Littelfuse reports fourth quarter results down 22 percent over 2008

Des Plaines-based Littelfuse Inc. reported that sales of $105.9 million for the fourth quarter were down 22 percent over last year.

The company reported a loss of 42 cents per share in the fourth quarter of 2008. This included special charges of $8.2 million pretax or 27 cents per share. The special charges were largely noncash and included $3.2 million for the write-down of manufacturing assets and $2.8 million from marking down the company's investment in Polytronics Technology Corporation to its lower market value.

The company said automotive sales declined 32 percent compared to the prior year due primarily to depressed car production and extended holiday shutdowns. The aftermarket and off-road, truck and bus markets also weakened significantly during the fourth quarter. Electronics sales, which were running 6 percent ahead of the 2007 pace through September, were down 25 percent year over year. The consumer electronics market had the largest decline, but all market segments weakened during the quarter.

Electrical sales held up reasonably well in the fourth quarter, with only a 1 percent compared to the prior year.

Startco Engineering, acquired at the beginning of the fourth quarter, added $3.9 million of sales for the quarter.

Sales of $530.9 million for 2008 were down 1 percent compared to 2007, due to declines in automotive and electronics sales of 6 percent and 2 percent respectively. This was partially offset by an 11% increase in electrical sales and the addition of Startco.

Daily Herald business writer Kim Mikus contributed to this report.