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TheStreet Open House

Bel Reports Third Quarter Results

Bel Fuse Inc. (NASDAQ:BELFA)(NASDAQ:BELFB) today announced preliminary unaudited financial results for the third quarter and first nine months of 2011.

Summary

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    For the third quarter, sales decreased 10.7% to $75.9 million compared to $85.0 million for the third quarter of 2010. However, for the first nine months of 2011, sales increased 3.5% to a record $226.5 million compared to $218.8 million for the first nine months of 2010.
 

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Excluding a litigation charge, non-GAAP net earnings for this year's third quarter were $1.2 million, or $0.10 per diluted Class A share and $0.11 per diluted Class B share.
 

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Cash and investments were $102.2 million as of September 30, 2011, an increase of $16.7 million since December 31, 2010.
 

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Cisco awarded Bel Fuse for "Excellence in Service and Responsiveness."

CEO comments

Daniel Bernstein, Bel's President and CEO, stated, "In the third quarter, we earned an operating profit and generated cash in a difficult environment. Although sales in our modules group were up more than 50% over 2010 levels, this was not enough to overcome the decreases in sales of our other three product groups, compared to the third quarter of 2010. The most significant decrease was in the magnetics group, where increasing competition has affected sales of MagJack products. Compared to the second quarter of 2011, sales declined in all product groups. Because of these results and the current market outlook, we expect business conditions to remain challenging and are therefore realigning our organization to further reduce costs and improve operations. We expect to finalize and publicly announce our plan, including the anticipated costs and savings associated with it, as part of Bel's fourth quarter earnings report.

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