Bel Fuse Inc. (NASDAQ:BELFA) (NASDAQ:BELFB) today announced preliminary unaudited financial results for the first quarter of 2012.
First Quarter Highlights
- Sales for the first quarter of 2012 decreased 8.2% to $65.6 million compared to $71.4 million for the first quarter of 2011.
- GAAP net earnings for the first quarter of 2012 were $876,000, or $0.07 per diluted Class A share and $0.08 per diluted Class B share.
- Excluding certain charges detailed in the table reconciling GAAP to non-GAAP financial measures attached to this release, non-GAAP net earnings for the first quarter of 2012 were $1.1 million, or $0.09 per diluted Class A share and $0.10 per diluted Class B share.
- Cash and investments were $91.9 million as of March 31, 2012.
- Bel completed the acquisition of GigaCom Interconnect AB, a supplier of expanded beam fiber optic technology for aerospace markets.
- Bel launched a program to streamline operations that is expected to save $4.2 million annually once fully implemented later this year.
Daniel Bernstein, Bel's President and CEO, said, "Bel's first quarter operating profit of $1.4 million was a sequential improvement compared to the $1.1 million reported for the fourth quarter of 2011, but was below the $4.2 million reported for last year's first quarter as margins in our traditional connector, magnetic and circuit protection businesses continued to be affected by lower volume and higher material and labor costs while pricing has not kept pace."We are encouraged by the solid performance turned in by Cinch Connectors in the first quarter, driven by strength in its commercial aerospace business in the U.S. and its military business in Europe. In March we completed the acquisition of GigaCom Interconnect AB, Gothenburg, Sweden, a supplier of expanded beam fiber optic technology and a participant in the development of next-generation commercial aircraft standards, which has become part of Cinch. GigaCom's offering of expanded beam fiber optic products, which are replacing traditional copper-based components due to their superior performance, reliability and lighter weight, should enhance Cinch's position in the growing aerospace market.