- For the fourth quarter of 2012, sales increased 4.5% to $71.8 million compared to $68.6 million for the fourth quarter of 2011. For 2012, sales decreased 2.9% to $286.6 million compared to $295.1 million for 2011.
- For the fourth quarter of 2012, the GAAP net loss was $2.5 million, or $0.21 per Class A share and $0.22 per Class B share, compared to GAAP net earnings of $82,000, or $0.00 per Class A share and $0.01 per Class B share, for the fourth quarter of 2011. For 2012, GAAP net earnings were $2.4 million, or $0.17 per diluted Class A share and $0.21 per diluted Class B share, compared with GAAP net earnings of $3.8 million, or $0.28 per diluted Class A share and $0.33 per diluted Class B share, for 2011
- Restructuring charges of $3.1 million for the fourth quarter of 2012 and $5.2 million for 2012 are expected to result in annual operating cost reductions of about $5.6 million beginning in 2013.
- For the fourth quarter of 2012, non-GAAP net earnings which excludes restructuring charges, acquisition costs and other charges increased to $979,000, compared to non-GAAP net earnings which excludes restructuring charges, litigation charges and other charges for the fourth quarter of 2011 of $395,000. For 2012, non-GAAP net earnings rose to $7,365,000 compared to $7,085,000 for 2011.
- The acquisitions of Gigacom Interconnect, Fibreco Limited and Powerbox Italy completed in 2012 advance Bel's strategy to focus on sales of higher margin, non-commodity products.
- Bel agreed to acquire the Transpower magnetics business of TE Connectivity, which had 2012 sales of about $75 million. Expected to close in the first quarter of 2013, this acquisition will solidify Bel's position as a world leader in integrated connector modules (ICMs).
- Purchased 279,000 Class B common shares (for an aggregate cost of $4.9 million) in the fourth quarter of 2012 and 369,000 Class B common shares (for an aggregate cost of $6.6 million) for all of 2012 under the $10 million common share buyback program authorized by the Board in July 2012.
Bel Reports Fourth Quarter And 2012 Results
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