Bel Fuse Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Effective Tax Rate Guidance for 2018
May 02, 2018
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Bel Fuse Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported net sales of $118,251,000 compared to $113,668,000 a year ago. Income from operations was $437,000 compared to $2,355,000 a year ago. Loss before benefit for income taxes was $978,000 compared to earnings before benefit for income taxes of $723,000 a year ago. Net loss was $1,303,000 or $0.11 per Class A and class B basic and diluted share against net earnings of $746,000 or $0.05 per Class A basic and diluted share and $0.06 per Class B basic and diluted share a year ago. EBITDA was $4,975,000 compared to $7,374,000 a year ago. Adjusted EBITDA was $5,302,000 compared to $7,856,000 a year ago. Non-GAAP loss before taxes was $651,000 against earnings of $1,205,000 a year ago. Non-GAAP net loss was $1,038,000 or $0.09 per class A and B shares compared to net earnings of $1,090,000 or $0.07 per class A share and $0.09 per class B shares a year ago. The company used cash for capital expenditures of $2.2 million. Book value per share combined A and B classes of common stock outstanding, was $13.66 per share at March 31, 2018, as compared to $13.13 per share at December 31, 2017.
The company estimates global effective tax rate for 2018 will be in the range of 17% to 19%.
Bel Fuse Inc. is a designer, manufacturer and provider of products that power, protect and connect electronic circuits. The Company's segments include Power Solutions and Protection, Connectivity Solutions and Magnetic Solutions. Its power conversion products include internal and external alternating current/direct current (AC/DC) power supplies, DC/DC converters and DC/AC inverters. Its circuit protection products include board level fuses and polymeric positive temperature coefficient (PTC) devices. It offers a line of high speed and harsh environment copper and optical fiber connectors and integrated assemblies. Its magnetics solutions product line includes integrated connector modules (ICMs), power transformers, surface mount device (SMD) power inductors and switch mode power supply (SMPS) transformers, and discrete components-ethernet. Its products are used in the networking, telecommunications, computing, military, aerospace, medical, transportation and broadcasting industries.
Bel Fuse Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Effective Tax Rate Guidance for 2018