Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today
announced preliminary financial results for the fourth quarter and
full year of 2020.
Fourth Quarter 2020
Highlights
• |
Net sales of $116.1 million, up 0.9% from Q4-19
despite COVID-related challenges |
• |
Gross profit margin of 25.3%, up from 21.1% in
Q4-19 led by improvement in Power Solutions and Protection
product group margins |
• |
Net earnings of $3.6 million versus a net loss of
$(6.4) million in Q4-19 |
• |
Adjusted EBITDA of $7.8 million, representing an increase of 157%
compared to Q4-19 |
• |
Realized $1.4 million of cost savings during Q4-20 under global
cost reduction program |
Full Year 2020 Highlights
• |
Net sales of $465.8 million, down 5.4% from
2019 largely driven by an $18.8 million, or 60%, decline in
commercial aerospace sales and COVID-related challenges |
• |
Gross profit margin of 25.7%, up from 22.3% in 2019, driven by
strong performance across all segments |
• |
Global cost reduction program resulting in $6.1 million of savings
during 2020 |
• |
Net earnings of $12.8 million versus a net loss of
$(8.7) million in 2019 |
• |
Adjusted EBITDA of $32.3 million, an improvement of over 24% from
2019 |
• |
Ended year with $32.9 million in net debt, a 55% decline as
compared to the 2019 year-end level |
Subsequent Items
• |
Announced two acquisitions in January 2021 (rms Connectors and EOS)
for a combined purchase price of $15.5 million, financed through
cash and lines of credit with our banks |
• |
Appointment of Farouq Tuweiq as Chief Financial Officer effective
February 15, 2021 |
Non-GAAP financial measures, such as Non-GAAP
net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude a
gain on sale of property, costs associated with ERP system
implementation costs, restructuring charges, the impact of a
non-cash goodwill impairment charge, and non-cash charges
associated with the liquidation of foreign subsidiaries. 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 another quarter
of improved profitability versus what was experienced in
2019. Our fourth quarter sales, while only marginally higher
than in the fourth quarter of 2019, gave us margin benefits from a
stronger mix of product, enabling a $5 million increase in gross
profit on a $1 million increase in sales. The Power Solutions
and Protection group benefited from a full quarter of CUI sales and
steady growth within e-mobility during the 2020 period,
coupled with the elimination of low-margin power products from our
portfolio. Military sales grew by 60% from fourth quarter
2019, mitigating the impact of lower demand from our commercial
aerospace products during the 2020 quarter. While sales of
our Magnetic Solution products were down 22% in the fourth quarter
of 2020 as compared to the 2019 quarter, we saw a rebound in
bookings for this group in the fourth quarter of 2020, a strong
indicator for potential rebound in the near term.
"On the cost side, Bel's continued dedication to
and successful execution of its global cost reduction program
has resulted in a streamlined organization and leaves the Company
well-positioned for further margin expansion once overall sales
rebound. During the fourth quarter, we sold our Switzerland
facility at a gain of $1.9 million. This facility closure and
other actions implemented by the end of 2020 are expected to
result in $4.4 million of cost savings in 2021, which will be
incremental to the $6.1 million that we have already
successfully taken out of our ongoing cost structure during the
past year. We are proud of the margin progress we’ve made,
and still believe there is more benefit to come as demand in many
of our markets continues to recover.
"In January 2021, Bel announced two acquisitions
that are strategic to our future growth plans. The
acquisition of rms Connectors enabled us to increase our
market share within the commercial aerospace end market, and we
anticipate rms to be accretive to Bel's EBITDA by June 2021 as
operations transition to a nearby Bel facility. The
acquisition of EOS Power, expected to close late in the first
quarter, will broaden Bel's power product portfolio with industrial
and medical products. Importantly, this acquisition will
extend our manufacturing footprint outside of China with a turnkey
operation and will provide access to the fast-growing India market
for all of Bel's products. These two acquisitions, which were
executed at favorable valuations for us, fit squarely into Bel's
growth strategy by increasing market share while diversifying our
product portfolios and geographic footprint.
"Visibility continues to be limited as a result
of COVID and long lead times for semiconductors and certain
components and these factors may affect our organic growth
for 2021. We believe, however, that the incremental
contribution from the two new acquisitions coupled with
continued actions under our global cost savings initiative will
bode well for further profitability in the coming
year," concluded Mr. Bernstein. Conference
CallBel has scheduled a conference call at 11:00 a.m. ET
today. To participate in the conference call, investors
should dial 800-430-8332, or 323-289-6581 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 3388016 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 potential rebound
of Magnetic Solution and overall product sales, the anticipated
impact of the global cost reduction initiative on Bel’s positioning
for further margin expansion, anticipated cost savings resulting
from the closing on the sale of the Switzerland facility, potential
benefits to Bel’s margins resulting from recovery of demand in
Bel’s markets, the anticipated impact of the rms Connectors
acquisition including on Bel’s EBITDA, the anticipated impact of
the EOS Power acquisition including the timing of the closing
thereof, factors that may affect Bel’s organic growth for 2021
including continuing limited visibility as a result of COVID and
long lead times for semiconductors and certain components, and the
incremental contribution from the two new acquisitions coupled with
the global cost savings initiative boding well for further
profitability in the coming year) 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; the success of efforts
to contain and otherwise respond to the Coronavirus; 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 |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
116,130 |
|
|
$ |
115,128 |
|
|
$ |
465,771 |
|
|
$ |
492,412 |
|
Cost of sales |
|
|
86,754 |
|
|
|
90,782 |
|
|
|
346,041 |
|
|
|
382,439 |
|
Gross
profit |
|
|
29,376 |
|
|
|
24,346 |
|
|
|
119,730 |
|
|
|
109,973 |
|
As a % of net sales |
|
|
25.3 |
% |
|
|
21.1 |
% |
|
|
25.7 |
% |
|
|
22.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
costs |
|
|
5,723 |
|
|
|
6,726 |
|
|
|
23,611 |
|
|
|
26,925 |
|
Selling, general and
administrative expenses |
|
|
19,565 |
|
|
|
19,581 |
|
|
|
78,704 |
|
|
|
77,416 |
|
As a % of net sales |
|
|
16.8 |
% |
|
|
17.0 |
% |
|
|
16.9 |
% |
|
|
15.7 |
% |
Impairment of goodwill |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,891 |
|
Restructuring charges |
|
|
318 |
|
|
|
942 |
|
|
|
601 |
|
|
|
2,593 |
|
Gain on sale of property |
|
|
(1,853 |
) |
|
|
- |
|
|
|
(1,853 |
) |
|
|
(4,257 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations |
|
|
5,623 |
|
|
|
(2,903 |
) |
|
|
18,667 |
|
|
|
(1,595 |
) |
As a % of net sales |
|
|
4.8 |
% |
|
|
-2.5 |
% |
|
|
4.0 |
% |
|
|
-0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(903 |
) |
|
|
(1,323 |
) |
|
|
(4,746 |
) |
|
|
(5,448 |
) |
Other income/expense, net |
|
|
(395 |
) |
|
|
(1,735 |
) |
|
|
(1,785 |
) |
|
|
(259 |
) |
Earnings (loss) before
income taxes |
|
|
4,325 |
|
|
|
(5,961 |
) |
|
|
12,136 |
|
|
|
(7,302 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for (benefit from)
income taxes |
|
|
774 |
|
|
|
392 |
|
|
|
(659 |
) |
|
|
1,441 |
|
Effective tax rate |
|
|
17.9 |
% |
|
|
-6.6 |
% |
|
|
-5.4 |
% |
|
|
-19.7 |
% |
Net earnings
(loss) |
|
$ |
3,551 |
|
|
$ |
(6,353 |
) |
|
$ |
12,795 |
|
|
$ |
(8,743 |
) |
As a % of net sales |
|
|
3.1 |
% |
|
|
-5.5 |
% |
|
|
2.7 |
% |
|
|
-1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common shares - basic
and diluted |
|
|
2,145 |
|
|
|
2,145 |
|
|
|
2,145 |
|
|
|
2,167 |
|
Class B common shares - basic
and diluted |
|
|
10,213 |
|
|
|
10,130 |
|
|
|
10,185 |
|
|
|
10,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common shares - basic
and diluted |
|
$ |
0.27 |
|
|
$ |
(0.50 |
) |
|
$ |
0.97 |
|
|
$ |
(0.71 |
) |
Class B common shares - basic
and diluted |
|
$ |
0.29 |
|
|
$ |
(0.52 |
) |
|
$ |
1.05 |
|
|
$ |
(0.71 |
) |
(1) The supplementary information included in this press release
for 2020 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) During the fourth quarter
of 2020, the Company changed its financial statement
presentation related to gain/loss on its SERP investments.
These gains/losses were previously included within cost of sales
and selling, general and administrative expense. For the
three months and year ended December 31, 2019 presented above, a
total of $0.7 million and $2.1 million, respectively, of gains on
SERP investments have been reclassified from cost of sales and
selling, general and administrative expense and are now included
within other income/expense, net. |
|
Bel Fuse Inc. |
Supplementary Information(1) |
Condensed Consolidated Balance Sheets |
(in thousands, unaudited) |
|
|
December 31, 2020 |
|
|
December 31, 2019 |
|
Assets |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
84,939 |
|
|
$ |
72,289 |
|
Accounts receivable, net |
|
|
71,372 |
|
|
|
76,092 |
|
Inventories |
|
|
100,133 |
|
|
|
107,276 |
|
Other current assets |
|
|
23,772 |
|
|
|
27,524 |
|
Total current assets |
|
|
280,216 |
|
|
|
283,181 |
|
Property, plant and equipment,
net |
|
|
34,501 |
|
|
|
41,943 |
|
Right-of-use assets |
|
|
14,217 |
|
|
|
18,504 |
|
Goodwill and other intangible
assets, net |
|
|
89,755 |
|
|
|
94,357 |
|
Other assets |
|
|
35,177 |
|
|
|
30,932 |
|
Total
assets |
|
$ |
453,866 |
|
|
$ |
468,917 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
39,774 |
|
|
$ |
44,169 |
|
Current portion of long-term
debt |
|
|
5,286 |
|
|
|
5,489 |
|
Operating lease liability,
current |
|
|
6,591 |
|
|
|
7,377 |
|
Other current liabilities |
|
|
35,885 |
|
|
|
33,183 |
|
Total current liabilities |
|
|
87,536 |
|
|
|
90,218 |
|
Long-term debt |
|
|
110,294 |
|
|
|
138,215 |
|
Operating lease liability,
long-term |
|
|
8,064 |
|
|
|
11,751 |
|
Other liabilities |
|
|
62,173 |
|
|
|
60,682 |
|
Total liabilities |
|
|
268,067 |
|
|
|
300,866 |
|
Stockholders' equity |
|
|
185,799 |
|
|
|
168,051 |
|
Total liabilities and
stockholders' equity |
|
$ |
453,866 |
|
|
$ |
468,917 |
|
(1) The supplementary information included in this press release
for 2020 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 (Loss) to EBITDA
and Adjusted EBITDA(2) |
(in thousands, unaudited) |
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net earnings
(loss) |
|
$ |
3,551 |
|
|
$ |
(6,353 |
) |
|
$ |
12,795 |
|
|
$ |
(8,743 |
) |
Interest expense |
|
|
903 |
|
|
|
1,323 |
|
|
|
4,746 |
|
|
|
5,448 |
|
Provision for (benefit from)
income taxes |
|
|
774 |
|
|
|
392 |
|
|
|
(659 |
) |
|
|
1,441 |
|
Depreciation and
amortization |
|
|
4,101 |
|
|
|
4,206 |
|
|
|
16,423 |
|
|
|
16,471 |
|
EBITDA |
|
$ |
9,329 |
|
|
$ |
(432 |
) |
|
$ |
33,305 |
|
|
$ |
14,617 |
|
% of net sales |
|
|
8.0 |
% |
|
|
-0.4 |
% |
|
|
7.2 |
% |
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unusual or special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of property |
|
|
(1,853 |
) |
|
|
- |
|
|
|
(1,853 |
) |
|
|
(4,257 |
) |
Restructuring charges |
|
|
318 |
|
|
|
942 |
|
|
|
601 |
|
|
|
2,593 |
|
Acquisition-related costs |
|
|
25 |
|
|
|
232 |
|
|
|
211 |
|
|
|
232 |
|
Impairment of goodwill |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,891 |
|
ERP system implementation consulting costs |
|
|
- |
|
|
|
197 |
|
|
|
- |
|
|
|
1,814 |
|
Loss on liquidation of foreign
subsidiary |
|
|
- |
|
|
|
2,103 |
|
|
|
- |
|
|
|
2,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
7,819 |
|
|
$ |
3,042 |
|
|
$ |
32,264 |
|
|
$ |
25,993 |
|
% of net sales |
|
|
6.7 |
% |
|
|
2.6 |
% |
|
|
6.9 |
% |
|
|
5.3 |
% |
(1) The supplementary information included in this press release
for 2020 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 (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 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, 2020 |
|
Three Months Ended December 31, 2019 |
|
Reconciling Items |
|
Earnings before taxes |
|
Provision for income taxes |
|
Net earnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
(Loss) earnings before taxes |
|
Provision for income taxes |
|
Net (loss) earnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
measures |
|
$ |
4,325 |
|
$ |
774 |
|
$ |
3,551 |
|
$ |
0.27 |
|
$ |
0.29 |
|
$ |
(5,961 |
) |
$ |
392 |
|
$ |
(6,353 |
) |
$ |
(0.50 |
) |
$ |
(0.52 |
) |
Items included in SG&A
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related costs |
|
|
25 |
|
|
6 |
|
|
19 |
|
|
- |
|
|
- |
|
|
232 |
|
|
53 |
|
|
179 |
|
|
0.01 |
|
|
0.01 |
|
ERP system implementation consulting costs |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
197 |
|
|
34 |
|
|
163 |
|
|
0.01 |
|
|
0.01 |
|
Gain on sale of property |
|
|
(1,853 |
) |
|
(403 |
) |
|
(1,450 |
) |
|
(0.11 |
) |
|
(0.12 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Restructuring charges |
|
|
318 |
|
|
- |
|
|
318 |
|
|
0.02 |
|
|
0.03 |
|
|
942 |
|
|
222 |
|
|
720 |
|
|
0.06 |
|
|
0.06 |
|
Loss on liquidation of foreign
subsidiary |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
2,103 |
|
|
506 |
|
|
1,597 |
|
|
0.12 |
|
|
0.13 |
|
Non-GAAP
measures |
|
$ |
2,815 |
|
$ |
377 |
|
$ |
2,438 |
|
$ |
0.18 |
|
$ |
0.20 |
|
$ |
(2,487 |
) |
$ |
1,207 |
|
$ |
(3,694 |
) |
$ |
(0.30 |
) |
$ |
(0.30 |
) |
|
|
Year Ended December 31, 2020 |
|
Year Ended December 31, 2019 |
|
Reconciling Items |
|
Earnings before taxes |
|
Provision for income taxes |
|
Net earnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
(Loss) earnings before taxes |
|
Provision for income taxes |
|
Net (loss) earnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
measures |
|
$ |
12,136 |
|
$ |
(659 |
) |
$ |
12,795 |
|
$ |
0.97 |
|
$ |
1.05 |
|
$ |
(7,302 |
) |
$ |
1,441 |
|
$ |
(8,743 |
) |
$ |
(0.71 |
) |
$ |
(0.71 |
) |
Items included in SG&A
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related costs |
|
|
211 |
|
|
49 |
|
|
162 |
|
|
0.01 |
|
|
0.01 |
|
|
232 |
|
|
53 |
|
|
179 |
|
|
0.01 |
|
|
0.01 |
|
ERP system implementation consulting costs |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,814 |
|
|
335 |
|
|
1,479 |
|
|
0.12 |
|
|
0.12 |
|
Impairment of goodwill |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
8,891 |
|
|
368 |
|
|
8,523 |
|
|
0.67 |
|
|
0.70 |
|
Gain on sale of property |
|
|
(1,853 |
) |
|
(403 |
) |
|
(1,450 |
) |
|
(0.11 |
) |
|
(0.12 |
) |
|
(4,257 |
) |
|
(979 |
) |
|
(3,278 |
) |
|
(0.26 |
) |
|
(0.27 |
) |
Restructuring charges |
|
|
601 |
|
|
62 |
|
|
539 |
|
|
0.04 |
|
|
0.04 |
|
|
2,593 |
|
|
502 |
|
|
2,091 |
|
|
0.16 |
|
|
0.17 |
|
Loss on liquidation of foreign
subsidiary |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
2,103 |
|
|
506 |
|
|
1,597 |
|
|
0.12 |
|
|
0.13 |
|
Non-GAAP
measures |
|
$ |
11,095 |
|
$ |
(951 |
) |
$ |
12,046 |
|
$ |
0.92 |
|
$ |
0.99 |
|
$ |
4,074 |
|
$ |
2,226 |
|
$ |
1,848 |
|
$ |
0.12 |
|
$ |
0.15 |
|
(1) The supplementary information included in this press release
for 2020 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. |
(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
BernsteinPresidentir@belf.com |
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