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Bel Reports Second Quarter Results And Announces Stock Buyback Program

In Conference Call section, phone number in the second sentence should be (720) 545-0088.

The corrected release reads:

BEL REPORTS SECOND QUARTER RESULTS AND ANNOUNCES STOCK BUYBACK PROGRAM

Bel Fuse Inc. (NASDAQ:BELFA)(NASDAQ:BELFB) today announced preliminary unaudited financial results for the second quarter and first six months of 2012. The Company also announced a stock buyback program of up to $10.0 million of Class B common shares.

Second Quarter Highlights

  • Sales for the second quarter of 2012 decreased 7.5% to $73.2 million compared to $79.2 million for the second quarter of 2011, but increased 11.7% sequentially compared to $65.6 million for the first quarter of 2012.
  • GAAP net earnings for the second quarter of 2012 were $1.5 million, or $0.11 per diluted Class A share and $0.13 per diluted Class B share.
  • Made progress in streamlining operations by adopting a restructuring program expected to save approximately $4.2 million annually with full implementation expected by the end of the year.
  • Launched a new website to better serve customers and investors.
  • Board authorizes common share buyback program.

CEO comments

Daniel Bernstein, Bel's President and CEO, said, "Bel's operating profit has now increased for two consecutive quarters, despite continued pressure on margins due to lower volumes and increases in certain material and labor costs that have outstripped price increases during the past year. The decrease in sales in the second quarter, compared to the second quarter of 2011, was concentrated in our modular products group.

"Bel has recorded pre-tax expenses related to our corporate restructuring program of about $0.4 million in the first half of 2012. We currently estimate an additional $4.1 million in pre-tax expenses associated with these steps in the second half of the year. We expect the program to reduce our operating costs by approximately $4.2 million annually once it is fully implemented. We expect full implementation by the end of this year.

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