●

Sales for the first quarter of 2015 were $210.3 million, a 2% increase (6% excluding currency effects) compared to the prior-year quarter due primarily to solid growth in both the automotive and electronics businesses.

●

On a GAAP basis, first quarter 2015 earnings were $0.88 per diluted share. This included $6.1 million of special items comprised primarily of restructuring charges, non-operating foreign exchange losses and charges related to the wind-up of the U.S. pension plan (see Supplemental Financial Information on page 8). Excluding these special items, earnings for the first quarter of 2015 were $1.08 per diluted share.

●

Sales trends by business unit for the first quarter were as follows:

o

Electronics sales increased 4% year over year (7% excluding currency effects) reflecting strong constant-currency growth in North America and Europe.

o

Automotive sales increased 2% year over year (9% excluding currency effects) due primarily to strong growth in North America with Europe also contributing on a constant-currency basis.

o

Electrical sales declined 6% year over year (3% excluding currency effects) as higher custom sales were more than offset by weaker fuse and relay sales.

●

The electronics book-to-bill ratio for the first quarter of 2015 was 1.06.

●

Cash provided by operating activities was $23.2 million for the first quarter of 2015 compared to $11.5 million for the first quarter of 2014. Capital expenditures for the first quarter of 2015 increased to $12.3 million compared to $6.4 million for the first quarter of 2014 primarily related to the manufacturing transfer to the Philippines.

●

On April 16, 2015 the company announced that it had acquired the assets of JRS Mfg. Ltd., a Winnipeg-based manufacturer of portable “e-houses” which distribute and control power in mining and other industrial applications. The terms of the transaction were not disclosed. JRS is not expected to have a material impact on sales or earnings for 2015.

●

Sales for the second quarter of 2015 are expected to be in the range of $221 to $231 million assuming a euro-dollar rate of 1.09. This represents 2% revenue growth at the midpoint compared to the prior year or approximately 7% growth excluding currency effects.

●

Similar to the prior year, stock compensation expense for the second quarter is expected to be approximately $2 million higher than for the other quarters of the year due to accelerated expensing of options in the quarter granted for all those of retirement age (62 or over).

●

The full year effective tax rate is expected to be approximately 23%, although this assumes that Congress approves the R&D tax credit and the “look-through” provision for 2015 as it did in 2014. Until such time, the rate is expected to be 50 to 100 basis points higher.

●

Earnings (excluding special items) for the second quarter of 2015 are expected to be in the range of $1.20 to $1.34 per diluted share. This includes negative currency effects of approximately $0.13 compared to the prior year.

“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 27, 2014. 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 27, 2014.

LITTELFUSE, INC.

Net Sales and Operating Income by Business Unit

(In thousands of USD, unaudited)

First Quarter

2015

2014

% Change

Net Sales

Electronics

Automotive

Electrical

Total net sales

First Quarter

2015

2014

% Change

Operating Income/(Expense)

Electronics

Automotive

Electrical

Other ⁽¹⁾

Total operating income

Interest expense

Foreign exchange loss (gain)

Other (income) expense, net

Income before taxes

(1) "Other" typically includes special items such as acquisition-related costs, restructuring costs, asset impairments, and gains and losses on asset sales.

(2) Primarily consists of tax consulting and legal expenses to effect changes in the company's internal legal structure ($1.2M), costs associated with the transfer of the reed switch production from the U.S. to The Philippines ($1.0M), acquisition-related expenses ($0.2M) and U.S. Pension termination costs ($0.7M).

LITTELFUSE, INC.

Condensed Consolidated Balance Sheets

(In thousands of USD, except share amounts)

March 28, 2015

December 27, 2014

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

Short-term investments

Accounts receivable, less allowances

Inventories

Deferred income taxes

Prepaid expenses and other current assets

Assets held for sale

Total current assets

Property, plant and equipment:

Land

Buildings

Equipment

Accumulated depreciation

Net property, plant and equipment

Intangible assets, net of amortization:

Patents, licenses and software

Distribution network

Customer lists, trademarks and tradenames

Goodwill

Investments

Deferred income taxes

Other assets

Total assets

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

Accrued payroll

Accrued expenses

Accrued severance

Accrued income taxes

Current portion of accrued post-retirement benefits

Current portion of long-term debt

Total current liabilities

Long-term debt, less current portion

Deferred income taxes

Accrued post-retirement benefits

Other long-term liabilities

Total equity

Total liabilities and equity

Common shares issued and outstanding of 22,627,762 and 22,585,529 at March 28, 2015 and December 27, 2014, respectively.

LITTELFUSE, INC.

Consolidated Statements of Comprehensive Income

(In thousands of USD, except per share data, unaudited)

For the Three Months Ended

March 28, 2015

March 29, 2014

Net sales

Cost of sales

Gross profit

Selling, general and administrative

Research and development expenses

Amortization of intangibles

Operating income

Interest expense

Foreign exchange loss (gain)

Other (income) expense, net

Income before income taxes

Income taxes

Net income

Net income per share:

Basic

Diluted

Weighted average shares and equivalent shares outstanding:

Basic

Diluted

Comprehensive income

LITTELFUSE, INC.

Consolidated Statements of Cash Flows

(In thousands of USD, unaudited)

For the Three Months Ended

March 28, 2015

March 27, 2014

OPERATING ACTIVITIES:

Net income

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

Amortization of intangibles

Non-cash inventory charge ⁽¹⁾

Stock-based compensation

Excess tax benefit on stock-based compensation

Loss on sale of assets

Changes in operating assets and liabilities:

Accounts receivable

Inventories

Accounts payable

Accrued expenses (including post retirement)

Accrued payroll and severance

Accrued taxes

Prepaid expenses and other

Net cash provided by operating activities

INVESTING ACTIVITIES:

Purchases of property, plant and equipment

Acquisition of business, net of cash acquired

Proceeds from sale of assets

Net cash used in investing activities

FINANCING ACTIVITIES:

Proceeds of revolving credit facility

Payments of term loan

Payments of revolving credit facility

Debt issuance costs paid

Cash dividends paid

Proceeds from exercise of stock options

Excess tax benefit on stock-based compensation

Net cash (used in) provided by financing activities

Effect of exchange rate changes on cash and cash equivalents

(Decrease) increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

(1) Purchase accounting adjustment related to acquisitions.

LITTELFUSE, INC.

Supplemental Financial Information

(in millions of USD except share amounts)

GAAP EPS Reconciliation

Q1-15

Q1-14

GAAP diluted EPS

EPS impact of special items (below)

Adjusted diluted EPS

Year-over-year adjusted EPS growth

Special Items (income)/expense

Reed switch manufacturing transfer costs

Restructuring

Acquisition expenses

Pension wind-up

Purchase accounting adjustment

Adjustment to Operating income

Foreign exchange loss/(gain)

Adjustment to pre-tax income

Total EPS impact

Operating margin / EBITDA reconciliation

Q1-15

Q1-14

Net sales

GAAP operating income

Add back special operating items

Adjusted operating income

Adjusted operating margin

Add back amortization

Add back depreciation

Adjusted EBITDA

Adjusted EBITDA margin

Year-over-year adjusted EBITDA growth

Note: Totals will not always foot due to rounding