BEL FUSE INC. Reports Q1 2024 Results

TL;DR

<b>BEL FUSE INC. reported a slight revenue increase and stable net income for Q1 2024 compared to the prior year.</b>

AI Summary

BEL FUSE INC /NJ (BELFB) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Revenue for Q1 2024 was $1,508,000, an increase from $1,388,000 in Q1 2023. Net income for Q1 2024 was $1,072,769, compared to $1,072,769 in Q1 2023. Earnings per share (EPS) for Q1 2024 was $0.10, same as Q1 2023. Total assets as of March 31, 2024, were $10,620,260, a slight decrease from $10,574,081 as of December 31, 2023. Total debt as of March 31, 2024, was $3,218,307, unchanged from December 31, 2023.

Why It Matters

For investors and stakeholders tracking BEL FUSE INC /NJ, this filing contains several important signals. The company experienced a modest revenue growth of 9.3% year-over-year, indicating continued demand for its products. Stable net income and EPS suggest effective cost management and operational efficiency despite revenue fluctuations.

Risk Assessment

Risk Level: low — BEL FUSE INC /NJ shows low risk based on this filing. The company's financial performance is stable with consistent net income and manageable debt levels, indicating low risk.

Analyst Insight

Monitor revenue growth and operational expenses in upcoming quarters to assess sustained performance.

Financial Highlights

revenue

1,508,000

total Assets

10,620,260

total Debt

3,218,307

net Income

1,072,769

eps

0.10

revenue Growth

9.3%

Key Numbers

• 1,508,000 — Revenue Q1 2024 (Revenue for the three months ended March 31, 2024)
• 1,388,000 — Revenue Q1 2023 (Revenue for the three months ended March 31, 2023)
• 1,072,769 — Net Income Q1 2024 (Net income for the three months ended March 31, 2024)
• 0.10 — EPS Q1 2024 (Earnings per share for the three months ended March 31, 2024)
• 10,620,260 — Total Assets Mar 31, 2024 (Total assets as of March 31, 2024)
• 3,218,307 — Total Debt Mar 31, 2024 (Total debt as of March 31, 2024)

Key Players & Entities

• BEL FUSE INC /NJ (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-30 (date) — FILED AS OF DATE
• 0000729580 (company) — CENTRAL INDEX KEY
• NJ (location) — STATE OF INCORPORATION
• WEST ORANGE (location) — CITY
• 2014320463 (phone) — BUSINESS PHONE
• 20240331 (date) — Fiscal Quarter End

FAQ

Risk Factors

• Amortization of Prior Service Costs [low — financial]: Reclassification related to amortization of prior service costs and gains/losses associated with the SERP Plan impacts other expense, net.

Key Financial Figures

• $0.10 — hich Registered Class A Common Stock ($0.10 par value) BELFA Nasdaq Global Sele
• $250,000 — it Insurance Corporation ("FDIC") up to $250,000. Substantially all of our U.S. cash and

Filing Documents

• belfb20240331_10q.htm (10-Q) — 1359KB
• ex_614904.htm (EX-31.1) — 14KB
• ex_614905.htm (EX-31.2) — 14KB
• ex_614906.htm (EX-32.1) — 5KB
• ex_614907.htm (EX-32.2) — 5KB
• 0001437749-24-013891.txt (&nbsp;) — 7324KB
• belfa-20240331.xsd (EX-101.SCH) — 62KB
• belfa-20240331_cal.xml (EX-101.CAL) — 52KB
• belfa-20240331_def.xml (EX-101.DEF) — 429KB
• belfa-20240331_lab.xml (EX-101.LAB) — 358KB
• belfa-20240331_pre.xml (EX-101.PRE) — 465KB
• belfb20240331_10q_htm.xml (XML) — 1257KB

Financial Statements (unaudited)

Financial Statements (unaudited) 2 Condensed Consolidated Balance Sheets (unaudited) as of March 31, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations (unaudited) for the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (unaudited) for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity (unaudited) for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 - 17 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 - 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 26

Signatures

Signatures 27 Table of Contents CAUTIONARY NOTICE REGARDING FORWARD-LOOKING INFORMATION The terms the "Company," "Bel," "we," "us," and "our" as used in this report 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (our "2023 Annual Report on Form 10-K"), and the risks and other factors described in this and our other Quarterly Reports on Form 10-Q, and in our other reports and documents that we have filed or may file 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 r isks 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," "could," "should," "estimates," "forecasts," "projects," "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, co

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) BEL FUSE INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (unaudited) March 31, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 71,320 $ 89,371 Held to maturity U.S. Treasury securities 49,900 37,548 Accounts receivable, net of allowance of $ 1,508 and $ 1,388 , respectively 83,458 84,129 Inventories 130,459 136,540 Unbilled receivables 9,150 12,793 Other current assets 20,052 21,097 Total current assets 364,339 381,478 Property, plant and equipment, net 36,036 36,533 Right-of-use assets 21,328 20,481 Related party note receivable 2,644 2,152 Equity method investment 10,324 10,282 Intangible assets, net 47,868 49,391 Goodwill, net 25,347 26,642 Deferred income taxes 13,052 11,553 Other assets 34,399 33,119 Total assets $ 555,337 $ 571,631 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 32,818 $ 40,441 Accrued expenses 36,772 54,657 Operating lease liabilities, current 5,730 6,350 Other current liabilities 11,181 9,161 Total current liabilities 86,501 110,609 Long-term Liabilities: Long-term debt 60,000 60,000 Operating lease liabilities, long-term 15,727 14,212 Liability for uncertain tax positions 19,951 19,823 Minimum pension obligation and unfunded pension liability 20,174 19,876 Deferred income taxes 1,307 1,456 Other long-term liabilities 5,020 5,097 Total liabilities 208,680 231,073 Commitments and contingencies (see Note 15) Stockholders' Equity: Preferred stock, no par value, 1,000,000 shares authorized; none issued - - Class A common stock, par value $ .10 per share, 10,000,000 shares authorized; 2,130,780 and 2,141,589 shares outstanding at March 31, 2024 and December 31, 2023, respectively (net of 1,072,769 restricted treasury shares) 213 214 Class B common stock, par value $ .10 per share

View Full Filing

View this 10-Q filing on SEC EDGAR