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Bel Fuse Inc. (NASDAQ:BELFA) (NASDAQ:BELFB) today announced preliminary unaudited financial results for the fourth quarter and 2011.
● For the fourth quarter, sales decreased 18.0% to $68.6 million compared to $83.7 million for the fourth quarter of 2010. For 2011, sales decreased 2.5% to $295.1 million compared to $302.5 million for 2010.
● The fourth quarter GAAP net earnings were $82,000, or $0.00 per diluted Class A share and $0.01 per diluted Class B share. Excluding a restructuring charge and a gain on disposal of property, non-GAAP net earnings for the fourth quarter of 2011 were $256,000, or $0.01 per diluted Class A share and $0.02 per diluted Class B share.
● Full year net earnings were $3.8 million, or $0.28 per diluted Class A share and $0.33 per diluted Class B share. Excluding litigation charges and other charges detailed below, non-GAAP net earnings for 2011 were $7.1 million, or $0.56 per diluted Class A share and $0.61 per diluted Class B share.
● Cash and investments were $94.0 million as of December 31, 2011, an increase of $8.4 million since December 31, 2010.
● A new program designed to streamline operations is expected to save $4.4 million annually once fully implemented.
Daniel Bernstein, Bel's President and CEO, said, "Bel earned a non-GAAP operating profit of $1.3 million for the fourth quarter and more than $11 million for 2011, excluding certain charges detailed in the table reconciling GAAP to non-GAAP financial measures attached to this release. This compares with a non-GAAP operating profit of $8.2 million for the fourth quarter of 2010 and $25.1 million for 2010, adjusted for certain charges as detailed in the same reconciliation table. Our cash position increased in a challenging global environment for our business. A 48% increase in sales in our modules group and a 6% increase in interconnect product sales for 2011 compared to 2010 were not enough to offset a 32% decrease in magnetics sales, where competition has had a substantial impact on sales of our MagJack products.