Revenue and Earnings - Revenue for the three months ended September 30, 2021, was $146.966 million, an increase of 18.1% compared to $124.492 million for the same period in 2020[10]. - Net earnings available to common stockholders for the three months ended September 30, 2021, were $5.734 million, a decrease of 23.3% from $7.475 million in the same period in 2020[10]. - Net earnings for the nine months ended September 30, 2021, were $16,813,000, compared to $9,244,000 for the same period in 2020, representing an increase of 82.7%[16]. - Comprehensive income for the three months ended September 30, 2021, was $3.898 million, compared to $11.129 million for the same period in 2020[12]. - The company reported a net loss of $3,804,000 for the quarter ended December 31, 2019, highlighting challenges faced during that period[15]. Expenses and Costs - Research and development costs for the three months ended September 30, 2021, were $5.918 million, slightly up from $5.713 million in the same period of 2020[10]. - Selling, general and administrative expenses for the nine months ended September 30, 2021, were $64.757 million, up from $59.140 million in the same period of 2020[10]. - The company reported depreciation and amortization expenses of $12,514,000 for the nine months ended September 30, 2021, slightly up from $12,322,000 in 2020[16]. - The company incurred $1.5 million in interest expense for the three months ended September 30, 2021, compared to $1.2 million for the same period in 2020, reflecting an increase of approximately 25%[69]. - Stock-based compensation expense for the quarter was $598,000, reflecting ongoing investment in employee incentives[14]. Acquisitions and Investments - The acquisition of rms Connectors was completed for $9,000,000, enhancing the company's military and aerospace product portfolio[25]. - The acquisition of EOS Power was completed for $7,800,000, expected to strengthen the company's position in industrial and medical markets[26]. - The company incurred $16,811,000 in cash payments for acquisitions during the nine months ended September 30, 2021[16]. - The fair value of identifiable net assets acquired was $18,055 thousand, with goodwill of $2,659 thousand during the period[16]. - The 2021 Acquired Companies contributed revenues of $4.3 million and estimated net earnings of $0.2 million for the three months ended September 30, 2021[33]. Assets and Liabilities - Total liabilities and stockholders' equity as of September 30, 2021, were $487.583 million, an increase from $453.866 million as of December 31, 2020[10]. - Total cash and cash equivalents at the end of the period were $61,961,000, down from $81,129,000 at the end of the previous year[16]. - The estimated fair value of total debt as of September 30, 2021, was $112.5 million, compared to a carrying amount of $112.0 million[53]. - The company recorded liabilities for uncertain tax positions totaling $27.6 million as of September 30, 2021, a decrease from $28.5 million on December 31, 2020[72]. - The total identifiable assets increased from $11,707 million to $20,980 million, reflecting a significant growth in asset base[29]. Cash Flow and Financial Position - Cash flows from operating activities resulted in a net cash used of $1,714,000 for the nine months ended September 30, 2021, a significant decrease from the net cash provided of $34,769,000 in 2020[16]. - The company reported a net cash used in investing activities of $13,716,000, compared to $4,447,000 in the same period of 2020[16]. - The company experienced unrealized holding losses on marketable securities amounting to $1,000 for the quarter ended June 30, 2021[14]. - The company reported a foreign currency translation adjustment of $2,540,000, net of taxes, for the quarter ended June 30, 2021[14]. - The accumulated other comprehensive loss increased to $(19.69) million at September 30, 2021, from $(18.06) million at December 31, 2020[79]. Market Performance - Revenue from North America for the three months ended September 30, 2021, was $83.546 million, compared to $92.868 million in the same period of 2020, showing a decline of approximately 10%[39]. - Direct sales to customers accounted for $97.652 million in revenue for the three months ended September 30, 2021, while distribution sales contributed $49.314 million[40]. - The Cinch Connectivity Solutions segment generated revenue of $121,446 million with a gross profit margin of 27.0% for the nine months ended September 30, 2021[87]. - The Power Solutions and Protection segment reported revenue of $159,312 million and a gross profit margin of 25.7% for the same period[87]. - The Magnetic Solutions segment achieved revenue of $115,593 million with a gross profit margin of 20.8% for the nine months ended September 30, 2021[87]. Legal and Regulatory Matters - A patent infringement lawsuit was filed against the company, which may impact its operations[82]. - The estimated liability related to ongoing tax matters in Italy is approximately $12.0 million, included as a liability for uncertain tax positions[83]. - The company is not involved in any other legal proceedings that are likely to materially affect its financial condition[84].

Bel Fuse Inc. (NASDAQ:BELFB) Q3 2021 Earnings Conference Call October 29, 2021 11:00 AM ET Company Participants Dan Bernstein - President & Chief Executive Officer Lynn Hutkin - Director of Financial Reporting Farouq Tuweiq - Chief Financial Officer Conference Call Participants Theodore O'Neill - Litchfield Hills Research Jim Ricchiuti - Needham & Company Hendi Susanto - Gabelli Funds Mike Hughes - SGF Capital Operator Good day, and welcome to the Bel Fuse Inc. Third Quarter 2021 Results Conference Call. To ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ Commission File No. 000-11676 BEL FUSE INC. 206 Van Vorst Street Jersey City, NJ 07302 (201) 432-0463 (Address of principal executi ...

Financial Data and Key Metrics Changes - The company reported a significant year-over-year sales growth for the second consecutive quarter, with bookings reaching a record high and a backlog of orders at $314 million, an increase of 75% from a year ago [7][12] - Consolidated gross profit margin decreased to 24.7% in Q2 2021 from 25.8% in Q2 2020, attributed to rising input costs and the absence of COVID-related subsidies received in the previous year [15][16] - Earnings per share for Class A common shares was $0.61 in Q2 2021, compared to $0.43 in Q2 2020, while Class B common shares saw earnings of $0.64, up from $0.46 [23][24] Business Line Data and Key Metrics Changes - Sales in the Power Solutions and Protection Group increased by 23% year-over-year, driven by a 55% growth in fuse sales and a 53% growth in products supporting e-Mobility markets [8][13] - Connectivity Solutions sales rose by 11%, with a notable rebound in the commercial aerospace market, which improved by 114% year-over-year [10][13] - The Magnetic Solutions Group experienced an 8% sales growth, primarily due to higher shipments of Integrated Connector Modules [11][13] Market Data and Key Metrics Changes - The company noted strong demand across all major product groups, indicating general market strength [7] - The backlog for Connectivity products grew by $21 million or 45% since year-end, reflecting increased demand [10] - The company is optimistic about future trends due to the return of aerospace demand and participation in growth markets like ATV, IoT, and 5G [12] Company Strategy and Development Direction - The company plans to close its modular designs center in Maidstone, UK, during Q3, expecting annual cost savings of $400,000 [9] - Recent pricing adjustments are focused on margin improvement, with expectations that the benefits will be realized progressively through Q3 and Q4 [12][37] - The company aims to manage supply constraints effectively, despite challenges posed by component availability and lead times [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in managing supply chain challenges, noting that they have successfully navigated the situation thus far [32][33] - The company anticipates that the strong backlog and demand will mitigate typical seasonal downturns, particularly in Q4 [40] - Management acknowledged potential concerns regarding double bookings but indicated that they have not observed significant issues in their product lines [41][42] Other Important Information - Research and development costs decreased to $5.5 million, primarily due to the closure of the Switzerland R&D facility [17] - Selling, general, and administrative expenses increased to $21.8 million, reflecting higher salaries and legal fees [18][19] - The company made net payments of $14.8 million related to acquisitions during the first half of 2021 [26] Q&A Session Summary Question: Concerns about lead times and component availability - Management indicated that they have managed the situation well, although lead times for some components have stretched significantly [32][33] Question: Additional costs associated with COVID-19 - Management stated that COVID-related costs have been minimal moving forward [34] Question: Higher SG&A expenses - Management acknowledged incremental SG&A related to volume but noted it was in line with expectations [35][36] Question: Impact of pricing actions - Management estimated that they realized a portion of the price increases in Q2, with the remainder expected to flow in over the next quarters [37] Question: Seasonality and revenue expectations - Management suggested that strong demand may alter typical seasonal trends, with expectations for improved revenue in Q4 [40] Question: Revenue contributions from recent acquisitions - rms contributed $2.5 million and EOS contributed $3.5 million in Q2, with expectations for higher contributions moving forward [46][47] Question: Cost savings from facility consolidation - Management confirmed that the $400,000 cost savings would contribute to the bottom line [49] Question: Insights into price increases - Management indicated that price increases are generally in the 5% to 12% range [50]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ Commission File No. 000-11676 BEL FUSE INC. 206 Van Vorst Street Jersey City, NJ 07302 (201) 432-0463 (Address of principal execut ...

Bel Fuse Inc. (NASDAQ:BELFB) Q1 2021 Earnings Conference Call May 3, 2021 11:00 AM ET Company Participants Dan Bernstein - President and Chief Executive Officer Farouq Tuweiq - Chief Financial Officer Craig Brosious - Vice President of Finance Lynn Hutkin - Director of Financial Reporting Conference Call Participants Theodore O'Neill - Litchfield Hills Research Jim Ricchiuti - Needham & Company Hendi Susanto - Gabelli Funds Operator Good day, and welcome to the Bel Fuse Inc. First Quarter 2021 Results Confe ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) Bel Fuse Inc. designs, manufactures, and markets products that power, protect, and connect electronic circuits for various industries - **2020 Net Sales by Product Group** | Product Group | Percentage of 2020 Net Sales | | :--- | :--- | | Power Solutions & Protection | 39% | | Cinch Connectivity Solutions | 32% | | Magnetic Solutions | 29% | - Acquisitions are a **key element** of the company's growth strategy, aiming to expand the product portfolio, technology base, and customer reach[16](index=16&type=chunk)[17](index=17&type=chunk) - The company's sales channels include direct strategic account managers for major global accounts, regional sales managers working with independent sales representatives, and authorized distributors[27](index=27&type=chunk)[28](index=28&type=chunk) - As of December 31, 2020, Bel employed approximately **6,400 associates** across **14 countries**, with **23%** located in North America[46](index=46&type=chunk) [Products](index=5&type=section&id=Products) The company's product offerings are categorized into three main groups: Power Solutions and Protection, Cinch Connectivity Solutions, and Magnetic Solutions - **Power Solutions and Protection:** Products include internal/external AC/DC power supplies, DC/DC converters, DC/AC inverters, and board-level fuses, sold under brands like **Bel Power Solutions**, **Melcher™**, and **CUI**[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - **Connectivity Solutions:** Offers high-speed and harsh environment copper and optical fiber connectors and assemblies for aerospace, military, and industrial applications under brands such as **Stratos®**, **Cinch®**, **Johnson**, and **Stewart Connector**[23](index=23&type=chunk)[24](index=24&type=chunk) - **Magnetic Solutions:** Includes Integrated Connector Modules (ICMs), power transformers, and discrete components for networking and power supply applications, sold under brands like **Bel**, **TRP Connector®**, **MagJack®**, and **Signal**[25](index=25&type=chunk)[26](index=26&type=chunk) [Market Factors](index=9&type=section&id=Market%20Factors) The company operates in highly competitive markets, with 2020 total product orders decreasing 3% to $448.8 million, while backlog was $179.6 million as of February 28, 2021 - **2020 Product Order Trends vs. 2019** | Product Group | 2020 Orders (USD Million) | Change vs. 2019 | | :--- | :--- | :--- | | **Total** | **$448.8** | **-3%** | | Power Solutions & Protection | $183.0 | +30% | | Connectivity Solutions | $126.9 | -29% | | Magnetic Solutions | $138.9 | -3% | - The backlog of orders was estimated at **$179.6 million** as of February 28, 2021, compared to **$186.3 million** a year prior[33](index=33&type=chunk) [Risk Factors](index=13&type=section&id=Item%201A.%20Risk%20Factors) The company faces strategic, operational, and financial risks, including intense competition, supply chain disruptions, and debt servicing challenges - **Strategic Risks:** The company operates in a **highly competitive** global industry, and its growth through acquisitions may not produce anticipated results[57](index=57&type=chunk)[59](index=59&type=chunk)[61](index=61&type=chunk) - **Operational Risks:** The COVID-19 pandemic has impacted manufacturing and supply chains, with a single customer, Hon Hai/Foxconn, accounting for **11.9% of 2020 consolidated net sales**[62](index=62&type=chunk)[65](index=65&type=chunk)[68](index=68&type=chunk) - **Financial Risks:** Margins are **susceptible to declines** in selling prices and increases in material and labor costs, impacting the company's ability to service its debt[72](index=72&type=chunk)[78](index=78&type=chunk) - **General Risks:** **Global operations** expose Bel to foreign currency fluctuations, trade policies, tariffs, political conditions, and evolving cyber threats[95](index=95&type=chunk)[97](index=97&type=chunk)[101](index=101&type=chunk) [Properties](index=22&type=section&id=Item%202.%20Properties) Bel Fuse operates 20 manufacturing facilities across 7 countries, with 14% owned and 86% leased, and a significant portion of assets in Asia - **Principal Manufacturing Facilities Overview (as of Dec 31, 2020)** | Metric | Value | | :--- | :--- | | Total Manufacturing Facilities | 20 | | Countries with Facilities | 7 | | Total Occupied Space | ~2.2 million sq. ft. | | Owned Space | ~14% | | Leased Space | ~86% | - The largest manufacturing facilities by square footage are located in Dongguan, Zhongshan, and Pingguo in the People's Republic of China, all of which are leased[107](index=107&type=chunk) - Approximately **32.6%** of the company's identifiable assets are located in Asia, where a significant portion of its manufacturing operations reside[108](index=108&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=23&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Bel's Class A and B common stocks trade on NASDAQ, with quarterly dividends of $0.06 and $0.07 per share declared in 2020 and 2019 - **Annual Dividend Payouts** | Year | Total Dividends Paid (USD Million) | Per Class A Share (Quarterly) | Per Class B Share (Quarterly) | | :--- | :--- | :--- | :--- | | 2020 | $3.4 | $0.06 | $0.07 | | 2019 | $3.4 | $0.06 | $0.07 | - As of February 28, 2021, there were **41 registered shareholders of Class A stock** and **329 of Class B stock**, with an estimated **652 beneficial shareholders of Class A** and **2,872 of Class B**[111](index=111&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2020, net sales decreased to $465.8 million, gross margin improved to 25.7%, and net earnings were $12.8 million, with strong cash flow from operations - **Financial Performance Summary (2020 vs. 2019)** | Metric | 2020 | 2019 | | :--- | :--- | :--- | | Net Sales | $465.8M | $492.4M | | Gross Profit | $119.7M | $110.0M | | Gross Margin | 25.7% | 22.3% | | Net Earnings (Loss) | $12.8M | ($8.7M) | | Cash from Operations | $46.1M | $24.5M | - The COVID-19 pandemic led to an estimated **$14-$17 million in shipment delays** from Q1 to Q2 2020, offset by **$4.9 million in relief funding** from the Chinese government[122](index=122&type=chunk) - Restructuring actions in 2020 resulted in **$0.6 million in charges** and are expected to generate **$6.0 million in annualized cost savings**, with **$4.4 million** to be realized in 2021[132](index=132&type=chunk) [Summary by Operating Segment](index=28&type=section&id=Summary%20by%20Operating%20Segment) In 2020, Connectivity Solutions sales fell 12.5%, Magnetic Solutions sales declined 14.7%, while Power Solutions and Protection sales grew 11.0% due to the CUI acquisition - **Net Sales and Gross Margin by Segment (2020 vs. 2019)** | Segment | Net Sales 2020 (M) | Net Sales 2019 (M) | Gross Margin 2020 | Gross Margin 2019 | | :--- | :--- | :--- | :--- | :--- | | Connectivity Solutions | $150.7 | $172.3 | 28.0% | 25.8% | | Magnetic Solutions | $133.6 | $156.5 | 24.8% | 21.9% | | Power Solutions & Protection | $181.5 | $163.5 | 25.1% | 20.1% | | **Total** | **$465.8** | **$492.4** | **25.7%** | **22.3%** | - The CUI business, acquired in December 2019, contributed incremental sales of **$41.0 million** in 2020 at a gross margin of **34.1%** within the Power Solutions and Protection segment[141](index=141&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and cash equivalents increased to $84.9 million at year-end 2020, driven by $46.1 million in cash from operations, with compliance to debt covenants - **Cash and Liquidity Position** | Metric | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Cash and Cash Equivalents | $84.9M | $72.3M | | Cash Provided by Operations (FY) | $46.1M | $24.5M | | Debt Repayments (FY) | $28.2M | $3.0M | | Available Credit Facility | $56.6M | N/A | - Working capital management improved, with Days Sales Outstanding (DSO) decreasing from **60 days** at year-end 2019 to **57 days** at year-end 2020[172](index=172&type=chunk) [Critical Accounting Policies and Other Matters](index=36&type=section&id=Critical%20Accounting%20Policies%20and%20Other%20Matters) Key accounting policies involve inventory valuation, goodwill impairment testing, and revenue recognition, with Hon Hai/Foxconn as a significant customer - The company's annual goodwill impairment test as of October 1, 2020, identified no impairment, with reporting units exceeding carrying values by **51.1%**, **21.0%**, and **38.6%** respectively[194](index=194&type=chunk)[312](index=312&type=chunk)[313](index=313&type=chunk) - Reserves for excess or obsolete inventory were **$9.9 million** as of December 31, 2020, compared to **$9.1 million** in 2019[179](index=179&type=chunk) - One direct customer, Hon Hai/Foxconn Technology Group, accounted for **11.9% of consolidated revenue** in 2020, primarily within the Magnetic Solutions segment[199](index=199&type=chunk) [Financial Statements and Supplementary Data](index=41&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2020 and 2019, along with the independent auditor's report and detailed notes [Report of Independent Registered Public Accounting Firm](index=43&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Deloitte & Touche LLP issued an unqualified opinion on Bel Fuse Inc.'s financial statements and internal controls, highlighting goodwill and intangible asset impairment testing as critical audit matters - The auditor issued an **unqualified opinion**, confirming the financial statements are fairly presented in conformity with U.S. GAAP and that internal controls over financial reporting were effective[206](index=206&type=chunk) - **Critical Audit Matters** highlighted were the valuation of Goodwill and Indefinite-Lived Intangible Assets, which required a high degree of auditor judgment due to significant management estimates[214](index=214&type=chunk)[217](index=217&type=chunk)[221](index=221&type=chunk) [Consolidated Financial Statements](index=47&type=section&id=Consolidated%20Financial%20Statements) The 2020 consolidated financial statements show total assets of $453.9 million, net sales of $465.8 million, and net income of $12.8 million, a turnaround from a 2019 net loss - **Consolidated Balance Sheet Highlights (in thousands)** | Account | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Total Current Assets | $280,216 | $283,181 | | Total Assets | $453,866 | $468,917 | | Total Current Liabilities | $87,536 | $90,218 | | Long-term Debt | $110,294 | $138,215 | | Total Liabilities | $268,067 | $300,866 | | Total Stockholders' Equity | $185,799 | $168,051 | - **Consolidated Statement of Operations Highlights (in thousands)** | Account | Year Ended Dec 31, 2020 | Year Ended Dec 31, 2019 | | :--- | :--- | :--- | | Net Sales | $465,771 | $492,412 | | Gross Profit | $119,730 | $109,973 | | Income (Loss) from Operations | $18,667 | ($1,595) | | Net Earnings (Loss) | $12,795 | ($8,743) | | EPS (Class B, basic & diluted) | $1.05 | ($0.71) | [Notes to Consolidated Financial Statements](index=53&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the CUI acquisition, revenue disaggregation, goodwill, total debt of $116.8 million, and subsequent acquisitions and property sales - On December 3, 2019, the company acquired the CUI power business for **$29.2 million**, which contributed **$43.1 million in revenue** in 2020[281](index=281&type=chunk)[282](index=282&type=chunk) - As of December 31, 2020, total debt outstanding was **$116.8 million**, with an effective interest rate of **2.19%**, and the company was in compliance with all debt covenants[347](index=347&type=chunk)[348](index=348&type=chunk)[357](index=357&type=chunk) - Subsequent to year-end, on January 8, 2021, the company acquired rms Connectors, Inc. for **$8.5 million in cash** to complement its military and aerospace product portfolio[406](index=406&type=chunk) [Controls and Procedures](index=90&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2020, with no material changes - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2020[411](index=411&type=chunk) - Management concluded that the company's internal control over financial reporting was **effective** as of December 31, 2020, a conclusion audited and supported by an unqualified opinion from Deloitte & Touche LLP[413](index=413&type=chunk)[414](index=414&type=chunk) Part III [Items 10, 11, 12, 13, and 14](index=91&type=section&id=Items%2010%2C%2011%2C%2012%2C%2013%2C%20and%2014) Information for these items is incorporated by reference from the company's definitive proxy statement for its 2021 annual meeting of shareholders - The information for Items 10 through 14 is incorporated by reference from the company's **2021 definitive proxy statement**[417](index=417&type=chunk)[419](index=419&type=chunk)[424](index=424&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=92&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the Form 10-K, including key agreements and required certifications - This item lists all financial statements, schedules, and exhibits filed with the Form 10-K, including key agreements and required certifications[426](index=426&type=chunk)[427](index=427&type=chunk)[428](index=428&type=chunk) [Form 10-K Summary](index=94&type=section&id=Item%2016.%20Form%2010-K%20Summary) No summary is provided for the Form 10-K in this section - No Form 10-K summary is provided[429](index=429&type=chunk)

Bel Fuse Inc. (NASDAQ:BELFB) Q4 2020 Earnings Conference Call February 18, 2021 11:00 AM ET Company Participants Dan Bernstein - President and Chief Executive Officer Craig Brochu - Vice President of Finance Lynn Hutkin - Director of Financial Reporting Farouq Tuweiq - Chief Financial Officer Conference Call Participants James Ricchiuti - Needham & Company Theodore O'Neill - Litchfield Hills Research Hendi Susanto - Gabelli Steve Kohl - Mangrove Operator Good day, and welcome to the Bel Fuse Inc. Fourth Qua ...

Financial Performance & Sales - Bel's annual sales reached $465 million for the trailing twelve months ended September 30, 2020[2] - Power Solutions & Protection accounted for $165 million in sales (35%)[2] - Connectivity Solutions generated $158 million in sales (34%)[2] - Magnetic Solutions contributed $142 million in sales (31%)[2] - In Q3 2020, Bel achieved a gross margin of 26.9%, a 390 bps increase from 23.0% in Q3 2019[17] - Non-GAAP EPS (BELFB) in Q3 2020 was $0.62, a 210% increase from $0.20 in Q3 2019[17] Cost Savings & Debt Reduction - Bel implemented $10 million of cost savings in 2019/2020, with $3 million incremental to 2021[3] - The company paid down $28 million of debt in the first 10 months of 2020, reducing the balance to $115 million by October 31st[3] Acquisition & Growth Drivers - The acquisition of CUI Power Group closed on December 3, 2019, and in the first nine months of 2020, CUI generated sales of $29.8 million with a gross margin of 35.2% and EBITDA of $5.3 million[14] - Key growth drivers include networking & high-performance computing, military & aerospace, e-mobility, and distribution[13]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ Commission File No. 0-11676 BEL FUSE INC. 206 Van Vorst Street Jersey City, NJ 07302 (201) 432-0463 (Address of principal exec ...