Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a
designer, manufacturer and provider of products that power, protect
and connect electronic circuits, today announced preliminary
financial results for the second quarter of 2020.
Second Quarter
2020 Highlights
- Net sales of $121.2 million, down 4.9% from Q2-19
- Gross profit margin of 26.2%, up from 21.0% in Q2-19
- Net earnings of $5.6 million, as compared with net earnings of
$3.0 million in Q2-19
- GAAP EPS of $0.43 per Class A share (versus $0.23 in Q2-19) and
$0.46 per Class B share (versus $0.24 in Q2-19)
- Non-GAAP EPS of $0.43 per Class A share (versus $0.03 in Q2-19)
and $0.46 per Class B share (versus $0.03 in Q2-19)
- Backlog of $179.6 million at June 30, 2020, up 12% from
year-end
- Cash flow provided by operating activities of $8.8 million
Non-GAAP financial measures, such as Non-GAAP
net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude the
impact of acquisition-related 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 Comments
Daniel Bernstein, President and CEO, said,
“Throughout the second quarter, our focus was two-fold as we face a
new-normal in the COVID-19 environment. Our first priority
has been to ensure the safety and well-being of Bel's
associates around the world as we continue to provide essential
products to our customer base. The global operations team has
done an excellent job of keeping our business running while
maintaining full compliance with new safety measures, and
responding quickly and effectively to changes in local
regulations. All of Bel's facilities are operational as of
today, albeit at slightly reduced efficiency levels.
"The second priority is
improved profitability, and we were pleased to see the
benefits of our recent efforts in Bel's financial results for the
second quarter. Our gross profit margin improved by 520 basis
points from last year's second quarter, resulting in $5.0 million
of incremental gross profit, despite a reduction in sales.
This improvement in margin was largely due to our reducing fixed
operating costs while rationalizing our customer base and
product portfolio to focus the business on higher profit
opportunities. Fixed costs within cost of sales were
$4.8 million lower as compared to last year's second quarter
with savings being realized throughout each of Bel's product
segments. This reduction in fixed costs includes $1.0
million in subsidies received during the quarter from the Chinese
government, which helped to offset the impact of COVID-related
inefficiencies and $0.3 million of direct COVID-related costs
incurred during the quarter. The foreign exchange environment
was also more favorable in the second quarter of 2020 as compared
to the second quarter of 2019, particularly related to the Chinese
Renminbi and Mexican Peso, resulting in lower direct labor costs in
these regions. The Company's acquisition of CUI in December
2019 generated sales of $10.6 million in the second quarter of
2020 at a gross profit margin of 39.3%, contributing 130 basis
points to our consolidated gross profit margin expansion for the
quarter.
“Although visibility is limited for the second
half of the year due to the uncertainty surrounding
COVID-19, Bel's management team will continue to take
meaningful steps toward its goal of
improved profitability. During the second quarter of
2020, we initiated the closure of our Power R&D facility
in Uster, Switzerland; these functions will be
transitioned to engineering staff at other existing Bel
facilities. This closure is anticipated to result in
annualized cost savings of $3.0 million, with expected savings to
be realized beginning in the fourth quarter of 2020. Further
restructuring efforts and related incremental cost savings are
expected to continue over the next 18 months as we complete the
implementation of the new ERP system which will allow us to more
efficiently streamline the organization. Bel will also
continue the process of re-evaluating the Company's customer
base and product portfolio to ensure our resources are supporting
those customers and products that align with the goal of
improved profitability. This may inhibit top line growth
in the coming quarters,” concluded Mr. Bernstein.
Financial Summary
All comparative percentages are on a
year-over-year basis, unless otherwise noted.
Second Quarter 2020
Results
Net SalesNet sales were $121.2
million, down $6.2 million, or 4.9%, from last year’s second
quarter.
- By product segment: Connectivity Solutions sales declined by
8.5%, Magnetic Solutions sales were lower by 8.9% and Power
Solutions and Protection sales were up by 2.3%.
- By geographic area: Europe sales were down by 9.5%, North
America sales declined by 5.0% and Asia sales were lower by
2.3%.
Gross ProfitGross profit margin
increased to 26.2%, from 21.0% in the second quarter of 2019,
primarily due to lower fixed overhead and support labor costs, a
favorable shift in product mix and lower direct labor costs
resulting from the U.S. dollar appreciating against the Mexican
Peso and Chinese Renminbi in the second quarter of 2020.
Fixed costs within our Cinch Connectivity Solutions segment were
reduced by $1.7 million in the second quarter of 2020 as compared
to the same period of 2019 as a result of aligning the cost
structure with the reduction in demand from our commercial
aerospace customers. Further, approximately $0.9 million
of cost savings were realized within cost of sales in the second
quarter of 2020 related to restructuring efforts implemented in
late-2019 related to our Power Solutions and Protections and
Magnetic Solutions segments. Lastly, the incremental higher-margin
CUI sales accounted for a 130 basis point improvement in Bel's
consolidated gross profit margin for the second quarter of 2020 as
compared to the same quarter of 2019.
Research and Development (R&D)
CostsR&D costs were $6.1 million, a decline of $0.7
million from the second quarter of 2019. This reduction was
largely the result of cost savings measures initiated in late-2019
and a more favorable exchange rate environment during the 2020
quarter.
Selling, General and Administrative
Expenses (SG&A)SG&A expenses were $18.1 million,
down $1.2 million from the second quarter of 2019. Lower
travel expenses of $0.7 million, a reduction in ERP costs of $0.4
million and savings from other cost containment efforts outweighed
the $1.9 million of incremental SG&A expenses associated with
the recently-acquired CUI business. SG&A expense also
included a gain on the cash surrender value of
COLI policies of $1.0 million in the second quarter of 2020
compared to a gain on these policies of $0.2 million in the
second quarter of 2019.
Operating IncomeOperating
income was $7.5 million, up from $4.5 million in the second quarter
of 2019, with an operating margin of 6.2% compared to
3.5% in the second quarter of 2019.
Income TaxesThe provision for
income taxes was $0.4 million in the second quarter of each of
2020 and 2019. This resulted in an effective tax rate of
7.1% during the second quarter of 2020, compared to an
effective tax rate of 12.4% during the same quarter last
year. The change in the effective tax rate during the second
quarter of 2020 as compared to the same quarter of 2019 is
primarily attributable to the impact of permanent differences on
U.S. tax exempt activities.
Net EarningsThe above factors
resulted in net earnings of $5.6 million in the second quarter of
2020 as compared with net earnings of $3.0 million in the second
quarter of 2019.
Six Months Ended June 30, 2020
Results
Net SalesNet sales were $225.1
million, down $27.7 million, or 10.9%, from the first half of
2019.
- By product segment: Connectivity Solutions sales declined by
10.2%, Magnetic Solutions sales were lower by 16.6% and Power
Solutions and Protection sales were down by 6.5%.
- By geographic area: Europe sales were down by 16.2%, Asia sales
declined by 15.7% and North America sales were lower by 6.4%.
Gross ProfitGross profit margin
increased to 25.3%, from 22.7% in the first half of 2019,
primarily due to the same factors impacting the second quarter
results. Fixed costs within our Cinch Connectivity Solutions
segment were reduced by $3.0 million in the first half of 2020 as
compared to the same period of 2019 as a result of aligning the
cost structure with the reduction in demand from our
commercial aerospace customers. Further, approximately
$1.7 million of cost savings were realized within cost of
sales during the first half of 2020 related to restructuring
efforts implemented in late-2019 which were related to our Power
Solutions and Protection and Magnetic Solutions segments.
Lastly, the incremental higher-margin CUI sales accounted for a 120
basis point improvement in Bel's consolidated gross profit margin
for the first half of 2020 as compared to the same period of
2019.
Research and Development (R&D)
CostsR&D costs were $12.2 million, a decline of
$1.9 million from the first half of 2019. This reduction
was largely the result of cost savings measures initiated in
late-2019 coupled with a more favorable exchange rate environment
during the first half of 2020 as compared to the same period of
2019.
Selling, General and Administrative
Expenses (SG&A)SG&A expenses were $40.1 million,
up $1.7 million from the first half of 2019. A reduction
in ERP costs of $1.4 million, lower travel expenses of $0.9 million
and savings from other cost containment efforts partially offset
the $4.1 million of incremental SG&A expenses associated with
the recently-acquired CUI business. SG&A expense also
included a loss on the cash surrender value of
COLI policies of $0.4 million in the first half of 2020
compared to a gain on these policies of $0.8 million in the first
half of 2019.
Operating IncomeOperating
income was $4.4 million, down from $7.9 million in the first half
of 2019, with an operating margin of 2.0% compared to 3.1% in the
first half of 2019.
Income TaxesThe (benefit)
provision for income taxes was a benefit of $0.3 million in
the first half of 2020, compared to a provision of $0.5
million in the same period of 2019. This resulted in an
effective tax rate of -24.6% during the first half of
2020, compared to an effective tax rate of 10.1% during the same
period last year. The change in the effective tax rate
during the six months ended June 30, 2020 as compared to the same
period of 2019 is primarily attributable to tax benefits relating
to the reversal of valuation allowances and the federal tax law
changes included in the CARES Act, offset by the impact of
permanent differences on U.S. tax exempt activities.
Net EarningsThe above factors
resulted in net earnings of $1.8 million in the first half of
2020 as compared with net earnings of $4.1 million in the first
half of 2019.
Balance Sheet DataAs of June
30, 2020, working capital was $197.2 million, including $75.3
million of cash and cash equivalents with a current ratio of
3.2-to-1. In comparison, as of December 31, 2019, working
capital was $193.0 million, including $72.3 million of cash and
cash equivalents with a current ratio of 3.1-to-1. Total debt
at June 30, 2020, net of deferred financing costs, declined to
$135.2 million as compared to $143.7 million at December 31, 2019,
primarily due to a voluntary prepayment of $8.2 million made in
connection with the amendment to the Company's credit agreement in
February 2020.
Conference CallBel has
scheduled a conference call at 11:00 a.m. ET today. To
participate in the conference call, investors should dial
800-437-2398, or 323-289-6576 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 9339533 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, medical, 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 our efforts to
improve profitability, the impact of the closure of our Power
R&D facility in Uster, Switzerland, anticipated cost savings
resulting from restructuring and the continuing impact of Bel's
efforts to re-evaluate its customer base and product portfolio) 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 impact of public health crises (such as the
governmental, social and economic effects of COVID-19); 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; 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 |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
$ |
121,172 |
|
|
$ |
127,416 |
|
|
$ |
225,149 |
|
|
$ |
252,805 |
|
Cost of sales |
|
89,403 |
|
|
|
100,670 |
|
|
|
168,269 |
|
|
|
195,325 |
|
Gross
profit |
|
31,769 |
|
|
|
26,746 |
|
|
|
56,880 |
|
|
|
57,480 |
|
As a % of net sales |
|
26.2 |
% |
|
|
21.0 |
% |
|
|
25.3 |
% |
|
|
22.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
costs |
|
6,116 |
|
|
|
6,862 |
|
|
|
12,175 |
|
|
|
14,036 |
|
Selling, general and
administrative expenses |
|
18,061 |
|
|
|
19,215 |
|
|
|
40,122 |
|
|
|
38,440 |
|
As a % of net sales |
|
14.9 |
% |
|
|
15.1 |
% |
|
|
17.8 |
% |
|
|
15.2 |
% |
Restructuring charges |
|
44 |
|
|
|
424 |
|
|
|
172 |
|
|
|
1,370 |
|
Gain on sale of property |
|
- |
|
|
|
(4,257 |
) |
|
|
- |
|
|
|
(4,257 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
7,548 |
|
|
|
4,502 |
|
|
|
4,411 |
|
|
|
7,891 |
|
As a % of net sales |
|
6.2 |
% |
|
|
3.5 |
% |
|
|
2.0 |
% |
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(1,250 |
) |
|
|
(1,381 |
) |
|
|
(2,601 |
) |
|
|
(2,820 |
) |
Other income/expense, net |
|
(302 |
) |
|
|
267 |
|
|
|
(390 |
) |
|
|
(513 |
) |
Earnings before
benefit for income taxes |
|
5,996 |
|
|
|
3,388 |
|
|
|
1,420 |
|
|
|
4,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for (benefit from)
income taxes |
|
423 |
|
|
|
421 |
|
|
|
(349 |
) |
|
|
460 |
|
Effective tax rate |
|
7.1 |
% |
|
|
12.4 |
% |
|
|
-24.6 |
% |
|
|
10.1 |
% |
Net
earnings |
$ |
5,573 |
|
|
$ |
2,967 |
|
|
$ |
1,769 |
|
|
$ |
4,098 |
|
As a % of net sales |
|
4.6 |
% |
|
|
2.3 |
% |
|
|
0.8 |
% |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common shares - basic
and diluted |
|
2,145 |
|
|
|
2,175 |
|
|
|
2,145 |
|
|
|
2,175 |
|
Class B common shares - basic
and diluted |
|
10,178 |
|
|
|
10,112 |
|
|
|
10,151 |
|
|
|
10,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common shares - basic
and diluted |
$ |
0.43 |
|
|
$ |
0.23 |
|
|
$ |
0.13 |
|
|
$ |
0.31 |
|
Class B common shares - basic
and diluted |
$ |
0.46 |
|
|
$ |
0.24 |
|
|
$ |
0.15 |
|
|
$ |
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The supplementary information included in this press release
for 2020 is preliminary and subject to change prior to the filing
of our upcoming Quarterly Report on Form 10-Q with the Securities
and Exchange Commission.
Bel Fuse Inc. |
Supplementary Information(1) |
Condensed Consolidated Balance Sheets |
(in thousands, unaudited) |
|
June 30, 2020 |
|
|
December 31, 2019 |
|
Assets |
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
75,288 |
|
|
$ |
72,289 |
|
Accounts receivable, net |
|
78,346 |
|
|
|
76,092 |
|
Inventories |
|
104,726 |
|
|
|
107,276 |
|
Other current assets |
|
27,012 |
|
|
|
27,524 |
|
Total current assets |
|
285,372 |
|
|
|
283,181 |
|
Property, plant and equipment,
net |
|
37,334 |
|
|
|
41,943 |
|
Right-of-use assets |
|
16,627 |
|
|
|
18,504 |
|
Goodwill and other intangible
assets, net |
|
90,718 |
|
|
|
94,357 |
|
Other assets |
|
31,092 |
|
|
|
30,932 |
|
Total
assets |
$ |
461,143 |
|
|
$ |
468,917 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
44,826 |
|
|
$ |
44,169 |
|
Current portion of long-term
debt |
|
2,305 |
|
|
|
5,489 |
|
Operating lease liability,
current |
|
6,467 |
|
|
|
7,377 |
|
Other current liabilities |
|
34,581 |
|
|
|
33,183 |
|
Total current liabilities |
|
88,179 |
|
|
|
90,218 |
|
Long-term debt |
|
132,937 |
|
|
|
138,215 |
|
Operating lease liability,
long-term |
|
10,469 |
|
|
|
11,751 |
|
Other liabilities |
|
61,630 |
|
|
|
60,682 |
|
Total liabilities |
|
293,215 |
|
|
|
300,866 |
|
Stockholders' equity |
|
167,928 |
|
|
|
168,051 |
|
Total liabilities and
stockholders' equity |
$ |
461,143 |
|
|
$ |
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 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, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net
earnings |
$ |
5,573 |
|
|
$ |
2,967 |
|
|
$ |
1,769 |
|
|
$ |
4,098 |
|
Interest expense |
|
1,250 |
|
|
|
1,381 |
|
|
|
2,601 |
|
|
|
2,820 |
|
Provision for (benefit from)
income taxes |
|
423 |
|
|
|
421 |
|
|
|
(349 |
) |
|
|
460 |
|
Depreciation and
amortization |
|
4,108 |
|
|
|
4,106 |
|
|
|
8,234 |
|
|
|
8,216 |
|
EBITDA |
$ |
11,354 |
|
|
$ |
8,875 |
|
|
$ |
12,255 |
|
|
$ |
15,594 |
|
% of net sales |
|
9.4 |
% |
|
|
7.0 |
% |
|
|
5.4 |
% |
|
|
6.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unusual or special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related costs |
|
- |
|
|
|
- |
|
|
|
186 |
|
|
|
- |
|
Gain on sale of property |
|
- |
|
|
|
(4,257 |
) |
|
|
- |
|
|
|
(4,257 |
) |
ERP system implementation
consulting costs |
|
- |
|
|
|
391 |
|
|
|
- |
|
|
|
1,375 |
|
Restructuring charges |
|
44 |
|
|
|
424 |
|
|
|
172 |
|
|
|
1,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
11,398 |
|
|
$ |
5,433 |
|
|
$ |
12,613 |
|
|
$ |
14,082 |
|
% of net sales |
|
9.4 |
% |
|
|
4.3 |
% |
|
|
5.6 |
% |
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The supplementary information included in
this press release for 2020 is preliminary and subject to change
prior to the filing of our upcoming Quarterly Report on Form 10-Q
with the Securities and Exchange Commission.(2) In this press
release and supplemental information, we have included Non-GAAP
financial measures, including Non-GAAP net earnings, Non-GAAP EPS,
EBITDA and Adjusted EBITDA. We present results adjusted to exclude
the effects of certain specified items and their related tax impact
that would otherwise be included under GAAP, to aid in comparisons
with other periods. We may use Non-GAAP financial measures to
determine performance-based compensation and management believes
that this information may be useful to investors.
Bel Fuse Inc. |
Supplementary Information(1) |
Reconciliation of GAAP Measures to Non-GAAP
Measures(2) |
(in thousands (except per share amounts),
unaudited) |
The following tables detail the impact that certain unusual or
special items had on the Company's net earnings per common Class A
and Class B basic and diluted shares ("EPS") and the line items in
which these items were included in the condensed consolidated
statements of operations.
|
Three Months Ended June 30, 2020 |
|
Three Months Ended June 30, 2019 |
|
Reconciling Items |
Earnings before taxes |
|
Provision for income taxes |
|
Net (loss) earnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
Earnings before taxes |
|
Provision for (benefit from) income taxes |
|
Net earnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
measures |
$ |
5,996 |
|
$ |
423 |
|
$ |
5,573 |
|
$ |
0.43 |
|
$ |
0.46 |
|
$ |
3,388 |
|
$ |
421 |
|
$ |
2,967 |
|
$ |
0.23 |
|
$ |
0.24 |
|
Items included in SG&A
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ERP system implementation consulting costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
391 |
|
|
74 |
|
|
317 |
|
|
0.02 |
|
|
0.03 |
|
Gain on sale of property |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(4,257 |
) |
|
(979 |
) |
|
(3,278 |
) |
|
(0.26 |
) |
|
(0.27 |
) |
Restructuring charges |
|
44 |
|
|
12 |
|
|
32 |
|
|
0.00 |
|
|
0.00 |
|
|
424 |
|
|
23 |
|
|
401 |
|
|
0.03 |
|
|
0.03 |
|
Non-GAAP
measures |
$ |
6,040 |
|
$ |
435 |
|
$ |
5,605 |
|
|
0.43 |
|
|
0.46 |
|
$ |
(54 |
) |
$ |
(461 |
) |
$ |
407 |
|
|
0.03 |
|
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020 |
|
Six Months Ended June 30, 2019 |
|
Reconciling
Items |
Earnings before taxes |
|
Benefit from income taxes |
|
Net earnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
Earnings before taxes |
|
Provision for (benefit from) income taxes |
|
Net earnings |
|
Class A EPS(3) |
|
Class B EPS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
measures |
$ |
1,420 |
|
$ |
(349 |
) |
$ |
1,769 |
|
$ |
0.13 |
|
$ |
0.15 |
|
$ |
4,558 |
|
$ |
460 |
|
$ |
4,098 |
|
$ |
0.31 |
|
$ |
0.34 |
|
Items included in SG&A
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related costs |
|
186 |
|
|
43 |
|
|
143 |
|
|
0.01 |
|
|
0.01 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
ERP system implementation
consulting costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,375 |
|
|
259 |
|
|
1,116 |
|
|
0.09 |
|
|
0.09 |
|
Gain on sale of property |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(4,257 |
) |
|
(979 |
) |
|
(3,278 |
) |
|
(0.26 |
) |
|
(0.27 |
) |
Restructuring charges |
|
172 |
|
|
40 |
|
|
132 |
|
|
0.01 |
|
|
0.01 |
|
|
1,370 |
|
|
241 |
|
|
1,129 |
|
|
0.09 |
|
|
0.09 |
|
Non-GAAP
measures |
$ |
1,778 |
|
$ |
(266 |
) |
$ |
2,044 |
|
$ |
0.15 |
|
$ |
0.17 |
|
$ |
3,046 |
|
$ |
(19 |
) |
$ |
3,065 |
|
$ |
0.23 |
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The supplementary information included in
this press release for 2020 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
BernsteinPresidentir@belf.com |
|
|
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