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Bel Fuse Inc designs and manufactures electronic components that protect and connect electronic circuits. Its product portfolio is divided into three categories: magnetic solutions, power solutions & protection, and connectivity solutions. These products are used for the computer, networking, telecommunications, transportation and defense/aerospace, automotive, medical, and consumer electronics industries. Its geographical segments are the United States, Macao, United Kingdom, Slovakia, Germany, Switzerland, and All other foreign countries. Majority of the revenue is derived from United States.
Founded in 1949, Bel has over 60 years of experience in the electronics industry. The company has a strong track record of technical innovation, working with market leaders in various industries. Bel has proven to be a valuable supplier by developing cost-effective solutions for new product development challenges. By combining strong product design with specially-designed manufacturing facilities, Bel is a global competitor in electronic components.
Bel Fuse Inc. (Nasdaq: BELFA, BELFB) will present at the Midwest IDEAS Investor Conference on August 25, 2022, at 8 AM Central Time in Chicago, IL. CFO Farouq Tuweiq and Director of Financial Reporting Lynn Hutkin will lead the presentation, which will be available for webcasting on the conference's website and Bel's investor relations page. The IDEAS Conference aims to provide a platform for companies to showcase their investment potential to a select audience of professionals.
BEL FUSE INC. (NASDAQ:BELFA, BELFB) has declared quarterly cash dividends of $0.06 per share for Class A and $0.07 for Class B common shares. These dividends are payable on November 1, 2022 to shareholders recorded by October 14, 2022. With approximately 12.5 million common shares outstanding, including 2.14 million Class A and 10.34 million Class B shares, this announcement reflects the company's commitment to returning value to its shareholders.
Bel Fuse Inc. (Nasdaq: BELFA, BELFB) announced the retirement of Vice President of Asia Operations Raymond Cheung and Operations Director YK Tso, effective January 1, 2023, after decades of service. Kenneth Lai will succeed Cheung, bringing expertise in Lean methodology and operational improvement from his previous roles, including General Manager at Bel's facility in Gongming, China. CEO Daniel Bernstein expressed gratitude for Cheung and Tso's contributions and emphasized a smooth transition to strengthen future growth objectives.
Bel Fuse Inc. reported strong preliminary financial results for Q2 2022, with net sales of $170.6 million, a 22.9% increase from Q2 2021. The gross profit margin rose to 26.6% from 24.7% year-over-year, while net earnings surged to $17.0 million vs. $7.9 million in Q2 2021. Adjusted EBITDA reached $19.1 million, reflecting a 65% increase. Record bookings of $226 million led to a backlog of $580 million, up 24% from the previous year-end.
The company remains optimistic about future growth, focusing on higher-margin revenue and operational efficiencies.
Bel Fuse Inc. (Nasdaq: BELFA, BELFB) will release its preliminary financial results for Q2 2022 on July 27, 2022, after market close. An earnings conference call is scheduled for July 28, 2022, at 8:30 a.m. ET, with dial-in options available. A replay will be accessible post-call for 20 days. Bel specializes in electronic products that power, protect, and connect circuits, serving various industries, including telecommunications and military. For more information, visit www.belfuse.com.
Bel Fuse Inc (Nasdaq: BELFA, BELFB) announced participation in three upcoming investor conferences in June. CFO Farouq Tuweiq and Director of Financial Reporting Lynn Hutkin will present at the Cowen 50th Annual Technology, Media and Telecom Conference on June 1 at 3:20 PM ET, the Stifel 2022 Cross Sector Insight Conference on June 8 at 1:50 PM ET, and the East Coast IDEAS Conference virtually on June 22 at 6:00 AM ET. The investor presentation will be available on Bel's investor relations webpage.
BEL FUSE INC. (NASDAQ:BELFA, BELFB) announced a clarification regarding its dividend declaration dated May 4, 2022. The cash dividends for Class A and Class B shares were reaffirmed at $0.06 and $0.07 per share, respectively. The payment date is set for August 1, 2022, with a record date of July 15, 2022. The company has approximately 12.5 million shares outstanding, with 2.1 million Class A shares and 10.4 million Class B shares.
Bel Fuse Inc. (NASDAQ:BELFA, BELFB) has declared quarterly cash dividends of $0.06 for Class A shares and $0.07 for Class B shares. These dividends are payable on July 15, 2022, to shareholders on record by August 1, 2022. The company has approximately 12.5 million common shares outstanding, including 2.145 million Class A and 10.373 million Class B shares. Bel specializes in designing and manufacturing products for various sectors, including telecommunications, automotive, and consumer electronics.
Bel Fuse reported strong preliminary financial results for Q1 2022, with net sales of $136.7 million, a 23.6% increase year-over-year. The company achieved a gross profit margin of 25.0%, up from 21.9% in Q1 2021, and net earnings increased to $5.1 million from $3.2 million in Q1 2021. Adjusted EBITDA surged to $11.6 million, reflecting a 3.7x increase. A backlog of orders reached $525 million, marking a 12% rise since December 2021. Overall, all business units showed robust performance amidst strong demand and strategic pricing initiatives.
Bel Fuse Inc. (Nasdaq: BELFA, BELFB) has appointed Sabine Mühlberger as the new EMEA Sales Director, based in Germany. Mühlberger brings over eight years of experience from Molex, where she held significant roles, including Distribution Manager for the DACH region. CEO Daniel Bernstein expressed confidence in her leadership abilities to enhance Bel's presence in the European market. Mühlberger aims to leverage Bel's diverse portfolio to expand market share. The company thanks Paul Ochmann for his long-term contributions as he transitions into retirement.
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