Bel Fuse Inc. (NASDAQ:BELFA)(NASDAQ:BELFB)
today announced preliminary unaudited financial results for the third quarter and first nine months of 2012.
Third Quarter Highlights
● Sales for the third quarter of 2012 increased 0.2% to $76.1 million compared to $75.9 million for the third quarter of 2011, and increased 3.9% sequentially compared to $73.2 million for the second quarter of 2012.
● For the third quarter of 2012, GAAP net earnings were $2.6 million, or $0.20 per diluted Class A share and $0.22 per diluted Class B share.
● For the third quarter of 2012, non-GAAP net earnings before restructuring charges, acquisition costs, the expiration of tax statutes of limitations and other charges were $3.3 million, or $0.26 per diluted Class A share and $0.28 per diluted Class B share.
● Acquired Powerbox Italy and Fibreco Limited, the latest steps in Bel's strategy to focus on non-commodity-based products.
● Incurred $1.8 million in restructuring charges under a streamlining program expected to save approximately $5.5 million annually, with full implementation expected by the end of 2012.
● Purchased 90,000 Class B common shares (for an aggregate cost of $1.7 million) under the $10 million common share buyback program authorized by the Board in July.
Daniel Bernstein, Bel's President and CEO, said, "While GAAP operating income declined by 47% from the third quarter of 2011 to the third quarter of 2012, we are encouraged by our 78% increase in non-GAAP operating income compared to the third quarter last year on essentially flat sales. This is due to an improved product mix, including higher sales of magnetic and interconnect products, and the success of our cost reduction program. The increase in sales within the magnetic and interconnect product groups was equally offset by lower demand for module products during the third quarter of 2012.