bel q1 results 2020

To participate in the conference call, investors should dial 888-394-8218, or 323-794-2590 if dialing internationally. These costs were partially offset by COVID-19 relief funding received from the Chinese government during the quarter. ET today. 09.11.2020. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. 28.07.2020. Net sales of $104.0 million, down 17.1% from Q1-19, Gross profit margin of 24.2%, down from 24.5% in Q1-19, Net loss of $3.8 million, as compared with net earnings of $1.1 million in Q1-19, CUI acquisition in December 2019 contributed $8.2 million to Q1-20 sales at a gross profit margin of 36.8%, Backlog of $191.2 million at March 31, 2020, up 19% from year-end, Cash flow provided by operating activities of $8.1 million. Q3 2019 Press Release 93.9 KB. Balance Sheet DataAs of March 31, 2020, working capital was $188.2 million, including $68.4 million of cash and cash equivalents with a current ratio of 3.5-to-1. Daniel Bernstein, President and CEO, said, “Our focus during much of the first quarter has been on the continued safety and well-being of our associates around the world in light of COVID-19. These costs were partially offset by COVID-19 relief funding received from the Chinese government during the quarter. (1) The supplementary information included in this press release for 2020 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission. Operating (Loss) IncomeOperating (loss) income was $(3.1) million, down from $3.4 million in the first quarter of 2019, with an operating margin of -3.0% compared to 2.7% in the first quarter of 2019. Website InformationWe routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. Bharat Electronics Quarterly Results: Get the key information of Bharat Electronics Q1, Q2, Q3 and Q4 results, previous Quarterly Results, Quarterly Earnings and comparison on Economic Times. Gross ProfitGross profit margin decreased to 24.2%, from 24.5% in the first quarter of 2019, primarily due to the lower sales base in the first quarter of 2020, resulting in lower fixed cost absorption within cost of sales. (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. Income TaxesThe provision (benefit) for income taxes was $(0.8) million in the first quarter of 2020, compared to less than $0.1 million in the same period of 2019. Certain statements in this document concern prognoses about the future financial condition, risks, investment plans, and the results of operations of Randstad N.V. and its operating companies, as well as certain plans and objectives. “We've seen positive signs in Bel's underlying business as we enter the second quarter. JERSEY CITY, N.J., May 01, 2020 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a designer, manufacturer and provider of products that power, protect and connect electronic circuits, today announced preliminary financial results for the first quarter of 2020. Quarterly Results. This led to a portion of scheduled shipments being deferred to the second quarter, and cost approximately $14-$17 million in first quarter sales. Total debt at March 31, 2020, net of deferred financing costs, declined to $135.1 million as compared to $143.7 million at December 31, 2019, primarily due to a voluntary prepayment of $8.2 million made in connection with the amendment to the Company's credit agreement in February 2020. (3) Individual amounts of earnings per share may not agree to the total due to rounding. “Our first quarter financial results reflect the extended closure of our facilities in China earlier in the quarter due to the outbreak of COVID-19 and the related impact to our supply chain. Non-GAAP financial measures, such as Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude the impact of acquisition-related costs and restructuring charges. 10:30. 5G EXPO June 22-25, 2021. I want to extend a sincere thank you to the manufacturing associates in each of Bel’s factories around the world who continue to come to work each day with courage and dedication to our Company and our customers. (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. The foreign exchange effect positively impacted consolidated sales by €8 million, or 0.5%. Quarterly Results. SA Transcripts. The webcast will be available via replay for a period of 20 days at this same Internet address. Bel's product groups include Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components), Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), and Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies). Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. Excluding the effects of market fluctuations of our COLI policies, SG&A expense was largely the same in the first quarter of 2020 as compared to the same period of 2019, as incremental SG&A expense from the recently acquired CUI business were offset by lower travel expense and other cost containment efforts. However, beyond the second quarter, we have limited visibility due to the evolving COVID-19 environment.” concluded Mr. Bernstein. The majority of the products manufactured by Bel are utilized in military, medical and networking applications, and are therefore deemed essential by the various jurisdictions in which we operate. Earnings per share decreased 240.00% year … Actual results could differ materially from Bel's projections. Shares of Bel Fuse (NASDAQ:BELFA) remained unaffected at $7.11 after the company reported Q1 results.   PO Box 967 Merrimack, NH 03054   |. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures. In addition to the effects from such deferred shipments, the Company also incurred additional indirect COVID-19 related costs, including operational inefficiencies and employee retention programs in the quarter. Bel Reports First Quarter 2020 Results JERSEY CITY, N.J., May 01, 2020 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a designer, manufacturer and provider of products that power, protect and connect electronic circuits, today announced preliminary financial results for the first quarter of 2020. 2019. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. Friday, May 15, 2020. Conference CallBel has scheduled a conference call at 11: 00 a.m. 2020; 2019; 2018; 2017; 2016; 2015; 2011; Unaudited Financial Results for the Qtr & Half Year Ended on 30th September 2020 Size: 5.86 MB. “We’ve seen positive signs in Bel’s underlying business as we enter the second quarter. Non-GAAP Financial MeasuresThe Non-GAAP measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). Find result date. Gross ProfitGross profit margin decreased to 24.2%, from 24.5% in the first quarter of 2019, primarily due to the lower sales base in the first quarter of 2020, resulting in lower fixed cost absorption within cost of sales. Second Quarter. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. https://ir.belfuse.com/events-and-presentations, Selling, general and administrative expenses, (Benefit from) provision for income taxes, Class A common shares - basic and diluted, Class B common shares - basic and diluted, (1) The supplementary information included in this press release for 2020 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the, ERP system implementation consulting costs. Orders received in the first quarter of 2020 were the highest since the third quarter of 2018, indicating that the excess inventory in the supply channel from 2019 has been worked through, and our customers and distribution partners are starting to place replenishment orders again. This resulted in an effective tax rate of 16.9% during the first quarter of 2020, compared to an effective tax rate of 3.3% during the same quarter last year. This resulted in an effective tax rate of 16.9% during the first quarter of 2020, compared to an effective tax rate of 3.3% during the same quarter last year. These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. Forward-Looking StatementsNon-historical information contained in this press release (including the statements regarding positive signs in Bel’s underlying business, the placement of replenishment orders and the anticipated improvement in sales and financial results in the second quarter of 2020 as compared to the first quarter of 2020) are forward-looking statements (as described under the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. By product segment: Connectivity Solutions sales declined by 11.9%, Magnetic Solutions sales were lower by 24.8% and Power Solutions and Protection sales were down by 15.6%. BEL share price live updates on The Economic Times. Fourth Quarter. Net Earnings attributable to PLC shareholders were $734,057 in Q1 2020 compared to $3,325,247 in Q1 2019. Bel Fuse's (BELFB) CEO Dan Bernstein on Q1 2020 Results - Earnings Call Transcript Fri, May 1 • 2 Comments Bel Fuse's (BELFB) CEO Dan Bernstein on Q4 2019 Results - Earnings Call Transcript Bel Reports Fourth Quarter and Full Year 2019 Results. Your email address will not be published. ET, also for 20 days. In the first half of 2020, Bel generated consolidated sales of €1,737 million, up 4.8% on a published basis, versus €1,658 million in the prior-year period. Forward-Looking StatementsNon-historical information contained in this press release (including the statements regarding positive signs in Bel's underlying business, the placement of replenishment orders and the anticipated improvement in sales and financial results in the second quarter of 2020 as compared to the first quarter of 2020) are forward-looking statements (as described under the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. Employee representatives will be consulted on any implications for employees from the strategic review of part of the Client Solutions business, and on potential divestment projects before any decision is made. We may use Non-GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors. We undertake no obligation to update or revise any forward looking statements. We may use Non-GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors. 2020 SASE Summit Webinar Series Feb 19 - Sept 16 , 2020. These products are primarily used in the networking, telecommunications, computing, military, aerospace, medical, transportation and broadcasting industries. ... 2020, BEL and SOCAR signed a three-year extension to the Protocol from April 19, 2020, … To participate in the conference call, investors should dial 888-394-8218, or 323-794-2590 if dialing internationally. Q1 2020 Financial Results. The majority of the products manufactured by Bel are utilized in military, medical and networking applications, and are therefore deemed essential by the various jurisdictions in which we operate. I want to extend a sincere thank you to the manufacturing associates in each of Bel's factories around the world who continue to come to work each day with courage and dedication to our Company and our customers. We have implemented significant protective measures throughout our facilities, including travel and visitor restrictions, work from home policies, employee screenings, social distancing and use of face coverings as we continue to service our customers. The financial impact of the extended Lunar New Year holiday and other operational inefficiencies at our facilities in Asia related to COVID-19 was largely offset by $2.2 million of stimulus funding received from the Chinese government during the first quarter of 2020 associated with COVID-19 relief programs. In light of the risks and uncertainties impacting our business, there can be no assurance that any forward-looking statement will in fact prove to be correct. We may use Non-GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors. Chevrolet Traverse sales fell 12 percent to 30,095 units in Q1 2020 in the USA, behind the Ford Explorer and Toyota Highlander but ahead of the Honda Pilot. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. Selling, General and Administrative Expenses (SG&A)SG&A expenses were $22.1 million, up $2.8 million from the first quarter of 2019. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We may use Non-GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors. ET today. About BelBel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. Open Source World June 22-25, 2021 . Objectives ⚫Strengthen ENGIE’s capacity to play a … (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net (loss) earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. Selling, General and Administrative Expenses (SG&A)SG&A expenses were $22.1 million, up $2.8 million from the first quarter of 2019. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Unaudited Financial Results for the Qtr ended on 30th June 2020 Size: 4.70 MB. 3rd quarter 2020 results. 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bel q1 results 2020 2021