Bel Reports Revised Fourth Quarter and Full Year 2015 Results
/EINPresswire.com/ -- JERSEY CITY, NJ -- (Marketwired) -- 03/10/16 -- Bel Fuse Inc. ("Bel," or, "the Company") (NASDAQ: BELFA) (NASDAQ: BELFB) today announced revised financial results for the fourth quarter and full year 2015, reflecting greater net earnings and net earnings per share ("EPS") than previously reported when the Company announced preliminary financial results on February 18, 2016.
The Company revised its fourth quarter 2015 net earnings by $0.5 million to $2.9 million from $2.4 million and EPS per Class A shares by $0.04 to $0.23 from previously reported $0.19 and EPS per Class B share to $0.25 from previously reported $0.21. The Company revised its full year 2015 net earnings by $0.5 million to $19.2 million from $18.7 million and EPS per Class A share by $0.04 to $1.53 from previously reported $1.49 and per Class B share by $0.05 to $1.64 from previously reported $1.59.
The Company's previously announced preliminary financial results for the fourth quarter and full year 2015 have been revised to include certain adjustments recorded during the completion of the review of its consolidated financial statements. These adjustments resulted in changes to the Company's condensed consolidated balance sheet as of December 31, 2015 and the Company's condensed consolidated statement of operations for the fourth quarter and full year 2015. These adjustments did not impact any other periods and did not impact the Company's previously reported net sales.
The financial tables included in this press release have been revised to reflect these adjustments. These adjustments will also be included in the consolidated financial statements that will accompany the Company's Annual Report on Form 10-K for the year ended December 31, 2015 to be timely filed with the Securities and Exchange Commission.
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.
Non-GAAP Financial Measures
The non GAAP measures identified 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.
Bel Fuse Inc.
Supplementary Information(1)(2)
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited)
Three Months Ended Year Ended
December 31, December 31,
---------------------- ----------------------
2015 2015
(Revised) 2014 (Revised) 2014
---------- ---------- ---------- ----------
Net sales $ 135,246 $ 148,650 $ 567,080 $ 487,076
Cost of sales 109,203 121,091 458,253 399,721
---------- ---------- ---------- ----------
Gross profit 26,043 27,559 108,827 87,355
As a % of net sales 19.3% 18.5% 19.2% 17.9%
Selling, general and
administrative expenses 20,450 24,576 78,113 72,051
As a % of net sales 15.1% 16.5% 13.8% 14.8%
Restructuring charges 798 466 2,114 1,832
---------- ---------- ---------- ----------
Income from operations 4,795 2,517 28,600 13,472
As a % of net sales 3.5% 1.7% 5.0% 2.8%
Interest expense (1,623) (1,854) (7,588) (3,978)
Interest income and other,
net 22 155 4,720 276
---------- ---------- ---------- ----------
Earnings before provision
(benefit) for income taxes 3,194 818 25,732 9,770
Provision (benefit) for
income taxes 299 (957) 6,535 1,167
Effective tax rate 9.4% -117.1% 25.4% 11.9%
---------- ---------- ---------- ----------
Net earnings available to
common stockholders $ 2,895 $ 1,775 $ 19,197 $ 8,603
========== ========== ========== ==========
As a % of net sales 2.1% 1.2% 3.4% 1.8%
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 9,710 9,703 9,698 9,491
========== ========== ========== ==========
Net earnings per common
share:
Class A common shares -
basic and diluted $ 0.23 $ 0.14 $ 1.53 $ 0.69
========== ========== ========== ==========
Class B common shares -
basic and diluted $ 0.25 $ 0.15 $ 1.64 $ 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.
(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.
Bel Fuse Inc.
Supplementary Information(1)(2)
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
December 31,
-----------------------------
2015 2014
-------------- --------------
Assets (Revised)
Current assets
Cash and cash equivalents $ 85,040 $ 77,138
Accounts receivable, net 86,268 99,605
Inventories 98,510 113,630
Other current assets 15,636 20,283
-------------- --------------
Total current assets 285,454 310,656
Property, plant and equipment, net 57,611 69,261
Goodwill and other intangible assets, net 209,461 213,871
Other assets 34,485 41,633
-------------- --------------
Total assets $ 587,011 $ 635,421
============== ==============
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 49,798 $ 61,926
Current portion of long-term debt 24,772 13,438
Other current liabilities 47,456 46,438
-------------- --------------
Total current liabilities 122,026 121,802
Long-term debt 162,416 219,187
Other liabilities 69,447 70,159
-------------- --------------
Total liabilities 353,889 411,148
Stockholders' equity 233,122 224,273
-------------- --------------
Total liabilities and stockholders' equity $ 587,011 $ 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.
Bel Fuse Inc.
Supplementary Information(1)
Reconciliation of U.S. GAAP Net Earnings Available to Common Stockholders
to Non U.S. GAAP EBITDA(2)
(in thousands, unaudited)
Three Months Ended Year Ended
December 31, December 31,
-------------------- --------------------
2015 2015
(Revised) 2014 (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.
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.
Three Months Ended December 31,
---------------------------------------
2015 2014
--------------------- -----------------
Class A Class B
(Revised) (Revised) Class A Class B
---------- ---------- -------- --------
US GAAP EPS $ 0.23 $ 0.25 $ 0.14 $ 0.15
Reconciling items (a) 0.05 0.05 0.24 0.27
---------- ---------- -------- --------
Non US GAAP EPS $ 0.28 $ 0.30 $ 0.38 $ 0.42
========== ========== ======== ========
Year Ended December 31,
---------------------------------------
2015 2014
--------------------- -----------------
Class A Class B
(Revised) (Revised) Class A Class B
---------- ---------- -------- --------
US GAAP EPS $ 1.53 $ 1.64 $ 0.69 $ 0.75
Reconciling items (a) (0.01) (0.01) 0.86 0.91
---------- ---------- -------- --------
Non US GAAP EPS $ 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)
-----------------------------------------------
Net Class A Class B
Gross Tax Earnings EPS EPS
Reconciling Items Impact Effect Impact Impact Impact
-------- -------- --------- --------- ---------
Restructuring charges $ 798 $ 288 $ 510 $ 0.04 $ 0.04
Acquisition related costs
included in selling general
and administrative expenses 54 21 33 -- --
Information technology
migration and rebranding
costs included in selling,
general and administrative
expenses 186 66 120 0.01 0.01
Acquisition related
inventory step-up included
in cost of sales -- -- -- -- --
-------- -------- --------- --------- ---------
Total reconciling items $ 1,038 $ 375 $ 663 $ 0.05 $ 0.05
======== ======== ========= ========= =========
Three Months Ended December 31, 2014
-----------------------------------------------
Net Class A Class B
Gross Tax Earnings EPS EPS
Reconciling Items Impact Effect Impact Impact Impact
-------- -------- --------- --------- ---------
Restructuring charges $ 466 $ 163 $ 303 $ 0.02 $ 0.03
Acquisition related costs
included in selling general
and administrative expenses 2,083 813 1,270 0.10 0.11
Information technology
migration and rebranding
costs included in selling,
general and administrative
expenses 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 $ 4,875 $ 1,776 $ 3,099 $ 0.24 $ 0.27
======== ======== ========= ========= =========
Year Ended December 31, 2015 (Revised)
-----------------------------------------------
Net Class A Class B
Gross Tax Earnings EPS EPS
Reconciling Items Impact Effect Impact Impact Impact
-------- -------- --------- --------- ---------
Restructuring charges $ 2,114 $ 708 $ 1,406 $ 0.11 $ 0.12
Acquisition related costs
included in selling general
and administrative expenses 605 227 378 0.03 0.03
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
Acquisition related
inventory step-up included
in cost of sales -- -- -- -- --
-------- -------- --------- --------- ---------
Total $ (390) $ (265) $ (125) $ (0.01) $ (0.01)
======== ======== ========= ========= =========
Year Ended December 31, 2014
----------------------------------------------
Net Class A Class B
Gross Tax Earnings EPS EPS
Reconciling Items Impact Effect Impact Impact Impact
-------- ------- --------- --------- ---------
Restructuring charges $ 1,832 $ 648 $ 1,184 $ 0.10 $ 0.10
Acquisition related costs
included in selling general
and administrative expenses 7,463 2,895 4,568 0.38 0.40
Acquisition related
settlement payment -- -- -- -- --
Information technology
migration and rebranding
costs included in selling,
general and administrative
expenses 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 $ 16,260 $ 5,809 $ 10,451 $ 0.86 $ 0.91
======== ======= ========= ========= =========
Investor Contact:
Darrow Associates
Peter Seltzberg
tel 516.419.9915
Email Contact
Company Contact:
Daniel Bernstein
President
Email Contact
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