All comparative percentages are on a year-over-year basis, unless otherwise noted. Selling, General and Administrative Expenses (SG&A)SG&A expenses were $22.1 million, up $2.8 million from the first quarter of 2019. However, beyond the second quarter, we have limited visibility due to the evolving COVID-19 environment.” concluded Mr. Bernstein. We may use Non-GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. ET today. The following tables detail the impact that certain unusual or special items had on the Company's net (loss) earnings per common Class A and Class B basic and diluted shares ("EPS") and the line items in which these items were included in the condensed consolidated statements of operations. Net (Loss) EarningsThe above factors resulted in net loss of $(3.8) million in the first quarter of 2020 as compared with net earnings of $1.1 million in the first quarter of 2019. Quarterly Results. We may use Non-GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors. We undertake no obligation to update or revise any forward looking statements. The effective tax rate for the first quarter of 2020 reflects a reduction in GILTI tax as compared to the same quarter of 2019, as well as tax benefits recognized from federal legislation (the CARES Act) and adjustments to valuation allowances in the first quarter of 2020. 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 impact of public health crises (such as the governmental, social and economic effects of COVID-19); the effects of business and economic conditions; difficulties associated with integrating previously acquired companies; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; risks associated with foreign currencies; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. trade and tariff policies; and the risk factors detailed from time to time in the Company’s SEC reports. The provision (benefit) for income taxes was $ (0.8) million in the first quarter of 2020, compared to less than $0.1 million in the same period of 2019. 3rd quarter 2020 results. Heraklion (Crête) M15 (02/11/2020) - (08/11/2020) Q1 : Zizou Bergs (n°2) - Peter Bertran (DOM, 816) 6/0 6/3 : Q2 : Zizou Bergs (n°2) - Tom Hands (GBR, 1371) 6/2 6/1 : Q3 : Fabian Marozsan (HUN, 531, n°9) - Zizou Bergs (n°2) 6/2 4/2 abandon : Tournois nationaux. May 01, 2020 07: 30 ET | Source: Bel Fuse Inc. JERSEY CITY, N.J., May 01, 2020 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a designer, manufacturer and provider of products that November 11, 2020 The following tables detail the impact that certain unusual or special items had on the Company’s net (loss) earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included in the condensed consolidated statements of operations. https://ir.belfuse.com/events-and-presentations, ATTO Technology Announces Support for Apple’s Next Generation Operating System macOS® 11 Big Sur, Qualia Announces new ‘Physical Document Service’ for Mortgage Industry, Jamf Announces Same-Day Support for Apple’s macOS Big Sur, Selling, general and administrative expenses, (Benefit from) provision for income taxes, Class A common shares – basic and diluted, Class B common shares – basic and diluted. Forward-Looking StatementsNon-historical information contained in this press release (including the statements regarding positive signs in Bel’s underlying business, the placement of replenishment orders and the anticipated improvement in sales and financial results in the second quarter of 2020 as compared to the first quarter of 2020) are forward-looking statements (as described under the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. Further, our acquisition of CUI in late 2019 was accretive to Bel's earnings during the first quarter, generating $8.2 million in sales and contributing $865,000 of operating income. 2020 SASE Summit Webinar Series Feb 19 - Sept 16 , 2020. Fiera Capital Corporation (FRRPF) CEO Jean-Guy Desjardins on Q3 2020 Results - Earnings Call Transcript. The webcast will be available via replay for a period of 20 days at this same Internet address. The financial impact of the extended Lunar New Year holiday and other operational inefficiencies at our facilities in Asia related to COVID-19 was largely offset by $2.2 million of stimulus funding received from the Chinese government during the first quarter of 2020 associated with COVID-19 relief programs. Bel Fuse, Inc. First Quarter Results Conference Call. These products are primarily used in the networking, telecommunications, computing, military, aerospace, medical, transportation and broadcasting industries. Q2 2019 Press Release 87 KB. Certain statements in this document concern prognoses about the future financial condition, risks, investment plans, and the results of operations of Randstad N.V. and its operating companies, as well as certain plans and objectives. Randstad N.V. 21 October 2020 | disclaimer. Second Quarter. We are the leading listing and trading venue in Europe with €3.8 trillion combined market capitalisation at the end of September 2020, more than 1,500 listed companies and the largest liquidity pool in Europe. The Blockchain … Third Quarter. SA Transcripts. Industrial IoT Conference June 22-25, 2021. These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. This resulted in an effective tax rate of 16.9% during the first quarter of 2020, compared to an effective tax rate of 3.3% during the same quarter last year. Earnings per share decreased 240.00% year … Your email address will not be published. JERSEY CITY, N.J., May 01, 2020 (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 results for the first quarter of 2020. In addition to the effects from such deferred shipments, the Company also incurred additional indirect COVID-19 related costs, including operational inefficiencies and employee retention programs in the quarter. 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. Bel Reports First Quarter 2020 Results JERSEY CITY, N.J., May 01, 2020 (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 results for the first quarter of 2020. ITEXPO June 22-25, 2021. Conference CallBel has scheduled a conference call at 11: 00 a.m. 2020; 2019; 2018; 2017; 2016; 2015; 2011; Unaudited Financial Results for the Qtr & Half Year Ended on 30th September 2020 Size: 5.86 MB. This led to a portion of scheduled shipments being deferred to the second quarter, and cost approximately $14-$17 million in first quarter sales. These products are primarily used in the networking, telecommunications, computing, military, aerospace, medical, transportation and broadcasting industries. Our Non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. 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 1896455 after 2: 00 p.m. 10:30. The result in the quarter includes unrealised gain of … Q3 2019 Press Release 93.9 KB. This led to a portion of scheduled shipments being deferred to the second quarter, and cost approximately $14-$17 million in first quarter sales. We may use Non-GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors. By product segment: Connectivity Solutions sales declined by 11.9%, Magnetic Solutions sales were lower by 24.8% and Power Solutions and Protection sales were down by 15.6%. Daniel Bernstein, President and CEO, said, “Our focus during much of the first quarter has been on the continued safety and well-being of our associates around the world in light of COVID-19. Balance Sheet DataAs of March 31, 2020, working capital was $188.2 million, including $68.4 million of cash and cash equivalents with a current ratio of 3.5-to-1. The Company operates facilities around the world. I want to extend a sincere thank you to the manufacturing associates in each of Bel's factories around the world who continue to come to work each day with courage and dedication to our Company and our customers. Orders received in the first quarter of 2020 were the highest since the third quarter of 2018, indicating that the excess inventory in the supply channel from 2019 has been worked through, and our customers and distribution partners are starting to place replenishment orders again. We may use Non-GAAP financial measures to determine performance-based compensation and management believes that this information may be useful to investors. Bel Fuse's (BELFB) CEO Dan Bernstein on Q1 2020 Results - Earnings Call Transcript GlobeNewsWire - 10 months ago Bel Fuse Inc. 5G EXPO June 22-25, 2021. By geographic area: Europe sales were down by 22.3%, North America sales declined by 7.8% and Asia sales were lower by 29.8%. Net sales of $104.0 million, down 17.1% from Q1-19, Gross profit margin of 24.2%, down from 24.5% in Q1-19, Net loss of $3.8 million, as compared with net earnings of $1.1 million in Q1-19, CUI acquisition in December 2019 contributed $8.2 million to Q1-20 sales at a gross profit margin of 36.8%, Backlog of $191.2 million at March 31, 2020, up 19% from year-end, Cash flow provided by operating activities of $8.1 million. “Our first quarter financial results reflect the extended closure of our facilities in China earlier in the quarter due to the outbreak of COVID-19 and the related impact to our supply chain. The majority of the products manufactured by Bel are utilized in military, medical and networking applications, and are therefore deemed essential by the various jurisdictions in which we operate. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support These costs were partially offset by COVID-19 relief funding received from the Chinese government during the quarter. (3) Individual amounts of earnings per share may not agree to the total due to rounding. (3) Individual amounts of earnings per share may not agree to the total due to rounding. Chevrolet Traverse sales fell 12 percent to 30,095 units in Q1 2020 in the USA, behind the Ford Explorer and Toyota Highlander but ahead of the Honda Pilot. (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. We have implemented significant protective measures throughout our facilities, including travel and visitor restrictions, work from home policies, employee screenings, social distancing and use of face coverings as we continue to service our customers. Total debt at March 31, 2020, net of deferred financing costs, declined to $135.1 million as compared to $143.7 million at December 31, 2019, primarily due to a voluntary prepayment of $8.2 million made in connection with the amendment to the Company's credit agreement in February 2020. While this remains a fluid situation that evolves daily, as of today, we are pleased to report that all of our manufacturing sites are operating, with the majority of them at or near normal production rates. Income TaxesThe provision (benefit) for income taxes was $(0.8) million in the first quarter of 2020, compared to less than $0.1 million in the same period of 2019. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. 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. Included within SG&A expenses is a loss on the cash surrender value of company-owned life insurance (COLI) policies of $2.0 million in the first quarter of 2020 compared to a gain on these policies of $1.0 million in the first quarter of 2019. Conference CallBel has scheduled a conference call at 11:00 a.m. Open Source World June 22-25, 2021 . However, beyond the second quarter, we have limited visibility due to the evolving COVID-19 environment.” concluded Mr. Bernstein. 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