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Littelfuse Ends Fiscal Year

CHICAGO — Littelfuse, Inc. (NASDAQ:LFUS) today reported sales and earnings for the fourth quarter and full year of 2010.

Fourth Quarter Highlights

• Sales for the fourth quarter of 2010 were $142.6 million, an 11% increase compared to the fourth quarter of 2009. This was consistent with the most recent guidance of $138 to $145 million.

    o Electronics sales increased 13% year over year due to increased demand across all geographies and end markets with North America contributing the strongest growth at 23%.
    o Automotive sales increased 6% year over year due to strong growth in Asia and continued rebound in Europe.
    o Electrical sales increased 14% due to a 43% increase in protection relay sales. Power fuse sales declined 3% year over year due primarily to continued weakness in the non-residential construction market.
    o The book-to-bill ratio for electronics for the fourth quarter of 2010 was 0.93.

• On a GAAP basis, diluted earnings per share for the fourth quarter of 2010 increased to $0.88 from $0.53 in the fourth quarter of 2009 due primarily to higher sales and an improved cost structure. Diluted earnings per share were above the most recent guidance of $0.75 to $0.85 due primarily to a lower-than-expected tax rate resulting from more income earned in low-tax jurisdictions and favorable reserve adjustments.

• Adjusted earnings per share were $0.82 (see Supplemental Schedule on page 9). Adjustments to GAAP earnings were to normalize the tax rate and to remove $0.8 million of one-time charges related to legacy operations and acquisition expenses.

• Cash provided by operating activities was $29.1 million for the fourth quarter of 2010 compared to $28.9 million for the fourth quarter of 2009. Cash flow for the fourth quarter of 2010 was reduced by a $10.1 million cash payment to fully fund a legacy German pension plan.

• The company repurchased 73,637 shares of its common stock in the fourth quarter at an average price of $41.98. For the year, the company repurchased 643,777 shares at an average price of $39.42.

• On December 17, 2010, Littelfuse acquired the Cole Hersee Company for $50.0 million in cash. Cole Hersee had approximately $43 million in revenue for 2010. The impact of Cole Hersee on the company’s fourth quarter financial results was immaterial.

{complink 12971|Littelfuse Inc.}

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