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Exhibit 99.1

	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 Third Quarter 2020 Results

JERSEY CITY, NJ, Friday, October 30, 2020 -- 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 third quarter of 2020.

Third Quarter 2020 Highlights

Non-GAAP financial measures, such as Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude the impact of acquisition-related costs, goodwill impairment charges and restructuring charges. 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.

CEO Comments

Daniel Bernstein, President and CEO, said, “As a result of our ongoing global cost reduction plan to streamline the organization while eliminating certain low-margin products, profitability continued to improve into the third quarter.  We are very pleased with the progress of this plan in the past year, which along with other factors, resulted in an overall third quarter gross profit of nearly 27%, a 400 basis point improvement over last year’s comparable quarter. Throughout the quarter, our teams around the world continued to monitor our facilities in light of the COVID-19 pandemic and we are pleased to report that all of Bel’s facilities continue to be operational.  Bel's management team would again like to thank all of our manufacturing associates for their dedication to Bel and its customers during this challenging time.

“Our Cinch Connectivity Solutions business had record shipments into military applications during the third quarter, driven by sales into both U.S. and European military programs.  Growth in military sales continued to be offset by the decline in demand within the commercial aerospace segment, resulting in an overall decline in sales for the Cinch Connectivity Solutions group of $6 million from the third quarter last year. This shift in focus from commercial aerospace to military products, coupled with real-time cost adjustments at the factories, resulted in a 29.2% gross margin for the group as compared to 26.6% in last year's third quarter, allowing the group to retain the majority of its gross margin dollars on lower sales.  

“Bel’s Power Solutions and Protection business benefited from $10.9 million in sales from our recently-acquired CUI business.  CUI's third quarter 2019 results are not included in Bel's financial statements; however, sales in this past quarter represent growth of approximately 40% over revenues recognized in CUI's financial statements in the third quarter of 2019.  Further, our circuit protection product sales increased by 43% versus the third quarter last year.  A shift in product mix, resulting in part from the discontinuation of low-margin product sales to a former datacenter customer,  along with cost savings from restructuring efforts implemented in prior quarters, resulted in a year-over-year improvement in gross profit of $4.8 million for this group.  We also completed the closure of our Power R&D facility in Uster, Switzerland, resulting in annualized cost savings of $3 million, $250,000 of which was realized during the third quarter.

“While sales within Bel’s Magnetic Solutions business fell short of last year’s third quarter by $1.5 million as a result of a decline in demand from one of our large networking customers, the gross profit for this group increased by almost $550,000 largely due to the cost reduction and restructuring efforts previously implemented.

“As we look to the fourth quarter, sales are expected to be similar to the fourth quarter 2019 level with very limited visibility into 2021. In connection with our ongoing global cost reduction plan, we recently announced the anticipated closure of our sales office in Germany and a restructuring of our North America sales organization. These actions are expected to result in incremental annual cost savings of approximately $1 million starting in the fourth quarter of 2020, and consequently, we should see a more favorable gross margin comparison versus last year’s fourth quarter.  In the meantime, we continue to actively look at acquisitions that will complement our existing product offerings and manufacturing capabilities to better position Bel for the future,” concluded Mr. Bernstein.

Financial Summary

All comparative percentages are on a year-over-year basis, unless otherwise noted.

Third Quarter 2020 Results

Net Sales

Net sales were $124.5 million, the same level as last year’s third quarter.

Gross Profit

Gross profit margin by product segment:  

Fixed costs within our Cinch Connectivity Solutions segment were reduced by $2.0 million in the third quarter of 2020 as compared to the same period of 2019 as a result of aligning the cost structure with the reduction in demand from our commercial aerospace customers. Further, approximately $0.7 million of cost savings were realized within cost of sales in the third quarter of 2020 related to restructuring efforts implemented in late-2019 related to our Power Solutions and Protections and Magnetic Solutions segments. Lastly, the elimination of low-margin products replaced by incremental higher-margin CUI sales drove further improvement in Power Solutions and Protection's gross profit margin for the third quarter of 2020 as compared to the same quarter of 2019.

Research and Development Costs

R&D costs were $5.7 million, a decline of $0.4 million from the third quarter of 2019.  This reduction was largely the result of cost savings measures initiated in late-2019, partially offset by an unfavorable exchange rate environment during the 2020 quarter.

Selling, General and Administrative Expenses 

SG&A expenses were $18.9 million, up $0.4 million from the third quarter of 2019.  Lower travel expenses of $0.5 million, a reduction in ERP costs of $0.2 million and savings from other cost containment efforts largely offset the $1.9 million of incremental SG&A expenses associated with the recently-acquired CUI business. SG&A expense also included a gain on the cash surrender value of COLI policies of $0.5 million in the third quarter of 2020 compared to a gain on these policies of $0.1 million in the third quarter of 2019.

Operating Income

Operating income was $8.8 million as compared to an operating loss of $(5.2) million in the third quarter of 2019, with an operating margin of 7.1% compared to -4.2% in the third quarter of 2019.

Income Taxes

The benefit from income taxes was $(1.1) million in the third quarter of 2020 as compared to a provision for income taxes of $0.6 million in the third quarter of 2019.  This resulted in an effective tax rate of -16.9% during the third quarter of 2020, compared to an effective tax rate of -10.0% during the same quarter last year.  The change in the effective tax rate during the third quarter of 2020 as compared to the same quarter of 2019 is primarily attributable to tax benefits relating to the federal tax law changes regarding the final regulations on GILTI high-tax exception, as well as the reversal of uncertain tax positions resulting from the expiration of the statute of limitations. Additionally, the effective tax rate for 2019 was unfavorably impacted by the impairment of goodwill in North America.   

Net Earnings

The above factors resulted in net earnings of $7.5 million in the third quarter of 2020 as compared with net loss of $(6.5) million in the third quarter of 2019.

Nine Months Ended September 30, 2020 Results

Net Sales

Net sales were $349.6 million, down $27.6 million, or 7.3%, from the same period of 2019.

Gross Profit

Gross profit margin by product segment: 

Fixed costs within our Cinch Connectivity Solutions segment were reduced by $5.0 million in the nine months ended September 30, 2020 as compared to the same period of 2019 as a result of aligning the cost structure with the reduction in demand from our commercial aerospace customers. Further, approximately $2.4 million of cost savings were realized within cost of sales during the first nine months of 2020 related to restructuring efforts implemented in late-2019 which were related to our Power Solutions and Protection and Magnetic Solutions segments.  Lastly, the elimination of low-margin products replaced by incremental higher-margin CUI sales drove further improvement in Power Solutions and Protection's gross profit margin during the first nine months of 2020 as compared to the same period of 2019.

Research and Development Costs

R&D costs were $17.9 million, a decline of $2.3 million from the first nine months of 2019.  This reduction was largely the result of cost savings measures initiated in late-2019.

Selling, General and Administrative Expenses 

SG&A expenses were $59.0 million, up $2.1 million from the first nine months of 2019.  A reduction in ERP costs of $1.6 million, lower travel expenses of $1.4 million and savings from other cost containment efforts partially offset the $5.9 million of incremental SG&A expenses associated with the recently-acquired CUI business. SG&A expense also included a gain on the cash surrender value of COLI policies of $0.1 million in the first nine months of 2020 compared to a gain on these policies of $0.9 million in the first nine months of 2019.  

Operating Income

Operating income was $13.2 million, up from $2.7 million in the first nine months of 2019, with an operating margin of 3.8% compared to 0.7% in the first nine months of 2019.

Income Taxes

The benefit from income taxes was ($1.4) million during the nine months ended September 30, 2020, compared to a provision of $1.0 million in the same period of 2019.  This resulted in an effective tax rate of -18.3% during the nine months ended September 30, 2020, compared to an effective tax rate of -78.2% during the same period last year.  The change in the effective tax rate during the nine months ended September 30, 2020 as compared to the same period of 2019 is primarily attributable to the same factors noted above for the third quarter as well as an increase in U.S. taxes related to income from foreign subsidiaries taxes in the U.S. as part of the Tax Cuts and Jobs Act.

Net Earnings

The above factors resulted in net earnings of $9.2 million in the first nine months of 2020 as compared with net loss of $2.4 million in the same period of 2019.

Balance Sheet Data

As of September 30, 2020, working capital was $195.0 million, including $81.1 million of cash and cash equivalents with a current ratio of 3.2-to-1.  In comparison, as of December 31, 2019, working capital was $193.0 million, including $72.3 million of cash and cash equivalents with a current ratio of 3.1-to-1.  Total debt at September 30, 2020, net of deferred financing costs, declined to $125.4 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 and a $10.0 million repayment to our revolving credit facility during the third quarter of 2020.

Conference Call

Bel has scheduled a conference call at 11:00 a.m. ET today.  To participate in the conference call, investors should dial 800-437-2398, or 323-289-6576 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of 20 days at this same Internet address.  For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 1665781 after 2:00 p.m. ET, also for 20 days.

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, medical, 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.

Forward-Looking Statements

Non-historical information contained in this press release (including the statements regarding fourth quarter sales, anticipated cost savings from the closure of our Power R&D facility in Uster, Switzerland and our sales office in Germany, as well as from a streamlining of our North America sales organization, and the impact of potential future acquisitions) 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 impact of public health crises (such as the governmental, social and economic effects of COVID-19); the effects of business and economic conditions; difficulties associated with integrating previously 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; the impact of changes to U.S. trade and tariff policies; 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 (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").  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.  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.

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.

[Financial tables follow]