$BELFA
BEL FUSE INC /NJ

2020 Q1 Form 10-Q Financial Statement

#000143774920010042 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $104.0M $125.4M
YoY Change -17.08% 5.99%
Cost Of Revenue $78.22M $94.65M
YoY Change -17.35% -2.53%
Gross Profit $25.76M $30.74M
YoY Change -16.22% 45.71%
Gross Profit Margin 24.77% 24.52%
Selling, General & Admin $20.69M $19.23M
YoY Change 7.62% -7.13%
% of Gross Profit 80.32% 62.53%
Research & Development $6.059M $7.184M
YoY Change -15.66%
% of Gross Profit 23.52% 23.37%
Depreciation & Amortization $4.126M $4.110M
YoY Change 0.39% -14.02%
% of Gross Profit 16.02% 13.37%
Operating Expenses $26.75M $26.41M
YoY Change 1.29% 27.58%
Operating Profit -$1.119M $3.389M
YoY Change -133.02% 747.25%
Interest Expense $1.351M $1.440M
YoY Change -6.18% -220.0%
% of Operating Profit 42.49%
Other Income/Expense, Net -$2.106M -$800.0K
YoY Change 163.25% 300.0%
Pretax Income -$4.576M $1.170M
YoY Change -491.11% -217.0%
Income Tax -$772.0K $39.00K
% Of Pretax Income 3.33%
Net Earnings -$3.804M $1.131M
YoY Change -436.34% -186.8%
Net Earnings / Revenue -3.66% 0.9%
Basic Earnings Per Share
Diluted Earnings Per Share -$308.9K $89.43K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.40M $43.20M
YoY Change 58.33% -35.43%
Cash & Equivalents $68.43M $43.19M
Short-Term Investments
Other Short-Term Assets $9.494M $10.80M
YoY Change -12.09% 8.0%
Inventory $104.3M $124.8M
Prepaid Expenses
Receivables $69.07M $104.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $264.9M $283.3M
YoY Change -6.49% 4.93%
LONG-TERM ASSETS
Property, Plant & Equipment $40.86M $60.90M
YoY Change -32.9% 40.65%
Goodwill $22.22M
YoY Change
Intangibles $70.22M
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.49M $28.80M
YoY Change -11.48% -13.77%
Total Long-Term Assets $180.7M $170.9M
YoY Change 5.76% 3.33%
TOTAL ASSETS
Total Short-Term Assets $264.9M $283.3M
Total Long-Term Assets $180.7M $170.9M
Total Assets $445.6M $454.2M
YoY Change -1.88% 4.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.80M $48.10M
YoY Change -19.33% -0.21%
Accrued Expenses $24.10M $33.50M
YoY Change -28.05% 22.26%
Deferred Revenue $917.0K $1.036M
YoY Change -11.49%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $817.0K $3.400M
YoY Change -75.97% 30.77%
Total Short-Term Liabilities $76.96M $90.70M
YoY Change -15.15% 5.59%
LONG-TERM LIABILITIES
Long-Term Debt $134.3M $111.0M
YoY Change 20.95% -7.04%
Other Long-Term Liabilities $11.43M $73.20M
YoY Change -84.39% 14.02%
Total Long-Term Liabilities $145.7M $184.2M
YoY Change -20.91% 0.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $76.96M $90.70M
Total Long-Term Liabilities $145.7M $184.2M
Total Liabilities $283.8M $276.1M
YoY Change 2.79% 1.81%
SHAREHOLDERS EQUITY
Retained Earnings $152.4M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $161.8M $178.2M
YoY Change
Total Liabilities & Shareholders Equity $445.6M $454.2M
YoY Change -1.88% 4.32%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$3.804M $1.131M
YoY Change -436.34% -186.8%
Depreciation, Depletion And Amortization $4.126M $4.110M
YoY Change 0.39% -14.02%
Cash From Operating Activities $8.058M -$6.257M
YoY Change -228.78% -1996.06%
INVESTING ACTIVITIES
Capital Expenditures $1.832M $2.437M
YoY Change -24.83% -209.77%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.830M -$2.435M
YoY Change -24.85% 12.21%
FINANCING ACTIVITIES
Cash Dividend Paid $806.0K $800.0K
YoY Change 0.75%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $8.179M $744.0K
YoY Change 999.33%
Cash From Financing Activities -$9.585M -1.544M
YoY Change 520.79% -1.66%
NET CHANGE
Cash From Operating Activities $8.058M -6.257M
Cash From Investing Activities -$1.830M -2.435M
Cash From Financing Activities -$9.585M -1.544M
Net Change In Cash -$3.858M -10.72M
YoY Change -64.01% 214.37%
FREE CASH FLOW
Cash From Operating Activities $8.058M -$6.257M
Capital Expenditures $1.832M $2.437M
Free Cash Flow $6.226M -$8.694M
YoY Change -171.61% -440.94%

Facts In Submission

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CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7095000
CY2020Q1 us-gaap Other Assets Current
OtherAssetsCurrent
9494000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
11206000
CY2020Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
25493000
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
17000
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2179000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
577000
CY2020Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6832000
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6265000
CY2020Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
11425000
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
10510000
CY2020Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
215000
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-950000
CY2020Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
806000
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
800000
CY2020Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
600000
CY2019Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1832000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2437000
CY2020Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
21745000
CY2019Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
21545000
CY2020Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2019Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Reclassifications</div> -&nbsp;During the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the Company changed its financial statement presentation of research and development costs.&nbsp; These costs were previously included within cost of sales and were a factor in arriving at gross profit.&nbsp;&nbsp;Research and development costs in the amount of <div style="display: inline; font-style: italic; font: inherit;">$7.2</div> million have been reclassified from cost of sales to a separate line item below gross profit in the accompanying condensed consolidated statement&nbsp;of operations for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2019.&nbsp; </div>Also during the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the Company changed its financial statement presentation related to gain/loss on foreign currency exchange.&nbsp; These gains/losses were previously included within selling, general and administrative expense.&nbsp; Losses on foreign currency exchange in the amount of <div style="display: inline; font-style: italic; font: inherit;">$0.6</div> million have been reclassified from selling, general and administrative expense and are now included within other income/expense, net&nbsp;on the accompanying condensed consolidated statement&nbsp;of operations for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2019. </div>These changes in&nbsp;presentation are&nbsp;consistent with that of our peers.&nbsp; The Company also implemented a change to its reportable segments during the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2019.</div>&nbsp; In the past, its reportable operating segments were geographic in nature: North America, Europe and Asia.&nbsp; In connection with the Company's migration to its new ERP system and with the acquisition of CUI, management is now assessing the business on a product group basis, and making decisions based on the profitability of <div style="display: inline; font-style: italic; font: inherit;">three</div> product segments, Cinch Connectivity Solutions, Power Solutions and Protection and Magnetic Solutions, in addition to a Corporate segment.&nbsp; The segment disclosures in Note <div style="display: inline; font-style: italic; font: inherit;">14</div> for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2019 </div>have been recast to reflect the new reportable operating segments.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">All amounts included in the tables to these notes to condensed consolidated financial statements, except per share amounts, are in thousands.</div></div></div></div></div></div></div></div></div>
CY2020Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
CY2019Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
10000000
CY2020Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2000
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2000
CY2020Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1537000
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1576000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
167065000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
168377000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
40861000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
41943000
CY2020Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
CY2019Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
10000000
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8179000
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
744000
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6059000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7184000
CY2020Q1 us-gaap Restructuring Charges
RestructuringCharges
128000
CY2020Q1 us-gaap Restructuring Costs
RestructuringCosts
128000
CY2019Q1 us-gaap Restructuring Costs
RestructuringCosts
946000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
44000
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
44000
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
152420000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
157063000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
103978000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
125389000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
16700000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.77
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.2
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19225000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
603000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
813000
CY2020Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22062000
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
161832000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
168051000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
176470000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
178153000
CY2020Q1 us-gaap Undistributed Earnings
UndistributedEarnings
-4643000
CY2019Q1 us-gaap Undistributed Earnings
UndistributedEarnings
293000
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
29100000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
29100000
CY2020Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
5100000
CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
4900000
CY2020Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
200000
CY2019Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
200000

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