Page 1

EX - 99.1 2 ex_253189.htm EXHIBIT 99.1 Obel POWER PROTECT CONNECT Investor Contact : Darrow Associates tel 516.419.9915 pseltzberg@darrowir.com FOR IMMEDIATE RELEASE Bel Reports Second Quarter 2021 Results -- 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 Company Contact : Lynn Hutkin Director of Financial JERSEY CITY , NJ , Friday , July 30 , 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 second quarter of 2021 . Reporting ir@belf.com Second Quarter 2021 Highlights Net sales increased 14.5 % to $ 138.7 million from $ 121.2 million in last year's second quarter Gross profit of $ 34.2 million , or 24.7 % of net sales , compared to $ 31.3 million , or 25.8 % of net sales in Q2-20 GAAP net earnings of $ 7.9 million , or EPS of $ 0.61 per Class A share and $ 0.64 per Class B share , versus GAAP net earnings of $ 5.6 million in Q2-20 , or EPS of $ 0.43 per Class A share and $ 0.46 per Class B share Record backlog of $ 314 million on June 30 , 2021 represents growth of over 100 % from December 31 , 2020 ; record quarterly bookings of $ 212 million , more than double the order volume compared to Q2-20 Daniel Bernstein , President and CEO , said , “ We are pleased to report our second consecutive quarter of meaningful year - over - year sales growth , reflecting higher sales volume across all major product lines . Solid execution from each of our three business units enabled us to grow our top line by $ 18 million for the quarter while realizing an improvement in GAAP EPS of approximately 40 % and an improvement in non - GAAP EPS of almost 50 % as compared to the second quarter of 2020. Second quarter sales reflected a recovery in demand from key sectors we serve , particularly commercial aerospace , networking , military , e - Mobility and industrial . Further , our acquisitions of rms and EOS earlier in 2021 contributed combined sales of $ 6 million and net earnings of $ 1.0 million to Bel's results during the second quarter . 1 " The higher sales volume this quarter led to improved fixed cost absorption and our margins also continued to benefit from cost initiatives previously implemented . In June 2021 , the decision was made to discontinue our low - margin modules product line and as a result , our modules design and technical support center in Maidstone , UK will be closing later in the third quarter of 2021. The closure of this facility is expected to result in annual cost savings of approximately $ 400,000 . " In the first quarter , Bel implemented across - the - board price adjustments to offset labor and material cost increases and we expect to continue to see these pricing increases taking effect over the remainder of the year . With our new CFO coming on board earlier in 2021 , there is a heightened focus on profit improvement and he will continue to drive operational efficiencies through our global operations in the pursuit of greater profitability for our stakeholders . We enter the second half of 2021 with a record backlog of over $ 300 million , which we believe is indicative of higher sales this ear , subject to supply chain constraints that so far we have managed well . IoT / 5G , e - Mobility and the return of aerospace demand are expected to be strong growth drivers for Bel for the foreseeable future , " 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 .