Bel Reports Second Quarter Results
July 28, 2011
Page Two
second quarter of 2011, compared to non-GAAP net earnings per diluted Class B common share of $0.45 for the second quarter of 2010, adjusted to exclude severance and plant closure charges.
Excluding litigation and other charges, non-GAAP income from operations for the second quarter of 2011 was $3,205,000. For the second quarter of 2010, adjusted to exclude severance and plant closure charges, non-GAAP income from operations was $6,344,000.
Balance Sheet Data
As of June 30, 2011, Bel reported working capital of $163,014,000, including cash, cash equivalents, and marketable securities of $99,665,000, a current ratio of 4.2 to 1, total long-term obligations of $11,256,000, and stockholders' equity of $222,971,000. In comparison, as of December 31, 2010, Bel reported working capital of $157,296,000, including cash, cash equivalents, and marketable securities of $85,535,000, a current ratio of 4.4 to 1, total long-term obligations of $10,571,000, and stockholders' equity of $220,333,000.
First Half Results
For the six months ended June 30, 2011, net sales increased to a first-half record $150,576,000 compared to $133,801,000 for the first six months of 2010. Net earnings were $2,670,000 for this year's first half, compared to net earnings of $4,670,000 for the same period last year. A full six months of results are included in 2011 for Cinch, which was acquired on January 29, 2010. Cinch's January 2011 revenue accounted for $5.5 million of the first-half increase in Bel's total net sales.
Net earnings per diluted Class A common share for the first six months of 2011 were $0.21, compared to net earnings per diluted Class A common share of $0.37 for the first six months of 2010. Adjusted to exclude litigation and other charges, non-GAAP net earnings per diluted Class A common share were $0.44 for the first six months of 2011, compared to non-GAAP net earnings per diluted Class A common share of $0.51 for the same period last year, adjusted to exclude severance, plant closure and acquisition-related charges.
Net earnings per diluted Class B common share were $0.23 for the first six months of 2011, compared to net earnings per diluted Class B common share of $0.41 for the first six months of 2010. Adjusted to exclude litigation and other charges, non-GAAP net earnings per diluted Class B common share were $0.47 for the first six months of 2011, compared to non-GAAP net earnings per diluted Class B common share of $0.55 for the first six months of 2010, adjusted to exclude severance, plant closure and acquisition-related charges.
Conference Call
Bel has scheduled a conference call at 11:00 a.m EDT today. To participate in the call, dial (720) 545-0088, conference ID #85759718. A simultaneous webcast is available from the Events and Presentations link on the Investor Info tab at www.BelFuse.com. The webcast will be available for replay, for a period of 20 days, at this same Internet address. For a telephone replay, dial (404) 537-3406, conference ID #85759718 after 2:00 p.m. EDT.
About Bel
Bel (www.belfuse.com) and its divisions are primarily engaged in the design, manufacture, and sale of products used in networking, telecommunications, high-speed data transmission, commercial aerospace, military, transportation, and consumer electronics. Products include magnetics (discrete components, power transformers and MagJack® connectors with integrated magnetics), modules (DC-DC converters, integrated analog front-end modules and custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect devices (micro, circular and filtered D-Sub connectors, passive jacks, plugs and high-speed cable assemblies). The Company operates facilities around the world.
Forward-Looking Statements
Except for historical information contained in this press release, the matters discussed in this press release are forward looking statements that involve risks and uncertainties. Among the factors that could cause actual results to differ materially from such statements are: the market concerns facing our customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions; capacity and supply constraints or difficulties; product development, commercializing or technological difficulties; the regulatory and trade environment; risks associated with foreign currencies; uncertainties associated with legal proceedings; the market's acceptance of the Company's new products and competitive responses to those new products; and the risk factors detailed from time to time in the Company's SEC reports. In light of the risks and uncertainties, there can be no assurance that any forward-looking statement will in fact prove to be correct. We undertake no obligation to update or revise any forward-looking statements.
