Bel Reports Third Quarter Net Earnings of $0.65 Per Class A Share and $0.69 Per Class B Share on a 33.0% Increase in Revenue to

  Bel Reports Third Quarter Net Earnings of $0.65 Per Class A Share and $0.69
  Per Class B Share on a 33.0% Increase in Revenue to a Record $101.2 Million

Business Wire

JERSEY CITY, N.J. -- October 30, 2013

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

Third Quarter 2013 Highlights

  *Net sales increased 33.0% to a record $101.2 million versus $76.1 million
    last year.
  *TRP Connector ("TRP") contributed third quarter sales of $25.6 million.
  *Net earnings were $0.65 per Class A share and $0.69 per Class B share
    versus $0.20 per Class A share and $0.21 per Class B share last year.
  *Income from operations increased to $8.3 million versus $880,000 last
    year.

CEO Comments

Daniel Bernstein, Bel's President and CEO, said, "The positive impact of our
business plan is now becoming evident in Bel's financial performance. Third
quarter sales increased to a new record, driven primarily by sales at TRP.
Operating income increased to $8.3 million from $880,000 for last year's third
quarter, and net income increased to $7.8 million compared to $2.5 million.

"These improvements in Bel's operating performance confirm the success of our
strategy. While remaining intensely focused on reducing overhead expenses, we
have added significantly to sales and profits through acquisitions this past
year. Bel continues to seek acquisition opportunities that can contribute to
sales growth and enhance profitability.

"We have completed our transition services agreement with TE Connectivity, so
there will be no further costs associated with that agreement going forward.
Bel is now implementing best practices between TRP and our manufacturing, an
ongoing effort that we believe will contribute to further operating
efficiencies and cost savings.

"The relocation of Cinch Connectors into our new Texas facility, which was
essentially completed during the second quarter, is having the positive
results we anticipated. On August 20, 2013, we completed the acquisition of
privately-held Array Connector Corporation, a manufacturer of aerospace and
mil-spec connector products which had revenue of approximately $10 million for
the year ended December 31, 2012. While we expect this acquisition to be
neutral to Bel's earnings for the balance of this year, and accretive
beginning in 2014, we already have found ways to use certain Array components
in our Cinch products. In addition, we have integrated the Cinch and Array
sales forces to improve coverage in North America. We also are pleased by the
continued strong performance of Fibreco, which we acquired last year to
support the growth of our connector division.

"Also encouraging is that previously contracted price increases on Bel's
standard product lines are now taking effect, with all of these adjustments
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."

Third Quarter Results

For the three months ended September 30, 2013, net sales increased to
$101,164,000 compared to $76,059,000 for the third quarter of 2012, as the
addition of recently acquired businesses and higher sales of magnetics
products more than offset a $473,000 decrease in modular product sales. Cost
of sales decreased to 79.8% of sales for the third quarter of 2013, compared
to 83.5% of sales for the third quarter of 2012.

Operating income for the third quarter of 2013 increased to $8,328,000,
compared to operating income for the third quarter of 2012 of $880,000.
Excluding amounts detailed in the table reconciling GAAP to non-GAAP financial
measures included in this release, non-GAAP operating income for the third
quarter of 2013 was $7,834,000, compared to non-GAAP operating income of
$3,737,000 for the third quarter of 2012.

Net earnings for the third quarter of 2013 were $7,836,000, compared to net
earnings for the third quarter of 2012 of $2,491,000. Excluding amounts
detailed in the table reconciling GAAP to non-GAAP financial measures
mentioned above, non-GAAP net earnings for the third quarter of 2013 were
$6,976,000, compared to non-GAAP net earnings of $3,182,000 for the third
quarter of 2012.

Net earnings per diluted Class A common share for the third quarter of 2013
were $0.65, compared to net earnings per diluted Class A common share of $0.20
for the third quarter of 2012. Adjusted to exclude the amounts referenced
above, non-GAAP net earnings per diluted Class A common share were $0.58 for
the third quarter of 2013, compared to non-GAAP net earnings per diluted Class
A common share of $0.25 for the third quarter of 2012.

Net earnings per diluted Class B common share were $0.69 for the third quarter
of 2013, compared to net earnings per diluted Class B common share of $0.21
for the third quarter of 2012. Adjusted to exclude the amounts referenced
above, non-GAAP net earnings per diluted Class B common share were $0.62 for
the third quarter of 2013, compared to non-GAAP net earnings per diluted Class
B common share of $0.27 for the third quarter of 2012.

Nine Months Results

For the nine months ended September 30, 2013, net sales increased to
$258,173,000, compared to $214,842,000 for the first nine months of 2012. Net
earnings for this year's first nine months were $9,689,000, compared to net
earnings of $4,804,000 for the first nine months of 2012.

Net earnings per diluted Class A common share for the first nine months of
2013 were $0.80, compared to $0.37 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 $0.84 for
the first nine months of 2013, compared to $0.48 a year earlier.

Net earnings per diluted Class B common share for the first nine months of
2013 were $0.86, compared to $0.41 for the same period of 2012. Adjusted to
exclude the amounts referenced above, non-GAAP net earnings per diluted Class
B common share were $0.90 for the first nine months of 2013, compared to $0.53
a year earlier.

Balance Sheet Data

As of September 30, 2013, Bel had working capital of $129,817,000, including
cash, cash equivalents and marketable securities of $46,923,000, a current
ratio of 2.6-to-1, total long-term obligations of $13,445,000, and
stockholders' equity of $221,341,000. In comparison, at December 31, 2012, Bel
reported working capital of $144,530,000, including cash, cash equivalents and
marketable securities of $71,264,000, a current ratio of 4.1-to-1, total
long-term obligations of $13,833,000, and stockholders' equity of
$215,362,000. 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 nine months 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 #76509191. 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
#76509191, 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 further
operating efficiencies and cost savings to be derived from the TRP
acquisition, the accretive nature of the Array Connector Corporation
acquisition and the timing of when that acquisition will become accretive to
earnings, and the implementation of price increases, 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, 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; 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               Nine Months Ended
                   September 30,                     September 30,
                   2013             2012*          2013         2012*
                   (unaudited)                       (unaudited)
                                                     
Net sales          $  101,164       $  76,059      $ 258,173    $ 214,842 
Costs and
expenses:
Cost of sales         80,730            63,472         212,699       179,690
Selling,
general and           12,106            9,929          34,657        28,350
administrative
Restructuring        --              1,778        1,387       2,160   
charges
Total costs and      92,836          75,179       248,743     210,200 
expenses
Income from           8,328             880            9,430         4,642
operations
Interest              (67      )        --             (75     )     --
expense
Impairment of         --                (297    )      --            (775    )
investment
Gain on sale of       98                --             98            --
investment
Interest income      82              63           189         216     
and other, net
Earnings before
provision             8,441             646            9,642         4,083
(benefit) for
income taxes
Provision
(benefit) for        605             (1,845  )     (47     )    (721    )
income taxes
Net earnings       $  7,836         $  2,491       $ 9,689      $ 4,804   
Earnings per
Class A common     $  0.65          $  0.20        $ 0.80       $ 0.37    
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     $  0.69          $  0.21        $ 0.86       $ 0.41    
share - basic
and diluted
Weighted
average Class B
common shares        9,229           9,697        9,221       9,669   
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)

             Sep. 30,     Dec. 31,                    Sep. 30,     Dec. 31,
ASSETS        2013          2012            LIABILITIES &   2013          2012
                                            EQUITY
            (unaudited)  (audited)                  (unaudited)  (audited)
                                                                          
Current       $  213,537    $ 190,918       Short-term      $  12,532     $ 205
assets                                      borrowing
Property,
plant &          40,338       35,002        Other current      71,188       46,183
equipment,                                  liabilities
net
Goodwill                                    Noncurrent
and              50,031       35,750        liabilities        13,445       13,833
intangibles
Other           14,600      13,913        Stockholders'     221,341     215,362
assets                                      equity
Total                                       Total
Assets        $  318,506    $ 275,583       Liabilities &   $  318,506    $ 275,583
                                            Equity



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

                Three Months Ended September 30, 2013             Nine Months Ended September 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     common      common                     earnings     common      common
                 operations   ^(2)                                   operations   ^(2)
                                           share -     share -                                 share -     share -
                                           diluted     diluted                                 diluted     diluted
                                           ^(3)        ^(3)                                    ^(3)        ^(3)
                                                                                                           
GAAP measures    $  8,328     $ 7,836      $ 0.65      $ 0.69        $ 9,430      $ 9,689      $ 0.80      $ 0.86
Restructuring
charges,
severance and       50          38           --          --            1,686        1,167        0.10        0.10
reorganization
costs
Storm
insurance           (689  )     (427   )     (0.04 )     (0.04 )       (689   )     (427   )     (0.04 )     (0.04 )
recovery, net
of costs
Acquisitions
and other           145         119          0.01        0.01          719          629          0.05        0.06
related costs
Gain on sale
of investment
securities,         --          (61    )     (0.01 )     (0.01 )       --           (61    )     (0.01 )     (0.01 )
net of income
tax
Restoration of
expired prior       --          --           --          --            --           (385   )     (0.03 )     (0.03 )
year R&D
credit
Expiration of
tax statutes
of                 --        (529   )    (0.04 )    (0.05 )      --         (529   )    (0.04 )    (0.05 )
limitations,
net
Non-GAAP         $  7,834    $ 6,976     $ 0.58     $ 0.62       $ 11,146    $ 10,083    $ 0.84     $ 0.90  
measures^(1)
                                                                                                           
                                                                                                           
                 Three Months Ended September 30, 2012               Nine Months Ended September 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     common      common                     earnings     common      common
                 operations   ^(2)                                   operations   ^(2)
                                           share -     share -                                 share -     share -
                                           diluted     diluted                                 diluted     diluted
                                           ^(3)        ^(3)                                    ^(3)        ^(3)
                                                                                                           
GAAP measures    $  880       $ 2,491      $ 0.20      $ 0.21        $ 4,642      $ 4,804      $ 0.37      $ 0.41
Restructuring
charges,
severance and       2,200       1,568        0.13        0.13          2,694        1,896        0.15        0.16
reorganization
costs
Acquisition
and other           657         407          0.03        0.03          758          470          0.04        0.04
related costs
Impairment of
Pulse shares,       --          185          0.01        0.02          --           481          0.04        0.04
net of income
tax
Expiration of
tax statutes
of                 --        (1,469 )    (0.12 )    (0.12 )      --         (1,469 )    (0.12 )    (0.13 )
limitations,
net
Non-GAAP         $  3,737    $ 3,182     $ 0.25     $ 0.27       $ 8,094     $ 6,182     $ 0.48     $ 0.53  
measures^(1)


(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 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, and reorganization; costs and insurance recoveries
related to Hurricane Sandy; acquisition-related costs; gains and losses
related to investment securities; and fluctuations in tax-related reserves
such as the liability for uncertain tax positions 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 gain or charge
is recorded for accounting purposes.

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

(3) Individual amounts of 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
Bel Fuse Inc.
Daniel Bernstein
President & CEO
(201) 432-0463
 
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