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bel POWER PROTECT | CONNECT Bel Reports Third Quarter 2021 Results October 29 , 2021 Strong performance across all segments with record backlog JERSEY CITY , N.J. , Oct. 29 , 2021 ( GLOBE NEWSWIRE ) -- 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 and operating results for the third quarter of 2021 . Third Quarter 2021 Highlights Net sales increased 18.1 % to $ 147.0 million from $ 124.5 million in last year's third quarter Gross profit margin of 24.5 % compared to 26.8 % in Q3-20 GAAP net earnings of $ 5.7 million , or EPS of $ 0.44 per Class A share and $ 0.47 per Class B share , versus GAAP net earnings of $ 7.5 million in Q3-20 , or EPS of $ 0.57 per Class A share and $ 0.61 per Class B share All - time record backlog of $ 390 million at September 30 , 2021 represents growth of over 100 % from December 31 , 2020 ; record quarterly bookings of $ 223 million , approximately 3x the order volume compared to Q3-20 Daniel Bernstein , President and CEO , said , " Our increased backlog has continued to translate into sales as evidenced by three consecutive quarters of year - over - year sales growth . The sales growth in the third quarter was primarily driven by our Power Solutions and Magnetics segments across various end markets and product families , reinforcing our confidence in Bel's strategic diversification strategy . Our recent acquisitions of CUI , EOS and rms Connectors have continued to contribute substantially to our long - term growth . CUI achieved year - over - year growth of 58 % and Bel's original product line , fuses , had a record quarter with sales growth up over 50 % from the third quarter of 2020. Strong end markets this quarter included electric vehicles , commercial air , and industrial . With almost $ 750 million in orders received in the last 12 months , we remain impacted by material shortages and the worldwide logistics situation which we estimate impacted our net sales by approximately $ 10 million this quarter . Margins continue to see pressure given the global increase in labor and materials costs ; however , we continue to focus on internal initiatives to improve our margins . " As we head into the fourth quarter planning and take a reflective look on 2021 thus far , we remain strategically focused on assessing all parts of the organization to drive long - term value for our stakeholders . This includes a refresh of our growth and operating strategic plans , investing in our communities while minimizing our impact on the environment and continuing to promote disciplined capital allocation . As a 70+ year organization that thrives on learning and continuous improvement , Bel welcomes and embraces this journey , " concluded Mr. Bernstein . Non - GAAP financial measures included in this press release including those identified in the supplementary information included herewith , such as Non - GAAP net earnings , Non - GAAP EPS , EBITDA and Adjusted EBITDA , exclude the impact of acquisition - related costs , restructuring charges , gain on sale of property and deferred financing costs . 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 . Conference Call Bel has scheduled a conference call at 11:00 a.m. ET today . To participate in the conference call , investors should dial 866-248-8441 , 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 1310155 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 our statements regarding expectations concerning backlog and sales , our diversification strategy , expectations concerning our long - term growth and the impact of acquisitions , the anticipated impacts on our business and the estimated effects on our operating results of the ongoing material shortages and worldwide logistics situation , internal initiatives to improve margins , our expectations , plans and intentions for fourth quarter and beyond , and with respect to our strategic focuses , strategic plans , community investment , environmental impact , and capital allocation ) 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