10-Q 1 belfb20230930_10q.htm FORM 10-Q belfb20230930_10q.htm
0000729580 BEL FUSE INC /NJ false --12-31 Q3 2023 1,233 1,552 0 0 1,000,000 1,000,000 0 0 0.10 0.10 10,000,000 10,000,000 2,141,589 2,141,589 1,072,769 1,072,769 0.10 0.10 30,000,000 30,000,000 10,630,760 10,642,760 3,218,307 3,218,307 3,323 3,323 17,342 17,342 13 40 109 83 0 0 0 0 0 0 0 0 4 18 12 52 0.06 0.07 9 0 0 4 0.06 0.07 105 4 0.06 0.07 13 4 0.06 0.07 12 17 0.06 0.07 31 0 17 0.06 0.07 40 18 33.33 8.0 1.8 0 30.0 2.4 0.3 1.0 0.1 0.1 0 260 369 0 0 7 7 891 879 23,107 18 1,004 16,546 1 1 25,964 5,530 19 19,370 12.0 This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP Plan. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 10-Q

(MARK ONE)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended September 30, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ___________ to ____________

 

Commission File No. 000-11676

 


 

BEL FUSE INC.

(Exact name of registrant as specified in its charter)

 

New Jersey

 

22-1463699

(State of incorporation)

 

(I.R.S. Employer Identification No.)

 

300 Executive Drive, Suite 300
West Orange, NJ  07052
(201) 432-0463

 

(Address of principal executive offices and zip code)

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

 Trading Symbol

 

Name of Exchange on Which Registered

Class A Common Stock ($0.10 par value)

 

 BELFA

 

Nasdaq Global Select Market

Class B Common Stock ($0.10 par value)

 

 BELFB

 

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

No ☐

 

 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

No ☐

 

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated

filer ☐

Accelerated

filer

 ☒

Non-accelerated

filer ☐

Smaller reporting

company 

Emerging growth

company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

 No ☒

 


Title of Each Class

 

Number of Shares of Common Stock Outstanding

as of  November 1, 2023

 

Class A Common Stock ($0.10 par value)

 

2,141,589

Class B Common Stock ($0.10 par value)

 

10,630,760

 

 

  

 

BEL FUSE INC. AND SUBSIDIARIES

 

FORM 10-Q INDEX

 

 

 

 

Page

Part I

 

Financial Information

 

 

 

 

 

 

Item 1.

Financial Statements (unaudited)

2

 

 

 

 

 

 

Condensed Consolidated Balance Sheets (unaudited) as of September 30, 2023 and December 31, 2022 

2

 

 

 

 

 

 

Condensed Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022 

3

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022 

4

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders' Equity (unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022 

5

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended September 30, 2023 and 2022 

6

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

7 17

 

 

 

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

18 24

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

24

 

 

 

 

 

Item 4.

Controls and Procedures

24

 

 

 

 

Part II

 

Other Information

 

 

 

 

 

 

Item 1.

Legal Proceedings

24

 

 

 

 

 

Item 1A.

Risk Factors

24

 

 

 

 

  Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 25
       
  Item 3. Defaults Upon Senior Securities 25
       
  Item 4. Mine Safety Disclosures 25
       
  Item 5. Other Information 25
       

 

Item 6.

Exhibits

26

 

 

 

 

 

Signatures

 

27

 

 

  

CAUTIONARY NOTICE REGARDING FORWARD-LOOKING INFORMATION

 

The terms the “Company,” “Bel,” “we,” “us,” and “our” as used in this report refer to Bel Fuse Inc. and its consolidated subsidiaries unless otherwise specified.

 

The Company’s consolidated operating results are affected by a wide variety of factors that could materially and adversely affect revenues and profitability, including the risk factors described in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (our “2022 Annual Report on Form 10-K”), and the risks and other factors described in this and our other Quarterly Reports on Form 10-Q, and in our other reports and documents that we have filed or may file from time to time with the Securities and Exchange Commission ("SEC"). As a result of these and other factors, the Company may experience material fluctuations in future operating results on a quarterly or annual basis, which could materially and adversely affect its business, consolidated financial condition, operating results, and common stock prices.  Furthermore, this document and other reports and documents filed by the Company with the SEC contain certain forward-looking statements under the Private Securities Litigation Reform Act of 1995 ("Forward-Looking Statements") with respect to the business of the Company.  Forward-Looking Statements are necessarily subject to risks and uncertainties, many of which are outside our control, that could cause actual results to differ materially from these statements. Forward-Looking Statements can be identified by such words as "anticipates," "believes," "plan," "assumes," "could," "should," "estimates," "forecasts," "projects," "expects," "intends," "potential," "seek," "predict," "may," "will" and similar references to future periods.  All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, costs, plans and objectives and regarding the anticipated or likely impact of COVID-19 including regarding the continuing, lasting, consequential or related impacts and uncertainties resulting from the associated pandemic are Forward-Looking Statements.

 

These Forward-Looking Statements are subject to certain risks and uncertainties, including those detailed in Item 1A of our 2022 Annual Report on Form 10-K, and the risks and other factors described in this and our other Quarterly Reports on Form 10-Q, and in our other reports and documents that we have filed or may file from time to time with the SEC, which could cause actual results to differ materially from these Forward-Looking Statements.  Any Forward-Looking Statements are qualified in the entirety by reference to such risk factors discussed throughout our 2022 Annual Report on Form 10-K, in this and our other Quarterly Reports on Form 10-Q and as described in our other reports and documents filed from time to time with the SEC.  Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or projections contained in the Forward-Looking Statements include but are not limited to:

 

 

the market concerns facing our customers, and risks for the Company’s business in the event of the loss of certain substantial customers;

 

 

the continuing viability of sectors that rely on our products;

 

 

the effects of business and economic conditions;

 

 

the impact of public health crises (such as the ongoing governmental, social and economic effects and ultimate impact of COVID-19);

 

 

the effects of rising input costs, and cost changes generally, including the potential impact and effects of inflationary pressures;

 

 

difficulties associated with integrating previously acquired companies;

 

 

capacity and supply constraints or difficulties, including supply chain constraints or other challenges;

 

 

difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages;

 

 

risks associated with our international operations, including our substantial manufacturing operations in China;

 

 

risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings;

 

 

product development, commercialization or technological difficulties;

 

 

the regulatory and trade environment;

 

 

risks associated with fluctuations in foreign currency exchange rates and interest rates;

 

 

uncertainties associated with legal proceedings;

 

 

the market's acceptance of the Company's new products and competitive responses to those new products; and

 

 

the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies.

 

The foregoing list sets forth some, but not all, of the factors that could affect our ability to achieve results described in any Forward-Looking Statements, which speak only as of the date of this Quarterly Report on Form 10-Q or the date of the document incorporated by reference into this report. Except as required by law, we assume no obligation and expressly disclaim any duty to publicly release the results of any revisions to these Forward-Looking Statements or otherwise update any Forward-Looking Statement to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect the occurrence of unanticipated events. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any Forward-Looking Statements contained in this Quarterly Report on Form 10-Q. Any Forward-Looking Statement made by the Company is based only on information currently available to us and speaks only as of the date on which it is made. All Forward-Looking Statements are expressly qualified in their entirety by the cautionary statements contained in this section.

 

 

 

 

PART I.  Financial Information

 

Item 1.  Financial Statements (Unaudited)

 

BEL FUSE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)

 

 

  

September 30,

  

December 31,

 
  

2023

  

2022

 

ASSETS

        

Current Assets:

        

Cash and cash equivalents

 $100,225  $70,266 

Accounts receivable, net of allowance of $1,233 and $1,552, respectively

  94,265   107,274 

Inventories

  139,997   172,465 

Unbilled receivables

  16,654   18,244 

Assets held for sale

  -   1,466 

Other current assets

  11,875   11,693 

Total current assets

  363,016   381,408 
         

Property, plant and equipment, net

  38,193   36,833 

Right-of-use assets

  21,660   21,551 

Related party note receivable

  1,905   - 

Equity method investment

  9,978   - 

Intangible assets, net

  50,662   54,111 

Goodwill

  25,463   25,099 

Deferred income taxes

  11,936   7,281 

Other assets

  36,255   34,183 

Total assets

 $559,068  $560,466 
         

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Current Liabilities:

        

Accounts payable

 $43,984  $64,589 

Accrued expenses

  55,256   50,873 

Operating lease liabilities, current

  6,190   5,870 

Other current liabilities

  12,252   14,972 

Total current liabilities

  117,682   136,304 
         

Long-term Liabilities:

        

Long-term debt

  60,000   95,000 

Operating lease liabilities, long-term

  15,551   15,742 

Liability for uncertain tax positions

  19,608   24,798 

Minimum pension obligation and unfunded pension liability

  18,903   18,522 

Deferred income taxes

  973   1,257 

Other liabilities

  4,940   6,497 

Total liabilities

  237,657   298,120 
         

Commitments and contingencies (see Note 15)

          
         

Stockholders' Equity:

        

Preferred stock, no par value, 1,000,000 shares authorized; none issued

  -   - 

Class A common stock, par value $.10 per share, 10,000,000 shares authorized; 2,141,589 shares outstanding at each date (net of 1,072,769 restricted treasury shares)

  214   214 

Class B common stock, par value $.10 per share, 30,000,000 shares authorized; 10,630,760 and 10,642,760 shares outstanding at September 30, 2023 and December 31, 2022, respectively (net of 3,218,307 restricted treasury shares)

  1,063   1,067 

Treasury stock (unrestricted, consisting of 3,323 Class A shares and 17,342 Class B shares)

  (349)  (349)

Additional paid-in capital

  43,488   40,772 

Retained earnings

  296,365   237,188 

Accumulated other comprehensive loss

  (19,370)  (16,546)

Total stockholders' equity

  321,411   262,346 

Total liabilities and stockholders' equity

 $559,068  $560,466 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

BEL FUSE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 
                                 

Net sales

  $ 158,682     $ 177,739     $ 499,803     $ 485,030  

Cost of sales

    103,217       126,205       335,137       354,084  

Gross profit

    55,465       51,534       164,666       130,946  
                                 

Research and development costs

    5,292       4,877       16,521       14,381  

Selling, general and administrative expenses

    23,717       22,223       74,149       67,216  

Restructuring charges

    2,091       3,969       6,306       4,000  

Gains on sale of properties

    (147 )     (1,596 )     (3,819 )     (1,596 )

Income from operations

    24,512       22,061       71,509       46,945  
                                 

Gain on sale of Czech Republic business

    (135 )     -       980       -  

Interest expense

    (512 )     (944 )     (2,402 )     (2,411 )

Other expense, net

    (96 )     (429 )     (286 )     (2,926 )

Earnings before provision for income taxes

    23,769       20,688       69,801       41,608  
                                 

Provision for income taxes

    4,321       4,140       8,006       2,959  

Net earnings available to common stockholders

  $ 19,448     $ 16,548     $ 61,795     $ 38,649  
                                 
                                 

Net earnings per common share:

                               

Class A common share - basic and diluted

  $ 1.46     $ 1.27     $ 4.63     $ 2.95  

Class B common share - basic and diluted

  $ 1.54     $ 1.34     $ 4.88     $ 3.12  
                                 

Weighted-average number of shares outstanding:

                               

Class A common share - basic and diluted

    2,142       2,142       2,142       2,144  

Class B common share - basic and diluted

    10,636       10,340       10,636       10,358  

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

 

BEL FUSE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2023

  

2022

  

2023

  

2022

 
                 

Net earnings available to common stockholders

 $19,448  $16,548  $61,795  $38,649 
                 

Other comprehensive income (loss):

                

Currency translation adjustment, net of taxes of ($13), ($40), ($109) and ($83), respectively

  (2,624)  (8,372)  (2,857)  (16,352)

Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of $0 in all periods presented

  96   2,070   (9)  6,061 

Unrealized holding (losses) gains on marketable securities, net of taxes of $0 in all periods presented

  -   (1)  1   (11)

Change in unfunded SERP liability, net of taxes of ($4), ($18), ($12) and ($52), respectively

  14   61   41   182 

Other comprehensive loss

  (2,514)  (6,242)  (2,824)  (10,120)
                 

Comprehensive income

 $16,934  $10,306  $58,971  $28,529 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

BEL FUSE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(in thousands, except per share data)

 (unaudited)

 

          

Accumulated

                 
          

Other

  

Class A

  

Class B

      

Additional

 
      

Retained

  

Comprehensive

  

Common

  

Common

  

Treasury

  

Paid-In

 
  

Total

  

Earnings

  

(Loss) Income

  

Stock

  

Stock

  

Stock

  

Capital

 
                             

Balance at December 31, 2022

 $262,346  $237,188  $(16,546) $214  $1,067  $(349) $40,772 

Net earnings

  14,572   14,572   -   -   -   -   - 

Dividends declared:

                            

Class A Common Stock, $0.06/share

  (128)  (128)  -   -   -   -   - 

Class B Common Stock, $0.07/share

  (747)  (747)  -   -   -   -   - 

Forfeiture of restricted common stock

  -   -   -   -   (1)  -   1 

Foreign currency translation adjustment, net of taxes of $9

  1,998   -   1,998   -   -   -   - 

Unrealized losses on interest rate swap cash flow hedge, net of taxes of $0

  (894)  -   (894)  -   -   -   - 

Unrealized holding gains on marketable securities, net of taxes of $0

  1   -   1   -   -   -   - 

Stock-based compensation expense

  902   -   -   -   -   -   902 

Change in unfunded SERP liability, net of taxes of ($4)

  13   -   13   -   -   -   - 

Balance at March 31, 2023

  278,063   250,885   (15,428)  214   1,066   (349)  41,675 
                             

Net earnings

  27,775   27,775   -   -   -   -   - 

Dividends declared:

                            

Class A Common Stock, $0.06/share

  (128)  (128)  -   -   -   -   - 

Class B Common Stock, $0.07/share

  (742)  (742)  -   -   -   -   - 

Issuance of restricted common stock

  -   -   -   -   1   -   (1)

Forfeiture of restricted common stock

  -   -   -   -   (3)  -   3 

Foreign currency translation adjustment, net of taxes of ($105)

  (2,231)  -   (2,231)  -   -   -   - 

Unrealized gains on interest rate swap cash flow hedge

  789   -   789   -   -   -   - 

Stock-based compensation expense

  950   -   -   -   -   -   950 

Change in unfunded SERP liability, net of taxes of ($4)

  14   -   14   -   -   -   - 

Balance at June 30, 2023

  304,490   277,790   (16,856)  214   1,064   (349)  42,627 
                             

Net earnings

  19,448   19,448   -   -   -   -   - 

Dividends declared:

                            

Class A Common Stock, $0.06/share

  (128)  (128)  -   -   -   -   - 

Class B Common Stock, $0.07/share

  (745)  (745)  -   -   -   -   - 

Forfeiture of restricted common stock

  -   -   -   -   (1)  -   1 

Foreign currency translation adjustment, net of taxes of ($13)

  (2,624)  -   (2,624)  -   -   -   - 

Unrealized gains on interest rate swap cash flow hedge

  96   -   96   -   -   -   - 

Stock-based compensation expense

  860   -   -   -   -   -   860 

Change in unfunded SERP liability, net of taxes of ($4)

  14   -   14   -   -   -   - 

Balance at September 30, 2023

 $321,411  $296,365  $(19,370) $214  $1,063  $(349) $43,488 

 

 

          

Accumulated

                 
          

Other

  

Class A

  

Class B

      

Additional

 
      

Retained

  

Comprehensive

  

Common

  

Common

  

Treasury

  

Paid-In

 
  

Total

  

Earnings

  

(Loss) Income

  

Stock

  

Stock

  

Stock

  

Capital

 
                             

Balance at December 31, 2021

 $208,743  $187,935  $(18,863) $214  $1,038   -  $38,419 

Net earnings

  5,064   5,064   -   -   -   -   - 

Dividends declared:

                            

Class A Common Stock, $0.06/share

  (129)  (129)  -   -   -   -   - 

Class B Common Stock, $0.07/share

  (727)  (727)  -   -   -   -   - 

Forfeiture of restricted common stock

  -   -   -   -   (1)  -   1 

Foreign currency translation adjustment, net of taxes of ($12)

  (1,216)  -   (1,216)  -   -   -   - 

Unrealized gains on interest rate swap cash flow hedge

  2,984   -   2,984   -   -   -   - 

Stock-based compensation expense

  576   -   -   -   -   -   576 

Change in unfunded SERP liability, net of taxes of ($17)

  61   -   61   -   -   -   - 

Balance at March 31, 2022

  215,356   192,143   (17,034)  214   1,037   -   38,996 
                             

Net earnings

  17,038   17,038   -   -   -   -   - 

Dividends declared:

                            

Class A Common Stock, $0.06/share

  (129)  (129)  -   -   -   -   - 

Class B Common Stock, $0.07/share

  (726)  (726)  -   -   -   -   - 

Forfeiture of restricted common stock

  -   -   -   -   (1)  -   1 

Repurchase of treasury stock

  (349)  -   -   -   -   (349)   

Foreign currency translation adjustment, net of taxes of ($31)

  (6,764)  -   (6,764)  -   -   -   - 

Unrealized gains on interest rate swap cash flow hedge

  1,008   -   1,008   -   -   -   - 

Unrealized holding losses on marketable securities, net of taxes of $0

  (12)  -   (12)  -   -   -   - 

Stock-based compensation expense

  512   -   -   -   -   -   512 

Change in unfunded SERP liability, net of taxes of ($17)

  61   -   61   -   -   -   - 

Balance at June 30, 2022

  225,995   208,326   (22,741)  214   1,036   (349)  39,509 
                             

Net earnings

  16,548   16,548   -   -   -   -   - 

Dividends declared:

                            

Class A Common Stock, $0.06/share

  (128)  (128)  -   -   -   -   - 

Class B Common Stock, $0.07/share

  (724)  (724)  -   -   -   -   - 

Forfeiture of restricted common stock

  -   -   -   -   (2)  -   2 

Foreign currency translation adjustment, net of taxes of ($40)

  (8,372)  -   (8,372)  -   -   -   - 

Unrealized gains on interest rate swap cash flow hedge

  2,070   -   2,070   -   -   -   - 

Unrealized holding losses on marketable securities

  (1)  -   (1)  -   -   -   - 

Stock-based compensation expense

  584   -   -   -   -   -   584 

Change in unfunded SERP liability, net of taxes of ($18)

  61   -   61   -   -   -   - 

Balance at September 30, 2022

 $236,033  $224,022  $(28,983) $214  $1,034  $(349) $40,095 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

BEL FUSE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

  

Nine Months Ended

 
  

September 30,

 
  

2023

  

2022

 
         

Cash flows from operating activities:

        

Net earnings

 $61,795  $38,649 

Adjustments to reconcile net earnings to net cash provided by operating activities:

        

Depreciation and amortization

  9,962   11,604 

Stock-based compensation

  2,712   1,672 

Amortization of deferred financing costs

  33   34 

Deferred tax benefit

  (4,894)  (5,113)

Net unrealized losses (gains) on foreign currency revaluation

  130   (494)

Gains on sale of properties

  (3,819)  (1,596)

Gain on sale of Czech Republic business

  (980)  - 

Other, net

  (495)  360 

Changes in operating assets and liabilities:

        

Accounts receivable, net

  11,931   (17,851)

Unbilled receivables

  1,590   (317)

Inventories

  29,313   (32,574)

Accounts payable

  (18,674)  4,884 

Accrued expenses

  4,536   6,678 

Accrued restructuring costs

  (148)  3,628 

Income taxes payable

  2,008   6,380 

Other operating assets/liabilities, net

  (13,575)  8,125 

Net cash provided by operating activities

  81,425   24,069 
         

Cash flows from investing activities:

        

Purchases of property, plant and equipment

  (9,659)  (5,612)

Payment for equity method investment

  (9,975)  - 
Investment in related-party notes receivable  (1,905)  - 

Proceeds from sale of property, plant and equipment

  5,403   1,833 

Proceeds from sale of Czech Republic business

  5,063   - 

Net cash used in investing activities

  (11,073)  (3,779)
         

Cash flows from financing activities:

        

Dividends paid to common stockholders

  (2,490)  (2,470)

Repayments under revolving credit line

  (40,000)  (2,500)

Borrowings under revolving credit line

  5,000   - 

Purchase of treasury stock

  -   (349)

Net cash used in financing activities

  (37,490)  (5,319)
         

Effect of exchange rate changes on cash and cash equivalents

  (2,903)  (5,832)
         

Net increase in cash and cash equivalents

  29,959   9,139 

Cash and cash equivalents - beginning of period

  70,266   61,756 

Cash and cash equivalents - end of period

 $100,225  $70,895 
         
         

Supplementary information:

        

Cash paid during the period for:

        

Income taxes, net of refunds received

 $18,148  $7,496 

Interest payments

 $3,738  $2,129 

ROU assets obtained in exchange for lease obligations

 $5,887  $6,111 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

BEL FUSE INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

1.

BASIS OF PRESENTATION AND ACCOUNTING POLICIES

 

The condensed consolidated balance sheets and statements of operations, comprehensive income, stockholders’ equity and cash flows for the periods presented herein have been prepared by the Company and are unaudited. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows for all periods presented have been made.  The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year.  These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Bel Fuse Annual Report on Form 10-K for the fiscal year ended  December 31, 2022.

 

Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted from these condensed consolidated financial statements pursuant to the rules and regulations, including the interim reporting requirements, of the U.S. Securities and Exchange Commission (“SEC”).  The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates.

 

The Company’s significant accounting policies are summarized in Note 1 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.  There were no significant changes to these accounting policies during the nine months ended September 30, 2023, except as discussed in “Recently Adopted Accounting Standards” below and as follows:

 

Investments

 

We account for non-marketable investments using the equity method of accounting if the investment gives us the ability to exercise significant influence over, but not control, of an investee. Significant influence generally exists if we have an ownership interest representing between 20% and 50% of the voting stock of the investee. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions.

 

Equity in earnings of unconsolidated affiliates, in the consolidated statements of operations, reflects our proportionate share of the investee's net income, including any associated affiliate taxes. Our proportionate share of the investee’s other comprehensive income (loss), net of income taxes, is recorded in the consolidated statements of stockholders’ equity and consolidated statements of comprehensive income. In general, the equity investment in our unconsolidated affiliates is equal to our original equity investment plus our share of those entities' undistributed earnings subsequent to our investment .

 

We evaluate our equity method investments for impairment at least annually or whenever events or changes in circumstances indicate, in management’s judgment, that the carrying value of an investment may have experienced an other-than-temporary decline in value. When evidence of loss in value has occurred, management compares the estimated fair value of the investment to the carrying value of the investment to determine whether an impairment has occurred. If the estimated fair value is less than the carrying value and management considers the decline in value to be other than temporary, the excess of the carrying value over the estimated fair value is recognized in the financial statements as an impairment. See Note 2, "Investment in Innolectric", below, for our discussion on specific equity method investments.

 

Where we are unable to exercise significant influence over the investee, or when our investment balance is reduced to zero from our proportionate share of losses, the investments are accounted for under the cost method. Under the cost method, investments are carried at cost and adjusted only for other-than-temporary declines in fair value, distributions of earnings, additional investments, or in the case of an observable price change in an orderly transaction for an identical security.

 

All amounts included in the tables to these notes to condensed consolidated financial statements, except per share amounts, are in thousands.

 

Recently Adopted Accounting Standards

 

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides temporary optional guidance on contract modifications and hedging accounting to ease the financial reporting burdens of the market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, which refined the scope of Topic 848 and clarified some of its guidance as part of the FASB’s monitoring of global reference rate activities. This updated guidance was effective upon issuance, and the Company was initially allowed to elect to apply the amendments prospectively through December 31, 2022.  In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848, which extended the date by which companies could elect to apply the amendments to December 31, 2024. During January 2023, the Company amended its credit agreement and related interest rate swap agreements to transition the reference rate from LIBOR to a Secured Overnight Financing Rate ("SOFR") effective January 31, 2023. In connection with these amendments, the Company adopted ASU 2020-04 in the first quarter of 2023 and elected to apply the relevant practical expedients within the guidance. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

 

7

  

In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), as amended.  The new guidance broadens the information that an entity must consider in developing its expected credit loss estimates related to its financial instruments and adds to U.S. GAAP an impairment model that is based on expected losses rather than incurred losses.  On January 1, 2023, the Company adopted ASU 2016-13. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

 

2.

INVESTMENT IN INNOLECTRIC

 

On February 1, 2023, the Company closed on a noncontrolling (one-third) investment in Germany-based innolectric AG (“innolectric”) for consideration of €8.0 million (approximately $8.8 million as of the February 2023 closing). Transaction costs associated with the Company's investment in innolectric amounted to $1.3 million and these costs have been recorded as part of the carrying value of the investment. Under the terms of the investment agreement, if innolectric achieves certain EBITDA thresholds within a specified timeframe, the Company would be committed to acquiring the remaining shares of innolectric at that time. The accompanying condensed consolidated balance sheet reflects the fair value as of the February 2023 closing of the initial one-third equity method investment, inclusive of transaction costs, of $11.0 million, and an other liability of $1.0 million associated with the net fair value of the put and call options related to the remaining shares pursuant to the agreement in the event certain profitability thresholds are met.

 

This passive investment creates a strategic alliance that is focused on Electric Vehicles (“EV”) on-board power electronics, and in particular next generation fast-charging technology. With no product overlap, this relationship expands the Bel eMobility Power portfolio, further enhancing Bel's competitive position in this emerging field. Our investment in innolectric is accounted for using the equity method and we have determined that the innolectric investment is not a variable interest entity (VIE). Results from this investment have been included in Bel's Power Solution and Protection segment and amounted to losses of $0.3 million and $0.7 million during the three and nine months ended September 30, 2023, respectively. The Company adopted a policy to record its share of innolectric's results on a one-month lag on a consistent basis to allow time for innolectric to provide its financial statements to Bel.

 

Related Party Transactions

 

From time to time, the Company provides cash loans to innolectric to fund working capital needs and further business development. During the first nine months of 2023, the Company provided loans to innolectric in the aggregate amount of €1.8 million (approximately $1.9 million at the September 30, 2023 exchange rate). These loans bear interest at a rate of 5% per annum. This balance is shown as a related-party note receivable on the accompanying condensed consolidated balance sheet at September 30, 2023.

  

 

3.

DIVESTITURE OF SUBSIDIARY

 

On June 1, 2023, the Company completed its divestment of Bel Stewart s.r.o., a former subsidiary in the Czech Republic which has historically been reported within Bel’s Connectivity Solutions segment. The business was sold to PEI Genesis (“PEI”) for total consideration of $5.1 million, subject to working capital adjustments. The divestment of this non-core business was a strategic decision which allows the Connectivity Solutions segment to focus on its main product categories serving customer end markets such as commercial air, defense, industrial and networking which better align with its long-term growth objectives.

 

The carrying amounts of the major classes of assets and liabilities included as part of the sale were as follows:

 

  

Total

 

Cash and cash equivalents

 $2,072 

Accounts receivable

  1,030 

Inventories

  1,310 

Property, plant and equipment

  326 

Other assets

  48 

Accounts payable

  (441)

Accrued expenses

  (126)

Income taxes payable

  (100)

Other current liabilities

  (13)

Other long-term liabilities

  (23)

Total net assets transferred

  4,083 

Consideration received

  5,063 

Gain on sale recognized

 $980 

 

  

 

4.

REVENUE

 

The following table provides information about disaggregated revenue by geographic region and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments:

 

  

Three Months Ended

September 30, 2023

  

Nine Months Ended

September 30, 2023

 
  

Power Solutions and Protection

  

Connectivity Solutions

  

Magnetic Solutions

  

Consolidated

  

Power Solutions and Protection

</