Bel Reports Second Quarter Net Earnings of $0.20 Per Class A Share and $0.22 Per Class B Share on a 28.4% Increase in Revenue to

  Bel Reports Second Quarter Net Earnings of $0.20 Per Class A Share and $0.22
  Per Class B Share on a 28.4% Increase in Revenue to a Record $94.0 Million

Business Wire

JERSEY CITY, N.J. -- July 31, 2013

Bel Fuse Inc. (NASDAQ:BELFA)(NASDAQ:BELFB) today announced preliminary
unaudited financial results for the second quarter and first half of 2013.

Second Quarter 2013 Highlights

  *Sales increased 28.4% to a record $94.0 million compared to $73.2 million
    for the second quarter of 2012.
  *TRP Connector ("TRP"), acquired on March 29, 2013 to solidify Bel's
    position as the world leader in integrated connector modules (ICMs),
    contributed second quarter sales of $22.0 million.
  *GAAP net earnings were $2.4 million, or $0.20 per Class A share and $0.22
    per Class B share, compared to GAAP net earnings of $1.4 million, or $0.11
    per diluted Class A share and $0.12 per diluted Class B share for the
    second quarter of 2012.
  *Non-GAAP net earnings, which excludes restructuring charges, acquisition
    costs, and certain other amounts, were $3,572,000, or $0.30 per Class A
    share and $0.32 per Class B share. For the second quarter of 2012,
    non-GAAP net earnings were $1.9 million, or $0.15 per Class A share and
    $0.16 per Class B share.
  *Acquisition costs and restructuring, severance and reorganization charges
    totaled $1.6 million for the second quarter of 2013, versus $228,000 for
    the second quarter of 2012.
  *The transition of Cinch Connector's operations from Oklahoma to a new
    facility in Texas, which resulted in approximately $1.1 million of
    transition costs in the second quarter of 2013, is now essentially
    complete.

CEO Comments

Daniel Bernstein, Bel's President and CEO, said, "We believe that Bel has
turned the corner. Our restructuring program is now essentially complete,
including the transition of Cinch Connector's operations to our new Texas
facility. Start-up costs at Cinch's new facility amounted to approximately
$1.1 million in the second quarter of 2013. This is in addition to
restructuring and severance costs of $1.3 million for the quarter related to
our corporate streamlining program. We do not anticipate any significant costs
associated with our restructuring program going forward.

"In addition, previously contracted price increases on Bel's standard product
lines are now beginning to take effect, with all of the increases scheduled to
be in place by the fourth quarter. This is especially important in view of the
rise in labor costs in China and continued strengthening of the Chinese Yuan.

"The integration of the TRP magnetics business has gone smoothly so far, and
we have encountered no unanticipated problems. TRP generated sales of $22.0
million, which was slightly higher than our expectations. The positive impact
of this acquisition on Bel is evident in our second quarter financial results,
which were highlighted by record sales and strong non-GAAP net earnings
despite a $3.8 million decrease in module sales, primarily attributable to a
single customer. We are also pleased by the continued strong performance of
Fibreco, acquired in July 2012, and we are optimistic about the long-term
growth potential of Fibreco and Powerbox. We continue to seek additional
acquisition opportunities.

"We have received a great deal of positive feedback from customers regarding
the cross-licensing agreement recently entered into between Cinch and Radiall
SA covering their respective technologies for the EPX® connector range and
EBOSA® fibre optic termini. This agreement is the first step in what we hope
will be a long-term working relationship between our companies aimed at
offering compatible and innovative solutions to the commercial aerospace
industry while also providing a true dual source for secure supply."

Second Quarter Results

For the three months ended June 30, 2013, net sales increased to $93,981,000
compared to $73,222,000 for the second quarter of 2012, as the addition of
recently acquired businesses and higher sales of magnetics products more than
offset lower modular product sales. Cost of sales decreased slightly to 83.0%
of sales for the second quarter of 2013, compared to 83.4% of sales for the
second quarter of 2012.

Operating income for the second quarter of 2013 was $2,548,000, compared to
operating income for the second quarter of 2012 of $2,333,000. Excluding
amounts detailed in the table reconciling GAAP to non-GAAP financial measures
included in this release, non-GAAP operating income for the second quarter of
2013 was $4,148,000, compared to non-GAAP operating income of $2,561,000 for
the second quarter of 2012.

Net earnings for the second quarter of 2013 were $2,427,000, compared to net
earnings for the second quarter of 2012 of $1,441,000.

Excluding amounts detailed in the table reconciling GAAP to non-GAAP financial
measures mentioned above, non-GAAP net earnings for the second quarter of 2013
were $3,572,000. This compares to non-GAAP net earnings of $1,900,000 for the
second quarter of 2012, excluding charges detailed in the reconciliation
table.

Net earnings per diluted Class A common share for the second quarter of 2013
were $0.20, compared to net earnings per diluted Class A common share of $0.11
for the second quarter of 2012. Adjusted to exclude the amounts referenced
above, non-GAAP net earnings per diluted Class A common share were $0.30 for
the second quarter of 2013, compared to non-GAAP net earnings per diluted
Class A common share of $0.15 for the second quarter of 2012.

Net earnings per diluted Class B common share were $0.22 for the second
quarter of 2013, compared to net earnings per diluted Class B common share of
$0.12 for the second quarter of 2012. Adjusted to exclude the amounts
referenced above, non-GAAP net earnings per diluted Class B common share were
$0.32 for the second quarter of 2013, compared to non-GAAP net earnings per
diluted Class B common share of $0.16 for the second quarter of 2012.

First Half Results

For the six months ended June 30, 2013, net sales increased to $157,009,000,
compared to $138,783,000 for the first six months of 2012. Net earnings for
this year's first half were $1,884,000, compared to net earnings of $2,313,000
for the first six months of 2012.

Net earnings for the first half of 2013 included an income tax benefit of
$640,000, the result of pre-tax losses in North America and a favorable
adjustment related to the R&E credit during the first quarter. For the first
six months of 2012, income tax expense was $1,124,000.

Net earnings per diluted Class A common share for the first six months of 2013
were $0.15, compared to $0.18 for the same period of 2012. Adjusted to exclude
various amounts detailed in the reconciliation table included in this release,
non-GAAP net earnings per diluted Class A common share were $0.26 for the
first six months of 2013, compared to $0.23 a year earlier.

Net earnings per diluted Class B common share for the first six months of 2013
were $0.17, compared to $0.20 for the same period of 2012. Adjusted to exclude
the amounts referenced above, non-GAAP net earnings per diluted Class B common
share were $0.28 for the first six months of 2013, compared to $0.26 a year
earlier.

Balance Sheet Data

As of June 30, 2013, Bel had working capital of $129,749,000, including cash,
cash equivalents and marketable securities of $38,602,000, a current ratio of
3.1-to-1, total long-term obligations of $14,146,000, and stockholders' equity
of $212,034,000. In comparison, at December 31, 2012, Bel reported working
capital of $144,751,000, including cash, cash equivalents and marketable
securities of $71,264,000, a current ratio of 4.1-to-1, total long-term
obligations of $13,439,000, and stockholders' equity of $215,381,000. The
payment of cash to TE Connectivity for the acquisition of TRP contributed to
the decrease in cash, cash equivalents and marketable securities during the
first half of 2013.

Conference Call

Bel has scheduled a conference call at 11:00 a.m. EDT today. To participate
dial (720) 545-0088, conference ID #18756127. A simultaneous webcast is
available from the Investors link under the "About Bel" tab at
www.BelFuse.com. The webcast replay will be available for 20 days at this same
Internet address. For a telephone replay, dial (404) 537-3406, conference ID
#18756127, after 2:00 p.m. EDT.

About Bel

Bel (www.belfuse.com) and its divisions are primarily engaged in the design,
manufacture, and sale of products used in networking, telecommunications,
high-speed data transmission, commercial aerospace, military, transportation,
and consumer electronics. Products include magnetics (discrete components,
power transformers and MagJack® connectors with integrated magnetics), modules
(DC-DC converters and AC-DC power supplies, integrated analog front-end
modules and custom designs), circuit protection (miniature, micro and surface
mount fuses) and interconnect devices (micro, circular and filtered D-Sub
connectors, fiber optic connectors, passive jacks, plugs and high-speed cable
assemblies). The Company operates facilities around the world.

Forward-Looking Statements

Except for historical information contained in this press release, the matters
discussed in this press release (including the statements regarding the status
of Bel's restructuring efforts, the timing of the implementation of price
increases, the growth potential of Fibreco and Powerbox and the ongoing
relationship between Cinch and Radiall SA) are forward-looking statements 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 effects of
business and economic conditions; difficulties associated with integrating
recently acquired companies; capacity and supply constraints or difficulties;
product development, commercializing 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;
and the risk factors detailed from time to time in the Company's SEC reports.
In light of the risks and uncertainties, there can be no assurance that any
forward-looking statement will in fact prove to be correct. We undertake no
obligation to update or revise any forward-looking statements.


BEL FUSE INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(000s omitted, except for per share data)

                  Three Months Ended             Six Months Ended
                     June 30,                          June 30,
                     2013          2012*            2013           2012*
                     (unaudited)                       (unaudited)
                                                                         
Net sales            $ 93,981        $ 73,222        $ 157,009        $ 138,783 
                                                                         
Costs and
expenses:
Cost of sales          78,041           61,081           131,959           116,218
Selling,
general and            12,129           9,563            22,522            18,421
administrative
Restructuring         1,263          245            1,387          382     
charges
                                                                         
Total costs           91,433         70,889         155,868         135,021 
and expenses
                                                                         
Income from            2,548            2,333            1,141             3,762
operations
Impairment of          --               (478   )         --                (478    )
investment
Interest               (3     )         --               (6      )         --
expense
Interest
income and            69             77             109            153     
other, net
                                                                         
Earnings
before
provision              2,614            1,932            1,244             3,437
(benefit) for
income taxes
                                                                         
Provision
(benefit) for         187            491            (640    )        1,124   
income taxes
                                                                         
Net earnings         $ 2,427         $ 1,441         $ 1,884          $ 2,313   
                                                                         
Earnings per
Class A common       $ 0.20          $ 0.11          $ 0.15           $ 0.18    
share - basic
and diluted
                                                                         
Weighted
average Class
A common
shares                2,175          2,175          2,175           2,175   
outstanding -
basic and
diluted
                                                                         
Earnings per
Class B common       $ 0.22          $ 0.12          $ 0.17           $ 0.20    
share - basic
and diluted
                                                                         
Weighted
average Class
B common
shares                9,213          9,677          9,217           9,654   
outstanding -
basic and
diluted
                                                                         

      Prior period amounts have been restated to reflect immaterial
*   adjustments previously reported during the measurement period related to
      the 2012 acquisitions as if all such adjustments had been recognized on
      the dates of acquisition.
      
      


CONDENSED CONSOLIDATED BALANCE SHEETS
(000s omitted)

               Jun. 30,       Dec. 31,                      Jun. 30,       Dec. 31,
ASSETS            2013              2012            LIABILITIES &       2013              2012
                                                    EQUITY
                  (unaudited)       (audited)                           (unaudited)       (audited)


Current           $  192,985        $ 191,139       Current             $  63,236         $ 46,388
assets                                              liabilities
Property,
plant &              38,269           34,988        Noncurrent             14,146           13,439
equipment,                                          liabilities
net
Goodwill
and                  41,940           35,167
intangibles
Other               16,222          13,914        Stockholders'         212,034         215,381
assets                                              equity
                                                                                          
Total                                               Total
Assets            $  289,416        $ 275,208       Liabilities &       $  289,416        $ 275,208
                                                    Equity
                                                                                          
                                                                                          


BEL FUSE INC. AND SUBSIDIARIES
NON-GAAP MEASURES (unaudited)
(000s omitted, except for per share data)

                 Three Months Ended June 30, 2013                              Six Months Ended June 30, 2013
                                                   Net             Net                                             Net             Net
                                                   earnings        earnings                                        earnings        earnings
                   Income                          per             per             Income                          per             per
                                  Net                                                             Net
                   from                        Class A       Class B         from                        Class A       Class B
                                  earnings^(2)     common          common                         earnings^(2)     common          common
                   operations                                                      operations
                                                   share -         share -                                         share -         share -
                                                   diluted^(3)     diluted^(3)                                     diluted^(3)     diluted^(3)
                                                                                                                                   
GAAP measures      $   2,548      $    2,427       $    0.20       $    0.22       $   1,141      $  1,884         $  0.15         $  0.17
Restructuring
charges,
severance and          1,428           1,000            0.08            0.09           1,636         1,129            0.10            0.10
reorganization
costs
Acquisitions
and other              172             145              0.01            0.01           574           510              0.04            0.05
related costs
Restoration of
expired prior         --             --              --             --            --           (385   )        (0.03  )       (0.03  )
year R&E
credit
                                                                                                                                   
Non-GAAP           $   4,148      $    3,572       $    0.30       $    0.32       $   3,351      $  3,138        $  0.26        $  0.28   
measures^(1)
                                                                                                                                   
                                                                                                                                   
                   Three Months Ended June 30, 2012                                Six Months Ended June 30, 2012
                                                   Net             Net                                             Net             Net
                                                   earnings        earnings                                        earnings        earnings
                   Income                          per             per             Income                          per             per
                                  Net                                                             Net
                   from                            Class A         Class B         from                            Class A         Class B
                                  earnings^(2)     common          common                         earnings^(2)     common          common
                   operations                                                      operations
                                                   share -         share -                                         share -         share -
                                                   diluted^(3)     diluted^(3)                                     diluted^(3)     diluted^(3)
                                                                                                                                   
GAAP measures      $   2,333      $    1,441       $    0.11       $    0.12       $   3,762      $  2,313         $  0.18         $  0.20
Restructuring
charges,
severance and          170             127              0.01            0.01           494           328              0.03            0.03
reorganization
costs
Acquisitions
and other              58              36               --              --             101           63               0.01            0.01
related costs
Impairment of
Pulse shares,         --             296             0.02           0.03          --           296            0.02          0.03   
net of tax
                                                                                                                                   
Non-GAAP           $   2,561      $    1,900       $    0.15       $    0.16       $   4,357      $  3,000        $  0.23        $  0.26   
measures^(1)
                                                                                                                                   

        The non-GAAP measures presented above are not measures of performance
        under accounting principles generally accepted in the United States of
        America ("GAAP"). These measures should not be considered a substitute
        for, and the reader should also consider, income from operations, net
(1)   earnings, earnings per share and other measures of performance as
        defined by GAAP as indicators of our performance or profitability. Our
        non-GAAP measures may not be comparable to other similarly-titled
        captions of other companies due to differences in the method of
        calculation.

        Based upon discussions with investors and analysts, we believe that
        the reader's understanding of Bel's performance and profitability is
        enhanced by reference to these non-GAAP measures. Removal of amounts
        such as charges for restructuring, severance, reorganization and
        acquisition-related costs facilitates comparison of our results among
        reporting periods. We believe that such amounts are not reflective of
        the relevant business in the period in which the charge is recorded
        for accounting purposes.

(2)     Net of income tax at effective rate in the applicable tax
        jurisdiction.

(3)     Individual amounts of net earnings per share may not agree to the
        total due to rounding.

Contact:

Investor Contact:
Neil Berkman Associates
(310) 477-3118
info@berkmanassociates.com
or
Company Contact:
Daniel Bernstein
President & CEO
(201) 432-0463
 
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