In a release issued under the same headline earlier today by Bel
Fuse Inc. (Nasdaq:BELFA and Nasdaq:BELFB), please note that in the
table "Reconciliation of GAAP Net Earnings to EBITDA and Adjusted
EBITDA" several figures have been corrected. Complete corrected
text follows.
Bel Reports Fourth Quarter and Full Year 2018
Results
Bel Fuse Inc. (Nasdaq:BELFA and Nasdaq:BELFB)
today announced preliminary financial results for the fourth
quarter and full year 2018.
Fourth Quarter 2018
Highlights
- Net sales of $142.7 million, an improvement of 19.0% year over
year
- GAAP net earnings of $4.0 million
compared to a net loss of $20.8 million in fourth quarter
2017. GAAP EPS of $0.31 per Class A share (versus loss per
share of $1.66 in Q4-17) and $0.33 per Class B share (versus loss
per share of $1.74 in Q4-17)
- Non-GAAP net earnings of $4.8
million compared to a net loss of $1.2 million in fourth quarter
2017. Non-GAAP EPS of $0.37 per Class A share (versus loss
per share of $0.09 in Q4-17) and $0.39 per Class B share (versus
loss per share of $0.10 in Q4-17)
- Adjusted EBITDA of $13.2 million (9.2% of sales) compared to
$7.1 million (5.9% of sales) in fourth quarter 2017
Full Year 2018 Highlights
- Net sales of $548.2 million, up 11.5% year over year
- GAAP net earnings of $20.7 million compared to a net loss of
$11.9 million in 2017; the 2017 loss was primarily due to impact of
tax reform
- Adjusted EBITDA of $49.6 million (9.0% of sales) versus $40.4
million (8.2% of sales) in 2017
- Bookings (orders received) during 2018 of $578 million, up 12%
from 2017
- $171.2 million in backlog at December 31, 2018, representing an
increase of $24.7 million, or 17%, from December 31, 2017
Non-GAAP financial measures, such as Non-GAAP
EPS, EBITDA and Adjusted EBITDA, exclude the impact of costs
associated with a legal entity restructuring, ERP system
implementation costs, writeoff of deferred financing costs related
to our debt extinguishment, restructuring charges, the transition
tax related to tax reform enacted in December 2017, and certain
other items. 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, “Good execution from each of our three
business units led to substantial growth for Bel in 2018, enabling
us to grow our top-line by $56 million and increase our Adjusted
EBITDA by over $9 million for the year.
Increased demand for our MagJack® products in
support of a key program at one of the world’s leading networking
equipment providers led to a $24 million increase in sales for our
Magnetics Solutions group over 2017 levels. Our Connectivity
Solutions group sales were up $16 million from 2017, largely driven
by participation in key military programs in encryption and
communication applications, coupled with higher demand for our
products within commercial aerospace applications. Our
Power Solutions and Protection group saw its first year of growth
since 2015, as success with our higher-powered AC/DC products in
datacenter applications and our 48v power products with telecom
customers contributed to a sales increase of $16 million from 2017.
Each of our product groups continued to benefit from the
commitment we’ve made to grow our distribution business; our
revenue growth reflects a $15 million increase through this channel
in 2018. Almost a third of our sales are generated through
our distribution partners, and we expect this to remain a key
channel for marketing our products going forward.”
“We are also pleased to report that the first
phase of our ERP system implementation is now complete, as our Bel
Power Solutions business went live on the new system in early
January 2019 without any notable issues. The other phases of
the project will largely leverage Bel’s trained internal resources
which should result in lower ERP implementation costs going
forward, including the elimination of redundant systems. We
continue to manage and optimize our operating expenses in order to
mitigate the ongoing minimum wage rate increases in the countries
in which we operate and the general uncertainty within our industry
surrounding tariffs and trade policy. The positive business
trends noted along with our recent bookings and year-end backlog
level are encouraging indicators for further growth as we head into
2019,” concluded Mr. Bernstein.
Financial Summary
All comparative percentages are on a
year-over-year basis, unless otherwise noted.
Fourth Quarter 2018 Results
Net SalesNet sales were $142.7
million, up 19% from last year’s fourth quarter.
- By geographic segment: Asia was up by 23.2%, Europe sales were
higher by 21.7% and North America was up by 15.4%.
- By product group: Magnetic Solutions sales were up by 26.2%,
Power Solutions and Protection sales grew by 21.1% and Connectivity
Solutions sales were up by 10.4%.
On a consolidated basis, sales increased by
$22.8 million in the fourth quarter of 2018 compared to the same
period of 2017.
Gross ProfitGross profit margin
increased to 21.3%, from 18.5% in the fourth quarter of 2017, as
incremental sales in 2018 led to improved fixed cost absorption,
offset in part by higher labor costs during the year. In
addition, our gross profit margin during the fourth quarter of 2017
had been impacted by inventory-related charges totaling $2.0
million in connection with maintaining our inventory at the lower
of cost or net realizable value.
Selling, General and Administrative
Expenses (SG&A) SG&A expenses were $22.2 million,
up from $21.1 million in the fourth quarter of 2017. The increase
in SG&A expenses during the 2018 period primarily related to a
$0.9 million reduction in cash surrender value of our company-owned
life insurance policies as a result of the declining stock market
environment throughout the quarter. We also incurred higher
legal and professional fees in the fourth quarter of 2018 as
compared to the same period of 2017.
Operating Income Operating
income was $8.0 million, up from $1.0 million in the fourth quarter
of 2017, with an operating margin (operating income as a percentage
of net sales) of 5.6% compared to 0.8% in the fourth quarter of
2017.
Income TaxesThe provision for
income taxes was $2.4 million in the fourth quarter of 2018, as
compared to $19.2 million in the same period of 2017. The
provision for income taxes during the fourth quarter of 2018 was
unfavorably impacted by taxes on foreign earnings (GILTI tax),
partially offset by a decrease in the U.S. tax rate from 35% to 21%
in 2018. The provision for income taxes in the 2017 period
included an $18 million impact from the U.S. Tax Cuts and Jobs Act
which was enacted on December 22, 2017. This resulted in an
effective tax rate of 37.2% during the fourth quarter of 2018,
compared to a not meaningful percentage during the same quarter
last year.
Net Earnings (Loss)The above
factors resulted in net earnings of $4.0 million in the fourth
quarter of 2018 as compared with a net loss of $20.8 million in the
fourth quarter of 2017.
Full Year December 31, 2018
Results
Net SalesNet sales were $548.2
million, up 11.5% from 2017.
- By geographic segment, Europe was up by 14.3%, Asia was higher
by 11.6% and North America was up by 10.5%.
- By product group, Magnetic Solutions sales were up by 15.2%,
Connectivity Solutions sales were 9.6% higher and Power Solutions
and Protection sales were up by 9.9%.
On a consolidated basis, sales increased by
$56.6 million in 2018 compared to 2017, despite a $5.5 million
decline in sales related to the sale of our NPS product line within
the Power Solutions Business.
Gross ProfitGross profit margin
decreased to 20.0%, from 20.8% in 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 $79.9 million,
down from $84.7 million in 2017. The reduction in SG&A expenses
primarily related to a $5.4 million favorable swing in foreign
exchange rates (a gain of $2.6 million in 2018 compared to a
foreign exchange loss of $2.8 million in 2017) and a $1.5 million
reduction in depreciation and amortization expense. These
declines were offset by $2.7 million of higher fringe benefit
expense in the 2018 period.
Operating Income Operating
income was $29.6 million, up from $17.4 million in 2017, with an
operating margin of 5.4% compared to 3.5% in 2017.
Income TaxesThe provision for
income taxes was $2.9 million in 2018 as compared with $21.5
million during 2017. This resulted in an effective tax rate
of 12.3% in 2018, compared to 223.4% in 2017. In addition to
the factors noted above for the fourth 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 Earnings (Loss)The above
factors resulted in net earnings of $20.7 million in 2018 as
compared with a net loss of $11.9 million in 2017.
Balance Sheet DataAs 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. 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 December 31, 2018
was $114.2 million as compared to $122.7 million at December 31,
2017, reflecting a decline of $8.5 million primarily due to debt
repayments made during 2018.
Conference CallBel has
scheduled a conference call at 11:00 a.m. ET today. To
participate in the conference call, investors should dial
888-254-3590, 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 6007761 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 anticipated growth from the
Company’s distribution channel, the effects of the ERP system
implementation and other positive business and growth trends) 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; 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 |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
142,734 |
|
$ |
119,940 |
|
$ |
548,184 |
|
$ |
491,611 |
Cost of
sales |
|
112,319 |
|
97,780 |
|
438,414 |
|
389,262 |
Gross profit |
|
30,415 |
|
22,160 |
|
109,770 |
|
102,349 |
As a % of
net sales |
|
21.3% |
|
18.5% |
|
20.0% |
|
20.8% |
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses |
|
22,247 |
|
21,052 |
|
79,937 |
|
84,655 |
As a % of
net sales |
|
15.6% |
|
17.6% |
|
14.6% |
|
17.2% |
Restructuring charges |
|
160 |
|
137 |
|
222 |
|
308 |
|
|
|
|
|
|
|
|
|
Income from operations |
|
8,008 |
|
971 |
|
29,611 |
|
17,386 |
As a % of
net sales |
|
5.6% |
|
0.8% |
|
5.4% |
|
3.5% |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
(1,399) |
|
(2,326) |
|
(5,317) |
|
(6,802) |
Other
income/expense, net |
|
(200) |
|
(221) |
|
(678) |
|
(941) |
Earnings before benefit for income taxes |
|
6,409 |
|
(1,576) |
|
23,616 |
|
9,643 |
|
|
|
|
|
|
|
|
|
Provision
for income taxes(3) |
|
2,384 |
|
19,211 |
|
2,907 |
|
21,540 |
Effective
tax rate |
|
37.2% |
|
-1219.0% |
|
12.3% |
|
223.4% |
Net
earnings (loss) |
|
$ |
4,025 |
|
$ |
(20,787) |
|
$ |
20,709 |
|
$ |
(11,897) |
As a % of
net sales |
|
2.8% |
|
-17.3% |
|
3.8% |
|
-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 |
|
10,083 |
|
9,861 |
|
9,939 |
|
9,857 |
|
|
|
|
|
|
|
|
|
Net earnings
(loss) per common share: |
|
|
|
|
|
|
|
|
Class A common shares -
basic and diluted |
|
$ |
0.31 |
|
$ |
(1.66) |
|
$ |
1.62 |
|
$ |
(0.97) |
Class B common shares -
basic and diluted |
|
$ |
0.33 |
|
$ |
(1.74) |
|
$ |
1.73 |
|
$ |
(0.99) |
|
|
|
|
|
|
|
|
|
|
(1) The supplementary information included in this press
release for 2018 is preliminary and subject to change prior to the
filing of our upcoming Annual Report on Form 10-K with the
Securities and Exchange Commission. |
|
|
|
|
|
|
|
|
|
(2) The statements of operations for the three months and year
ended December 31, 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. |
|
|
|
|
|
|
|
|
|
(3) During the fourth quarter of 2017, we recorded $18.0
million of incremental tax related to the enactment of the Tax Cuts
and Jobs Act of 2017. This amount consisted of a transition
tax on our foreign earnings and revaluation of our deferred tax
assets. |
Bel Fuse Inc. |
Supplementary
Information(1) |
Condensed Consolidated Balance
Sheets |
(in thousands, unaudited) |
|
|
December
31,2018 |
|
December
31,2017 |
|
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
53,911 |
|
$ |
69,354 |
Accounts receivable, net |
91,939 |
|
78,808 |
Inventories |
120,068 |
|
107,719 |
Other current assets |
24,591 |
|
10,218 |
Total current
assets |
290,509 |
|
266,099 |
Property, plant and equipment, net |
43,932 |
|
43,495 |
Goodwill and other intangible assets, net |
82,506 |
|
89,543 |
Other assets |
26,577 |
|
32,128 |
Total assets |
$ |
443,524 |
|
$ |
431,265 |
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
56,171 |
|
$ |
47,947 |
Current portion of long-term debt |
2,508 |
|
2,641 |
Other current liabilities |
47,351 |
|
36,712 |
Total current
liabilities |
106,030 |
|
87,300 |
Long-term debt |
111,705 |
|
120,053 |
Other liabilities |
49,319 |
|
65,952 |
Total liabilities |
267,054 |
|
273,305 |
Stockholders' equity |
176,470 |
|
157,960 |
Total liabilities and stockholders'
equity |
$ |
443,524 |
|
$ |
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 Annual Report on Form 10-K 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 |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
GAAP Net earnings (loss) |
|
$ |
4,025 |
|
$ |
(20,287) |
|
$ |
20,709 |
|
$ |
(11,897) |
Interest
expense |
1,399 |
|
2,326 |
|
5,317 |
|
6,802 |
Provision
for income taxes |
|
2,384 |
|
19,211 |
|
2,907 |
|
21,540 |
Depreciation and amortization |
4,469 |
|
5,006 |
|
18,207 |
|
20,718 |
EBITDA |
|
$ |
12,277 |
|
$ |
5,756 |
|
$ |
47,140 |
|
$ |
37,163 |
% of net
sales |
8.6% |
|
4.8% |
|
8.6% |
|
7.6% |
|
|
|
|
|
|
|
|
|
Unusual or special items: |
|
|
|
|
|
|
ERP
system implementation consulting costs |
|
737 |
|
1,073 |
|
2,226 |
|
2,556 |
Professional fees related to legal entity restructuring |
|
- |
|
150 |
|
- |
|
350 |
Restructuring charges |
|
160 |
|
137 |
|
222 |
|
308 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
13,174 |
|
$ |
7,116 |
|
$ |
49,588 |
|
$ |
40,377 |
% of net
sales |
9.2% |
|
5.9% |
|
9.0% |
|
8.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The supplementary information included in this press
release for 2018 is preliminary and subject to change prior to the
filing of our upcoming Annual Report on Form 10-K 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 (loss) 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 December 31,
2018 |
|
Three Months Ended December 31,
2017 |
|
|
|
|
|
Reconciling Items |
|
Earnings before taxes |
|
Provision for income taxes |
|
Net earnings |
|
Class AEPS(3) |
|
Class BEPS(3) |
|
Earnings before taxes |
|
Provision for income taxes |
|
Net (loss) earnings |
|
Class AEPS(3) |
|
Class BEPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measures |
|
$ |
6,409 |
|
$ |
2,384 |
|
$ |
4,025 |
|
$ |
0.31 |
|
$ |
0.33 |
|
$ |
(1,576) |
|
$ |
19,211 |
|
$ |
(20,787) |
|
$ |
(1.66) |
|
$ |
(1.74) |
Items
included in SG&A expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERP
system implementation consulting costs |
|
737 |
|
139 |
|
598 |
|
0.05 |
|
0.05 |
|
1,073 |
|
333 |
|
740 |
|
0.06 |
|
0.06 |
Professional fees related to legal entity restructuring |
|
- |
|
- |
|
- |
|
- |
|
- |
|
150 |
|
57 |
|
93 |
|
0.01 |
|
0.01 |
Restructuring
charges |
|
160 |
|
33 |
|
127 |
|
0.01 |
|
0.01 |
|
137 |
|
27 |
|
110 |
|
0.01 |
|
0.01 |
Writeoff of deferred
financing costs related to debt extinguishment |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1,031 |
|
392 |
|
639 |
|
0.05 |
|
0.05 |
Items
included in income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact
from tax reform bill (transition tax and revaluation of deferred
tax assets) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(18,043) |
|
18,043 |
|
1.44 |
|
1.51 |
Non-GAAP
measures |
|
$ |
7,306 |
|
$ |
2,556 |
|
$ |
4,750 |
|
$ |
0.37 |
|
$ |
0.39 |
|
$ |
815 |
|
$ |
1,977 |
|
$ |
(1,162) |
|
$ |
(0.09) |
|
$ |
(0.10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2018 |
|
Year Ended December 31, 2017 |
|
|
|
|
|
Reconciling Items |
|
Earnings before taxes |
|
Provision for income taxes |
|
Net earnings |
|
Class AEPS(3) |
|
Class BEPS(3) |
|
Earnings before taxes |
|
Provision for income taxes |
|
Net (loss) earnings |
|
Class AEPS(3) |
|
Class BEPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measures |
|
$ |
23,616 |
|
$ |
2,907 |
|
$ |
20,709 |
|
$ |
1.62 |
|
$ |
1.73 |
|
$ |
9,643 |
|
$ |
21,540 |
|
$ |
(11,897) |
|
$ |
(0.97) |
|
$ |
(0.99) |
Items included in
SG&A expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERP
system assessment costs |
|
2,226 |
|
419 |
|
1,807 |
|
0.14 |
|
0.15 |
|
2,556 |
|
795 |
|
1,761 |
|
0.14 |
|
0.15 |
Professional fees related to legal entity restructuring |
|
- |
|
- |
|
- |
|
- |
|
- |
|
350 |
|
133 |
|
217 |
|
0.02 |
|
0.02 |
Restructuring
charges |
|
222 |
|
45 |
|
177 |
|
0.01 |
|
0.01 |
|
308 |
|
71 |
|
237 |
|
0.02 |
|
0.02 |
Writeoff of deferred
financing costs related to debt extinguishment |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1,031 |
|
392 |
|
639 |
|
0.05 |
|
0.05 |
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 |
Impact
from tax reform bill (transition tax and revaluation of deferred
tax assets) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(18,043) |
|
18,043 |
|
1.44 |
|
1.51 |
Non-GAAP
measures |
|
$ |
26,064 |
|
$ |
5,999 |
|
$ |
20,065 |
|
$ |
1.57 |
|
$ |
1.68 |
|
$ |
13,888 |
|
$ |
2,580 |
|
$ |
11,308 |
|
$ |
0.88 |
|
$ |
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The supplementary information included in this press
release for 2018 is preliminary and subject to change prior to the
filing of our upcoming Annual Report on Form 10-K 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 (loss), 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 |
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