Bel Fuse Inc. (NASDAQ:BELFA and NASDAQ:BELFB)
today announced preliminary financial results for the second
quarter of 2018.
Second Quarter 2018
Highlights
- Net sales of $140.7 million, representing year-over-year growth
of $9.1 million, or 6.9%
- GAAP net earnings of $6.6 million compared to $3.1 million in
second quarter 2017. GAAP EPS of $0.52 per Class A share
(versus $0.24 in Q2-17) and $0.56 per Class B share (versus $0.26
in Q2-17)
- Non-GAAP net earnings of $7.4 million compared to $6.1 million
in second quarter 2017. Non-GAAP EPS of $0.58 per Class A share
(versus $0.48 in Q2-17) and $0.62 per Class B share (versus $0.51
in Q2-17)
- $176.9 million in backlog represents gain of $30.4 million, or
21%, from December 31, 2017
- Quarterly bookings (orders received) of $150.7 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 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, “We are pleased to report our third
consecutive quarter of year-over-year sales growth, reflecting
higher sales volume across all major product groups. This was led
by a 17% increase in sales through our distribution partners, which
has been a strategic growth area over the past two years.
Within our Connectivity Solutions group, we saw higher sales of our
Stewart passive connectors for structured cabling applications and
strength in the military segment for our Cinch optical and copper
connectors used in encryption, communications and flight-grade
applications. Sales within our Magnetic Solutions group
benefited from increased demand for our Signal Transformer products
for use in medical equipment and a higher volume of our integrated
connector modules for next-generation switching products. Our
Power Solutions and Protection group also had a strong quarter
resulting from higher sales of power supplies for use in
traditional datacenters and blockchain technology
applications.
The second quarter of 2018 marked the highest
bookings quarter since the third quarter of 2014, which is very
encouraging. Our backlog has increased by 27% from a year ago
bringing it to $176.9 million at June 30, 2018, with increases seen
across all of our major product groups. We are confident that
our sales growth is sustainable, as evidenced by our strong
backlog.
While we have good visibility into the third
quarter and are optimistic as to the business opportunities we see
ahead, we continue to see challenges in labor and material costs,
and within certain areas of the supply chain, including resistors,
capacitors, mosfets and printed circuit boards. Additionally,
on July 6, 2018, the U.S. Trade Representative implemented
increased duty percentages across several hundred Harmonized Tariff
Codes that cover several thousand products imported from the PRC
into the U.S. by Bel. In order to contain and offset these
margin challenges, we are invoicing surcharges and pricing
adjustments to our customers to cover costs incurred to expedite
material lead times and additional duties imposed on products
imported from the PRC. In the event that any additional tariff
proposals are put into effect later in 2018, we would expect to
implement similar measures to preserve our gross margins,”
concluded Mr. Bernstein.
Financial Summary
All comparative percentages are on a
year-over-year basis, unless otherwise noted.
Second Quarter 2018 Results
Net SalesNet sales were $140.7
million, up 6.9% from last year’s second quarter.
- By geographic segment: Europe was up by 14.1%, North America
was up by 9.8% and Asia sales were the same as the second quarter
of 2017.
- By product group: Connectivity Solutions sales were up by
11.6%, Magnetic Solutions sales grew by 4.7% and Power Solutions
and Protection sales were up by 4.4%.
On a consolidated basis, sales increased by $9.1
million in the second quarter of 2018 compared to the same period
of 2017. This was also the first quarter of year-over-year
sales growth for our Power Solutions and Protection group since the
acquisition of Power Solutions in 2014, despite a $2.1 million
decline in sales related to our discontinued NPS product
line.
Gross ProfitGross profit margin
decreased to 20.6%, from 22.1% in the second quarter of 2017,
primarily due to unfavorable foreign currency fluctuations, as the
Chinese Renminbi appreciated by approximately 7% against the U.S.
Dollar in the second quarter of 2018 compared to the second quarter
of 2017. Approximately 70% of the Company’s associates and
contract labor are located in the PRC and paid in Renminbi.
Effective February 1, 2018, the PRC also implemented an increase to
the minimum wage in a region where one of Bel’s factories is
located. This increase in minimum wage is expected to result
in higher labor costs of approximately $1.0 million - $1.4 million
per year at this facility going forward.
Selling, General and Administrative
Expenses (SG&A) SG&A expenses were $18.3 million,
down from $21.7 million in the second quarter of 2017. The
reduction in SG&A expenses primarily related to a $3.5 million
favorable swing in foreign exchange rates (a gain of $1.9 million
in the second quarter of 2018 compared to a foreign exchange loss
of $1.6 million in the second quarter of 2017).
Operating Income Operating
income was $10.7 million, up from $7.3 million in the second
quarter of 2017, with an operating margin of 7.6% compared to 5.5%
in the second quarter of 2017.
Income TaxesThe provision for
income taxes was $2.4 million in the second quarter of 2018, up
slightly from the same period of 2017. This resulted in an
effective tax rate of 26.6% during the second quarter of 2018,
compared to an effective tax rate of 42.4% during the same quarter
last year. The change in the effective tax rate is primarily
attributable to 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. These reductions were partially
offset by an increase in U.S. taxes relating to income from foreign
subsidiaries taxed in the U.S. as part of the Tax Cuts and Jobs
Act. Additionally, the 2017 period included U.S. and foreign
taxes accrued for gains recognized on a Bel Fuse legal entity
restructuring transaction. The Company continues to evaluate
updates to the new tax law and may adjust its initial estimate of
the transition tax throughout 2018 as further information becomes
available.
Net EarningsThe above factors
resulted in net earnings of $6.6 million in the second quarter of
2018 as compared with $3.1 million in the second quarter of
2017.
Six Months Ended June 30, 2018
Results
Net SalesNet sales were $259.0
million, up 5.6% from the first half of 2017.
- By geographic segment, Europe was up by 14.9%, North America
was higher by 4.3% and Asia was up by 3.2%.
- By product group, Connectivity Solutions sales were up by 7.4%,
Magnetic Solutions sales were 6.8% higher and Power Solutions and
Protection sales were up by 2.5%.
On a consolidated basis, sales increased by
$13.7 million in the first six months of 2018 compared to the same
period of 2017, despite a $3.7 million decline in sales related to
the discontinuation of our NPS product line within the Power
Solutions Business.
Gross ProfitGross profit margin
decreased to 19.4%, from 21.4% in the first half of 2017, primarily
due to an unfavorable fluctuation in the Chinese Renminbi against
the U.S. Dollar. The above-mentioned minimum wage increases
in the PRC 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 $39.0 million,
down from $42.7 million in the first half of 2017. The reduction in
SG&A expenses primarily related to a $3.0 million favorable
swing in foreign exchange rates (a gain of $0.9 million in the
first half of 2018 compared to a foreign exchange loss of $2.1
million in the first half of 2017). Other factors
contributing to the lower SG&A expense in the 2018 period were
lower legal and professional fees and a reduction in depreciation
and amortization expense from the 2017 period.
Operating Income Operating
income was $11.1 million, up from $9.6 million in the first half of
2017, with an operating margin of 4.3% compared to 3.9% in the
first half of 2017.
Income TaxesThe provision for
income taxes was $2.7 million in the first half of 2018 as compared
with $2.3 million during the same period of 2017. This
resulted in an effective tax rate of 33.8% during the first half of
2018, compared to 37.0% 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.
Net EarningsThe above factors
resulted in net earnings of $5.3 million in the first six months of
2018 as compared with $3.9 million in the same period of 2017.
Balance Sheet Data
As of June 30, 2018, working capital was $182.9
million, including $55.7 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 June 30, 2018 was $115.5 million as
compared to $122.7 million at December 31, 2017, reflecting $7.5
million of debt repayments made during the first half 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
888-220-8451, or 323-794-2588 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 1322415 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 the sustainability of Bel’s
sales growth, Bel’s future business opportunities, the challenges
associated with labor and material costs and within certain areas
of Bel’s supply chain and the impact on Bel’s margins of recently
announced, as well as any future, changes in tariffs) 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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
140,710 |
|
|
$ |
131,617 |
|
|
$ |
258,961 |
|
|
$ |
245,285 |
|
Cost of sales |
|
|
111,696 |
|
|
|
102,490 |
|
|
|
208,814 |
|
|
|
192,795 |
|
Gross profit |
|
|
29,014 |
|
|
|
29,127 |
|
|
|
50,147 |
|
|
|
52,490 |
|
As a % of net sales |
|
|
20.6 |
% |
|
|
22.1 |
% |
|
|
19.4 |
% |
|
|
21.4 |
% |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
18,306 |
|
|
|
21,723 |
|
|
|
38,998 |
|
|
|
42,698 |
|
As a % of net sales |
|
|
13.0 |
% |
|
|
16.5 |
% |
|
|
15.1 |
% |
|
|
17.4 |
% |
Restructuring charges |
|
|
41 |
|
|
|
138 |
|
|
|
45 |
|
|
|
171 |
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
10,667 |
|
|
|
7,266 |
|
|
|
11,104 |
|
|
|
9,621 |
|
As a % of net sales |
|
|
7.6 |
% |
|
|
5.5 |
% |
|
|
4.3 |
% |
|
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,349 |
) |
|
|
(1,586 |
) |
|
|
(2,527 |
) |
|
|
(3,010 |
) |
Other income/expense, net |
|
|
(285 |
) |
|
|
(268 |
) |
|
|
(521 |
) |
|
|
(476 |
) |
Earnings before benefit for income
taxes |
|
|
9,033 |
|
|
|
5,412 |
|
|
|
8,056 |
|
|
|
6,135 |
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
2,399 |
|
|
|
2,292 |
|
|
|
2,724 |
|
|
|
2,269 |
|
Effective tax rate |
|
|
26.6 |
% |
|
|
42.4 |
% |
|
|
33.8 |
% |
|
|
37.0 |
% |
Net earnings |
|
$ |
6,634 |
|
|
$ |
3,120 |
|
|
$ |
5,332 |
|
|
$ |
3,866 |
|
As a % of net sales |
|
|
4.7 |
% |
|
|
2.4 |
% |
|
|
2.1 |
% |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
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 |
|
|
9,844 |
|
|
|
9,859 |
|
|
|
9,850 |
|
|
|
9,852 |
|
|
|
|
|
|
|
|
|
|
Net
earnings per common share: |
|
|
|
|
|
|
|
|
Class A
common shares - basic and diluted |
|
$ |
0.52 |
|
|
$ |
0.24 |
|
|
$ |
0.41 |
|
|
$ |
0.30 |
|
Class B
common shares - basic and diluted |
|
$ |
0.56 |
|
|
$ |
0.26 |
|
|
$ |
0.45 |
|
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
|
(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
six months ended June 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) |
|
|
June 30, |
|
December 31, |
|
|
2018 |
|
2017 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
55,730 |
|
$ |
69,354 |
Accounts
receivable, net |
|
|
88,972 |
|
|
78,808 |
Inventories |
|
|
106,448 |
|
|
107,719 |
Other
current assets |
|
|
27,970 |
|
|
10,218 |
Total current assets |
|
|
279,120 |
|
|
266,099 |
Property, plant and equipment, net |
|
|
42,944 |
|
|
43,495 |
Goodwill
and other intangible assets, net |
|
|
84,756 |
|
|
89,543 |
Other
assets |
|
|
29,928 |
|
|
32,128 |
Total assets |
|
$ |
436,748 |
|
$ |
431,265 |
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
59,370 |
|
$ |
47,947 |
Current
portion of long-term debt |
|
|
2,506 |
|
|
2,641 |
Other
current liabilities |
|
|
34,329 |
|
|
36,712 |
Total current
liabilities |
|
|
96,205 |
|
|
87,300 |
Long-term debt |
|
|
112,958 |
|
|
120,053 |
Other
liabilities |
|
|
64,288 |
|
|
65,952 |
Total liabilities |
|
|
273,451 |
|
|
273,305 |
Stockholders' equity |
|
|
163,297 |
|
|
157,960 |
Total liabilities and stockholders' equity |
|
$ |
436,748 |
|
$ |
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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
GAAP Net earnings |
|
$ |
6,634 |
|
|
$ |
3,120 |
|
|
$ |
5,332 |
|
|
$ |
3,866 |
|
Interest expense |
|
|
1,349 |
|
|
|
1,586 |
|
|
|
2,527 |
|
|
|
3,010 |
|
Provision for income taxes |
|
|
2,399 |
|
|
|
2,292 |
|
|
|
2,724 |
|
|
|
2,269 |
|
Depreciation and
amortization |
|
|
4,544 |
|
|
|
5,249 |
|
|
|
9,320 |
|
|
|
10,476 |
|
EBITDA |
|
$ |
14,926 |
|
|
$ |
12,247 |
|
|
$ |
19,903 |
|
|
$ |
19,621 |
|
% of net sales |
|
|
10.6 |
% |
|
|
9.3 |
% |
|
|
7.7 |
% |
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
Unusual or
special items: |
|
|
|
|
|
|
|
|
ERP system implementation consulting costs |
|
|
875 |
|
|
|
639 |
|
|
|
1,198 |
|
|
|
1,088 |
|
Professional fees related to legal entity restructuring |
|
|
- |
|
|
|
200 |
|
|
|
- |
|
|
|
200 |
|
Restructuring charges |
|
|
41 |
|
|
|
138 |
|
|
|
45 |
|
|
|
171 |
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
15,842 |
|
|
$ |
13,224 |
|
|
$ |
21,146 |
|
|
$ |
21,080 |
|
% of net sales |
|
|
11.3 |
% |
|
|
10.0 |
% |
|
|
8.2 |
% |
|
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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. |
|
|
|
|
|
|
|
|
|
The following tables detail the impact of certain
unusual or non-recurring 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, 2018 |
|
Three Months Ended June 30, 2017 |
Reconciling Items |
|
Earningsbefore taxes |
|
Provisionfor
incometaxes |
|
Netearnings |
|
Class AEPS |
|
Class BEPS |
|
Earningsbefore taxes |
|
Benefit fromincome
taxes |
|
Netearnings |
|
Class AEPS |
|
Class BEPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measures |
|
$ |
9,033 |
|
$ |
2,399 |
|
$ |
6,634 |
|
$ |
0.52 |
|
$ |
0.56 |
|
$ |
5,412 |
|
$ |
2,292 |
|
|
$ |
3,120 |
|
$ |
0.24 |
|
$ |
0.26 |
Items
included in SG&A expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERP system implementation consulting costs |
|
|
875 |
|
|
165 |
|
|
710 |
|
|
0.06 |
|
|
0.06 |
|
|
639 |
|
|
193 |
|
|
|
446 |
|
|
0.04 |
|
|
0.04 |
Professional fees related to legal entity restructuring |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
200 |
|
|
76 |
|
|
|
124 |
|
|
0.01 |
|
|
0.01 |
Restructuring charges |
|
|
41 |
|
|
8 |
|
|
33 |
|
|
- |
|
|
- |
|
|
138 |
|
|
46 |
|
|
|
92 |
|
|
0.01 |
|
|
0.01 |
Items
included in income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental tax related to legal entity restructuring |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,308 |
) |
|
|
2,308 |
|
|
0.18 |
|
|
0.19 |
Non-GAAP measures |
|
$ |
9,949 |
|
$ |
2,572 |
|
$ |
7,377 |
|
$ |
0.58 |
|
$ |
0.62 |
|
$ |
6,389 |
|
$ |
299 |
|
|
$ |
6,090 |
|
$ |
0.48 |
|
$ |
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2018 |
|
Six Months Ended June 30, 2017 |
Reconciling Items |
|
Earningsbefore taxes |
|
Provisionfor
incometaxes |
|
Netearnings |
|
Class AEPS |
|
Class BEPS |
|
Earningsbefore taxes |
|
Benefit fromincome
taxes |
|
Netearnings |
|
Class AEPS |
|
Class BEPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP measures |
|
$ |
8,056 |
|
$ |
2,724 |
|
$ |
5,332 |
|
$ |
0.41 |
|
$ |
0.45 |
|
$ |
6,135 |
|
$ |
2,269 |
|
|
$ |
3,866 |
|
$ |
0.30 |
|
$ |
0.33 |
Items
included in SG&A expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERP system assessment costs |
|
|
1,198 |
|
|
225 |
|
|
973 |
|
|
0.08 |
|
|
0.08 |
|
|
1,088 |
|
|
333 |
|
|
|
755 |
|
|
0.06 |
|
|
0.06 |
Professional fees related to legal entity restructuring |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
200 |
|
|
76 |
|
|
|
124 |
|
|
0.01 |
|
|
0.01 |
Restructuring charges |
|
|
45 |
|
|
9 |
|
|
36 |
|
|
- |
|
|
- |
|
|
171 |
|
|
44 |
|
|
|
127 |
|
|
0.01 |
|
|
0.01 |
Items
included in income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental tax related to legal entity restructuring |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,308 |
) |
|
|
2,308 |
|
|
0.18 |
|
|
0.19 |
Non-GAAP measures |
|
$ |
9,299 |
|
$ |
2,958 |
|
$ |
6,341 |
|
$ |
0.49 |
|
$ |
0.53 |
|
$ |
7,594 |
|
$ |
414 |
|
|
$ |
7,180 |
|
$ |
0.56 |
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:Darrow Associatestel
516.419.9915pseltzberg@darrowir.com |
|
Company Contact:Daniel
BernsteinPresidentir@belf.com |
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