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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bel Fuse Inc | NASDAQ:BELFB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.79 | 3.02% | 61.00 | 59.81 | 61.97 | 61.1745 | 59.395 | 59.48 | 84,669 | 22:03:01 |
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the Quarterly Period Ended June 30, 2018
|
|
or
|
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from ___________ to ____________
|
NEW JERSEY
|
|
22-1463699
|
(State of incorporation)
|
|
(I.R.S. Employer Identification No.)
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
Yes [X]
|
No [ ]
|
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
|
Yes [X]
|
No [ ]
|
Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
|
Large accelerated
filer [ ]
|
Accelerated
filer [X]
|
Non-accelerated filer [ ]
(Do not check if a smaller reporting company) |
Smaller reporting
company [ ]
|
Emerging growth
company [ ]
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
|
[ ]
Yes [ ]
|
No [X]
|
Title of Each Class |
|
Number of Shares of Common Stock Outstanding
as of August 1, 2018
|
Class A Common Stock ($0.10 par value)
|
|
2,174,912
|
Class B Common Stock ($0.10 par value)
|
9,837,602
|
BEL FUSE INC.
|
|||
Page
|
|||
Part I
|
|||
Item 1.
|
2
|
||
2
|
|||
3
|
|||
4
|
|||
5
|
|||
6 - 18
|
|||
Item 2.
|
|||
19 - 25
|
|||
Item 3.
|
|||
25
|
|||
Item 4.
|
25
|
||
Part II
|
|||
Item 1.
|
26
|
||
Item 1A.
|
26
|
||
Item 2.
|
26
|
||
Item 6.
|
27
|
||
28
|
1.
|
BASIS OF PRESENTATION AND ACCOUNTING POLICIES
|
2.
|
REVENUE
|
·
|
Direct with customer:
This includes contracts with original equipment manufacturers (OEMs), original design manufacturers (ODMs), and contract manufacturers (CMs). The nature of Bel's products are such that they represent components which are installed in various end applications (i.e. servers, aircraft, missiles and rail applications). The OEM, ODM or CM that purchases our product for further installation are our end customers. Contracts with these customers are broad-based and cover general terms and conditions. Details such as order volume and pricing are typically contained in individual purchase orders, and as a result, we view each product on each purchase order as an individual performance obligation. Incremental services included in the contracts, such as training, tooling and other customer support are determined to be immaterial in the context of the contract, both individually and in the aggregate. Revenue under these contracts is generally recognized at a point in time, generally upon shipping or delivery, which closely mirrors the shipping terms dictated by the applicable contract.
|
·
|
Distributor:
Distribution customers buy product directly from Bel and sell it in the marketplace to end customers. Bel contracts directly with the distributor. These contracts are typically global in nature and cover a variety of our product groups. Similar to contracts with OEMs, ODMs and CMs, each product on each purchase order is considered an individual performance obligation. Revenue is recognized at a point in time, generally upon shipping or delivery, which closely mirrors the shipping terms dictated by the applicable contract.
|
·
|
Consignment:
These customers operate under a type of concession agreement whereby the Company ships goods to a warehouse or hub, where they will be pulled by the customer at a later date. The terms specified in the consignment contracts specify that the Company will not invoice the customer for product until it is pulled from the warehouse or hub. Once product arrives at the hub, it is generally not returned to Bel unless there is a warranty issue (see "Warranties" section below). Similar to the contracts described above, each product on each purchase order is considered an individual performance obligation. Under ASC 606, it was determined that the majority of these hubs are customer-controlled, and therefore control transfers to the customer upon either delivery from Bel's warehouse, or arrival at the customer-controlled hub, depending upon the applicable shipping terms. Effective January 1, 2018, revenue is recognized as control of the product is transferred to the customer (for customer-controlled hubs, this is at the time product is shipped to the hub). This gives rise to an unbilled receivable balance, as we do not have the right to invoice the customer until product is pulled from the hub.
|
·
|
Licensing Agreements:
License agreements are only applicable to our Power Solutions and Protection product group, and include provisions for Bel to receive sales-based royalty income related to the licensing of Bel's patents or other intellectual property (IP) utilized by a third-party entity. Income related to these agreements is tracked by the licensee throughout the year based on their sales of product that utilize Bel's IP, and that data is reported to Bel either on a quarterly or annual basis, with payment generally received within 30 days of the reporting date. Our performance obligation is satisfied upon delivery of the IP at the beginning of the license period, as the licenses are functional in nature. However, the recognition of revenue associated with these licenses is subject to the sales- or usage-based constraint on variable consideration. As such, the Company records a constrained estimate of this variable consideration as royalty income in the period of the underlying customers' product sales, with adjustments made as actual licensee sales data becomes available.
|
Three Months Ended June 30, 2018
|
||||||||||||||||
North
|
||||||||||||||||
America
|
Asia
|
Europe
|
Consolidated
|
|||||||||||||
By Product Group:
|
||||||||||||||||
Connectivity solutions
|
$
|
34,834
|
$
|
4,820
|
$
|
9,274
|
$
|
48,928
|
||||||||
Magnetic solutions
|
10,158
|
32,844
|
2,546
|
45,548
|
||||||||||||
Power solutions and protection
|
26,248
|
8,250
|
11,736
|
46,234
|
||||||||||||
$
|
71,240
|
$
|
45,914
|
$
|
23,556
|
$
|
140,710
|
|||||||||
By Sales Channel:
|
||||||||||||||||
Direct to customer
|
$
|
44,055
|
$
|
39,402
|
$
|
15,990
|
$
|
99,447
|
||||||||
Through distribution
|
27,185
|
6,512
|
7,566
|
41,263
|
||||||||||||
$
|
71,240
|
$
|
45,914
|
$
|
23,556
|
$
|
140,710
|
Six Months Ended June 30, 2018
|
||||||||||||||||
North
|
||||||||||||||||
America
|
Asia
|
Europe
|
Consolidated
|
|||||||||||||
By Product Group:
|
||||||||||||||||
Connectivity solutions
|
$
|
65,878
|
$
|
8,241
|
$
|
17,727
|
$
|
91,846
|
||||||||
Magnetic solutions
|
18,209
|
60,669
|
4,898
|
83,776
|
||||||||||||
Power solutions and protection
|
46,609
|
15,625
|
21,105
|
83,339
|
||||||||||||
$
|
130,696
|
$
|
84,535
|
$
|
43,730
|
$
|
258,961
|
|||||||||
By Sales Channel:
|
||||||||||||||||
Direct to customer
|
$
|
81,951
|
$
|
72,330
|
$
|
30,183
|
$
|
184,464
|
||||||||
Through distribution
|
48,745
|
12,205
|
13,547
|
74,497
|
||||||||||||
$
|
130,696
|
$
|
84,535
|
$
|
43,730
|
$
|
258,961
|
Balance at
|
Adjustments
|
Balance at
|
||||||||||||
December 31,
|
Due to
|
January 1,
|
||||||||||||
2017
|
ASC 606
|
2018
|
||||||||||||
Balance Sheet
|
||||||||||||||
Unbilled receivables
|
$
|
-
|
$
|
14,536
|
$
|
14,536
|
||||||||
Inventory
|
107,719
|
(11,044
|
)
|
96,675
|
||||||||||
Other current liabilities
|
6,204
|
43
|
6,247
|
|||||||||||
Retained earnings
|
147,807
|
3,449
|
151,256
|
As of June 30, 2018
|
||||||||||||
Balances
|
Effect of
|
|||||||||||
As
|
Without Adoption
|
Change
|
||||||||||
Reported
|
of ASC 606
|
Higher/(Lower)
|
||||||||||
Balance Sheet
|
||||||||||||
Assets
|
||||||||||||
Unbilled receivables
|
$
|
15,587
|
$
|
-
|
$
|
15,587
|
||||||
Inventories
|
106,448
|
117,780
|
(11,332
|
)
|
||||||||
Liabilities
|
||||||||||||
Other current liabilities
|
5,077
|
4,918
|
159
|
|||||||||
Equity
|
||||||||||||
Retained earnings
|
154,985
|
150,889
|
4,096
|
Three Months Ended June 30, 2018
|
Six Months Ended June 30, 2018
|
|||||||||||||||||||||||
Balances
|
Effect of
|
Balances
|
Effect of
|
|||||||||||||||||||||
As
|
Without Adoption
|
Change
|
As
|
Without Adoption
|
Change
|
|||||||||||||||||||
Reported
|
of ASC 606
|
Higher/(Lower)
|
Reported
|
of ASC 606
|
Higher/(Lower)
|
|||||||||||||||||||
Statement of Operations
|
||||||||||||||||||||||||
Net sales
|
$
|
140,710
|
$
|
138,777
|
$
|
1,933
|
$
|
258,961
|
$
|
257,911
|
$
|
1,050
|
||||||||||||
Cost of sales
|
111,696
|
110,321
|
1,375
|
208,814
|
208,526
|
288
|
||||||||||||||||||
Operating income
|
10,667
|
10,109
|
558
|
11,104
|
10,342
|
762
|
||||||||||||||||||
Provision for income taxes
|
2,399
|
2,343
|
56
|
2,724
|
2,608
|
116
|
||||||||||||||||||
Net earnings
|
$
|
6,634
|
$
|
6,132
|
$
|
502
|
$
|
5,332
|
$
|
4,686
|
$
|
646
|
|
June 30,
|
January 1,
|
||||||
|
2018
|
2018
|
||||||
|
||||||||
Contract assets - current (unbilled receivable)
|
$
|
15,587
|
$
|
14,536
|
||||
Contract liabilities - current (deferred revenue)
|
$
|
1,609
|
$
|
855
|
|
Six Months Ended
|
|||
|
June 30, 2018
|
|||
Balance, January 1
|
$
|
855
|
||
New advance payments received
|
3,928
|
|||
Recognized as revenue during period
|
(3,174
|
)
|
||
Balance, June 30
|
$
|
1,609
|
·
|
Financing Components
: Bel has elected the practical expedient which enables management to disregard the effects of a financing component if the time difference between delivery of goods or services and payment for the goods or services is within one year.
|
·
|
Costs to Obtain a Contract
: As part of negotiations, Bel may incur incremental costs to obtain a contract. Incremental costs are only those costs that would not have been incurred if the contract had not been obtained (e.g. sales commissions). Bel has elected the practical expedient that allows incremental costs to obtain a contract to be expensed as incurred when the expected amortization period is one year or less.
|
3.
|
EARNINGS PER SHARE
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net earnings
|
$
|
6,634
|
$
|
3,120
|
$
|
5,332
|
$
|
3,866
|
||||||||
Less dividends declared:
|
||||||||||||||||
Class A
|
130
|
131
|
261
|
261
|
||||||||||||
Class B
|
689
|
689
|
1,389
|
1,388
|
||||||||||||
Undistributed earnings
|
$
|
5,815
|
$
|
2,300
|
$
|
3,682
|
$
|
2,217
|
||||||||
|
||||||||||||||||
Undistributed earnings allocation - basic and diluted:
|
||||||||||||||||
Class A undistributed earnings
|
$
|
1,011
|
$
|
399
|
$
|
640
|
$
|
385
|
||||||||
Class B undistributed earnings
|
4,804
|
1,901
|
3,042
|
1,832
|
||||||||||||
Total undistributed earnings
|
$
|
5,815
|
$
|
2,300
|
$
|
3,682
|
$
|
2,217
|
||||||||
|
||||||||||||||||
Net earnings allocation - basic and diluted:
|
||||||||||||||||
Class A net earnings
|
$
|
1,141
|
$
|
530
|
$
|
901
|
$
|
646
|
||||||||
Class B net earnings
|
5,493
|
2,590
|
4,431
|
3,220
|
||||||||||||
Net earnings
|
$
|
6,634
|
$
|
3,120
|
$
|
5,332
|
$
|
3,866
|
||||||||
|
||||||||||||||||
Denominator:
|
||||||||||||||||
Weighted-average shares outstanding:
|
||||||||||||||||
Class A - basic and diluted
|
2,175
|
2,175
|
2,175
|
2,175
|
||||||||||||
Class B - basic and diluted
|
9,844
|
9,859
|
9,850
|
9,852
|
||||||||||||
|
||||||||||||||||
Net earnings per share:
|
||||||||||||||||
Class A - basic and diluted
|
$
|
0.52
|
$
|
0.24
|
$
|
0.41
|
$
|
0.30
|
||||||||
Class B - basic and diluted
|
$
|
0.56
|
$
|
0.26
|
$
|
0.45
|
$
|
0.33
|
|
June 30,
|
December 31,
|
||||||
|
2018
|
2017
|
||||||
Raw materials
|
$
|
56,680
|
$
|
46,712
|
||||
Work in progress
|
20,007
|
17,688
|
||||||
Finished goods
|
29,761
|
43,319
|
||||||
Inventories
|
$
|
106,448
|
$
|
107,719
|
6.
|
PROPERTY, PLANT AND EQUIPMENT
|
|
June 30,
|
December 31,
|
||||||
|
2018
|
2017
|
||||||
Land
|
$
|
2,253
|
$
|
2,259
|
||||
Buildings and improvements
|
30,543
|
30,761
|
||||||
Machinery and equipment
|
123,280
|
122,773
|
||||||
Construction in progress
|
2,951
|
1,511
|
||||||
|
159,027
|
157,304
|
||||||
Accumulated depreciation
|
(116,083
|
)
|
(113,809
|
)
|
||||
Property, plant and equipment, net
|
$
|
42,944
|
$
|
43,495
|
7.
|
ACCRUED EXPENSES
|
|
June 30,
|
December 31,
|
||||||
|
2018
|
2017
|
||||||
Sales commissions
|
$
|
2,549
|
$
|
2,461
|
||||
Subcontracting labor
|
1,648
|
1,408
|
||||||
Salaries, bonuses and related benefits
|
15,452
|
16,531
|
||||||
Warranty accrual
|
1,251
|
1,769
|
||||||
Other
|
8,352
|
8,339
|
||||||
|
$
|
29,252
|
$
|
30,508
|
|
Six Months Ended June 30,
|
|||||||
|
2018
|
2017
|
||||||
Balance, January 1
|
$
|
1,769
|
$
|
2,718
|
||||
Charges and costs accrued
|
-
|
27
|
||||||
Adjustments related to pre-existing warranties
|
||||||||
(including changes in estimates)
|
(379
|
)
|
(282
|
)
|
||||
Less repair costs incurred
|
(148
|
)
|
(119
|
)
|
||||
Currency translation
|
9
|
73
|
||||||
Balance, June 30
|
$
|
1,251
|
$
|
2,417
|
8.
|
DEBT
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Service cost
|
$
|
183
|
$
|
175
|
$
|
366
|
$
|
350
|
||||||||
Interest cost
|
166
|
168
|
332
|
337
|
||||||||||||
Net amortization
|
111
|
94
|
222
|
187
|
||||||||||||
Net periodic benefit cost
|
$
|
460
|
$
|
437
|
$
|
920
|
$
|
874
|
|
June 30,
|
December 31,
|
||||||
|
2018
|
2017
|
||||||
Prior service cost
|
$
|
1,007
|
$
|
1,135
|
||||
Net loss
|
3,638
|
3,732
|
||||||
|
$
|
4,645
|
$
|
4,867
|
|
June 30,
|
December 31,
|
||||||
|
2018
|
2017
|
||||||
|
||||||||
Foreign currency translation adjustment, net of taxes of ($789) at
|
||||||||
June 30, 2018 and ($801) at December 31, 2017
|
$
|
(19,968
|
)
|
$
|
(16,537
|
)
|
||
Unrealized holding gains on available-for-sale securities, net of taxes of
|
||||||||
$65 at June 30, 2018 and $85 at December 31, 2017
|
114
|
145
|
||||||
Unfunded SERP liability, net of taxes of ($1,584) at June 30, 2018
|
||||||||
and ($1,635) at December 31, 2017
|
(3,062
|
)
|
(3,233
|
)
|
||||
|
||||||||
Accumulated other comprehensive loss
|
$
|
(22,916
|
)
|
$
|
(19,625
|
)
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Net Sales to External Customers:
|
||||||||||||||||
North America
|
$
|
71,240
|
$
|
64,905
|
$
|
130,696
|
$
|
125,335
|
||||||||
Asia
|
45,914
|
46,071
|
84,535
|
81,883
|
||||||||||||
Europe
|
23,556
|
20,641
|
43,730
|
38,067
|
||||||||||||
|
$
|
140,710
|
$
|
131,617
|
$
|
258,961
|
$
|
245,285
|
||||||||
|
||||||||||||||||
Net Sales:
|
||||||||||||||||
North America
|
$
|
74,602
|
$
|
67,970
|
$
|
137,173
|
$
|
131,125
|
||||||||
Asia
|
70,005
|
70,419
|
126,144
|
126,830
|
||||||||||||
Europe
|
27,630
|
23,416
|
51,942
|
43,801
|
||||||||||||
Less intercompany net sales
|
(31,527
|
)
|
(30,188
|
)
|
(56,298
|
)
|
(56,471
|
)
|
||||||||
|
$
|
140,710
|
$
|
131,617
|
$
|
258,961
|
$
|
245,285
|
||||||||
|
||||||||||||||||
Income from Operations:
|
||||||||||||||||
North America
|
$
|
2,963
|
$
|
1,210
|
$
|
2,661
|
$
|
2,202
|
||||||||
Asia
|
5,319
|
5,314
|
5,234
|
6,350
|
||||||||||||
Europe
|
2,385
|
742
|
3,209
|
1,069
|
||||||||||||
|
$
|
10,667
|
$
|
7,266
|
$
|
11,104
|
$
|
9,621
|
·
|
Revenues
– The Company's revenues increased by $13.7 million (or 5.6%) in the first half of 2018 as compared to the same period of 2017, despite a $3.7 million decline in sales related to the NPS divestiture. Sales growth was seen across all of our major product groups and primarily related to higher sales through our distribution partners during the 2018 period and the new project wins from 2017 moving into production.
|
·
|
Backlog
– Our backlog reached $176.9 million at June 30, 2018, representing an increase of $30.3 million, or 21%, from December 31, 2017. Since year-end,
we saw a 49% increase at Magnetic Solutions, driven by a strong position with our integrated connector modules in next-generation switching products and higher demand for our Signal transformer products for use in medical equipment. The backlog for our Connectivity Solutions products increased by 25%, driven by recent awards on key military programs, and heightened structured cabling demand for our passive connectors. Our Power Solutions and Protection backlog grew by 19%, led by higher demand for our power supplies in both traditional data centers and those used for blockchain technology.
|
·
|
Product Mix
– Material and labor costs vary by product line and any significant shift in product mix between higher- and lower-margin product lines will have a corresponding impact on the Company's gross margin percentage. In general, our connectivity products have the highest contribution margins, our magnetic products are more labor intensive and are therefore less profitable than the connectivity products and our power products are on the lower end of our profit margin range, due to their high material content. Fluctuations in sales volume among our product groups will have a corresponding impact on Bel's profit margins.
|
·
|
Pricing and Availability of Materials
– There have been recent supply constraints related to components that constitute raw materials in our manufacturing processes, particularly with resistors, capacitors, mosfets and printed circuit boards. Lead times have been extended and the reduction in supply has also caused an increase in prices for certain of these components. As a result, the Company's material costs as a percentage of sales increased to 41.4% during the first half of 2018 from 40.4% during the first half of 2017.
|
·
|
Labor Costs
– Labor costs during the first half of 2018 increased from 10.2% of sales during the first half of 2017 to 11.4% of sales during the first half of 2018, primarily due to the appreciation of the Renminbi against the U.S. Dollar, minimum wage increases in the PRC, and growth in sales of our labor-intensive integrated connector module (ICM) products. Effective February 1, 2018, the PRC government issued an increase to the minimum wage in a region where one of Bel's factories is located. Effective July 1, 2018, government-mandated minimum wage increases will go into effect at Bel's other three manufacturing facilities in the PRC.
|
·
|
Restructuring
– The Company continues to implement restructuring programs to increase operational efficiencies. While the Company incurred minimal restructuring charges during the first half of 2018, additional restructuring efforts are expected to continue throughout 2018 as we realign our R&D resources dedicated to our power solutions and protection group. We are also in the process of transitioning one of our product lines from a third party factory in Malaysia to an existing Bel facility in the PRC. We anticipate completing these two initiatives by the end of 2018, with minimal restructuring costs incurred. Annual savings of approximately $1.4 million are expected from these initiatives once fully implemented (primarily within cost of sales).
|
·
|
Impact of Foreign Currency
– During the first half of 2018, the Company incurred foreign exchange transactional gains of $0.9 million and higher labor and overhead costs of $3.2 million related to unfavorable fluctuations in exchange rates versus the first half of 2017. Since we are a U.S. domiciled company, we translate our foreign currency-denominated financial results into U.S. dollars. Due to the changes in the value of foreign currencies relative to the U.S. dollar, translating our financial results and the revaluation of certain intercompany as well as third-party transactions to and from foreign currencies to U.S. dollars may result in a favorable or unfavorable impact to our consolidated statements of operations and cash flows. The Company was unfavorably impacted by transactional foreign exchange losses during the first half of 2018 due to the appreciation of the Euro, Pound, and Renminbi against the U.S. dollar as compared to exchange rates in effect during the first half of 2017. The Company has significant manufacturing operations located in the PRC where labor and overhead costs are paid in local currency. As a result, the U.S. Dollar equivalent costs of these operations were $3.2 million higher in the first half of 2018. The Company monitors changes in foreign currencies and may implement pricing actions to help mitigate the impact that changes in foreign currencies may have on its consolidated operating results.
|
·
|
Effective Tax Rate
– The Company's effective tax rate will fluctuate based on the geographic segment in which our pretax profits are earned. Of the geographic segments in which we operate, the U.S. and Europe's tax rates are generally equivalent; and Asia has the lowest tax rates of the Company's three geographical segments. See Note 9, "Income Taxes".
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||||||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||||||||||||||||||
North America
|
$
|
71,240
|
50
|
%
|
$
|
64,905
|
49
|
%
|
$
|
130,696
|
50
|
%
|
$
|
125,335
|
51
|
%
|
||||||||||||||||
Asia
|
45,914
|
33
|
%
|
46,071
|
35
|
%
|
84,535
|
33
|
%
|
81,883
|
33
|
%
|
||||||||||||||||||||
Europe
|
23,556
|
17
|
%
|
20,641
|
16
|
%
|
43,730
|
17
|
%
|
38,067
|
16
|
%
|
||||||||||||||||||||
|
$
|
140,710
|
100
|
%
|
$
|
131,617
|
100
|
%
|
$
|
258,961
|
100
|
%
|
$
|
245,285
|
100
|
%
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Total segment sales:
|
||||||||||||||||
North America
|
$
|
74,602
|
$
|
67,970
|
$
|
137,173
|
$
|
131,125
|
||||||||
Asia
|
70,005
|
70,419
|
126,144
|
126,830
|
||||||||||||
Europe
|
27,630
|
23,416
|
51,942
|
43,801
|
||||||||||||
Total segment sales
|
172,237
|
161,805
|
315,259
|
301,756
|
||||||||||||
Reconciling item:
|
||||||||||||||||
Intersegment sales
|
(31,527
|
)
|
(30,188
|
)
|
(56,298
|
)
|
(56,471
|
)
|
||||||||
Net sales
|
$
|
140,710
|
$
|
131,617
|
$
|
258,961
|
$
|
245,285
|
||||||||
|
||||||||||||||||
Income from operations:
|
||||||||||||||||
North America
|
$
|
2,963
|
$
|
1,210
|
$
|
2,661
|
$
|
2,202
|
||||||||
Asia
|
5,319
|
5,314
|
5,234
|
6,350
|
||||||||||||
Europe
|
2,385
|
742
|
3,209
|
1,069
|
||||||||||||
|
$
|
10,667
|
$
|
7,266
|
$
|
11,104
|
$
|
9,621
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||||||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||||||||||||||||||
Connectivity solutions
|
$
|
48,928
|
35
|
%
|
$
|
43,831
|
33
|
%
|
$
|
91,846
|
35
|
%
|
$
|
85,513
|
35
|
%
|
||||||||||||||||
Magnetic solutions
|
45,548
|
32
|
%
|
43,501
|
33
|
%
|
83,776
|
33
|
%
|
78,466
|
32
|
%
|
||||||||||||||||||||
Power solutions and protection
|
46,234
|
33
|
%
|
44,285
|
34
|
%
|
83,339
|
32
|
%
|
81,306
|
33
|
%
|
||||||||||||||||||||
|
$
|
140,710
|
100
|
%
|
$
|
131,617
|
100
|
%
|
$
|
258,961
|
100
|
%
|
$
|
245,285
|
100
|
%
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Material costs
|
41.9
|
%
|
40.7
|
%
|
41.4
|
%
|
40.4
|
%
|
||||||||
Labor costs
|
11.5
|
%
|
10.2
|
%
|
11.4
|
%
|
10.2
|
%
|
||||||||
Research and development expenses
|
5.2
|
%
|
5.2
|
%
|
5.7
|
%
|
5.5
|
%
|
||||||||
Other expenses
|
20.8
|
%
|
21.8
|
%
|
22.1
|
%
|
22.6
|
%
|
||||||||
Total cost of sales
|
79.4
|
%
|
77.9
|
%
|
80.6
|
%
|
78.7
|
%
|
·
|
purchases of property, plant and equipment of $5.9 million;
|
·
|
repayments of long-term debt of $7.5 million; and
|
·
|
dividend payments of $1.6 million; partially offset by
|
·
|
net cash provided by operations of $1.2 million.
|
·
|
net cash used in operating activities of $0.4 million;
|
·
|
purchases of property, plant and equipment of $2.2 million;
|
·
|
dividend payments of $1.6 million; and
|
·
|
repayments of long-term debt of $15.4 million.
|
Period
|
Total Number of Shares Purchased
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
|
||||||||||||
April 1 - April 30, 2018
|
5,451
|
$
|
17.58
|
5,451
|
$
|
477,463
|
||||||||||
May 1 - May 31, 2018
|
5,083
|
18.84
|
5,083
|
381,689
|
||||||||||||
June 1 - June 30, 2018
|
9,356
|
20.40
|
9,356
|
190,807
|
||||||||||||
Total
|
19,890
|
$
|
19.23
|
19,890
|
$
|
190,807
|
BEL FUSE INC.
|
|
August 7, 2018
|
|
By:
|
/s/ Daniel Bernstein
|
Daniel Bernstein
|
|
President and Chief Executive Officer
|
|
By:
|
/s/ Craig Brosious
|
Craig Brosious
|
|
Vice President of Finance and Secretary
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
1 Year Bel Fuse Chart |
1 Month Bel Fuse Chart |
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