Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today
announced preliminary financial results for the second quarter of
2019.
Second Quarter 2019
Highlights
- Net sales of $127.4 million, down $13.3 million, or 9.4%, from
Q2-18
- GAAP net earnings of $3.0 million compared to $6.6 million in
Q2-18. GAAP EPS of $0.23 per Class A share (versus $0.52 in
Q2-18) and $0.24 per Class B share (versus $0.56 in Q2-18)
- Non-GAAP net earnings of $0.4 million compared to $7.4 million
in Q2-18. Non-GAAP EPS of $0.03 per Class A share (versus $0.58 in
Q2-18) and $0.03 per Class B share (versus $0.62 in Q2-18)
- Sale of building in Inwood, New York resulted in a pre-tax gain
of $4.3 million
Non-GAAP financial measures, such as Non-GAAP
net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude the
impact of a gain on sale of property, and costs associated with ERP
system implementation costs and restructuring charges. 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, “Our results for the second quarter were
affected by the over-inventoried position of our customers and
channel partners. The uncertainties related to tariffs, compounded
with material shortages, led to an acceleration of purchases by our
customers and distributors during 2018. While our second
quarter sales were generally in line with our expectations based on
the bookings and industry demand we saw in the first quarter, we
now expect sales to remain at lower levels for the balance of the
year as our customers continue to work through their inventory on
hand. Further, the higher material costs we experienced
during much of 2018 and a shift in product mix resulted in a lower
gross margin than anticipated. The impact on margins related
to material costs is expected to continue into the second half of
the year as we work through the remaining inventory on hand. On a
positive note, cash flows from operations, including accounts
receivable and inventory, generated more than $14.0 million in cash
during the second quarter and $7.8 million during the first half of
2019.
In light of the current climate within the
industry, we continued to expedite our strategic, worldwide review
of our cost structure. During the second quarter, we
completed the realignment of our R&D resources dedicated to our
Power Solutions and Protection group and substantially completed
the transition of manufacturing and warehousing operations from our
Inwood, New York facility to other existing Bel facilities. The
R&D and Inwood initiatives combined are expected to result in
annualized cost savings of $2.1 million beginning in the third
quarter of 2019. We further identified and have started to
implement measures at certain facilities in Asia that are expected
to result in annualized cost savings of $1.4 million beginning in
the fourth quarter 2019. Incremental cost reduction measures are
expected to follow throughout the third and fourth quarters of 2019
as our remaining sites are reviewed.
Looking beyond the inventory correction period,
we are encouraged by the longer-term growth drivers within our
industry. We believe that technological innovations in the
areas of 5G, autonomous vehicles and the Internet of Things are
poised to fuel incremental demand for our components in the
long-term and our design teams are actively developing products to
support these new applications,” concluded Mr. Bernstein.
Financial Summary
All comparative percentages are on a
year-over-year basis, unless otherwise noted.
Second Quarter 2019 Results
Net SalesNet sales were $127.4
million, down $13.3 million, or 9.4%, from last year’s second
quarter.
- By geographic segment: Europe sales were down by 10.7%, North
America sales declined by 5.9% and Asia sales were down by
14.4%.
- By product group: Connectivity Solutions sales were down by
13.1%, Magnetic Solutions sales declined by 10.3% and Power
Solutions and Protection sales were down by 4.8%.
Gross ProfitGross profit margin
decreased to 15.6%, from 20.6% in the second quarter of 2018,
primarily due to higher material costs in the second quarter of
2019, partially offset by a reduction in labor costs in Asia due to
a 7% appreciation of the U.S. Dollar versus the Renminbi as
compared to the second quarter of 2018.
Selling, General and Administrative
Expenses (SG&A) SG&A expenses were $18.8 million,
up $0.5 million from the second quarter of 2018. Included within
SG&A expenses is a foreign exchange gain of $0.5 million in the
second quarter of 2019 compared to a foreign exchange gain of $1.9
million in the second quarter of 2018. Excluding the effects
of foreign exchange gains, SG&A expense was down $1.0 million
in the second quarter of 2019 as compared to the same period of
2018, led by reductions in ERP costs of $0.5 million and sales and
marketing expenses of $0.5 million from last year’s second
quarter.
Operating Income Operating
income was $5.0 million, down from $10.7 million in the second
quarter of 2018, with an operating margin of 3.9% compared to 7.6%
in the second quarter of 2018.
Income TaxesThe provision for
income taxes was $0.4 million in the second quarter of 2019, down
from $2.4 million in the same period of 2018. This resulted
in an effective tax rate of 12.4% during the second quarter of
2019, compared to an effective tax rate of 26.6% during the same
quarter last year. The change in the effective tax rate is
primarily attributable to a reduction in GILTI tax in the second
quarter of 2019 as compared to the same quarter of 2018.
Net EarningsThe above factors
resulted in net earnings of $3.0 million in the second quarter of
2019 as compared with $6.6 million in the second quarter of
2018.
Six Months Ended June 30, 2019
Results
Net SalesNet sales were $252.8
million, down $6.2 million, or 2.4%, from the first half of
2018.
- By geographic segment, Europe sales were up by 1.9%, North
America sales were higher by 0.7% and Asia sales were down by
9.4%.
- By product group, Power Solutions and Protection sales were up
by 4.2%, Connectivity Solutions sales were 5.4% lower and Magnetic
Solutions sales were down by 5.6%.
Gross ProfitGross profit margin
decreased to 17.2%, from 19.4% in the first half of 2018, primarily
due to higher material costs in the first half of 2019, partially
offset by a reduction in labor costs in Asia due to a 6%
appreciation of the U.S. Dollar versus the Renminbi as compared to
the first half of 2018.
Selling, General and Administrative Expenses
(SG&A)
SG&A expenses were $38.6 million, down from
$39.0 million in the first half of 2018. Factors contributing to
the lower SG&A expense in the 2019 period were lower legal and
professional fees and a reduction in sales and marketing expenses
from the 2018 period. These reductions were partially offset by a
$1.0 million unfavorable swing in foreign exchange rates (a loss of
$0.1 million in the first half of 2019 compared to a foreign
exchange gain of $0.9 million in the first half of 2018).
Operating Income Operating
income was $7.8 million, down from $11.1 million in the first half
of 2018, with an operating margin of 3.1% compared to 4.3% in the
first half of 2018.
Income TaxesThe provision for
income taxes was $0.5 million in the first half of 2019 as compared
with $2.7 million during the same period of 2018. This
resulted in an effective tax rate of 10.1% during the first half of
2019, compared to 33.8% during the same period last year. The
change in the effective tax rate is primarily attributable to the
same factors noted above related to the second quarter, as well as
the impact from permanent tax differences on U.S. tax-exempt
activities during the first quarter of 2019.
Net EarningsThe above factors
resulted in net earnings of $4.1 million in the first six months of
2019 as compared with $5.3 million in the same period of 2018.
Balance Sheet Data
As of June 30, 2019, working capital was $194.3
million, including $58.4 million of cash and cash equivalents with
a current ratio of 3.2-to-1. In comparison, as of December
31, 2018, working capital was $184.5 million, including $53.9
million of cash and cash equivalents with a current ratio of
2.7-to-1. Total debt at June 30, 2019, net of deferred
financing costs, declined to $113.0 million as compared to $114.2
million at December 31, 2018, primarily due to $1.5 million of debt
repayments made during the first half of 2019.
Conference CallBel has
scheduled a conference call at 11:00 a.m. ET today. To
participate in the conference call, investors should dial
888-254-3590, or 323-994-2093 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 5111961 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 the statements regarding anticipated sales levels, gross
margins, cost savings, cost reduction measures and demand for our
products and the impact of long-term growth drivers) 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.
Investor Contact:Darrow
Associatestel
516.419.9915pseltzberg@darrowir.com
Company Contact:Daniel
Bernstein President ir@belf.com
Bel Fuse Inc. |
Supplementary Information(1) |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
127,416 |
|
|
$ |
140,710 |
|
|
$ |
252,805 |
|
|
$ |
258,961 |
|
Cost of sales |
|
|
107,532 |
|
|
|
111,696 |
|
|
|
209,361 |
|
|
|
208,814 |
|
Gross
profit |
|
|
19,884 |
|
|
|
29,014 |
|
|
|
43,444 |
|
|
|
50,147 |
|
As a % of net sales |
|
|
15.6 |
% |
|
|
20.6 |
% |
|
|
17.2 |
% |
|
|
19.4 |
% |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
18,764 |
|
|
|
18,306 |
|
|
|
38,564 |
|
|
|
38,998 |
|
As a % of net sales |
|
|
14.7 |
% |
|
|
13.0 |
% |
|
|
15.3 |
% |
|
|
15.1 |
% |
Gain on sale of property |
|
|
(4,257 |
) |
|
|
- |
|
|
|
(4,257 |
) |
|
|
- |
|
Restructuring charges |
|
|
424 |
|
|
|
41 |
|
|
|
1,370 |
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
|
4,953 |
|
|
|
10,667 |
|
|
|
7,767 |
|
|
|
11,104 |
|
As a % of net sales |
|
|
3.9 |
% |
|
|
7.6 |
% |
|
|
3.1 |
% |
|
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,381 |
) |
|
|
(1,349 |
) |
|
|
(2,820 |
) |
|
|
(2,527 |
) |
Other income/expense, net |
|
|
(184 |
) |
|
|
(285 |
) |
|
|
(389 |
) |
|
|
(521 |
) |
Earnings before benefit
for income taxes |
|
|
3,388 |
|
|
|
9,033 |
|
|
|
4,558 |
|
|
|
8,056 |
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
421 |
|
|
|
2,399 |
|
|
|
460 |
|
|
|
2,724 |
|
Effective tax rate |
|
|
12.4 |
% |
|
|
26.6 |
% |
|
|
10.1 |
% |
|
|
33.8 |
% |
Net
earnings |
|
$ |
2,967 |
|
|
$ |
6,634 |
|
|
$ |
4,098 |
|
|
$ |
5,332 |
|
As a % of net sales |
|
|
2.3 |
% |
|
|
4.7 |
% |
|
|
1.6 |
% |
|
|
2.1 |
% |
|
|
|
|
|
|
|
|
|
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 |
|
|
10,112 |
|
|
|
9,844 |
|
|
|
10,100 |
|
|
|
9,850 |
|
|
|
|
|
|
|
|
|
|
Net earnings per
common share: |
|
|
|
|
|
|
|
|
Class A common shares - basic
and diluted |
|
$ |
0.23 |
|
|
$ |
0.52 |
|
|
$ |
0.31 |
|
|
$ |
0.41 |
|
Class B common shares - basic
and diluted |
|
$ |
0.24 |
|
|
$ |
0.56 |
|
|
$ |
0.34 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
(1) The
supplementary information included in this press release for 2019
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) |
Condensed Consolidated Balance Sheets |
(in thousands, unaudited) |
|
|
June 30, 2019 |
|
December 31, 2018 |
|
|
|
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
58,395 |
|
$ |
53,911 |
Accounts receivable, net |
|
|
84,248 |
|
|
91,939 |
Inventories |
|
|
118,209 |
|
|
120,068 |
Other current assets |
|
|
20,560 |
|
|
24,591 |
Total current assets |
|
|
281,412 |
|
|
290,509 |
Property, plant and equipment,
net |
|
|
42,344 |
|
|
43,932 |
Right-of-use assets |
|
|
17,885 |
|
|
- |
Goodwill and other intangible
assets, net |
|
|
79,493 |
|
|
82,506 |
Other assets |
|
|
28,541 |
|
|
26,577 |
Total
assets |
|
$ |
449,675 |
|
$ |
443,524 |
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
42,764 |
|
$ |
56,171 |
Current portion of long-term
debt |
|
|
3,997 |
|
|
2,508 |
Operating lease liability,
current |
|
|
6,238 |
|
|
- |
Other current liabilities |
|
|
34,152 |
|
|
47,351 |
Total current liabilities |
|
|
87,151 |
|
|
106,030 |
Long-term debt |
|
|
108,960 |
|
|
111,705 |
Operating lease liability,
long-term |
|
|
12,121 |
|
|
- |
Other liabilities |
|
|
61,167 |
|
|
49,319 |
Total liabilities |
|
|
269,399 |
|
|
267,054 |
Stockholders' equity |
|
|
180,276 |
|
|
176,470 |
Total liabilities and
stockholders' equity |
|
$ |
449,675 |
|
$ |
443,524 |
|
|
|
|
|
(1) The
supplementary information included in this press release for 2019
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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
GAAP Net
earnings |
|
$ |
2,967 |
|
|
$ |
6,634 |
|
|
$ |
4,098 |
|
|
$ |
5,332 |
|
Interest expense |
|
|
1,381 |
|
|
|
1,349 |
|
|
|
2,820 |
|
|
|
2,527 |
|
Provision for income taxes |
|
|
421 |
|
|
|
2,399 |
|
|
|
460 |
|
|
|
2,724 |
|
Depreciation and
amortization |
|
|
4,106 |
|
|
|
4,544 |
|
|
|
8,216 |
|
|
|
9,320 |
|
EBITDA |
|
$ |
8,875 |
|
|
$ |
14,926 |
|
|
$ |
15,594 |
|
|
$ |
19,903 |
|
% of net sales |
|
|
7.0 |
% |
|
|
10.6 |
% |
|
|
6.2 |
% |
|
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
Unusual or special
items: |
|
|
|
|
|
|
|
|
Gain on sale of property |
|
|
(4,257 |
) |
|
|
- |
|
|
|
(4,257 |
) |
|
|
- |
|
ERP system implementation consulting costs |
|
|
391 |
|
|
|
875 |
|
|
|
1,375 |
|
|
|
1,198 |
|
Restructuring charges |
|
|
424 |
|
|
|
41 |
|
|
|
1,370 |
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
5,433 |
|
|
$ |
15,842 |
|
|
$ |
14,082 |
|
|
$ |
21,146 |
|
% of net sales |
|
|
4.3 |
% |
|
|
11.3 |
% |
|
|
5.6 |
% |
|
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
supplementary information included in this press release for 2019
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, 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 June 30, 2019 |
|
Three Months Ended June 30, 2018 |
Reconciling Items |
|
Earnings before taxes |
|
Provision for income taxes |
|
Net earnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
Earnings before taxes |
|
Provision for income taxes |
|
Net earnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measures |
|
$ |
3,388 |
|
|
$ |
421 |
|
|
$ |
2,967 |
|
|
$ |
0.23 |
|
|
$ |
0.24 |
|
|
$ |
9,033 |
|
$ |
2,399 |
|
$ |
6,634 |
|
$ |
0.52 |
|
$ |
0.56 |
Items included in SG&A
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERP system implementation consulting costs |
|
|
391 |
|
|
|
74 |
|
|
|
317 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
875 |
|
|
165 |
|
|
710 |
|
|
0.06 |
|
|
0.06 |
Gain on sale of building |
|
|
(4,257 |
) |
|
|
(979 |
) |
|
|
(3,278 |
) |
|
|
(0.26 |
) |
|
|
(0.27 |
) |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Restructuring charges |
|
|
424 |
|
|
|
23 |
|
|
|
401 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
41 |
|
|
8 |
|
|
33 |
|
|
- |
|
|
- |
Non-GAAP
measures |
|
$ |
(54 |
) |
|
$ |
(461 |
) |
|
$ |
407 |
|
|
$ |
0.03 |
|
|
$ |
0.03 |
|
|
$ |
9,949 |
|
$ |
2,572 |
|
$ |
7,377 |
|
$ |
0.58 |
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2019 |
|
Six Months Ended June 30, 2018 |
Reconciling Items |
|
Earnings before taxes |
|
Provision for income taxes |
|
Net earnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
Earnings before taxes |
|
Provision for income taxes |
|
Net earnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
measures |
|
$ |
4,558 |
|
|
$ |
460 |
|
|
$ |
4,098 |
|
|
$ |
0.31 |
|
|
$ |
0.34 |
|
|
$ |
8,056 |
|
$ |
2,724 |
|
$ |
5,332 |
|
$ |
0.41 |
|
$ |
0.45 |
Items included in SG&A
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERP system assessment costs |
|
|
1,375 |
|
|
|
259 |
|
|
|
1,116 |
|
|
|
0.09 |
|
|
|
0.09 |
|
|
|
1,198 |
|
|
225 |
|
|
973 |
|
|
0.08 |
|
|
0.08 |
Gain on sale of building |
|
|
(4,257 |
) |
|
|
(979 |
) |
|
|
(3,278 |
) |
|
|
(0.26 |
) |
|
|
(0.27 |
) |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Restructuring charges |
|
|
1,370 |
|
|
|
241 |
|
|
|
1,129 |
|
|
|
0.09 |
|
|
|
0.09 |
|
|
|
45 |
|
|
9 |
|
|
36 |
|
|
- |
|
|
- |
Non-GAAP
measures |
|
$ |
3,046 |
|
|
$ |
(19 |
) |
|
$ |
3,065 |
|
|
$ |
0.23 |
|
|
$ |
0.25 |
|
|
$ |
9,299 |
|
$ |
2,958 |
|
$ |
6,341 |
|
$ |
0.49 |
|
$ |
0.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
supplementary information included in this press release for 2019
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. |
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