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EX - 99.1 2 ex_239420.htm EXHIBIT 99.1 Obel Investor Contact : Darrow Associates tel 516.419.9915 pseltzberg@darrowir.com POWER PROTECT CONNECT ● ● ● FOR IMMEDIATE RELEASE Bel Reports First Quarter 2021 Results JERSEY CITY , NJ , Monday , May 3 , 2021 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 first quarter of 2021 . -- Exhibit 99.1 Bel Fuse Inc. 206 Van Vorst Street Jersey City , NJ 07302 www.belfuse.com tel 201.432.0463 fax 201.432.9542 First Quarter 2021 Highlights Net sales of $ 110.6 million represent a 6.4 % increase from $ 104.0 million in last year's first quarter Gross profit of $ 24.3 million , or 21.9 % of net sales , compared to $ 25.8 million , or 24.8 % of net sales in Q1-20 GAAP net earnings of $ 3.2 million ( leading to GAAP EPS of $ 0.24 per Class A share and $ 0.26 per Class B share ) versus GAAP net loss of $ ( 3.8 ) million in Q1-20 ( GAAP net loss per share of $ ( 0.30 ) per Class A share and $ ( 0.31 ) per Class B share ) Sale of Hong Kong property resulted in $ 6.2 million gain in Q1-21 which contributed to improved net earnings in Q1-21 Adjusted EBITDA of $ 3.1 compared to $ 1.2 million in Q1-20 Company Contact : Daniel Bernstein President ir@belf.com Daniel Bernstein , President and CEO , said , " Strength in orders throughout each of our product groups contributed to a 6 % increase in sales compared to last year's first quarter and a record backlog level of $ 234 million as of the end of the quarter . The sale of a property in Hong Kong contributed a $ 6.2 million gain , leading to improved net earnings and EPS versus last year's first quarter . " Continued improvement in Bel's Power Solutions and Protection segment was led by an increase in CUI sales of $ 2.1 million ( 26 % ) , a $ 1.6 million ( 61 % ) increase in fuse sales , and a $ 1.5 million ( 100 % ) increase in sales of product going into the eMobility end market . Bel also closed on its acquisition of EOS Power on March 31st , and we anticipate EOS to be accretive to our results beginning in the second quarter of 2021 . " Our Connectivity Solutions business is progressing as planned with the integration of its acquisition of rms Connector in January 2021. Rms was accretive to Bel's results , contributing $ 2.1 million of sales and $ 411,000 of net earnings in the first quarter of 2021 . The Connectivity group also saw a partial recovery in commercial aerospace sales during the first quarter , with sales into this end market increasing $ 1.2 million ( 57 % ) sequentially from the fourth quarter of 2020 . " Bel's Magnetic Solutions group continued to have strong bookings in the first quarter , and we anticipate the increase in demand from recent quarters to translate into higher sales for this group during the second and third quarters of 2021 . “ Looking ahead , our backlog of orders continues to grow , and reached $ 264 million by the end of April . While our scheduled shipments are indicative of stronger sales in the second and third quarters , raw material shortages and long lead times on some semiconductors and certain other raw materials may impact the ultimate timing of those shipments . We have been managing the situation to date and have extended our own lead times to customers in response , and anticipate material availability and extended lead times being a factor for the foreseeable future . Positive contributions to net earnings are expected from the recent acquisitions of rms and EOS , coupled with cost savings from the 2020 restructuring efforts , and we will continue to pursue opportunities to optimize our cost structure and mitigate the impacts of higher input costs throughout the year , " concluded Mr. Bernstein . Non - GAAP financial measures , such as Non - GAAP net earnings , Non - GAAP EPS , EBITDA and Adjusted EBITDA , exclude the impact of acquisition - related costs , restructuring charges and gain on sale of property . 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 .