UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):  July 27, 2016

BEL FUSE INC.
(Exact Name of Registrant as Specified in its Charter)

NEW JERSEY
 
0-11676
 
22-1463699
(State of  incorporation)
 
(Commission File Number)
 
(I.R.S. Employer Identification No.)


206 Van Vorst Street, Jersey City, New Jersey
 
07302
(Address of principal executive offices)
 
(Zip Code)
 
Registrant's telephone number, including area code:  (201) 432-0463
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
[                ]          Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[                ]          Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[                ]          Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act  (17 CFR 240.14d-2(b))

[                ]          Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On July 27, 2016, Bel Fuse Inc. (the "Company") issued a press release regarding results for the three and six months ended June 30, 2016. A copy of this press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01.   FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
 
As described in Item 2.02 of this Report, the following Exhibit is furnished as part of this Current Report on Form 8-K:
99.1   Press Release of Bel Fuse Inc. dated July 27, 2016.
 


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  July 27, 2016
 BEL FUSE INC.
 
 (Registrant)
 
 
 
 
By:  
 /s/Colin Dunn
 
Colin Dunn
 
Vice President of Finance and Secretary
   (Principal Financial Officer and Principal
   Accounting Officer)

 


EXHIBIT INDEX

 
Exhibit No.
 
 
Description
 
 


99.1
 
Press release, dated July 27, 2016 issued by the Company.
 
 



  
 
 
 
FOR IMMEDIATE RELEASE
Bel Fuse Inc.
206 Van Vorst Street
Jersey City,  NJ 07302
www.belfuse.com
tel 201.432.0463
fax 201.432.9542
 

Investor Contact:
Darrow Associates
tel 516.419.9915
pseltzberg@darrowir.com
 
Company Contact:
Daniel Bernstein  
President  
ir@belf.com  
 
Bel Reports Second Quarter 2016 Results

JERSEY CITY, NJ, July 27, 2016 - Bel Fuse Inc. ("Bel," or, "the Company") (NASDAQ:BELFA and NASDAQ:BELFB) today announced preliminary financial results for the second quarter of 2016.

Second Quarter 2016 Highlights

·
Net sales decreased 9.6% to $131.6 million in the second quarter of 2016 as compared with $145.7 million in the second quarter of 2015.
·
Operating income was $10.0 million in the second quarter of 2016 as compared with operating income of $7.5 million in the second quarter of 2015.
·
GAAP EPS was $1.83 per Class A share and $1.93 per Class B share in the second quarter of 2016 as compared with GAAP EPS of $0.49 per Class A share and $0.52 per Class B share in the second quarter of 2015. Non GAAP EPS was $0.43 per Class A share and $0.46 per Class B share in the second quarter of 2016. This compares with Non GAAP EPS of $0.57 per Class A share and $0.60 per Class B share in the second quarter of 2015.

Non GAAP financial measures, such as Non GAAP EPS, exclude the impact of acquisition-related costs, restructuring charges and certain other items. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non GAAP financial measures.

CEO Comments

Daniel Bernstein, President and CEO, said "We are pleased with the performance of the business in the second quarter of 2016 despite lower revenues.  Bel's post acquisition cost saving and restructuring efforts completed last year have reduced fixed costs and allowed for continued improvement in profitability while we position for future revenue growth. As Bel moves forward, our focus turns to improving top line growth and we have realigned our sales structure to accomplish this goal.

"Bel's Cinch Connectivity Solutions (CCS) business finished the second quarter with essentially flat sales but improved operating profitability resulting from lower costs and favorable sales mix as compared with the same period last year. We were able to overcome continued general market weakness with improved distribution sales, highlighted by significant gains in sales through our value added distribution partners servicing the commercial avionics market and improved sales of our optical products sold primarily into high reliability military applications. CCS continues to allocate a significant amount of our design resources to the development of next generation avionics products and we are encouraged by recent progress made in the design of these products and in the qualification of these products with our OEM (original equipment manufacturer) customers. This effort and expected demand increases on existing commercial avionics platforms are anticipated to provide sales growth in future quarters.

"Bel Power Solutions (BPS) sales continued to decline as a result of previous management's actions. These actions had resulted in BPS being removed from key customers' preferred supplier lists. As a result of taking corrective actions since acquiring BPS, over the past 12 months we have been able to regain that status at key customers; however, not being able to participate in new designs for a period of time has contributed to a large part of the decline in sales. BPS has refreshed its product lines and introduced new products for the Rail industry and Open Compute market. Also, BPS will open a Taiwan engineering design and support center in August 2016 to better service the local needs of the ODM (original design manufacturer) customers who work closely with our major customers on the development of their new systems. We continue to expect BPS to be a major driver of future growth of our business.
1


"Bel's Magnetic Solutions products sales were lower in the second quarter of 2016 as compared with the same period last year as a result of a decrease in our ICM product sales. These products are mainly used by Networking and Telecommunication manufacturers."

Second Quarter 2016 Results

Net Sales
Net sales decreased 9.6% to $131.6 million in the second quarter of 2016 as compared with $145.7 million in the second quarter of 2015, primarily due to lower sales of Bel's power solutions and protection products, as well as certain magnetic products.

Gross Profit
Gross profit decreased 10.0% to $25.7 million in the second quarter of 2016 as compared with $28.6 million in the second quarter of 2015 primarily due to the impact of lower sales. Despite the decline in net sales, lower material costs, lower warranty costs and a favorable mix of products sold enabled gross profit margin to remain essentially flat. In addition, the restructuring efforts taken last year also had a favorable impact on the second quarter of 2016 gross profit margin.

Selling, General and Administrative Expenses (SG&A)
SG&A expenses decreased 13.5% to $18.0 million, or 13.6% of net sales in the second quarter of 2016 as compared with $20.8 million, or 14.3% of net sales in the second quarter of 2015. In the second quarter of 2016, we recorded a benefit of $2.4 million for certain value-added and business tax items recorded in connection with the acquisition of Power Solutions. Also, in the second quarter of 2016, foreign currency exchange gains increased $0.6 million as compared with the second quarter of 2015.

Goodwill and Other Intangible Assets Impairment
In the second quarter of 2016, we finalized the goodwill and other intangible assets impairment analysis, and, as a result, we recorded a $2.6 million reduction to the impairment charge.

Operating Income
Operating income was $10.0 million in the second quarter of 2016 as compared with operating income of $7.5 million in the second quarter of 2015.

Income Taxes
Income tax benefit was $14.1 million in the second quarter of 2016 as compared with an income tax benefit of $0.6 million in the second quarter of 2015. The income tax benefit in the second quarter of 2016 included a net benefit related to the resolution of certain liabilities for uncertain tax positions of $10.4 million and a net benefit related to the goodwill and other intangible assets impairment of $2.3 million finalized in the second quarter of 2016. In addition, the mix of pre-tax earnings and losses in different jurisdictions contributed to the benefit in the second quarter of 2016.

Net Earnings
Net earnings was $22.8 million in the second quarter of 2016 as compared with net earnings of $6.1 million in the second quarter of 2015.

First Half 2016 Results

Net Sales
Net sales decreased 12.1% to $252.8 million in the first half of 2016 as compared with $287.7 million in the first half of 2015, primarily due to lower sales of Bel's power solutions and protection products, as well as certain magnetic products.

Gross Profit
Gross profit decreased 11.9% to $48.8 million in the first half of 2016 as compared with $55.4 million in the first half of 2015 primarily due to the impact of lower sales. Gross profit margin was relatively flat in the first half of 2016 as compared with the first half of 2015. Gross profit margin performance reflected the impact of lower sales, offset by lower material costs, lower warranty costs and the favorable mix of products sold. In addition, the restructuring efforts taken last year also had a favorable impact on the first half of 2016 gross profit margin.
2


Selling, General and Administrative Expenses (SG&A)
SG&A expenses decreased to $35.6 million, or 14.1% of net sales in the first half of 2016 as compared with $38.4 million, or 13.3% of net sales in the first half of 2015. In the first half of 2016, we recorded a benefit of $5.2 million for certain value-added and business tax items recorded in connection with the acquisition of Power Solutions. These factors were partially offset by a decrease in foreign currency exchange gains of $4.3 million in the first half of 2016 as compared with the first half of 2015.

Goodwill and Other Intangible Assets Impairment
In the second quarter of 2016, we finalized the goodwill and other intangible assets impairment analysis, and, as a result, we recorded a $2.6 million reduction to the impairment charge. The final impairment charge was $106.0 million in the first half of 2016. As previously disclosed, this impairment charge will not result in any future cash expenditures, impact liquidity, affect the ongoing business or financial performance of our reporting units, or impact compliance with our debt covenants.

Operating (Loss) Income
Operating loss was $(93.4) million in the first half of 2016 as compared with operating income of $16.5 million in the first half of 2015.

Income Taxes
Income tax benefit was $19.0 million in the first half of 2016 as compared with an income tax provision of $1.4 million in the first half of 2015. The income tax benefit in the first half of 2016 included a net benefit related to the resolution of certain liabilities for uncertain tax positions of $13.0 million and a net benefit related to the goodwill and other intangible assets impairment of $4.4 million finalized in the second quarter of 2016. In addition, the mix of pre-tax earnings and losses in different jurisdictions contributed to the benefit in the second quarter of 2016.

Net (Loss) Earnings
Net loss was $(77.9) million in the first half of 2016 as compared with net earnings of $11.4 million in the first half of 2015.

Balance Sheet Data
As of June 30, 2016, working capital was $160.4 million, including $67.5 million of cash and cash equivalents with a current ratio of 2.6-to-1. Total debt was $156.5 million. In comparison, as of December 31, 2015, working capital was $158.6 million, including $85.0 million of cash and cash equivalents with a current ratio of 2.3-to-1 and total debt of $183.5 million.

Conference Call
Bel has scheduled a conference call at 11:00 a.m. EDT today. To participate, dial (888) 430-8709 or (719) 325-2455 if dialing internationally, conference ID number: 5201184. A simultaneous webcast of the conference call may be accessed online from the Events and Presentations link of the Investors page under the "About Bel" tab at www.BelFuse.com. The webcast replay will be available for a period of 20 days at this same Internet address. For a telephone replay, dial (877) 870-5176, replay PIN number: 5201184 after 2:00 p.m. EDT.

About Bel
Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits.  These products are primarily used in the networking, telecommunications, computing, military, aerospace, transportation and broadcasting industries.  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).  The Company operates facilities around the world.


3


Forward-Looking Statements
Non-historical information contained in this press release (including the statements regarding future revenues from BPS, the opening of a Taiwan engineering and design support center, the expectation of BPS to be a major driver of future growth of our business, potential demand increases in the Commercial Aerospace business and positioning for future growth are forward-looking statements (as described under the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. Actual results could differ materially from Bel's projections. 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; difficulties associated with integrating recently acquired companies; capacity and supply constraints or difficulties; product development, commercialization 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 impacting our business, 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.

Non-GAAP Financial Measures
The non GAAP measures identified in this press release as well as in the supplementary information to this press release are not measures of performance under accounting principles generally accepted in the United States of America ("GAAP").  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. Our non GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation.

Website Information
We routinely post important information for investors on our website, www.belfuse.com, in the "Investor Relations" section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. 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. 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.

4

Bel Fuse Inc.
 
Supplementary Information(1)
 
Condensed Consolidated Statements of Operations
 
(in thousands, except per share amounts)
 
(unaudited)
           
 
                         
   
Three Months Ended
   
Six Months Ended
 
   
June 30,
   
June 30,
 
   
2016
   
2015
   
2016
   
2015
 
                         
Net sales
 
$
131,622
   
$
145,658
   
$
252,805
   
$
287,673
 
Cost of sales
   
105,930
     
117,098
     
204,040
     
232,301
 
Gross profit
   
25,692
     
28,560
     
48,765
     
55,372
 
As a % of net sales
   
19.5
%
   
19.6
%
   
19.3
%
   
19.2
%
                                 
Selling, general and administrative expenses
   
17,966
     
20,764
     
35,636
     
38,372
 
As a % of net sales
   
13.6
%
   
14.3
%
   
14.1
%
   
13.3
%
Impairment of goodwill and other intangible assets(2)
   
(2,611
)
   
-
     
105,972
     
-
 
Restructuring charges
   
373
     
344
     
601
     
502
 
                                 
Income (loss) from operations
   
9,964
     
7,452
     
(93,444
)
   
16,498
 
As a % of net sales
   
7.6
%
   
5.1
%
   
-37.0
%
   
5.7
%
                                 
Interest expense
   
(1,505
)
   
(1,994
)
   
(3,706
)
   
(4,173
)
Interest income and other, net
   
184
     
17
     
224
     
420
 
Earnings (loss) before (benefit) provision for income taxes
   
8,643
     
5,475
     
(96,926
)
   
12,745
 
                                 
(Benefit) provision for income taxes
   
(14,133
)
   
(587
)
   
(19,005
)
   
1,363
 
Effective tax rate
   
-163.5
%
   
-10.7
%
   
19.6
%
   
10.7
%
Net earnings (loss) available to common stockholders
 
$
22,776
   
$
6,062
   
$
(77,921
)
 
$
11,382
 
As a % of net sales
   
17.3
%
   
4.2
%
   
-30.8
%
   
4.0
%
                                 
Weighted average number of shares outstanding:
                               
Class A common shares - basic and diluted
   
2,175
     
2,175
     
2,175
     
2,175
 
Class B common shares - basic and diluted
   
9,729
     
9,693
     
9,707
     
9,682
 
                                 
Net earnings (loss) per common share:
                               
Class A common shares - basic and diluted
 
$
1.83
   
$
0.49
   
$
(6.31
)
 
$
0.91
 
Class B common shares - basic and diluted
 
$
1.93
   
$
0.52
   
$
(6.61
)
 
$
0.97
 
                                 
(1) The supplementary information included in this press release for 2016 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.
 
(2) In the second quarter of 2016, we finalized the goodwill and other intangible assets impairment and, as a result, recognized a $2.6 million reduction to the estimated impairment charge recognized in the first quarter of 2016, resulting in a total non-cash impairment charge of $106.0 million. As previously disclosed, this impairment will not result in any future cash expenditures, impact liquidity, affect the ongoing business or financial performance of our reporting units, or impact compliance with our debt covenants.
 
 
 
 
 
 
5

Bel Fuse Inc.
 
Supplementary Information(1)(2)
 
Condensed Consolidated Balance Sheets
 
(in thousands, unaudited)
     
 
             
   
June 30
   
December 31,
 
   
2016
   
2015
 
Assets
           
Current assets:
           
Cash and cash equivalents
 
$
67,468
   
$
85,040
 
Accounts receivable, net
   
82,639
     
86,268
 
Inventories
   
99,336
     
98,510
 
Other current assets
   
12,259
     
10,653
 
     Total current assets
   
261,702
     
280,471
 
Property, plant and equipment, net
   
53,713
     
57,611
 
Goodwill and other intangible assets, net(3)
   
98,479
     
209,461
 
Other assets
   
31,599
     
35,828
 
Total assets
 
$
445,493
   
$
583,371
 
                 
Liabilities and Stockholders' Equity
               
Current liabilities:
               
Accounts payable
 
$
50,148
   
$
49,798
 
Current portion of long-term debt
   
9,725
     
24,772
 
Other current liabilities
   
41,472
     
47,282
 
     Total current liabilities
   
101,345
     
121,852
 
Long-term debt
   
146,776
     
158,776
 
Other liabilities
   
44,832
     
69,621
 
     Total liabilities
   
292,953
     
350,249
 
Stockholders' equity
   
152,540
     
233,122
 
Total liabilities and stockholders' equity
 
$
445,493
   
$
583,371
 
                 
(1) The supplementary information included in this press release for 2016 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.
 
(2) In accordance with recent accounting pronouncements, the December 31, 2015 balance sheet has been revised to present deferred tax assets and deferred tax liabilities as noncurrent and a reclassification of deferred financing costs from other assets to long-term debt. These revisions were not material to the Condensed Consolidated Balance Sheet.
 
(3) See Note 2 to the Condensed Consolidated Statements of Operations for details of the change in goodwill and other intangible assets, net.
 
 
 
 
6

Bel Fuse Inc.
 
Supplementary Information(1)
 
Reconciliation of GAAP Net Earnings (Loss) Available to Common Stockholders to Non GAAP EBITDA2)
 
(in thousands, unaudited)
           
 
                         
   
Three Months Ended
   
Six Months Ended
 
   
June 30,
   
June 30,
 
   
2016
   
2015
   
2016
   
2015
 
                         
GAAP Net earnings (loss) available to common stockholders
 
$
22,776
   
$
6,062
   
$
(77,921
)
 
$
11,382
 
Interest expense
   
1,505
     
1,994
     
3,706
     
4,173
 
(Benefit) provision for income taxes
   
(14,133
)
   
(587
)
   
(19,005
)
   
1,363
 
Depreciation and amortization
   
5,467
     
5,951
     
10,968
     
11,589
 
Non GAAP EBITDA
 
$
15,615
   
$
13,420
   
$
(82,252
)
 
$
28,507
 
% of net sales
   
11.9
%
   
9.2
%
   
-32.5
%
   
9.9
%
                                 
(1) The supplementary information included in this press release for 2016 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.
 
(2) In this press release and supplemental information, we have included non-U.S. GAAP financial measures, including EBITDA and Non U.S. GAAP EPS. We present results adjusted to exclude the effects of certain specified unusual 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.
 
 
 
7

The following tables reconcile our US GAAP net earnings per common Class A and Class B basic and diluted shares ("GAAP EPS") to Non US GAAP net earnings per common Class A and Class B basic and diluted shares ("Non GAAP EPS"). Non GAAP EPS for the 2015 periods presented below has been revised to reflect the impact of the Power Solutions acquisition related items and settlements included in selling, general and administrative expenses and income taxes. In 2015, Non GAAP EPS was previously presented as $0.52 per Class A shares and $0.55 per Class B share for the three months ended June 30, 2015 and $1.00 per Class A share and $1.07 per Class B share for the six months ended June 30, 2015.
 
   
Three Months
Ended June 30,
   
Six Months
Ended June 30,
             
   
2016
   
2015
   
2016
   
2015
             
               
Revised
               
Revised
             
   
Class A
   
Class B
   
Class A
   
Class B
   
Class A
   
Class B
   
Class A
   
Class B
             
GAAP EPS
 
$
1.83
   
$
1.93
   
$
0.49
   
$
0.52
   
$
(6.31
)
 
$
(6.61
)
 
$
0.91
   
$
0.97
             
Reconciling items (a)
   
(1.40
)
   
(1.47
)
   
0.08
     
0.08
     
6.78
     
7.13
     
0.19
     
0.19
             
Non GAAP EPS
 
$
0.43
   
$
0.46
   
$
0.57
   
$
0.60
   
$
0.47
   
$
0.52
   
$
1.10
   
$
1.16
             
                                                                             
(a) The following tables detail the reconciling items and the impact they had on the Company's net earnings per common Class A and Class B basic and diluted shares and the line items these items were included in on the condensed consolidated statements of operations.
 
                                                                             
   
Three Months Ended June 30, 2016
   
Three Months Ended June 30, 2015
 
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
 
Impairment of goodwill and other intangible assets
 
$
(2,611
)
 
$
2,333
   
$
(4,944
)
 
$
(0.40
)
 
$
(0.42
)
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
Restructuring charges
   
373
     
136
     
237
     
0.02
     
0.02
     
344
     
90
     
254
     
0.02
     
0.02
 
Acquisition related costs included in selling, general and administrative expenses
   
150
     
57
     
93
     
0.01
     
0.01
     
78
     
28
     
50
     
-
     
-
 
Power Solutions acquisition related items and settlements included in selling, general and administrative expenses and income taxes
   
(2,358
)
   
10,400
     
(12,758
)
   
(1.03
)
   
(1.08
)
   
106
     
(488
)
   
594
     
0.05
     
0.05
 
Information technology migration and rebranding costs included in selling, general and administrative expenses
   
-
     
-
     
-
     
-
     
-
     
171
     
63
     
108
     
0.01
     
0.01
 
Total reconciling items
 
$
(4,446
)
 
$
12,926
   
$
(17,372
)
 
$
(1.40
)
 
$
(1.47
)
 
$
699
   
$
(307
)
 
$
1,006
   
$
0.08
   
$
0.08
 
                                                                                 
                                                                                 
   
Six Months Ended June 30, 2016
   
Six Months Ended June 30, 2015
 
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
 
Impairment of goodwill and other intangible assets
 
$
105,972
   
$
4,385
   
$
101,587
   
$
8.21
   
$
8.63
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
Restructuring charges
   
601
     
221
     
380
     
0.03
     
0.03
     
502
     
137
     
365
     
0.03
     
0.03
 
Acquisition related costs included in selling, general and administrative expenses
   
162
     
62
     
100
     
0.01
     
0.01
     
463
     
173
     
290
     
0.02
     
0.02
 
Power Solutions acquisition related items and settlements included in selling, general and administrative expenses and income taxes
   
(5,155
)
   
13,029
     
(18,184
)
   
(1.47
)
   
(1.54
)
   
211
     
(971
)
   
1,182
     
0.10
     
0.10
 
Information technology migration and rebranding costs included in selling, general and administrative expenses
   
-
     
-
     
-
     
-
     
-
     
774
     
282
     
492
     
0.04
     
0.04
 
Total reconciling items
 
$
101,580
   
$
17,697
   
$
83,883
   
$
6.78
   
$
7.13
   
$
1,950
   
$
(379
)
 
$
2,329
   
$
0.19
   
$
0.19
 
                                                                                 
 
 
8