BEL FUSE INC. Files 2023 10-K Report

TL;DR

<b>Bel Fuse Inc. filed its 2023 10-K, reporting $1.388 billion in revenue and a net income of $1.07 million.</b>

AI Summary

BEL FUSE INC /NJ (BELFB) filed a Annual Report (10-K) with the SEC on March 11, 2024. Bel Fuse Inc. reported total revenue of $1,388,000,000 for the fiscal year ended December 31, 2023. Net income attributable to the company was $1,072,769 for the fiscal year 2023. Earnings per share (EPS) for the fiscal year 2023 were $0.24. The company's total assets amounted to $23,107,000 as of December 31, 2023. Total debt for Bel Fuse Inc. was $5,539,000 as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking BEL FUSE INC /NJ, this filing contains several important signals. The filing provides a comprehensive overview of Bel Fuse Inc.'s financial performance and position for the fiscal year 2023, including key financial metrics and balance sheet details. Investors and stakeholders can use this report to assess the company's profitability, liquidity, and overall financial health, aiding in investment decisions.

Risk Assessment

Risk Level: medium — BEL FUSE INC /NJ shows moderate risk based on this filing. The company's revenue decreased from $1,552,000,000 in 2022 to $1,388,000,000 in 2023, indicating a potential slowdown in sales or market demand.

Analyst Insight

Monitor future filings for trends in revenue and profitability to understand the sustainability of the company's financial performance.

Financial Highlights

debt To Equity

0.29

revenue

1,388,000,000

total Assets

23,107,000

total Debt

5,539,000

net Income

1,072,769

eps

0.24

revenue Growth

-10.57%

Key Numbers

• 1,388,000,000 — Revenue (Fiscal Year 2023)
• 1,552,000,000 — Revenue (Fiscal Year 2022)
• 1,072,769 — Net Income (Fiscal Year 2023)
• 0.24 — EPS (Fiscal Year 2023)
• 23,107,000 — Total Assets (As of December 31, 2023)
• 5,539,000 — Total Debt (As of December 31, 2023)
• 3,218,307 — Total Liabilities (As of December 31, 2023)
• 18,863 — Total Equity (As of December 31, 2023)

Key Players & Entities

• BEL FUSE INC /NJ (company) — Filer
• 20231231 (date) — Conformed Period of Report
• 20240311 (date) — Filed as of Date
• 0000729580 (company) — Central Index Key
• NJ (location) — State of Incorporation
• WEST ORANGE (location) — Business Address City
• 07052 (location) — Business Address Zip
• 2014320463 (phone) — Business Phone

FAQ

Risk Factors

• Revenue Decline [medium — financial]: The company experienced a decrease in revenue from $1,552,000,000 in 2022 to $1,388,000,000 in 2023.

Key Financial Figures

• $0.10 — hich Registered Class A Common Stock ($0.10 par value) BELFA NASDAQ Global Sele
• $8.8 million — losed on an 8.0 million (a pproximately $8.8 million as of the February 2023 closing) no nco
• $7.8 m — through a stock purchase agreement for $7.8 million, net of cash acquired, including
• $15.4 million — located in Mumbai, India, had sales of $15.4 million and $17.6 million (pro forma) for the y
• $17.6 million — , India, had sales of $15.4 million and $17.6 million (pro forma) for the years ended Decembe
• $9.0 million — division of Cretex Companies, Inc., for $9.0 million in cash, including a working capital ad
• $29.2 million — hase agreement with CUI Global Inc. for $29.2 million (after a working capital adjustment), p
• $50.8 million — alatin, Oregon and contributed sales of $50.8 million for 2023, $64.5 million for 2022, $55.8
• $64.5 million — ibuted sales of $50.8 million for 2023, $64.5 million for 2022, $55.8 million for 2021 and $4
• $55.8 million — llion for 2023, $64.5 million for 2022, $55.8 million for 2021 and $43.1 million for 2020. Th
• $43.1 million — on for 2022, $55.8 million for 2021 and $43.1 million for 2020. The acquisition of the CUI po
• $447.6 m — kings, received during 2023 amounted to $447.6 million, a 41% decrease from 2022. By pro
• $184.0 million — ons and Protection products amounted to $184.0 million in 2023, a 55% decrease from 2022. This
• $17.7 million — . This decrease w as partially due to a $17.7 million reduction in orders related to expedite
• $210.9 million — r C onnectivity Solutions products were $210.9 million in 2023, 5% lower than in 2022, as a re

Filing Documents

• belfb20231231_10k.htm (10-K) — 2336KB
• ex_571562.htm (EX-21.1) — 17KB
• ex_571563.htm (EX-23.1) — 2KB
• ex_571564.htm (EX-31.1) — 12KB
• ex_571565.htm (EX-31.2) — 13KB
• ex_571566.htm (EX-32.1) — 5KB
• ex_571567.htm (EX-32.2) — 5KB
• ex_632181.htm (EX-97.1) — 25KB
• 0001437749-24-007265.txt (&nbsp;) — 12772KB
• belfa-20231231.xsd (EX-101.SCH) — 103KB
• belfa-20231231_cal.xml (EX-101.CAL) — 89KB
• belfa-20231231_def.xml (EX-101.DEF) — 773KB
• belfa-20231231_lab.xml (EX-101.LAB) — 641KB
• belfa-20231231_pre.xml (EX-101.PRE) — 824KB
• belfb20231231_10k_htm.xml (XML) — 2363KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [Reserved] 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 33 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 77 Item 9A.

Controls and Procedures

Controls and Procedures 77 Item 9B. Other Information 77 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 Part III Item 10. Directors, Executive Officers and Corporate Governance 78 Item 11.

Executive Compensation

Executive Compensation 78 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13. Certain Relationships and Related Transactions, and Director Independence 78 Item 14. Principal Accountant Fees and Services 78 Part IV Item 15. Exhibit and Financial Statement Schedules 79 Item 16. Form 10-K Summary 80

Signatures

Signatures 81 Table of Contents CAUTIONARY NOTICE REGARDING FORWARD-LOOKING INFORMATION The terms the "Company," "Bel," "we," "us," and "our" as used in this Annual Report on Form 10-K (this "Form 10-K"or this "Annual Report on Form 10-K") refer to Bel Fuse Inc. and its consolidated subsidiaries unless otherwise specified. The Company's consolidated operating results are affected by a wide variety of factors that could materially and adversely affect revenues and profitability, including the risk factors described in Item 1A of this Form 10-K, and the risk factors described in our other reports and documents filed from time to time with the Securities and Exchange Commission ("SEC"). As a result of these and other factors, the Company may experience material fluctuations in future operating results on a quarterly or annual basis, which could materially and adversely affect its business, consolidated financial condition, operating results, and common stock prices. Furthermore, this document and other reports and documents filed by the Company with the SEC contain certain forward-looking statements under the Private Securities Litigation Reform Act of 1995 ("Forward-Looking Statements") with respect to the business of the Company. Forward-Looking Statements are necessarily subject to risks and uncertainties, many of which are outside our control, that could cause actual results to differ materially from these statements. Forward-Looking Statements can be identified by such words as "anticipates," "believes," "plan," "assumes," "forecasts," "could," "should," "estimates," "expects," "intends," "potential," "seek," "predict," "may," "will" and similar references to future periods. All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, costs, plans and objectives and regarding the anticipated impact of COVID-19 ("COVID") are Forward-Looking Statements. These Forward-

Business

Item 1. Business Bel Fuse Inc. 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, general industrial, high-speed data transmission, military, commercial aerospace, transportation and eMobility industries. Bel's portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel's product groups include Power Solutions and Protection (front-end, board-mount, industrial and transportation power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). With 75 years in operation, Bel has reliably demonstrated the ability to participate in a variety of product areas across a global platform. The Company has a strong track record of technical innovation working with the engineering teams of market leaders. Bel has proven itself a valuable supplier to world-class companies by developing new products with cost effective solutions. The Company was incorporated in 1949 and is organized under New Jersey law. Bel's principal executive offices are located at 300 Executive Drive, Suite 300, West Orange, New Jersey 07052, and Bel's telephone number is (201) 432-0463. The Company operates facilities in North America, Europe and Asia and trades on the NASDAQ Global Select Market (ticker symbols BELFA and BELFB). For information regarding Bel's operating segments, see Note 14, "Segments" , of the notes to our consolidated financial statements. Hereinafter, all references to "Note" will refer to the notes to our consolidated financial statements included in Part II, Item 8. "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K. Acquisition

View Full Filing

View this 10-K filing on SEC EDGAR