Components | May 01, 2012
Bel Reports 8.2% lower sales
Sales for the first quarter of 2012 decreased 8.2% to $65.6 million compared to $71.4 million for the first quarter of 2011. GAAP net earnings for the first quarter of 2012 were $876,000.
Daniel Bernstein, Bel's President and CEO, said: "Bel's first quarter operating profit of $1.4 million was a sequential improvement compared to the $1.1 million reported for the fourth quarter of 2011, but was below the $4.2 million reported for last year's first quarter as margins in our traditional connector, magnetic and circuit protection businesses continued to be affected by lower volume and higher material and labor costs while pricing has not kept pace. "We are encouraged by the solid performance turned in by Cinch Connectors in the first quarter, driven by strength in its commercial aerospace business in the U.S. and its military business in Europe. In March we completed the acquisition of GigaCom Interconnect AB, Gothenburg, Sweden, a supplier of expanded beam fiber optic technology and a participant in the development of next-generation commercial aircraft standards, which has become part of Cinch. GigaCom's offering of expanded beam fiber optic products, which are replacing traditional copper-based components due to their superior performance, reliability and lighter weight, should enhance Cinch's position in the growing aerospace market. First Quarter Results For the three months ended March 31, 2012, net sales decreased to $65,561,000 compared to $71,403,000 for the first quarter of 2011. Cost of sales increased to 84.1% of sales for the first quarter of 2012, compared to 80.0% of sales for the first quarter of 2011, primarily due to lower volumes and higher material and labor costs in Bel's connector, magnetic and circuit protection businesses. Operating income for the first quarter of 2012 was $1,434,000, compared to $4,214,000 for the first quarter of 2011. Excluding a restructuring charge, severance and reorganization costs, loss on disposal of property, plant and equipment, and acquisition and other related costs detailed in the table reconciling GAAP to non-GAAP financial measures attached to this release, non-GAAP operating income was $1,870,000 for the first quarter of 2012, compared to $4,349,000 for the first quarter of 2011.
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