(MARK ONE) BEL FUSE INC. 22-1463699 (I.R.S.EmployerIdentificationNo.) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter perio ...

WEST ORANGE, N.J., March 07, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA) ("Bel" or the "Company"), a designer, manufacturer, and provider of products that power, protect and connect electronic circuits, today announced that John Tweedy will retire from the Board and not stand for re-election at the Company's 2024 Annual Meeting of Shareholders. The Board of Directors plans to nominate David Valletta to join the Board in 2024. Mr. Tweedy has served on Bel's Board since 1996 and throughout the years ...

WEST ORANGE, N.J., March 05, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA), a designer, manufacturer, and provider of products that power, protect and connect electronic circuits, today announced the following conference participation: What:36th Annual Roth Conference  When:March 19 –Meetings throughout the day  Where:Laguna Niguel  Who:Farouq Tuweiq, CFO   About Bel Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. ...

WEST ORANGE, N.J., Feb. 27, 2024 (GLOBE NEWSWIRE) -- BEL FUSE INC. (NASDAQ:BELFA) and (NASDAQ:BELFB) today announced that its Board of Directors has declared regular quarterly cash dividends of $0.06 per share on the Company's Class A common shares and $0.07 per share on the Company's Class B common shares. Cash dividends for Class A and Class B common shares are payable on May 1, 2024 to shareholders of record on April 15, 2024. Bel currently has approximately 12,762,000 common shares outstanding, of which ...

Vithun Khamsong/Moment via Getty Images Bel Fuse Inc. (NASDAQ:BELFB) designs, manufactures and supplies electronic solutions for networking, industrial, aerospatial, and defense areas. The Power Solutions & Protection segment is the major contributor to the company's revenue, followed by the Connectivity group. Both sectors mitigated the effects of a challenged Magnetics segment that presented a reduced performance in Q4 2023. Cinch Connectivity Solutions and Bell Power Solutions are specialized BELFB divis ...

WEST ORANGE, N.J., Feb. 21, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA) today announced preliminary financial results for the fourth quarter and full year of 2023. Fourth Quarter 2023 Highlights •Net sales of $140.0 million compared to $169.2 million in Q4-22. Non-GAAP adjusted net sales (which exclude expedite fee revenue) were $139.6 million in Q4-23 as compared to $158.7 million in Q4-22•Gross profit margin of 36.6%, up from 31.0% in Q4-22•Net earnings of $12.0 million versus $14.0 million in Q ...

Bel Fuse Inc. 300 Executive Drive Suite 300 West Orange, NJ 07052 www.belfuse.com tel 201.432.0463 Fourth Quarter 2023 Highlights • Net sales of $140.0 million compared to $169.2 million in Q4-22. Non-GAAP adjusted net sales (which exclude expedite fee revenue) were $139.6 million in Q4-23 as compared to $158.7 million in Q4-22 • Gross profit margin of 36.6%, up from 31.0% in Q4-22 • Net earnings of $12.0 million versus $14.0 million in Q4-22 • Adjusted EBITDA of $24.0 million (17.1% of sales) as compared t ...

WEST ORANGE, N.J., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (NASDAQ:BELFA), a designer, manufacturer, and provider of products that power, protect and connect electronic circuits, today announced plans to release preliminary financial results for the fourth quarter after market close on Wednesday, February 21, 2024. An earnings conference call has been scheduled as follows: When: Thursday, February 22, 2024 at 8:30 a.m. ETDial in: Toll free – 877.407.0784, or international – 201.689.8560Online: https ...

WEST ORANGE, N.J., Jan. 11, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc (Bel), a leading global manufacturer of products that power, protect, and connect electronic circuits, proudly marks its 75th anniversary today. Located in the heart of New Jersey, Bel has evolved from a fuse business servicing the auto aftermarket to a global supplier of connectors, power supplies, magnetics and circuit protection products serving cutting-edge industries such as e-mobility, aerospace, industrial, networking and military with ...

Financial Performance - Total revenue for the three months ended September 30, 2023, was $158.682 million, with a gross profit of $55.465 million, resulting in a gross profit margin of 35.0%[92] - Power Solution and Protection sales rose by $38.9 million (18.9%) in the first nine months of 2023 compared to the same period in 2022[71] - eMobility product sales increased by $9.8 million (79.2%) in the first nine months of 2023 compared to the same period in 2022[71] - Sales of Connectivity Solutions products increased by $1.5 million (3.0%) and $19.9 million (14.2%) during the three and nine months ended September 30, 2023, respectively, driven by growth in commercial aerospace and military markets[103] - Sales of Magnetic Solutions products declined by $19.0 million (37.2%) and $44.0 million (31.8%) during the three and nine months ended September 30, 2023, primarily due to reduced demand from networking customers[118] Cash and Liquidity - Cash on hand increased to $100.2 million as of September 30, 2023, up from $70.3 million at December 31, 2022[66] - Cash and cash equivalents totaled $100.2 million as of September 30, 2023, with a current ratio of 3.1 to 1, indicating strong liquidity[108] - Cash and cash equivalents increased by $30.0 million during the nine months ended September 30, 2023[137] - The company repatriated $33.5 million from foreign subsidiaries during the nine months ended September 30, 2023, while analyzing global working capital and cash requirements[124] Costs and Expenses - SG&A expenses for the third quarter of 2023 were $23.7 million, up from $22.2 million in the same quarter of 2022[75] - Labor costs represented 6.5% of revenue during the first nine months of 2023, down from 8.4% in the same period of 2022, due to internal initiatives to mitigate wage increases[100] - Material costs as a percentage of total sales decreased to 40.5% in Q3 2023 from 46.1% in Q3 2022[73] - The company anticipates an increase in minimum wage in China to result in higher labor costs of approximately $0.5 million per year at affected facilities[100] - Inflationary pressures may lead to higher input costs, impacting future operating results[135] Borrowings and Interest - Outstanding borrowings under the revolving credit facility were $60 million as of September 30, 2023, down from $95 million at December 31, 2022[83] - The effective interest rate for outstanding borrowings was 2.47% as of September 30, 2023, down from 3.57% at December 31, 2022[139] - Interest expense incurred was $0.5 million for the three months ended September 30, 2023, compared to $0.9 million for the same period in 2022[139] - The company incurred $2.4 million of interest expense during each of the nine-month periods ended September 30, 2023, and 2022[139] - No outstanding borrowings were subject to a variable interest rate as of September 30, 2023[139] Operational Changes - The company completed the transition of operations from its Tempe, Arizona and Sudbury, UK facilities into other existing sites during the first half of 2023[69] - Accounts receivable decreased by $11.9 million during the nine months ended September 30, 2023, with days sales outstanding (DSO) improving to 55 days from 58 days at the end of 2022[110] - Inventory decreased by $29.3 million at September 30, 2023, with inventory turns improving to 2.9 from 2.6 at December 31, 2022[110] - The company has faced challenges in managing labor costs due to unpredictable demand and the need for continual recruitment and training[134] Taxation - The effective tax rate for Q3 2023 was 18.2%, down from 20.0% in Q3 2022[76] - The effective tax rate increased to 11.5% for the nine months ended September 30, 2023, compared to 7.1% in the same period of 2022, mainly due to a decrease in tax benefits from valuation allowances[122] Restructuring and Cost Savings - Restructuring initiatives are expected to yield annual cost savings of approximately $6.9 million, with $1.6 million anticipated in Q4 2024[69] Legal Matters - The company is evaluating options for appeal regarding a patent infringement lawsuit after a summary judgment of non-infringement was granted[133] Industry Overview - The company operates in one industry with three reportable segments: Connectivity Solutions, Power Solutions, and Protection, Magnetic Solutions[130]