Bel Fuse Inc. (Nasdaq:BELFA and Nasdaq:BELFB)
today announced preliminary financial results for the third quarter
of 2018.
Third Quarter 2018
Highlights
- Net sales of $146.5 million, representing year-over-year growth
of $20.1 million, or 15.9%
- GAAP net earnings of $11.4 million compared to $5.0 million in
third quarter 2017, an increase of 126.0%. GAAP EPS of $0.89
per Class A share (versus $0.40 in Q3-17) and $0.94 per Class B
share (versus $0.42 in Q3-17)
- Non-GAAP net earnings of $9.0 million compared to $5.3 million
in third quarter 2017, an increase of 69.7%. Non-GAAP EPS of
$0.70 per Class A share (versus $0.42 in Q3-17) and $0.75 per Class
B share (versus $0.44 in Q3-17)
- $185.1 million in backlog represents an increase of $38.6
million, or 26%, from December 31, 2017
- Quarterly bookings (orders received) of $152.0 million, highest
since third quarter of 2014
Non-GAAP financial measures, such as Non-GAAP
net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude the
impact of costs associated with ERP system implementation costs,
restructuring charges and transition tax. Please refer to the
financial information included with this press release for
reconciliations of GAAP financial measures to Non-GAAP financial
measures and our explanation of why we present Non-GAAP financial
measures.
CEO CommentsDaniel Bernstein,
President and CEO, said, “We are pleased with the solid performance
delivered this quarter, as each of our major product lines showed
double-digit sales growth over last year’s third quarter. We
are encouraged to see the continued trend of increased bookings
translating into higher sales volume. The majority of the
sales growth in the third quarter related to strong demand for our
Magnetic Solutions products, particularly our integrated connector
modules used in next-generation switching platforms. Within
our Connectivity Solutions group, we saw higher demand for our
Stewart passive connectors as our premise wiring customers in North
America and Europe are benefiting from improved economic
conditions. Military applications, including those related to
encryption, threat detection radar, field communications and
munitions, continue to be an area of growth for our Cinch optical
and copper connectors. Within our Power Solutions and
Protection group, demand remains strong for our power supplies used
in a variety of datacenter applications, including the
power-intensive requirements needed for the encryption and security
aspects of blockchain technology.
Our third quarter bookings reached a new
four-year record, representing a 28% increase from the third
quarter of last year. This growth in orders received was seen
across all of our major product groups, and is an encouraging data
point for our top line as we look to 2019.
We’re encouraged that stronger sales, price
stabilization and our history of focused cost management will aid
us going forward in alleviating some of the margin pressures that
the industry has been facing related to higher raw material and
labor costs. The management team continues to evaluate
opportunities to grow our business through acquisitions that would
provide access to new markets and customers while being accretive
to the overall business. In early October, we announced the
acquisition of BCMZ Precision Engineering Limited, a UK-based
manufacturer of precision machined components. BCMZ had been a
strategic supplier to our Cinch business and this acquisition
enables us to continue to support key defense and industrial
customers across Europe and provides for vertical integration of
our in-house operations” concluded Mr. Bernstein.
Financial Summary
All comparative percentages are on a
year-over-year basis, unless otherwise noted.
Third Quarter 2018 Results
Net SalesNet sales were $146.5
million, up 15.9% from last year’s third quarter.
- By geographic segment: Europe was up by 6.6%, North America was
up by 18.7% and Asia sales were higher by 16.6%.
- By product group: Magnetic Solutions sales were up by 20.4%,
Connectivity Solutions sales grew by 13.3% and Power Solutions and
Protection sales were up by 13.8%.
On a consolidated basis, sales increased by
$20.1 million in the third quarter of 2018 compared to the same
period of 2017. This was also the second quarter of
year-over-year sales growth for our Power Solutions and Protection
group since the acquisition of Power Solutions in 2014, despite a
$1.4 million decline in sales related to our discontinued NPS
product line.
Gross ProfitGross profit margin
decreased to 19.9%, from 21.9% in the third quarter of 2017,
primarily due to higher material costs in 2018 coupled with
increases to the minimum wage rates at our PRC factories which went
into effect during 2018.
Selling, General and Administrative
Expenses (SG&A) SG&A expenses were $18.7 million,
down from $20.9 million in the third quarter of 2017. The reduction
in SG&A expenses primarily related to a $2.1 million favorable
swing in foreign exchange rates (a gain of $1.5 million in the
third quarter of 2018 compared to a foreign exchange loss of $0.6
million in the third quarter of 2017).
Operating Income Operating
income was $10.5 million, up from $6.8 million in the third quarter
of 2017, with an operating margin of 7.2% compared to 5.4% in the
third quarter of 2017.
Income TaxesThere was a benefit
from income taxes of $2.2 million in the third quarter of 2018, as
compared to a provision for income taxes of $0.1 million in the
same period of 2017. This resulted in an effective tax rate
of -24.1% during the third quarter of 2018, compared to an
effective tax rate of 1.2% during the same quarter last year.
The benefit in the third quarter of 2018 was largely due to a
favorable measurement period adjustment of $2.6 million on the
transition tax originally estimated and recorded in the fourth
quarter of 2017. The 2018 quarter was also affected by a
decrease in tax expense in the North America segment due to the
reduction in the U.S. tax rate from 35% in 2017 to 21% in 2018, as
well as a decrease in the taxes related to uncertain tax
positions.
Net EarningsThe above factors
resulted in net earnings of $11.4 million in the third quarter of
2018 as compared with $5.0 million in the third quarter of
2017.
Nine Months Ended September 30, 2018
Results
Net SalesNet sales were $405.5
million, up 9.1% from the same period of 2017.
- By geographic segment, Europe was up by 11.9%, North America
was higher by 8.9% and Asia was up by 8.0%.
- By product group, Magnetic Solutions sales were up by 11.7%,
Connectivity Solutions sales were 9.4% higher and Power Solutions
and Protection sales were up by 6.2%.
On a consolidated basis, sales increased by
$33.8 million in the first nine months of 2018 compared to the same
period of 2017, despite a $5.1 million decline in sales related to
the discontinuation of our NPS product line within the Power
Solutions Business.
Gross ProfitGross profit margin
decreased to 19.6%, from 21.6% in the same period of 2017,
primarily due to an unfavorable fluctuation in the Chinese Renminbi
against the U.S. Dollar earlier in 2018. The above-mentioned
minimum wage increases in the PRC and an increase in material costs
due to supply constraints also had an unfavorable impact on our
gross profit margin during the 2018 period.
Selling, General and Administrative
Expenses (SG&A) SG&A expenses were $57.7 million,
down from $63.6 million in the same period of 2017. The reduction
in SG&A expenses primarily related to a $5.1 million favorable
swing in foreign exchange rates (a gain of $2.4 million in the
first nine months of 2018 compared to a foreign exchange loss of
$2.7 million in the same period of 2017). Other factors
contributing to the lower SG&A expense in the 2018 period were
a $1.3 million reduction in legal and professional fees offset by
$0.6 million of higher fringe benefit expense in the 2018
period.
Operating Income Operating
income was $21.6 million, up from $16.4 million from the same
period of 2017, with an operating margin of 5.3% compared to 4.4%
in the same period of 2017.
Income TaxesThe provision for
income taxes was $0.5 million in the first nine months of 2018 as
compared with $2.3 million during the same period of 2017.
This resulted in an effective tax rate of 3.0% during the first
nine months of 2018, compared to 20.8% during the same period last
year. In addition to the factors noted above for the third
quarter, the effective tax rate for the 2017 period also included
U.S. and foreign taxes accrued for gains recognized on a Bel Fuse
legal entity restructuring transaction.
Net EarningsThe above factors
resulted in net earnings of $16.7 million in the first nine months
of 2018 as compared with $8.9 million in the same period of
2017.
Balance Sheet DataAs of September 30, 2018,
working capital was $191.2 million, including $54.3 million of cash
and cash equivalents with a current ratio of 2.9-to-1. In
comparison, as of December 31, 2017, working capital was $178.8
million, including $69.4 million of cash and cash equivalents with
a current ratio of 3.0-to-1. Total debt at September 30, 2018
was $114.8 million as compared to $122.7 million at December 31,
2017, reflecting a decline of $7.9 million primarily due to debt
repayments made during the first nine months of 2018.
Conference CallBel has
scheduled a conference call at 11:00 a.m. ET today. To
participate in the conference call, investors should dial
888-204-4368, or 323-994-2082 if dialing internationally. The
presentation will additionally be broadcast live over the Internet
and will be available at
https://ir.belfuse.com/events-and-presentations. The webcast will
be available via replay for a period of 20 days at this same
Internet address. For those unable to access the live call, a
telephone replay will be available at 844-512-2921, or 412-317-6671
if dialing internationally, using access code 3699128 after 2:00
p.m. ET, also for 20 days.
About BelBel (www.belfuse.com)
designs, manufactures and markets a broad array of products that
power, protect and connect electronic circuits. These
products are primarily used in the networking, telecommunications,
computing, military, aerospace, transportation and broadcasting
industries. Bel's product groups include Magnetic Solutions
(integrated connector modules, power transformers, power inductors
and discrete components), Power Solutions and Protection
(front-end, board-mount and industrial power products, module
products and circuit protection), and Connectivity Solutions
(expanded beam fiber optic, copper-based, RF and RJ connectors and
cable assemblies). The Company operates facilities around the
world.
Forward-Looking Statements
Non-historical information contained in this press release
(including statements regarding booking trends, areas of growth,
the impact of a growth in orders and the impact of sales growth and
price stabilization on margins) are forward-looking statements (as
described under the Private Securities Litigation Reform Act of
1995) that involve risks and uncertainties. Actual results could
differ materially from Bel's projections. Among the factors that
could cause actual results to differ materially from such
statements are: the market concerns facing our customers; the
continuing viability of sectors that rely on our products; the
effects of business and economic conditions; difficulties
associated with integrating recently acquired companies; capacity
and supply constraints or difficulties; product development,
commercialization or technological difficulties; the regulatory and
trade environment; risks associated with foreign currencies;
uncertainties associated with legal proceedings; the market's
acceptance of the Company's new products and competitive responses
to those new products; our ongoing evaluation of the consequences
of the U.S. Tax Cuts and Jobs Act; the impact of changes to U.S.
trade and tariff policies; and the risk factors detailed from time
to time in the Company's SEC reports. In light of the risks and
uncertainties impacting our business, there can be no assurance
that any forward-looking statement will in fact prove to be
correct. We undertake no obligation to update or revise any forward
looking statements.
Non-GAAP Financial MeasuresThe
non-GAAP measures identified in this press release as well as in
the supplementary information to this press release (Non-GAAP net
earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA) are not
measures of performance under accounting principles generally
accepted in the United States of America ("GAAP"). These
measures should not be considered a substitute for, and the reader
should also consider, income from operations, net earnings,
earnings per share and other measures of performance as defined by
GAAP as indicators of our performance or profitability. Our
non-GAAP measures may not be comparable to other similarly-titled
captions of other companies due to differences in the method of
calculation. We present results adjusted to exclude the
effects of certain unusual or special items and their related tax
impact that would otherwise be included under U.S. GAAP, to aid in
comparisons with other periods. We may use Non-GAAP financial
measures to determine performance-based compensation and management
believes that this information may be useful to investors.
Website InformationWe routinely
post important information for investors on our
website, www.belfuse.com, in the "Investor Relations" section.
We use our website as a means of disclosing material, otherwise
non-public information and for complying with our disclosure
obligations under Regulation FD. Accordingly, investors should
monitor the Investor Relations section of our website, in addition
to following our press releases, SEC filings, public conference
calls, presentations and webcasts. The information contained on, or
that may be accessed through, our website is not incorporated by
reference into, and is not a part of, this document.
[Financial tables follow]
Bel Fuse Inc. |
Supplementary Information(1)(2) |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share
amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
146,489 |
|
|
$ |
126,386 |
|
|
$ |
405,451 |
|
|
$ |
371,671 |
|
Cost of sales |
|
|
117,282 |
|
|
|
98,686 |
|
|
|
326,096 |
|
|
|
291,481 |
|
Gross
profit |
|
|
29,207 |
|
|
|
27,700 |
|
|
|
79,355 |
|
|
|
80,190 |
|
As a % of net
sales |
|
|
19.9 |
% |
|
|
21.9 |
% |
|
|
19.6 |
% |
|
|
21.6 |
% |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
18,691 |
|
|
|
20,906 |
|
|
|
57,690 |
|
|
|
63,604 |
|
As a % of net
sales |
|
|
12.8 |
% |
|
|
16.5 |
% |
|
|
14.2 |
% |
|
|
17.1 |
% |
Restructuring
charges |
|
|
17 |
|
|
|
- |
|
|
|
62 |
|
|
|
171 |
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
|
10,499 |
|
|
|
6,794 |
|
|
|
21,603 |
|
|
|
16,415 |
|
As a % of net
sales |
|
|
7.2 |
% |
|
|
5.4 |
% |
|
|
5.3 |
% |
|
|
4.4 |
% |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,391 |
) |
|
|
(1,466 |
) |
|
|
(3,917 |
) |
|
|
(4,476 |
) |
Other income/expense,
net |
|
|
43 |
|
|
|
(244 |
) |
|
|
(479 |
) |
|
|
(720 |
) |
Earnings before
benefit for income taxes |
|
|
9,151 |
|
|
|
5,084 |
|
|
|
17,207 |
|
|
|
11,219 |
|
|
|
|
|
|
|
|
|
|
(Benefit from)
provision for income taxes |
|
|
(2,201 |
) |
|
|
60 |
|
|
|
523 |
|
|
|
2,329 |
|
Effective tax rate |
|
|
-24.1 |
% |
|
|
1.2 |
% |
|
|
3.0 |
% |
|
|
20.8 |
% |
Net
earnings |
|
$ |
11,352 |
|
|
$ |
5,024 |
|
|
$ |
16,684 |
|
|
$ |
8,890 |
|
As a % of net
sales |
|
|
7.7 |
% |
|
|
4.0 |
% |
|
|
4.1 |
% |
|
|
2.4 |
% |
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding: |
|
|
|
|
|
|
|
|
Class A common shares -
basic and diluted |
|
|
2,175 |
|
|
|
2,175 |
|
|
|
2,175 |
|
|
|
2,175 |
|
Class B common shares -
basic and diluted |
|
|
9,972 |
|
|
|
9,864 |
|
|
|
9,891 |
|
|
|
9,856 |
|
|
|
|
|
|
|
|
|
|
Net earnings
per common share: |
|
|
|
|
|
|
|
|
Class A common shares -
basic and diluted |
|
$ |
0.89 |
|
|
$ |
0.40 |
|
|
$ |
1.31 |
|
|
$ |
0.69 |
|
Class B common shares -
basic and diluted |
|
$ |
0.94 |
|
|
$ |
0.42 |
|
|
$ |
1.40 |
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
|
(1) The
supplementary information included in this press release for 2018
is preliminary and subject to change prior to the filing of our
upcoming Quarterly Report on Form 10-Q with the Securities and
Exchange Commission. |
|
|
|
|
|
|
|
|
|
(2) The
statements of operations for the three and nine months ended
September 30, 2017 reflect immaterial reclassifications related to
the retrospective adoption of new accounting guidance related to
presentation of pension costs within the statement of
operations. There was no impact on net earnings in connection
with the adoption of this guidance. |
|
Bel Fuse Inc. |
Supplementary Information(1) |
Condensed Consolidated Balance
Sheets |
(in thousands, unaudited) |
|
|
September 30,2018 |
|
December 31,2017 |
|
|
|
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
54,296 |
|
$ |
69,354 |
Accounts receivable,
net |
|
|
97,577 |
|
|
78,808 |
Inventories |
|
|
114,434 |
|
|
107,719 |
Other current
assets |
|
|
26,179 |
|
|
10,218 |
Total
current assets |
|
|
292,486 |
|
|
266,099 |
Property, plant and
equipment, net |
|
|
42,994 |
|
|
43,495 |
Goodwill and other
intangible assets, net |
|
|
83,296 |
|
|
89,543 |
Other assets |
|
|
29,127 |
|
|
32,128 |
Total
assets |
|
$ |
447,903 |
|
$ |
431,265 |
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
62,415 |
|
$ |
47,947 |
Current portion of
long-term debt |
|
|
2,507 |
|
|
2,641 |
Other current
liabilities |
|
|
36,369 |
|
|
36,712 |
Total
current liabilities |
|
|
101,291 |
|
|
87,300 |
Long-term debt |
|
|
112,331 |
|
|
120,053 |
Other liabilities |
|
|
60,970 |
|
|
65,952 |
Total
liabilities |
|
|
274,592 |
|
|
273,305 |
Stockholders'
equity |
|
|
173,311 |
|
|
157,960 |
Total
liabilities and stockholders' equity |
|
$ |
447,903 |
|
$ |
431,265 |
|
|
|
|
|
(1) The supplementary information included in this
press release for 2018 is preliminary and subject to change prior
to the filing of our upcoming Quarterly Report on Form 10-Q
with the Securities and Exchange Commission. |
|
Bel Fuse Inc. |
Supplementary Information(1) |
Reconciliation of GAAP Net Earnings to EBITDA
and Adjusted EBITDA(2) |
(in thousands, unaudited) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
GAAP Net
earnings |
|
$ |
11,352 |
|
|
$ |
5,024 |
|
|
$ |
16,684 |
|
|
$ |
8,890 |
|
Interest expense |
|
|
1,391 |
|
|
|
1,466 |
|
|
|
3,917 |
|
|
|
4,476 |
|
Provision for income
taxes |
|
|
(2,201 |
) |
|
|
60 |
|
|
|
523 |
|
|
|
2,329 |
|
Depreciation and
amortization |
|
|
4,417 |
|
|
|
5,236 |
|
|
|
13,738 |
|
|
|
15,712 |
|
EBITDA |
|
$ |
14,959 |
|
|
$ |
11,786 |
|
|
$ |
34,862 |
|
|
$ |
31,407 |
|
% of net sales |
|
|
10.2 |
% |
|
|
9.3 |
% |
|
|
8.6 |
% |
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
Unusual or
special items: |
|
|
|
|
|
|
|
|
ERP
system implementation consulting costs |
|
|
291 |
|
|
|
395 |
|
|
|
1,489 |
|
|
|
1,483 |
|
Professional fees related to legal entity restructuring |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
200 |
|
Restructuring charges |
|
|
17 |
|
|
|
- |
|
|
|
62 |
|
|
|
171 |
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
15,267 |
|
|
$ |
12,181 |
|
|
$ |
36,413 |
|
|
$ |
33,261 |
|
% of net sales |
|
|
10.4 |
% |
|
|
9.6 |
% |
|
|
9.0 |
% |
|
|
8.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
supplementary information included in this press release for 2018
is preliminary and subject to change prior to the filing of our
upcoming Quarterly Report on Form 10-Q with the Securities and
Exchange Commission. |
|
(2) In
this press release and supplemental information, we have included
Non-GAAP financial measures, including Non-GAAP net earnings,
Non-GAAP EPS, EBITDA and Adjusted EBITDA. We present results
adjusted to exclude the effects of certain specified items and
their related tax impact that would otherwise be included under
GAAP, to aid in comparisons with other periods. We may use
Non-GAAP financial measures to determine performance-based
compensation and management believes that this information may be
useful to investors. |
|
Bel Fuse Inc. |
Supplementary Information(1) |
Reconciliation of GAAP Measures to Non-GAAP
Measures(2) |
(in thousands, except per share data,
unaudited) |
|
The
following tables detail the impact of certain unusual or special
items had on the Company's net earnings per common Class A and
Class B basic and diluted shares ("EPS") and the line items these
items were included on the condensed consolidated statements of
operations. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2018 |
|
Three Months Ended September 30,
2017 |
Reconciling Items |
|
Earningsbefore taxes |
|
Benefitfromincometaxes |
|
Netearnings |
|
Class AEPS(3) |
|
Class BEPS(3) |
|
Earnings beforetaxes |
|
Provisionfor incometaxes |
|
Netearnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
measures |
|
$ |
9,151 |
|
$ |
(2,201 |
) |
|
$ |
11,352 |
|
|
$ |
0.89 |
|
|
$ |
0.94 |
|
|
$ |
5,084 |
|
$ |
60 |
|
|
$ |
5,024 |
|
$ |
0.40 |
|
$ |
0.42 |
Items included in
SG&A expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERP
system implementation consulting costs |
|
|
291 |
|
|
55 |
|
|
|
236 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
395 |
|
|
130 |
|
|
|
265 |
|
|
0.02 |
|
|
0.02 |
Restructuring
charges |
|
|
17 |
|
|
3 |
|
|
|
14 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
Transition tax,
measurement period adjustment |
|
|
- |
|
|
2,628 |
|
|
|
(2,628 |
) |
|
|
(0.21 |
) |
|
|
(0.22 |
) |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
Non-GAAP
measures |
|
$ |
9,459 |
|
$ |
485 |
|
|
$ |
8,974 |
|
|
$ |
0.70 |
|
|
$ |
0.75 |
|
|
$ |
5,479 |
|
$ |
190 |
|
|
$ |
5,289 |
|
$ |
0.42 |
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
2018 |
|
Nine Months Ended September 30,
2017 |
Reconciling Items |
|
Earningsbefore taxes |
|
Provisionfor income taxes |
|
Netearnings |
|
Class AEPS(3) |
|
Class BEPS(3) |
|
Earnings beforetaxes |
|
Provisionfor income taxes |
|
Netearnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
measures |
|
$ |
17,207 |
|
$ |
523 |
|
|
$ |
16,684 |
|
|
$ |
1.31 |
|
|
$ |
1.40 |
|
|
$ |
11,219 |
|
$ |
2,329 |
|
|
$ |
8,890 |
|
$ |
0.69 |
|
$ |
0.75 |
Items included in
SG&A expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERP
system assessment costs |
|
|
1,489 |
|
|
280 |
|
|
|
1,209 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
1,483 |
|
|
462 |
|
|
|
1,021 |
|
|
0.08 |
|
|
0.09 |
Professional fees related to legal entity restructuring |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
200 |
|
|
76 |
|
|
|
124 |
|
|
0.01 |
|
|
0.01 |
Restructuring
charges |
|
|
62 |
|
|
12 |
|
|
|
50 |
|
|
|
- |
|
|
|
- |
|
|
|
171 |
|
|
44 |
|
|
|
127 |
|
|
0.01 |
|
|
0.01 |
Items included in
income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transition tax, measurement period adjustment |
|
|
- |
|
|
2,628 |
|
|
|
(2,628 |
) |
|
|
(0.21 |
) |
|
|
(0.22 |
) |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
Incremental tax related to legal entity restructuring |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
(2,308 |
) |
|
|
2,308 |
|
|
0.18 |
|
|
0.19 |
Non-GAAP
measures |
|
$ |
18,758 |
|
$ |
3,443 |
|
|
$ |
15,315 |
|
|
$ |
1.20 |
|
|
$ |
1.28 |
|
|
$ |
13,073 |
|
$ |
603 |
|
|
$ |
12,470 |
|
$ |
0.97 |
|
$ |
1.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The supplementary information included in this
press release for 2018 is preliminary and subject to change prior
to the filing of our upcoming Quarterly Report on Form 10-Q
with the Securities and Exchange Commission. |
|
(2)
In this press release and supplemental information, we have
included Non-GAAP financial measures, including Non-GAAP net
earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. We present
results adjusted to exclude the effects of certain specified items
and their related tax impact that would otherwise be included under
GAAP, to aid in comparisons with other periods. We may use
Non-GAAP financial measures to determine performance-based
compensation and management believes that this information may be
useful to investors. |
|
(3)
Individual amounts of earnings per share may not agree to the total
due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:Darrow Associatestel
516.419.9915pseltzberg@darrowir.com |
|
Company Contact:Daniel
Bernstein President ir@belf.com |
Bel Fuse (NASDAQ:BELFA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bel Fuse (NASDAQ:BELFA)
Historical Stock Chart
From Sep 2023 to Sep 2024