securities                                                         22,729                           22,657                           22,727                           22,537  
                                                                   ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                         
Diluted net income per share                                                          $    0.86                                           $    1.04                                           $    4.37                                           $    3.94  
                                                                   ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                         
Comprehensive (loss) income                                                           $  (8,569 )                                                            $  27,022                                           $  57,875                                           $  92,653  
                                                                   ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================                      ==================== ======= ====================
                                                                                                                 
                                                                                             LITTELFUSE, INC.
                                                                                   Consolidated Statements of Cash Flows
                                                                                     (In thousands of USD, unaudited)
                                                                                                                                                         
                                                                                                                                For the Twelve Months Ended
                                                                                ---------------------------------------------------------------------------------------------------------------------------
                                                                                                 December 27, 2014                                                       December 28, 2013
                                                                                ---------------------------------------------------                     ---------------------------------------------------
                                                                                                                                                         
OPERATING ACTIVITIES:
Net income                                                                                         $   99,418                                                              $   88,784
Adjustments to reconcile net income to net cash
  provided by operating activities:
      Depreciation                                                                                     29,374                                                                  25,201
      Amortization of intangibles                                                                      12,501                                                                   9,279
      Impairment and loan loss in unconsolidated affiliate                                                  -                                                                  10,678
      Provision for bad debts                                                                             130                                                                     289
      Non-cash inventory charge (1)                                                                     2,769                                                                   1,525
      Stock-based compensation                                                                          9,069                                                                   8,609
      Excess tax benefit on stock-based compensation                                                   (2,843 )                                                                (4,054 )
      Loss on sale of assets                                                                            1,042                                                                      92
      Deferred income taxes                                                                            (4,488 )                                                                 6,640
Changes in operating assets and liabilities:
      Accounts receivable                                                                             (13,062 )                                                               (16,683 )
      Inventories                                                                                      (2,258 )                                                                (5,486 )
      Accounts payable                                                                                 17,281                                                                   2,000
      Accrued expenses (including post retirement)                                                     (1,577 )                                                                (8,906 )
      Accrued payroll and severance                                                                     2,360                                                                   8,032
      Accrued taxes                                                                                      (549 )                                                               (10,773 )
      Prepaid expenses and other                                                     3,974                             2,140  
                                                                                -------------------- -------- --------------------                      -------------------- -------- --------------------
Net cash provided by operating activities                                                             153,141                                                                 117,367
                                                                                                                                                         
INVESTING ACTIVITIES:
      Purchases of property, plant and equipment                                                      (32,281 )                                                               (34,953 )
      Acquisition of businesses, net of cash acquired                                                 (56,368 )                                                              (144,382 )
      Purchase of short-term investments                                                               (4,331 )                                                                (8,478 )
      Proceeds from maturities of short-term investments                                                6,770                                                                   2,044
      Increase in entrusted loan receivable                                                           (17,908 )                                                                     -
      Proceeds from sale of assets                                                     125                               176  
                                                                                -------------------- -------- --------------------                      -------------------- -------- --------------------
Net cash used in investing activities                                                                (103,993 )                                                              (185,593 )
                                                                                                                                                         
FINANCING ACTIVITIES:
      Proceeds from term loan                                                                               -                                                                 100,000
      Proceeds of revolving credit facility                                                            97,500                                                                 160,500
      Proceeds from entrusted loan                                                                     17,908                                                                       -
      Payments of term loan                                                                            (5,000 )                                                                (1,250 )
      Payments of revolving credit facility                                                          (135,000 )                                                              (123,500 )
      Debt issuance costs paid                                                                           (107 )                                                                  (809 )
      Cash dividends paid                                                                             (21,175 )                                                               (18,722 )
      Purchase of common stock                                                                        (14,283 )                                                                     -
      Proceeds from exercise of stock options                                                          14,061                                                                  21,959
      Excess tax benefit on stock-based compensation                                 2,843                             4,054  
                                                                                -------------------- -------- --------------------                      -------------------- -------- --------------------
Net cash (used in) provided by financing activities                                                   (43,253 )                                                               142,232
                                                                                                                                                         
Effect of exchange rate changes on cash and cash
       equivalents                                                                 (13,516 )                                             (4,218 )
                                                                                -------------------- -------- --------------------                      -------------------- -------- --------------------
                                                                                                                                                         
Increase in cash and cash equivalents                                                                  (7,621 )                                                                69,788
Cash and cash equivalents at beginning of period                                   305,192                           235,404  
                                                                                -------------------- -------- --------------------                      -------------------- -------- --------------------
Cash and cash equivalents at end of period                                                         $  297,571                                           $  305,192  
                                                                                ==================== ======== ====================                      ==================== ======== ====================
                                                                                                                                                         
(1) Purchase accounting adjustment related to acquisitions.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                     LITTELFUSE, INC.
                                                                                                                                                                                                                                     Supplemental Financial Information
                                                                                                                                                                                                                                     (in millions of USD except share amounts)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
GAAP EPS Reconciliation
----------------------------------------
                                                                                    Q1-14                                                                Q2-14                                                                Q3-14                                                                Q4-14                                                               YTD-14                                                                Q1-13                                                                Q2-13                                                                Q3-13                                                                Q4-13                                                               YTD-13
                                                              ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     -------------------------------------------------
GAAP diluted EPS                                                                 $  1.12                                                              $  1.08                                                              $  1.32                                                              $  0.86                                                              $  4.37                                                              $  0.51                                                              $  1.18                                                              $  1.19                                                              $  1.04                                                              $   3.94
EPS impact of special items (below)                              0.04                           0.18                           0.03                           0.16                           0.41                           0.44                          (0.03 )                                            0.07                           0.04                            0.52  
                                                              -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Adjusted diluted EPS                                                             $  1.16                                           $  1.26                                           $  1.35                                           $  1.02                                           $  4.78                                           $  0.95                                           $  1.15                                           $  1.26                                           $  1.08                                           $   4.46  
                                                              ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ====== ====================
Year-over-year adjusted EPS growth                                                    22 %                                                                 10 %                                                                  7 %                                                                 -6 %                                                                  7 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Special Items (income)/expense
----------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Purchase accounting adjustment                                                   $   1.4                                                              $   1.4                                                              $     -                                                              $     -                                                              $   2.8                                                              $     -                                                              $   1.7                                                              $   0.3                                                              $  (0.5 )                                                            $    1.5
Restructuring                                                                          -                                                                  2.0                                                                  1.1                                                                  2.2                                                                  5.3                                                                    -                                                                    -                                                                    -                                                                    -                                                                     -
Impairment charges                                                                     -                                                                    -                                                                    -                                                                  0.3                                                                  0.3                                                                    -                                                                    -                                                                    -                                                                    -                                                                     -
Acquisition expenses                                                -                            0.2                              -                            0.3                            0.5                              -                            1.2                            0.3                            0.2                             1.7  
                                                              -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
   Adjustment to Operating income                                                    1.4                                                                  3.5                                                                  1.1                                                                  2.8                                                                  8.9                                                                    -                                                                  2.9                                                                  0.6                                                                 (0.3 )                                                                 3.2
Impairment charges                                                                     -                                                                    -                                                                    -                                                                    -                                                                    -                                                                 10.7                                                                    -                                                                    -                                                                    -                                                                  10.7
Foreign exchange (gain)/loss                                     (0.3 )                                             2.4                           (0.1 )                                             1.9                            3.9                              -                           (3.7 )                                             1.5                           (1.4 )                                             (3.6 )
                                                              -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
   Adjustment to pre-tax income                                                  $   1.2                                           $   5.9                                           $   1.0                                           $   4.7                                           $  12.8                                           $  10.7                                           $  (0.8 )                                                            $   2.1                                           $  (1.7 )                                                            $   10.3  
                                                              ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
EPS impact of above special items                                                $  0.04                                                              $  0.18                                                              $  0.03                                                              $  0.16                                                              $  0.41                                                              $  0.29                                                              $ (0.03 )                                                            $  0.07                                                              $ (0.06 )                                                            $   0.27
EPS impact of Shocking tax adjustment                                                  -                                                                    -                                                                    -                                                                    -                                                                    -                                                                 0.15                                                                    -                                                                    -                                                                 0.12                                                                  0.27
EPS impact of other special tax items                               -                              -                              -                              -                              -                              -                              -                              -                          (0.02 )                                            (0.02 )
                                                              -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Total EPS impact                                                                 $  0.04                                           $  0.18                                           $  0.03                                           $  0.16                                           $  0.41                                           $  0.44                                           $ (0.03 )                                                            $  0.07                                           $  0.04                                           $   0.52  
                                                              ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Operating margin / EBITDA reconciliation
----------------------------------------
                                                                                    Q1-14                                                                Q2-14                                                                Q3-14                                                                Q4-14                                                               YTD-14                                                                Q1-13                                                                Q2-13                                                                Q3-13                                                                Q4-13                                                               YTD-13
                                                              ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     ------------------------------------------------                     -------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Net sales                                                                        $ 206.9                                           $ 220.9                                           $ 217.6                                           $ 206.6                                           $ 852.0                                           $ 170.9                                           $ 187.8                                           $ 201.0                                           $ 198.1                                           $  757.9  
                                                              ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
GAAP operating income                                                            $  33.6                                                              $  33.7                                                              $  40.1                                                              $  26.4                                                              $ 133.8                                                              $  28.1                                                              $  31.4                                                              $  37.6                                                              $  32.8                                                              $  129.9
Add back special operating items                                  1.4                            3.5                            1.1                            2.8                            8.9                              -                            2.9                            0.6                           (0.3 )                                              3.2  
                                                              -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Adjusted operating income                                                        $  35.0                                                              $  37.3                                                              $  41.3                                                              $  29.2                                                              $ 142.7                                                              $  28.1                                                              $  34.3                                                              $  38.2                                                              $  32.5                                                              $  133.1
Adjusted operating margin                                                           16.9 %                                                               16.9 %                                                               19.0 %                                                               14.1 %                                                               16.7 %                                                               16.5 %                                                               18.3 %                                                               19.0 %                                                               16.4 %                                                                17.6 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Add back amortization                                                                3.2                                                                  3.1                                                                  3.2                                                                  3.1                                                                 12.6                                                                  1.6                                                                  1.9                                                                  2.7                                                                  3.0                                                                   9.3
Add back depreciation                                             7.0                            7.5                            7.3                            7.6                           29.3                            6.2                            6.5                            6.9                            5.6                            25.2  
                                                              -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Adjusted EBITDA                                                                  $  45.2                                           $  47.8                                           $  51.7                                           $  39.9                                           $ 184.6                                           $  35.9                                           $  42.8                                           $  47.8                                           $  41.1                                           $  167.6  
                                                              ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ===== ====================                      ==================== ====== ====================
Adjusted EBITDA margin                                                              21.8 %                                                               21.7 %                                                               23.8 %                                                               19.3 %                                                               21.7 %                                                               21.0 %                                                               22.8 %                                                               23.8 %                                                               20.7 %                                                                22.1 %
Year-over-year adjusted EBITDA growth                                                 26 %                                                                 12 %                                                                  8 %                                                                 -3 %                                                                 10 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Note: Totals will not always foot due to rounding

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150204005290r1&sid=cmtx6&distro=nx&lang=en

SOURCE: Littelfuse, Inc.

Littelfuse, Inc. 
Phil Franklin, (773) 628-0810 
Senior Vice President and CFO


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