NEW JERSEY
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0-11676
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22-1463699
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(State of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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206 Van Vorst Street, Jersey City, New Jersey
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07302
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(Address of principal executive offices)
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(Zip Code)
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Date: March 10, 2016
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BEL FUSE INC.
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(Registrant)
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By:
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/s/Daniel Bernstein
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Daniel Bernstein
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President and Chief Executive Officer
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Exhibit No.
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Description
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99.1
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Press release, dated March 10, 2016 issued by the Company.
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FOR IMMEDIATE RELEASE
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Bel Fuse Inc.
206 Van Vorst Street
Jersey City, NJ 07302
www.belfuse.com
tel 201.432.0463
fax 201.432.9542
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Investor Contact:
Darrow Associates
tel 516.419.9915
pseltzberg@darrowir.com
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Company Contact:
Daniel Bernstein
President
ir@belf.com
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Bel Fuse Inc.
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||||||||||||||||
Supplementary Information(1)(2)
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||||||||||||||||
Condensed Consolidated Statements of Operations
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||||||||||||||||
(in thousands, except per share amounts) (unaudited)
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||||||||||||||||
Three Months Ended
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Year Ended
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|||||||||||||||
December 31,
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December 31,
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|||||||||||||||
2015
(Revised)
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2014
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2015
(Revised)
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2014
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|||||||||||||
Net sales
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$
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135,246
|
$
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148,650
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$
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567,080
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$
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487,076
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||||||||
Cost of sales
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109,203
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121,091
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458,253
|
399,721
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||||||||||||
Gross profit
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26,043
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27,559
|
108,827
|
87,355
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||||||||||||
As a % of net sales
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19.3
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%
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18.5
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%
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19.2
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%
|
17.9
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%
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||||||||
Selling, general and administrative expenses
|
20,450
|
24,576
|
78,113
|
72,051
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||||||||||||
As a % of net sales
|
15.1
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%
|
16.5
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%
|
13.8
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%
|
14.8
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%
|
||||||||
Restructuring charges
|
798
|
466
|
2,114
|
1,832
|
||||||||||||
Income from operations
|
4,795
|
2,517
|
28,600
|
13,472
|
||||||||||||
As a % of net sales
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3.5
|
%
|
1.7
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%
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5.0
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%
|
2.8
|
%
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||||||||
Interest expense
|
(1,623
|
)
|
(1,854
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)
|
(7,588
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)
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(3,978
|
)
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||||||||
Interest income and other, net
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22
|
155
|
4,720
|
276
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||||||||||||
Earnings before provision (benefit) for income taxes
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3,194
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818
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25,732
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9,770
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||||||||||||
Provision (benefit) for income taxes
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299
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(957
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)
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6,535
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1,167
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|||||||||||
Effective tax rate
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9.4
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%
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-117.1
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%
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25.4
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%
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11.9
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%
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||||||||
Net earnings available to common stockholders
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$
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2,895
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$
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1,775
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$
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19,197
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$
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8,603
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||||||||
As a % of net sales
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2.1
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%
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1.2
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%
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3.4
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%
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1.8
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%
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||||||||
Weighted average number of shares outstanding:
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||||||||||||||||
Class A common shares - basic and diluted
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2,175
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2,175
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2,175
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2,175
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||||||||||||
Class B common shares - basic and diluted
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9,710
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9,703
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9,698
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9,491
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||||||||||||
Net earnings per common share:
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||||||||||||||||
Class A common shares - basic and diluted
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$
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0.23
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$
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0.14
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$
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1.53
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$
|
0.69
|
||||||||
Class B common shares - basic and diluted
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$
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0.25
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$
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0.15
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$
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1.64
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$
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0.75
|
||||||||
(1) The supplementary information included in this press release for 2015 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. Some prior period amounts have been reclassified to conform to the current year presentation. These reclassifications, individually and in the aggregate, had no impact on our consolidated statements of operations.
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||||||||||||||||
(2) The 2014 Condensed Consolidated Statements of Operations have been revised to reflect measurement period adjustments recorded during 2015 for the acquisition of Power Solutions. The measurement period adjustments primarily relate to the finalization of the valuations of property and equipment and intangible assets and deferred taxes and these revisions were not considered material.
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||||||||||||||||
Bel Fuse Inc.
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||||||||
Supplementary Information(1)(2)
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||||||||
Condensed Consolidated Balance Sheets
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||||||||
(in thousands, unaudited)
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||||||||
December 31,
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||||||||
2015
|
2014
|
|||||||
Assets
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(Revised)
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|||||||
Current assets
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||||||||
Cash and cash equivalents
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$
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85,040
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$
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77,138
|
||||
Accounts receivable, net
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86,268
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99,605
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||||||
Inventories
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98,510
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113,630
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||||||
Other current assets
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15,636
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20,283
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||||||
Total current assets
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285,454
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310,656
|
||||||
Property, plant and equipment, net
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57,611
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69,261
|
||||||
Goodwill and other intangible assets, net
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209,461
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213,871
|
||||||
Other assets
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34,485
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41,633
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||||||
Total assets
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$
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587,011
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$
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635,421
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Current liabilities
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||||||||
Accounts payable
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$
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49,798
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$
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61,926
|
||||
Current portion of long-term debt
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24,772
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13,438
|
||||||
Other current liabilities
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47,456
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46,438
|
||||||
Total current liabilities
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122,026
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121,802
|
||||||
Long-term debt
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162,416
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219,187
|
||||||
Other liabilities
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69,447
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70,159
|
||||||
Total liabilities
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353,889
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411,148
|
||||||
Stockholders' equity
|
233,122
|
224,273
|
||||||
Total liabilities and stockholders' equity
|
$
|
587,011
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$
|
635,421
|
||||
(1) The supplementary information included in this press release for 2015 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. Some prior period amounts have been reclassified to conform to the current year presentation. These reclassifications, individually and in the aggregate, had no impact on our condensed consolidated balance sheets.
|
||||||||
(2) The December 31, 2014 Condensed Consolidated Balance Sheet has been revised to reflect measurement period adjustments recorded during 2015 for the acquisition of Power Solutions. The measurement period adjustments primarily relate to the finalization of the valuations of property and equipment and intangible assets and deferred taxes. These revisions were not considered material to the Condensed Consolidated Balance Sheet.
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||||||||
Bel Fuse Inc.
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||||||||||||||||
Supplementary Information(1)
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||||||||||||||||
Reconciliation of U.S. GAAP Net Earnings Available to Common Stockholders to Non U.S. GAAP EBITDA(2)
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||||||||||||||||
(in thousands, unaudited)
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||||||||||||||||
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
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December 31,
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|||||||||||||||
2015
(Revised)
|
2014
|
2015
(Revised)
|
2014
|
|||||||||||||
U.S. GAAP net earnings available to common stockholders
|
$
|
2,895
|
$
|
1,775
|
$
|
19,197
|
$
|
8,603
|
||||||||
Interest expense
|
1,623
|
1,854
|
7,588
|
3,978
|
||||||||||||
Provision (benefit) for income taxes
|
299
|
(957
|
)
|
6,535
|
1,167
|
|||||||||||
Depreciation and amortization
|
5,884
|
7,380
|
23,008
|
20,367
|
||||||||||||
Non U.S. GAAP EBITDA
|
$
|
10,701
|
$
|
10,052
|
$
|
56,328
|
$
|
34,115
|
||||||||
% of net sales
|
7.9
|
%
|
6.8
|
%
|
9.9
|
%
|
7.0
|
%
|
||||||||
(1) The supplementary information included in this press release for 2015 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
|
||||||||||||||||
(2) In this supplemental information, we have included non U.S. GAAP financial measures, including Non-U.S. GAAP EPS and EBITDA. We present results adjusted to exclude the effects of certain specified 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 U.S GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors.
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||||||||||||||||
The following tables reconcile our US GAAP net earnings per common Class A and Class B basic and diluted shares ("US GAAP EPS") to Non US GAAP net earnings per common Class A and Class B basic and diluted shares ("Non US GAAP EPS"). Amounts in thousands, except per share data, unaudited.
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||||||||||||||||||||||||||||||||
Three Months Ended December 31,
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Year Ended December 31,
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|||||||||||||||||||||||||||||||
2015
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2014
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2015
|
2014
|
|||||||||||||||||||||||||||||
Class A
(Revised)
|
Class B
(Revised)
|
Class A
|
Class B
|
Class A
(Revised)
|
Class B
(Revised)
|
Class A
|
Class B
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|||||||||||||||||||||||||
US GAAP EPS
|
$
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0.23
|
$
|
0.25
|
$
|
0.14
|
$
|
0.15
|
$
|
1.53
|
$
|
1.64
|
$
|
0.69
|
$
|
0.75
|
||||||||||||||||
Reconciling items (a)
|
0.05
|
0.05
|
0.24
|
0.27
|
(0.01
|
)
|
(0.01
|
)
|
0.86
|
0.91
|
||||||||||||||||||||||
Non US GAAP EPS
|
$
|
0.28
|
$
|
0.30
|
$
|
0.38
|
$
|
0.42
|
$
|
1.52
|
$
|
1.63
|
$
|
1.55
|
$
|
1.66
|
||||||||||||||||
(a) The following tables detail the impact that certain unusual or non-recurring items had on the Company's net earnings per common Class A and Class B basic and diluted shares and on the line items these items were included in on the condensed consolidated statements of operations.
|
||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2015 (Revised)
|
Three Months Ended December 31, 2014
|
|||||||||||||||||||||||||||||||||||||||
Reconciling Items
|
Gross
Impact
|
Tax
Effect
|
Net Earnings
Impact
|
Class A
EPS
Impact
|
Class B
EPS
Impact
|
Gross
Impact
|
Tax
Effect
|
Net Earnings
Impact
|
Class A
EPS
Impact
|
Class B
EPS
Impact
|
||||||||||||||||||||||||||||||
Restructuring charges
|
$
|
798
|
$
|
288
|
$
|
510
|
$
|
0.04
|
$
|
0.04
|
$
|
466
|
$
|
163
|
$
|
303
|
$
|
0.02
|
$
|
0.03
|
||||||||||||||||||||
Acquisition related costs included in
|
||||||||||||||||||||||||||||||||||||||||
selling general and administrative expenses
|
54
|
21
|
33
|
--
|
--
|
2,083
|
813
|
1,270
|
0.10
|
0.11
|
||||||||||||||||||||||||||||||
Information technology migration and rebranding costs
|
||||||||||||||||||||||||||||||||||||||||
included in selling, general and administrative expenses
|
186
|
66
|
120
|
0.01
|
0.01
|
1,017
|
381
|
636
|
0.05
|
0.05
|
||||||||||||||||||||||||||||||
Acquisition related inventory step-up included in cost of sales
|
--
|
--
|
--
|
--
|
--
|
1,309
|
419
|
890
|
0.07
|
0.08
|
||||||||||||||||||||||||||||||
Total reconciling items
|
$
|
1,038
|
$
|
375
|
$
|
663
|
$
|
0.05
|
$
|
0.05
|
$
|
4,875
|
$
|
1,776
|
$
|
3,099
|
$
|
0.24
|
$
|
0.27
|
||||||||||||||||||||
Year Ended December 31, 2015 (Revised)
|
Year Ended December 31, 2014
|
|||||||||||||||||||||||||||||||||||||||
Reconciling Items
|
Gross
Impact
|
Tax
Effect
|
Net
Earnings
Impact
|
Class A
EPS
Impact
|
Class B
EPS
Impact
|
Gross
Impact
|
Tax
Effect
|
Net
Earnings
Impact
|
Class A
EPS
Impact
|
Class B
EPS
Impact
|
||||||||||||||||||||||||||||||
Restructuring charges
|
$
|
2,114
|
$
|
708
|
$
|
1,406
|
$
|
0.11
|
$
|
0.12
|
$
|
1,832
|
$
|
648
|
$
|
1,184
|
$
|
0.10
|
$
|
0.10
|
||||||||||||||||||||
Acquisition related costs included in
|
||||||||||||||||||||||||||||||||||||||||
selling general and administrative expenses
|
605
|
227
|
378
|
0.03
|
0.03
|
7,463
|
2,895
|
4,568
|
0.38
|
0.40
|
||||||||||||||||||||||||||||||
Acquisition related settlement payment
|
(4,233
|
)
|
(1,609
|
)
|
(2,624
|
)
|
(0.21
|
)
|
(0.22
|
)
|
--
|
--
|
--
|
--
|
--
|
|||||||||||||||||||||||||
Information technology migration and rebranding costs
|
||||||||||||||||||||||||||||||||||||||||
included in selling, general and administrative expenses
|
1,124
|
409
|
715
|
0.06
|
0.06
|
1,017
|
381
|
636
|
0.05
|
0.06
|
||||||||||||||||||||||||||||||
Acquisition related inventory step-up included in cost of sales
|
--
|
--
|
--
|
--
|
--
|
5,948
|
1,885
|
4,063
|
0.33
|
0.35
|
||||||||||||||||||||||||||||||
Total
|
$
|
(390
|
)
|
$
|
(265
|
)
|
$
|
(125
|
)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
16,260
|
$
|
5,809
|
$
|
10,451
|
$
|
0.86
|
$
|
0.91
|
|||||||||||||||