WEST ORANGE, N.J., Aug. 01, 2024 (GLOBE NEWSWIRE) -- BEL FUSE INC. (NASDAQ:BELFA) and (NASDAQ:BELFB) today announced that its Board of Directors has declared regular quarterly cash dividends of $0.06 per share on the Company's Class A common shares and $0.07 per share on the Company's Class B common shares. Company Contact: Lynn Hutkin VP of Financial Reporting and Investor Relations ir@belf.com Investor Contact: Steven Hooser or Jean Marie Young Three Part Advisors, LLC (631) 418-4339 Cash dividends for Cl ...

Revenue and Sales Performance - Net sales for Q2 2024 decreased to $133.2 million from $168.8 million in Q2 2023, a decline of 21.1%[25] - Revenue from Power Solutions and Protection products decreased by $28.5 million (32.8%) in Q2 2024 and $51.5 million (30.3%) in H1 2024 compared to the same periods in 2023[42] - Connectivity Solutions revenue increased by $2.979 million (5.4%) in Q2 2024 and $3.868 million (3.6%) in H1 2024 compared to the same periods in 2023[42] - Magnetic Solutions revenue decreased by $10.011 million (37.3%) in Q2 2024 and $32.22 million (51.5%) in H1 2024 compared to the same periods in 2023[42] - Revenue for the six months ended June 30, 2024 decreased by $79.8 million, or 23.4%, compared to the same period in 2023, driven by lower demand in the Power Solutions and Protection and Magnetic Solutions segments[134] - Revenue for the three months ended June 30, 2024 was $133.205 million, with gross profit of $53.396 million and a gross profit percentage of 40.1%[127] - Revenue for the six months ended June 30, 2024 was $261.295 million, with gross profit of $101.474 million and a gross profit percentage of 38.8%[128] - Sales of Connectivity Solutions products grew by $3.0 million (5.4%) and $3.9 million (3.6%) in the three and six months ended June 30, 2024, respectively, compared to 2023[170] - Magnetic Solutions products sales declined by $10 million (37.3%) and $32.2 million (51.5%) in the three and six months ended June 30, 2024, respectively, due to reduced demand from networking customers[171] Profitability and Earnings - Gross profit for Q2 2024 was $53.4 million, down from $55.5 million in Q2 2023, a decrease of 3.8%[25] - Net earnings available to common stockholders for Q2 2024 were $18.8 million, compared to $27.8 million in Q2 2023, a decline of 32.4%[25] - Comprehensive income for Q2 2024 was $17.5 million, compared to $26.3 million in Q2 2023[26] - Net earnings for the six months ended June 30, 2024, were $18.8 million, compared to $27.8 million for the same period in 2023[27][28] - Net earnings for June 2024 were $34.68 million, compared to $42.347 million in June 2023, representing a decrease of 18.1%[32] - Gross margin for Power Solutions and Protection improved to 45.7% in Q2 2024 from 35.7% in Q2 2023[42] - Gross profit for the six months ended June 30, 2024 was $101.474 million, with gross profit percentages of 44.8% for Power Solutions and Protection, 37.6% for Connectivity Solutions, and 21.8% for Magnetic Solutions[128] - The company's gross profit for the three months ended June 30, 2024 was $53.396 million, with gross profit percentages of 45.7% for Power Solutions and Protection, 38.9% for Connectivity Solutions, and 26.4% for Magnetic Solutions[127] - The company's gross profit for the six months ended June 30, 2023 was $109.201 million, with gross profit percentages of 35.7% for Power Solutions and Protection, 35.8% for Connectivity Solutions, and 23.6% for Magnetic Solutions[128] - The company's earnings before income taxes for the six months ended June 30, 2024 were $2.8 million lower compared to the same period in 2023, primarily due to decreased income from the North America and Asia regions[152] Expenses and Costs - Research and development costs for Q2 2024 were $6.0 million, consistent with $6.0 million in Q2 2023[25] - Selling, general, and administrative expenses for Q2 2024 were $24.1 million, down from $25.1 million in Q2 2023[25] - R&D expenses remained flat at $6.0 million for Q2 2024 and $11.2 million for H1 2024 compared to the same periods in 2023[47] - SG&A expenses decreased by $1.0 million (4.0%) in Q2 2024 compared to Q2 2023, primarily due to lower legal and professional fees[48] - SG&A expenses decreased to $49.1 million in the first half of 2024 from $50.4 million in the same period of 2023, driven by a $2.4 million decline in legal and professional fees and a $0.6 million reduction in commissions[49] - Material costs as a percentage of sales decreased in Q2 and H1 2024 compared to 2023 due to stabilized raw material pricing and improved procurement efforts[45] - Labor costs increased to 7.7% of revenue in the first six months of 2024, up from 6.6% in the same period of 2023, driven by higher wages in Mexico and Slovakia[166] - Material costs as a percentage of revenue decreased to 27.8% in the three months ended June 30, 2024, from 41.3% in the same period of 2023[173] - Total cost of sales as a percentage of revenue decreased to 59.9% in the three months ended June 30, 2024, from 67.1% in the same period of 2023[173] - The company incurred $0.5 million in severance costs in Q2 2024 due to headcount reductions in the Magnetics segment[166] - The statutory minimum wage rate in Mexico increased by 20% effective January 1, 2024, resulting in an estimated additional annual labor cost of $1.4 million[166] Cash Flow and Liquidity - Cash and cash equivalents decreased to $85.0 million as of June 30, 2024, from $89.4 million as of December 31, 2023[21] - Net cash provided by operating activities for June 2024 was $38.344 million, down from $40.656 million in June 2023, a decrease of 5.7%[32] - The company's cash and cash equivalents decreased by $4.4 million during the six months ended June 30, 2024, primarily due to net cash provided by operating activities of $38.3 million, offset by purchases of securities and common stock[155] - The company's principal sources of liquidity include $85.0 million of cash and cash equivalents and $58.8 million of held to maturity investments in U.S. Treasury securities as of June 30, 2024[153] - The company repatriated $11 million from outside of the U.S. during the six months ended June 30, 2024[157] - The unused credit available under the company's credit facility at June 30, 2024 was $115.0 million[159] Assets and Liabilities - Total current assets as of June 30, 2024, were $376.0 million, down from $381.5 million as of December 31, 2023[21] - Total liabilities decreased to $211.2 million as of June 30, 2024, from $231.1 million as of December 31, 2023[21] - Total stockholders' equity increased to $356.4 million as of June 30, 2024, from $340.6 million as of December 31, 2023[22] - Retained earnings increased to $340.5 million as of June 30, 2024, up from $307.5 million at December 31, 2023[27] - Additional paid-in capital grew to $46.1 million as of June 30, 2024, compared to $44.3 million at December 31, 2023[27] - Accumulated other comprehensive loss widened to $16.7 million as of June 30, 2024, compared to $12.0 million at December 31, 2023[27] - Inventories decreased to $127.9 million as of June 30, 2024, from $136.5 million as of December 31, 2023[88] - Assets held for sale increased to $2.1 million as of June 30, 2024, from $1.3 million as of December 31, 2023[90] - Accrued expenses decreased to $38.9 million as of June 30, 2024, from $54.7 million as of December 31, 2023[92] - The company's current ratio improved to 4.2 to 1 at June 30, 2024 from 3.4 to 1 at December 31, 2023[157] Investments and Derivatives - The company held $59.206 million in U.S. Treasury securities as of June 30, 2024, with an amortized cost of $58.822 million and gross unrealized gains of $384,000[37] - The company invested €8.0 million (approximately $8.8 million) in innolectric AG, with transaction costs of $1.3 million, and recorded a fair value of $11.0 million for the initial one-third equity investment[63] - Innolectric-related losses amounted to $0.3 million for Q2 2024 and $0.1 million for the first half of 2024, with results recorded on a one-month lag basis[64][65] - The company provided incremental loans of €0.2 million and €0.7 million to innolectric during Q2 and the first half of 2024, respectively, with outstanding loans totaling €2.6 million ($2.8 million) as of June 30, 2024[66] - The fair value of foreign currency forward contracts was ($0.5) million at June 30, 2024, compared to $0.5 million at December 31, 2023[78] - The fair value of interest rate swap agreements remained stable at $4.0 million as of both June 30, 2024 and December 31, 2023[79] - Total derivative assets decreased to $4.0 million as of June 30, 2024, from $4.4 million as of December 31, 2023[80] - The estimated fair value of total debt was $60.0 million as of both June 30, 2024 and December 31, 2023[83] - The company held outstanding foreign currency forward contracts with notional amounts of $18.8 million as of June 30, 2024, compared to $25.8 million as of December 31, 2023[96] - The company executed interest rate swap agreements in November 2021 with two multinational financial institutions, paying fixed rates of 1.3055% and 1.3180% on notional amounts of $30.0 million each, transitioning from LIBOR to SOFR in January 2023 with new rates of 1.334% and 1.348%[98] - The 2021 Swaps are designated as cash flow hedges, with changes in fair value recognized in accumulated other comprehensive loss and reclassified into interest expense when the hedged transaction affects earnings[99] - The company's derivative financial instruments in cash flow hedging relationships resulted in net gains of $254,000 for the three months ended June 30, 2024, and $1.098 million for the six months ended June 30, 2024[101] Taxes and Retirement Plans - The company's liabilities for uncertain tax positions totaled $18.0 million at June 30, 2024, with $2.7 million resolved during the six months ended June 30, 2024[108] - The company recognized $0.2 million of interest and penalties related to uncertain tax positions during the six months ended June 30, 2024[109] - The company's retirement, savings, and deferred compensation plans incurred expenses of $0.3 million for the three months ended June 30, 2024, and $0.9 million for the six months ended June 30, 2024[110] - The company's SERP (Supplemental Executive Retirement Plan) had a net periodic benefit cost of $345,000 for the three months ended June 30, 2024, and $690,000 for the six months ended June 30, 2024[113] - The company's subsidiaries in Asia incurred retirement fund expenses of $0.1 million for the three months ended June 30, 2024, and $0.2 million for the six months ended June 30, 2024[117] - The company's estimated liability for uncertain tax positions related to a tax matter in Italy is approximately $12.0 million, included in the condensed consolidated balance sheets at June 30, 2024 and December 31, 2023[124] - The company's effective tax rate was 17.8% for the three months ended June 30, 2024, compared to (1.8%) for the same period in 2023[151] Other Financial Metrics - Dividends declared for Class A Common Stock were $0.06 per share, totaling $127,000, and for Class B Common Stock were $0.07 per share, totaling $725,000[27] - Foreign currency translation adjustment resulted in a loss of $999,000 for the six months ended June 30, 2024[27] - Stock-based compensation expense increased to $971,000 for the six months ended June 30, 2024, compared to $950,000 for the same period in 2023[27][28] - Treasury stock purchases amounted to $7.9 million for the six months ended June 30, 2024[27] - Unrealized holding losses on interest rate swap cash flow hedge were $291,000 for the six months ended June 30, 2024[27] - The company repurchased 9,791 Class A shares and 116,761 Class B shares during the quarter ended June 30, 2024, with an average price paid per share of $72.07 and $61.55, respectively[142] - Depreciation expense for the six months ended June 30, 2024 was $4.6 million, compared to $4.2 million for the same period in 2023[89] - The company's accounts receivable decreased by $2.8 million due to lower sales volume in the second quarter, with days sales outstanding (DSO) remaining at 55 days[156] - Inventory decreased by $8.0 million at June 30, 2024 compared to December 31, 2023, with inventory turns decreasing from 3.1 to 2.8[156] - Foreign exchange transactional gains of $0.4 million were realized in the six months ended June 30, 2024, due to favorable currency fluctuations[166] - The company anticipates annualized cost savings of over $1.0 million from the Glen Rock restructuring initiative, to be realized gradually in fiscal year 2024[166] - The company's Power segment gross margin improved in 2024 despite lower sales volume, driven by strategic pricing actions and favorable exchange rates[169]

Core Insights - Bel Fuse Inc. reported preliminary financial results for Q2 2024, showing a decline in net sales but an improvement in gross profit margin compared to the same quarter last year [2][16][17] - The company anticipates positive momentum towards the end of 2024, with signs of recovery in its Magnetic Solutions segment [2][17] Financial Performance - Net sales for Q2 2024 were $133.2 million, down from $168.8 million in Q2 2023, representing a decrease of 21.1% [2][22] - Gross profit margin improved to 40.1% from 32.9% in Q2 2023 [2][22] - Net earnings decreased to $18.8 million from $27.8 million in Q2 2023 [2][22] - Adjusted EBITDA was $27.4 million, or 20.6% of sales, compared to $28.6 million, or 17.0% of sales, in Q2 2023 [2][22] Segment Performance - The Power Solutions and Protection segment saw a significant decline in sales, down 32.8% year-over-year to $58.6 million [13] - Connectivity Solutions segment sales increased by 5.4% to $57.8 million [13] - Magnetic Solutions segment sales decreased by 37.3% to $16.8 million [13] Shareholder Actions - The company repurchased 126,552 shares of its stock at a total cost of $7.9 million during Q2 2024 [2][22] Future Outlook - For Q3 2024, Bel Fuse expects GAAP net sales to be in the range of $118 to $126 million, with gross margins between 34% and 36% [17] - The company is focused on profitable top-line growth to support future development and success [17]

Dial in: 877.407.0784, or international: 201.689.8560 How: Live over the internet – Simply log on to the web at the address above Replay: 844.512.2921, or international: 412.317.6671 A replay will be available after 12:30 p.m. ET for 30 days following the call. Contacts: WEST ORANGE, N.J., July 10, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a designer, manufacturer, and provider of products that power, protect and connect electronic circuits, today announced plans to release prelimina ...

Three Part Advisors Jean Marie Young, Managing Director Steven Hooser, Partner jyoung@threepa.com shooser@threepa.com WEST ORANGE, N.J., July 10, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a designer, manufacturer, and provider of products that power, protect and connect electronic circuits, today announced plans to release preliminary financial results for the second quarter after market close on Wednesday, July 24, 2024. An earnings conference call has been scheduled as follows: Rep ...

WEST ORANGE, N.J., May 31, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA), a leading global manufacturer of products that power, protect and connect electronic circuits, today announced its investor conference schedule for June 2024: Stifel Cross Sector Insight Conference Farouq Tuweiq, CFO Lynn Hutkin, VP Financial Reporting & Investor Relations Tuesday, June 4, 2024 The InterContinental Boston Conducting meetings throughout the day 14th Annual East Coast IDEAS Investor Conference Farouq Tuweiq, CFO ...

WEST ORANGE, N.J., May 03, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA), a leading global manufacturer of products that power, protect and connect electronic circuits, today announced its investor conference schedule for May 2024: Oppenheimer 19th Annual Industrial Growth Conference (Virtual)Farouq Tuweiq, CFOLynn Hutkin, VP Financial Reporting & Investor RelationsTuesday, May 7, 2024Conducting meetings throughout the day with a presentation at 1:30 pm ET Cowen 52nd Annual Technology, Media & Telec ...

| --- | |-----------------------------------------| | | | Item 4. Mine Safety Disclosures | | Not applicable. | | Item 5. Other Information | Rule 10b5-1 Trading Arrangements and Non-Rule 10b5-1 Trading Arrangements During the fiscal quarter ended March 31, 2024, none of our officers or directors, as those terms are defined in Rule 16a-1(f), adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as those terms are defined in Item 408 of Regulation S-K. 25 Table ...

Financial Performance - Net earnings for Q1 2024 increased to $15,874,000 from $14,572,000 in Q1 2023, representing an 8.9% increase[1] - GAAP net sales for Q1 2024 were $128,090,000, down 25.7% from $172,344,000 in Q1 2023[4] - Net sales for Q1 2024 were $128.1 million, down from $172.3 million in Q1 2023[20] - Adjusted EBITDA for Q1 2024 was $24,535,000, compared to $28,073,000 in Q1 2023, reflecting a decrease of 12.1%[6] - Adjusted EBITDA was $24.5 million, representing 19.2% of sales, compared to $28.1 million or 16.3% of sales in Q1 2023[20] - Gross profit margin improved to 37.5%, up from 31.1% in Q1 2023[20] Segment Performance - The Power Solutions and Protection segment saw a 27.6% decline in sales, dropping to $60,247,000 from $83,181,000[4] - Connectivity Solutions segment sales increased slightly by 1.7% to $54,285,000 from $53,396,000[4] - Magnetic Solutions segment experienced a significant decline of 62.1%, with sales falling to $13,558,000 from $35,767,000[4] - The Connectivity segment showed strong sales in commercial air, defense, and the emerging space market[20] - The Power Solutions and Protection segments contributed significantly to margin expansion compared to Q1 2023[20] Cash Flow and Investments - Total cash provided by operating activities decreased significantly to $6,192,000 from $16,835,000, a decline of 63.2%[1] - Cash used in investing activities totaled $15,623,000, compared to $13,711,000 in the previous year, indicating an increase in investment outflows[1] - The effect of exchange rate changes resulted in a cash decrease of $1,500,000, contrasting with a gain of $279,000 in the prior year[1] - The company paid $837,000 in dividends to common stockholders, a slight increase from $829,000 in the previous year[1] Balance Sheet Highlights - Total current assets decreased from $381,478 thousand to $364,339 thousand, a decline of approximately 4%[32] - Cash and cash equivalents decreased from $89,371 thousand to $71,320 thousand, a decline of approximately 20%[32] - Total liabilities decreased from $231,073 thousand to $208,680 thousand, a decline of approximately 10%[32] - Total stockholders' equity increased from $340,558 thousand to $346,657 thousand, an increase of approximately 2%[32] - Total assets decreased from $571,631 thousand to $555,337 thousand, a decline of approximately 3%[32] - Accounts payable decreased from $40,441 thousand to $32,818 thousand, a decline of approximately 19%[32] - Other current liabilities decreased from $63,818 thousand to $47,953 thousand, a decline of approximately 25%[32] - Operating lease liability, long-term increased from $14,212 thousand to $15,727 thousand, an increase of approximately 11%[32] - Goodwill and other intangible assets, net decreased from $76,033 thousand to $73,215 thousand, a decline of approximately 4%[32] - Held to maturity U.S. Treasury securities increased from $37,548 thousand to $49,900 thousand, an increase of approximately 33%[32] Future Outlook - Q2 2024 net sales are expected to range between $125 million and $135 million, with gross margins projected at 34-36%[22] - The company is monitoring inventory destocking and anticipates a rebound in demand by mid-year[22] - Gross margin performance benefited from a favorable product mix and cost savings from facility consolidation efforts[21]

WEST ORANGE, N.J., April 11, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a designer, manufacturer, and provider of products that power, protect and connect electronic circuits, today announced plans to release preliminary financial results for the first quarter after market close on Thursday, April 25, 2024. An earnings conference call has been scheduled as follows: When:Friday, April 26, 2024 at 8:30 a.m. ET  Dial in:877.407.0784, or international: 201.689.8560  Online:https://ir.belf ...