Bel Fuse Inc. (BELFB, Financial) filed Quarterly Report for the period ended 2010-06-30.
Bel Fuse Inc. has a market cap of $216.5 million; its shares were traded at around $22.88 with a P/E ratio of 29.3 and P/S ratio of 1.2. The dividend yield of Bel Fuse Inc. stocks is 1.2%. Bel Fuse Inc. had an annual average earning growth of 74.2% over the past 5 years.BELFB is in the portfolios of Third Avenue Management, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
During the six months ended June 30, 2010, the Company experienced a 50.8% increase in sales as compared to the first half of 2009. This was primarily due to the addition of Cinch s sales volume since its acquisition on January 29, 2010, which accounted for a 27.9% increase from Bel s first half of 2009. The remaining 22.9% increase in sales relates to legacy-Bel sales growth due to a rebound in demand for Bel s products. While sales increased 50.8% as compared to the first half of 2009, cost of sales increased by only 38.7% compared to 2009 due to the same factors described above. Selling, general and administrative expenses increased by $4.2 million during the first half of 2010 as compared to the first half of 2009, primarily due to the additional personnel, office expenses and other costs associated with the recently acquired Cinch facilities. Additional details related to these factors affecting the six-month results are described in the Results of Operations section below.
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Bel Fuse Inc. has a market cap of $216.5 million; its shares were traded at around $22.88 with a P/E ratio of 29.3 and P/S ratio of 1.2. The dividend yield of Bel Fuse Inc. stocks is 1.2%. Bel Fuse Inc. had an annual average earning growth of 74.2% over the past 5 years.BELFB is in the portfolios of Third Avenue Management, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
During the second quarter of 2010, the Company experienced a 73.0% increase in sales as compared to the second quarter of 2009. This was primarily due to legacy-Bel growth of 39.8% due to a rebound in demand for Bel s products. The addition of Cinch s sales volume accounted for the remaining 33.2% increase in sales from Bel s second quarter of 2009. While sales increased 73.0% as compared to the second quarter of 2009, cost of sales increased by only 53.5% compared to last year s second quarter. A shift in sales among Bel s product groups has resulted in a significant decrease in overall material costs, as the Company manufactured a reduced volume of product with high material content. As an offsetting factor, the Company experienced a surge in labor costs in the first quarter of 2010, due to training expenses, production inefficiencies and overtime associated with the hiring of a large volume of new workers to meet the increased customer demand for Bel s products. This increase in labor costs continued into the second quarter of 2010. Selling, general and administrative expenses increased by $2.7 million during the second quarter 2010 as compared to the second quarter of 2009. This increase primarily related to the additional personnel, office expenses and other costs associated with the recently acquired Cinch facilities. Additional details related to these factors affecting the second quarter results are described in the Results of Operations section below.During the six months ended June 30, 2010, the Company experienced a 50.8% increase in sales as compared to the first half of 2009. This was primarily due to the addition of Cinch s sales volume since its acquisition on January 29, 2010, which accounted for a 27.9% increase from Bel s first half of 2009. The remaining 22.9% increase in sales relates to legacy-Bel sales growth due to a rebound in demand for Bel s products. While sales increased 50.8% as compared to the first half of 2009, cost of sales increased by only 38.7% compared to 2009 due to the same factors described above. Selling, general and administrative expenses increased by $4.2 million during the first half of 2010 as compared to the first half of 2009, primarily due to the additional personnel, office expenses and other costs associated with the recently acquired Cinch facilities. Additional details related to these factors affecting the six-month results are described in the Results of Operations section below.
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