News Wire

Bel Posts Q4

JERSEY CITY, N.J. — Bel Fuse Inc. (NASDAQ:BELFA) (NASDAQ:BELFB) today announced preliminary unaudited financial results for the fourth quarter and 2010.

For the quarter, the Company reported that net sales increased 72% to a fourth quarter record $83.7 million. The net loss for the fourth quarter of $1.0 million included an $8.1 million charge for litigation. For 2010, net sales increased 66% to a record $302.5 million and net earnings increased to $13.6 million ($1.10 per diluted Class A share and $1.18 per diluted Class B share) compared to a net loss of $8.3 million ($0.71 per Class A share and $0.72 per Class B share) for 2009.

“We are pleased with the Company's strong top and bottom line performance for the fourth quarter and 2010, which reflected solid demand for all of Bel's product groups and strong results at Cinch Connectors. The increase in sales raised margins, as a percentage of sales, and we achieved efficiency gains at our plants in China. Our hiring program in China was completed in the fourth quarter, which also helped drive lead times down to traditional levels by year end,” said Daniel Bernstein, Bel's President and CEO.

As previously announced, the Company incurred an $8.1 million charge for litigation in the fourth quarter in connection with the SynQor v. Artesyn Technologies, Inc., et al. patent infringement litigation. “Bel will appeal this verdict,” Bernstein said.

{complink 9266|Bel Fuse Inc.}

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