Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today
announced preliminary financial results for the third quarter of
2019.
Third Quarter 2019
Highlights
- Net sales of $124.5 million, down 15% from
Q3-18
- Gross profit margin of 18.0%, down from 19.9% in
Q3-18
- Non-cash goodwill impairment charge of $8.9 million, as market
weakness impacted North America segment
- Generated cash flow from operating activities of $11.1
million
Non-GAAP financial measures, such as Non-GAAP
net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude the
impact of a non-cash goodwill impairment charge, a gain on sale of
property, 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 third quarter sales were generally in
line with our expectations for the quarter as our customers and
channel partners continue to work through inventory on hand.
Bel's gross profit margin improved sequentially from the second
quarter of 2019 largely due to the realization of cost savings from
our recent restructuring programs. During the first nine
months of 2019, we implemented cost savings measures that are
expected to result in total annualized cost savings of $4.6
million, primarily within cost of sales. We began to realize the
benefits of approximately half of this amount in the third quarter
of 2019, with the balance expected to be realized starting in the
fourth quarter.
“Material costs, while still higher as a percent
of sales compared to the third quarter of 2018, have started to
normalize from the level seen in the second quarter of 2019.
We also introduced temporary cost containment measures within
SG&A during the third quarter, which accounted for $0.9 million
of the decline from last year's third quarter. Despite the ongoing
geopolitical uncertainty impacting our business, our various cost
savings initiatives implemented earlier in 2019 provided meaningful
sequential gross margin expansion from the second quarter to the
third quarter of 2019.
"Looking to the fourth quarter, we are
continuing our efforts to align costs with current business levels.
Actions are currently underway related to further restructuring
efforts identified in Asia, and these are expected to yield
incremental annualized cost savings of $1.1 million beginning in
the first quarter of 2020. From a business development perspective,
our recent efforts have focused on targeted areas within military
and commercial aerospace applications for our harsh environment
connectivity products, as well as within industrial and
high-performance computing applications for our power products.
These are areas of strength for Bel, both in product development
and manufacturing capability, where we anticipate sustained
long-term growth as evidenced by recent project wins. We have also
introduced 680 new custom and standard part numbers through our
distribution channel throughout 2019 as we work closely with our
distribution partners, particularly in the e-catalog space,
allowing us to increase the breadth of inventory available through
our partners.” concluded Mr. Bernstein.
Financial Summary
All comparative percentages are on a
year-over-year basis, unless otherwise noted.
Third Quarter 2019
Results
Net SalesNet sales were $124.5
million, down $22.0 million, or 15.0%, from last year’s third
quarter.
- By geographic segment: Europe sales were down by 16.0%, North
America sales declined by 6.9% and Asia sales were lower by
25.4%.
- By product group: Connectivity Solutions sales declined by
8.2%, Magnetic Solutions sales were lower by 25.1% and Power
Solutions and Protection sales were down by 10.4%.
Gross ProfitGross profit margin
decreased to 18.0%, from 19.9% in the third quarter of 2018,
primarily due to higher material costs in the third quarter of
2019, partially offset by savings realized from restructuring
initiatives and other cost containment measures implemented earlier
in 2019 and a reduction in labor costs in Asia due to appreciation
of the U.S. Dollar versus the Renminbi as compared to the third
quarter of 2018.
Selling, General and Administrative
Expenses (SG&A)SG&A expenses were $17.9 million,
down $0.8 million from the third quarter of 2018. Included within
SG&A expenses is a foreign exchange gain of $0.6 million in the
third quarter of 2019 compared to a foreign exchange gain of $1.5
million in the third quarter of 2018. Excluding the effects
of foreign exchange gains, SG&A expense was down $1.7 million
in the third quarter of 2019 as compared to the same period of
2018, a result of lower legal and professional fees and other cost
containment efforts.
Impairment of GoodwillAs a
result of factors identified in the third quarter, the Company
performed an interim test related to its goodwill and intangible
assets. As a result of the interim test, the Company recorded a
non-cash goodwill impairment charge related to its North America
operating segment in the third quarter of 2019 in the amount of
$8.9 million.
Operating (Loss)
IncomeOperating (loss) income was $(4.6) million, down
from $10.5 million in the third quarter of 2018, with an operating
margin of -3.7% compared to 7.2% in the third quarter of 2018.
Income TaxesThe provision
(benefit) for income taxes was $0.6 million in the third quarter of
2019, compared to $(2.2) million in the same period of 2018.
This resulted in an effective tax rate of -10.0% during the third
quarter of 2019, compared to an effective tax rate of -24.1% during
the same quarter last year. The effective tax rate for the
third quarter of 2019 reflects a reduction in GILTI tax as compared
to the same quarter of 2018. The effective tax rate for the
third quarter of 2018 was favorably impacted by a measurement
period adjustment of $2.6 million related to the transition
tax.
Net (Loss) EarningsThe above
factors resulted in net loss of $(6.5) million in the third quarter
of 2019 as compared with net earnings of $11.4 million in the third
quarter of 2018.
Nine Months Ended
September 30, 2019 Results
Net SalesNet sales were $377.3
million, down $28.2 million, or 6.9%, from the same period of
2018.
- By geographic segment, Europe sales were down by 4.1%, North
America sales declined by 1.9% and Asia sales were lower by
15.6%.
- By product group, Power Solutions and Protection sales were
down by 1.0%, Connectivity Solutions sales declined by 6.4% and
Magnetic Solutions sales were lower by 13.2%.
Gross ProfitGross profit margin decreased to
17.5%, from 19.6% in the same period of 2018, primarily due to
higher material costs in 2019, partially offset by a reduction in
labor costs in Asia due to a 5% appreciation of the U.S. Dollar
versus the Renminbi as compared to the same period of 2018.
Selling, General and Administrative Expenses
(SG&A)SG&A expenses were $56.5 million, down from
$57.7 million in the same period 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
$1.9 million unfavorable swing in foreign exchange rates (a gain of
$0.5 million in the first nine months of 2019 compared to a foreign
exchange gain of $2.4 million in the first nine months of
2018).
Operating IncomeOperating
income was $3.1 million, down from $21.6 million in the same period
of 2018, with an operating margin of 0.8% compared to 5.3% in the
same period of 2018.
Income TaxesThe provision for
income taxes was $1.0 million in the 2019 period as compared with
$0.5 million during the same period of 2018. This resulted in
an effective tax rate of -78.2% during the 2019 period, compared to
3.0% 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 third quarter, as well as the impact
from permanent tax differences on U.S. tax-exempt activities during
the first quarter of 2019.
Net (Loss) EarningsThe above
factors, in addition to the goodwill impairment charge recorded
during the third quarter of 2019, resulted in net loss of $(2.4)
million in the first nine months of 2019 as compared with net
earnings of $16.7 million in the same period of 2018.
Balance Sheet DataAs of September 30, 2019,
working capital was $191.5 million, including $64.8 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 September 30,
2019, net of deferred financing costs, declined to $112.3 million
as compared to $114.2 million at December 31, 2018, primarily due
to $2.2 million of debt repayments made during the first nine
months 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
800-263-0877, or 323-794-2094 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 1305472 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
StatementsNon-historical information contained in this
press release (including the statements regarding anticipated cost
savings, alignment of costs with anticipated business levels,
restructuring efforts in Asia and long-term sales growth) 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 previously 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) |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share amounts) |
(unaudited) |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
124,479 |
|
|
$ |
146,489 |
|
|
$ |
377,284 |
|
|
$ |
405,451 |
|
Cost of sales |
|
|
102,021 |
|
|
|
117,282 |
|
|
|
311,382 |
|
|
|
326,096 |
|
Gross
profit |
|
|
22,458 |
|
|
|
29,207 |
|
|
|
65,902 |
|
|
|
79,355 |
|
As a % of net sales |
|
|
18.0 |
% |
|
|
19.9 |
% |
|
|
17.5 |
% |
|
|
19.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
17,909 |
|
|
|
18,691 |
|
|
|
56,472 |
|
|
|
57,690 |
|
As a % of net sales |
|
|
14.4 |
% |
|
|
12.8 |
% |
|
|
15.0 |
% |
|
|
14.2 |
% |
Impairment of goodwill |
|
|
8,891 |
|
|
|
- |
|
|
|
8,891 |
|
|
|
- |
|
Restructuring charges |
|
|
281 |
|
|
|
17 |
|
|
|
1,651 |
|
|
|
62 |
|
Gain on sale of property |
|
|
- |
|
|
|
- |
|
|
|
(4,257 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)
Income from operations |
|
|
(4,623 |
) |
|
|
10,499 |
|
|
|
3,145 |
|
|
|
21,603 |
|
As a % of net sales |
|
|
-3.7 |
% |
|
|
7.2 |
% |
|
|
0.8 |
% |
|
|
5.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,305 |
) |
|
|
(1,391 |
) |
|
|
(4,126 |
) |
|
|
(3,917 |
) |
Other income (expense),
net |
|
|
28 |
|
|
|
43 |
|
|
|
(361 |
) |
|
|
(479 |
) |
(Loss)
Earnings before benefit for income
taxes |
|
|
(5,900 |
) |
|
|
9,151 |
|
|
|
(1,342 |
) |
|
|
17,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for (benefit from)
income taxes |
|
|
590 |
|
|
|
(2,201 |
) |
|
|
1,049 |
|
|
|
523 |
|
Effective tax rate |
|
|
-10.0 |
% |
|
|
-24.1 |
% |
|
|
-78.2 |
% |
|
|
3.0 |
% |
Net (loss)
earnings |
|
$ |
(6,490 |
) |
|
$ |
11,352 |
|
|
$ |
(2,391 |
) |
|
$ |
16,684 |
|
As a % of net sales |
|
|
-5.2 |
% |
|
|
7.7 |
% |
|
|
-0.6 |
% |
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common shares - basic
and diluted |
|
|
2,173 |
|
|
|
2,175 |
|
|
|
2,174 |
|
|
|
2,175 |
|
Class B common shares - basic
and diluted |
|
|
10,139 |
|
|
|
9,972 |
|
|
|
10,113 |
|
|
|
9,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings
per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common shares - basic
and diluted |
|
$ |
(0.51 |
) |
|
$ |
0.89 |
|
|
$ |
(0.20 |
) |
|
$ |
1.31 |
|
Class B common shares - basic
and diluted |
|
$ |
(0.53 |
) |
|
$ |
0.94 |
|
|
$ |
(0.19 |
) |
|
$ |
1.40 |
|
(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) |
|
|
September 30, 2019 |
|
|
December 31, 2018 |
|
Assets |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
64,816 |
|
|
$ |
53,911 |
|
Accounts receivable, net |
|
|
79,110 |
|
|
|
91,939 |
|
Inventories |
|
|
110,209 |
|
|
|
120,068 |
|
Other current assets |
|
|
23,926 |
|
|
|
24,591 |
|
Total current assets |
|
|
278,061 |
|
|
|
290,509 |
|
Property, plant and equipment,
net |
|
|
42,470 |
|
|
|
43,932 |
|
Right-of-use assets |
|
|
16,296 |
|
|
|
- |
|
Goodwill and other intangible
assets, net |
|
|
68,287 |
|
|
|
82,506 |
|
Other assets |
|
|
29,231 |
|
|
|
26,577 |
|
Total
assets |
|
$ |
434,345 |
|
|
$ |
443,524 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
38,890 |
|
|
$ |
56,171 |
|
Current portion of long-term
debt |
|
|
4,743 |
|
|
|
2,508 |
|
Operating lease liability,
current |
|
|
6,039 |
|
|
|
- |
|
Other current liabilities |
|
|
36,853 |
|
|
|
47,351 |
|
Total current liabilities |
|
|
86,525 |
|
|
|
106,030 |
|
Long-term debt |
|
|
107,588 |
|
|
|
111,705 |
|
Operating lease liability,
long-term |
|
|
10,713 |
|
|
|
- |
|
Other liabilities |
|
|
58,878 |
|
|
|
49,319 |
|
Total liabilities |
|
|
263,704 |
|
|
|
267,054 |
|
Stockholders' equity |
|
|
170,641 |
|
|
|
176,470 |
|
Total liabilities and
stockholders' equity |
|
$ |
434,345 |
|
|
$ |
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 (Loss) Earnings to EBITDA and
Adjusted EBITDA(2) |
(in thousands, unaudited) |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net (loss)
earnings |
|
$ |
(6,490 |
) |
|
$ |
11,352 |
|
|
$ |
(2,391 |
) |
|
$ |
16,684 |
|
Interest expense |
|
|
1,305 |
|
|
|
1,391 |
|
|
|
4,126 |
|
|
|
3,917 |
|
Provision for (benefit from)
income taxes |
|
|
590 |
|
|
|
(2,201 |
) |
|
|
1,049 |
|
|
|
523 |
|
Depreciation and
amortization |
|
|
4,049 |
|
|
|
4,417 |
|
|
|
12,265 |
|
|
|
13,738 |
|
EBITDA |
|
$ |
(546 |
) |
|
$ |
14,959 |
|
|
$ |
15,049 |
|
|
$ |
34,862 |
|
% of net sales |
|
|
-0.4 |
% |
|
|
10.2 |
% |
|
|
4.0 |
% |
|
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unusual or special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of goodwill |
|
|
8,891 |
|
|
|
- |
|
|
|
8,891 |
|
|
|
- |
|
Gain on sale of property |
|
|
- |
|
|
|
- |
|
|
|
(4,257 |
) |
|
|
- |
|
ERP system implementation consulting costs |
|
|
242 |
|
|
|
291 |
|
|
|
1,617 |
|
|
|
1,489 |
|
Restructuring charges |
|
|
281 |
|
|
|
17 |
|
|
|
1,651 |
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
8,868 |
|
|
$ |
15,267 |
|
|
$ |
22,951 |
|
|
$ |
36,413 |
|
% of net sales |
|
|
7.1 |
% |
|
|
10.4 |
% |
|
|
6.1 |
% |
|
|
9.0 |
% |
(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 (loss) 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 (loss) 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, 2019 |
|
|
Three Months Ended September 30, 2018 |
|
Reconciling Items |
|
(Loss) earnings before taxes |
|
|
Provision for income taxes |
|
|
Net (loss) earnings |
|
|
Class A EPS(3) |
|
|
Class B EPS(3) |
|
|
Earnings before taxes |
|
|
(Benefit from) provision for income
taxes |
|
|
Net earnings |
|
|
Class A EPS(3) |
|
|
Class B EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
measures |
|
$ |
(5,900 |
) |
|
$ |
590 |
|
|
$ |
(6,490 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.53 |
) |
|
$ |
9,151 |
|
|
$ |
(2,201 |
) |
|
$ |
11,352 |
|
|
$ |
0.89 |
|
|
$ |
0.94 |
|
Items included in SG&A
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERP system implementation consulting costs |
|
|
242 |
|
|
|
42 |
|
|
|
200 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
291 |
|
|
|
55 |
|
|
|
236 |
|
|
|
0.02 |
|
|
|
0.02 |
|
Transition tax, measurement
period adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,628 |
|
|
|
(2,628 |
) |
|
|
(0.21 |
) |
|
|
(0.22 |
) |
Impairment of goodwill |
|
|
8,891 |
|
|
|
368 |
|
|
|
8,523 |
|
|
|
0.66 |
|
|
|
0.70 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Restructuring charges |
|
|
281 |
|
|
|
39 |
|
|
|
242 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
17 |
|
|
|
3 |
|
|
|
14 |
|
|
|
- |
|
|
|
- |
|
Non-GAAP
measures |
|
$ |
3,514 |
|
|
$ |
1,039 |
|
|
$ |
2,475 |
|
|
$ |
0.19 |
|
|
$ |
0.20 |
|
|
$ |
9,459 |
|
|
$ |
485 |
|
|
$ |
8,974 |
|
|
$ |
0.70 |
|
|
$ |
0.75 |
|
|
|
Nine Months Ended September 30, 2019 |
|
|
Nine Months Ended September 30, 2018 |
|
Reconciling Items |
|
(Loss) earnings before taxes |
|
|
Provision for income taxes |
|
|
Net (loss) earnings |
|
|
Class A EPS(3) |
|
|
Class B EPS(3) |
|
|
Earnings before taxes |
|
|
Provision for income taxes |
|
|
Net earnings |
|
|
Class
AEPS(3) |
|
|
Class B EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
measures |
|
$ |
(1,342 |
) |
|
$ |
1,049 |
|
|
$ |
(2,391 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.19 |
) |
|
$ |
17,207 |
|
|
$ |
523 |
|
|
$ |
16,684 |
|
|
$ |
1.31 |
|
|
$ |
1.40 |
|
Items included in SG&A
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERP system implementation consulting costs |
|
|
1,617 |
|
|
|
301 |
|
|
|
1,316 |
|
|
|
0.10 |
|
|
|
0.11 |
|
|
|
1,489 |
|
|
|
280 |
|
|
|
1,209 |
|
|
|
0.10 |
|
|
|
0.10 |
|
Transition tax, measurement
period adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,628 |
|
|
|
(2,628 |
) |
|
|
(0.21 |
) |
|
|
(0.22 |
) |
Impairment of goodwill |
|
|
8,891 |
|
|
|
368 |
|
|
|
8,523 |
|
|
|
0.67 |
|
|
|
0.70 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on sale of building |
|
|
(4,257 |
) |
|
|
(979 |
) |
|
|
(3,278 |
) |
|
|
(0.26 |
) |
|
|
(0.27 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Restructuring charges |
|
|
1,651 |
|
|
|
280 |
|
|
|
1,371 |
|
|
|
0.11 |
|
|
|
0.11 |
|
|
|
62 |
|
|
|
12 |
|
|
|
50 |
|
|
|
- |
|
|
|
- |
|
Non-GAAP
measures |
|
$ |
6,560 |
|
|
$ |
1,019 |
|
|
$ |
5,541 |
|
|
$ |
0.42 |
|
|
$ |
0.46 |
|
|
$ |
18,758 |
|
|
$ |
3,443 |
|
|
$ |
15,315 |
|
|
$ |
1.20 |
|
|
$ |
1.28 |
|
(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. |
Investor Contact:Darrow Associatestel
516.419.9915pseltzberg@darrowir.com |
|
Company Contact:Daniel
Bernstein President ir@belf.com |
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