JERSEY CITY, NJ — (Marketwired) — 03/10/16 — . (“Bel,” or, “the Company”) (NASDAQ: BELFA) (NASDAQ: BELFB) today announced revised financial results for the fourth quarter and full year 2015, reflecting greater net earnings and net earnings per share (“EPS”) than previously reported when the Company announced preliminary financial results on February 18, 2016.
The Company revised its fourth quarter 2015 net earnings by $0.5 million to $2.9 million from $2.4 million and EPS per Class A shares by $0.04 to $0.23 from previously reported $0.19 and EPS per Class B share to $0.25 from previously reported $0.21. The Company revised its full year 2015 net earnings by $0.5 million to $19.2 million from $18.7 million and EPS per Class A share by $0.04 to $1.53 from previously reported $1.49 and per Class B share by $0.05 to $1.64 from previously reported $1.59.
The Company–s previously announced preliminary financial results for the fourth quarter and full year 2015 have been revised to include certain adjustments recorded during the completion of the review of its consolidated financial statements. These adjustments resulted in changes to the Company–s condensed consolidated balance sheet as of December 31, 2015 and the Company–s condensed consolidated statement of operations for the fourth quarter and full year 2015. These adjustments did not impact any other periods and did not impact the Company–s previously reported net sales.
The financial tables included in this press release have been revised to reflect these adjustments. These adjustments will also be included in the consolidated financial statements that will accompany the Company–s Annual Report on Form 10-K for the year ended December 31, 2015 to be timely filed with the Securities and Exchange Commission.
Bel () designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, military, aerospace, transportation and broadcasting industries. Bel–s product groups include Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components), Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), and Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies). The Company operates facilities around the world.
The non GAAP measures identified in the supplementary information to this press release are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation.
We routinely post important information for investors on our website, , in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Investor Contact:
Darrow Associates
Peter Seltzberg
tel 516.419.9915
Company Contact:
Daniel Bernstein
President
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