Business
Bel Reports Fourth Quarter and Full Year 2020 Results
JERSEY CITY, N.J., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth
About this update from Bel Fuse Inc.
[{"type":"text","content":"JERSEY CITY, N.J., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2020. Fourth Quarter 2020 Highlights •Net sales of $116.1 million, up 0.9% from Q4-19 despite COVID-related challenges •Gross profit margin of 25.3%, up from 21.1% in Q4-19 led by improvement in Power Solutions and Protection product group margins •Net earnings of $3.6 million versus a net loss of $(6.4) million in Q4-19•Adjusted EBITDA of $7.8 million, representing an increase of 157% compared to Q4-19•Realized $1.4 million of cost savings during Q4-20 under global cost reduction program Full Year 2020 Highlights •Net sales of $465.8 million, down 5.4% from 2019 largely driven by an $18.8 million, or 60%, decline in commercial aerospace sales and COVID-related challenges •Gross profit margin of 25.7%, up from 22.3% in 2019, driven by strong performance across all segments•Global cost reduction program resulting in $6.1 million of savings during 2020•Net earnings of $12.8 million versus a net loss of $(8.7) million in 2019•Adjusted EBITDA of $32.3 million, an improvement of over 24% from 2019•Ended year with $32.9 million in net debt, a 55% decline as compared to the 2019 year-end level Subsequent Items •Announced two acquisitions in January 2021 (rms Connectors and EOS) for a combined purchase price of $15.5 million, financed through cash and lines of credit with our banks•Appointment of Farouq Tuweiq as Chief Financial Officer effective February 15, 2021 Non-GAAP financial measures, such as Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude a gain on sale of property, costs associated with ERP system implementation costs, restructuring charges, the impact of a non-cash goodwill impairment charge, and non-cash charges associated with the liquidation of foreign subsidiaries. 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. CEO CommentsDaniel Bernstein, President and CEO, said, \"We are pleased to report another quarter of improved profitability versus what was experienced in 2019. Our fourth quarter sales, while only marginally higher than in the fourth quarter of...