Bel Fuse Inc. (BELFA, Financial) filed Quarterly Report for the period ended 2009-06-30.
Bel Fuse Inc. is engaged in the design manufacture and sale of products used in networking telecommunication automotive and consumer electronic applications. They operate facilities in the United States Europe and the Far East. Bel Fuse Inc. has a market cap of $178.9 million; its shares were traded at around $15.5117 with and P/S ratio of 0.7. The dividend yield of Bel Fuse Inc. stocks is 1.6%. Bel Fuse Inc. had an annual average earning growth of 24.8% over the past 5 years.
The significant components of the Company\'s revenues for the three months ended June 30, 2009 were magnetic products of $20.9 million (as compared with $31.8 million during the three months ended June 30, 2008), interconnect products of $8.0 million (as compared with $14.2 million during the three months ended June 30, 2008), module products of $13.7 million (as compared with $22.0 million during the three months ended June 30, 2008), and circuit protection products of $2.3 million (as compared with $4.5 million during the three months ended June 30, 2008).
The benefit from income taxes for the three months ended June 30, 2009 was $(0.4) million compared to a provision for income taxes of $0.3 million for the three months ended June 30, 2008. The Company incurred a loss before income taxes for the three months ended June 30, 2009 versus earnings before income taxes for the three months ended June 30, 2008 which resulted in $3.8 million lower earnings before income taxes during the three months ended June 30, 2009 compared to the three months ended June 30, 2008. The Company s effective tax rate, the income tax (benefit) provision as a percentage of earnings (loss) before (benefit) provision for income taxes, was (23.6)% and 13.9% for the three months ended June 30, 2009 and June 30, 2008, respectively. The Company s effective tax rate will fluctuate based on the geographic segment the pretax profits are earned in. Of the geographic segments in which the Company operates, the U.S. has the highest tax rates; Europe s tax rates are generally lower than U.S. tax rates; and the Far East has the lowest tax rates. The tax (benefit) for the three months ended June 30, 2009 is attributable to losses in the U.S. and capital loss and foreign tax credit carryback claims offset in part by losses in the Far East with minimal tax benefit compared to the three months ended June 30, 2008.
Net sales decreased 33.4% from $133.3 million during the six months ended June 30, 2008 to $88.8 million during the six months ended June 30, 2009. The Company attributes the decrease principally to a reduction in demand across all major product groups as a result of the weakening economic conditions.
The significant components of the Company\'s revenues for the six months ended June 30, 2009 were magnetic products of $40.9 million (as compared with $56.7 million during the six months ended June 30, 2008), interconnect products of $15.4 million (as compared with $26.2 million during the six months ended June 30, 2008), module products of $28.1 million (as compared with $41.9 million during the six months ended June 30, 2008), and circuit protection products of $4.4 million (as compared with $8.5 million during the six months ended June 30, 2008).
Read the The complete ReportBELFA is in the portfolios of Third Avenue Management.
Bel Fuse Inc. is engaged in the design manufacture and sale of products used in networking telecommunication automotive and consumer electronic applications. They operate facilities in the United States Europe and the Far East. Bel Fuse Inc. has a market cap of $178.9 million; its shares were traded at around $15.5117 with and P/S ratio of 0.7. The dividend yield of Bel Fuse Inc. stocks is 1.6%. Bel Fuse Inc. had an annual average earning growth of 24.8% over the past 5 years.
Highlight of Business Operations:
Net sales decreased 38.0% from $72.5 million during the three months ended June 30, 2008 to $44.9 million during the three months ended June 30, 2009. The Company attributes the decrease principally to a reduction in demand across all major product groups as a result of the weakening economic conditions.The significant components of the Company\'s revenues for the three months ended June 30, 2009 were magnetic products of $20.9 million (as compared with $31.8 million during the three months ended June 30, 2008), interconnect products of $8.0 million (as compared with $14.2 million during the three months ended June 30, 2008), module products of $13.7 million (as compared with $22.0 million during the three months ended June 30, 2008), and circuit protection products of $2.3 million (as compared with $4.5 million during the three months ended June 30, 2008).
The benefit from income taxes for the three months ended June 30, 2009 was $(0.4) million compared to a provision for income taxes of $0.3 million for the three months ended June 30, 2008. The Company incurred a loss before income taxes for the three months ended June 30, 2009 versus earnings before income taxes for the three months ended June 30, 2008 which resulted in $3.8 million lower earnings before income taxes during the three months ended June 30, 2009 compared to the three months ended June 30, 2008. The Company s effective tax rate, the income tax (benefit) provision as a percentage of earnings (loss) before (benefit) provision for income taxes, was (23.6)% and 13.9% for the three months ended June 30, 2009 and June 30, 2008, respectively. The Company s effective tax rate will fluctuate based on the geographic segment the pretax profits are earned in. Of the geographic segments in which the Company operates, the U.S. has the highest tax rates; Europe s tax rates are generally lower than U.S. tax rates; and the Far East has the lowest tax rates. The tax (benefit) for the three months ended June 30, 2009 is attributable to losses in the U.S. and capital loss and foreign tax credit carryback claims offset in part by losses in the Far East with minimal tax benefit compared to the three months ended June 30, 2008.
Net sales decreased 33.4% from $133.3 million during the six months ended June 30, 2008 to $88.8 million during the six months ended June 30, 2009. The Company attributes the decrease principally to a reduction in demand across all major product groups as a result of the weakening economic conditions.
The significant components of the Company\'s revenues for the six months ended June 30, 2009 were magnetic products of $40.9 million (as compared with $56.7 million during the six months ended June 30, 2008), interconnect products of $15.4 million (as compared with $26.2 million during the six months ended June 30, 2008), module products of $28.1 million (as compared with $41.9 million during the six months ended June 30, 2008), and circuit protection products of $4.4 million (as compared with $8.5 million during the six months ended June 30, 2008).
Read the The complete ReportBELFA is in the portfolios of Third Avenue Management.
