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Bel Fuse increases CEO and CFO compensation effective June 1, 2026
CEO Farouq Tuweiq base salary raised to $725k (from $600k); target variable comp to $2.1M (from $1.6M) with 60% RSUs.
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Bel Fuse names Kenneth Lai as SVP ITDS; annual meeting approves 2026 equity plan
Kenneth Lai named Senior Vice President ITDS, effective late Q2/early Q3 2026; responsibilities expanded to India/private label; no longer executive officer.
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Bel Fuse prices upsized 1.5M share Class B offering at $266; net $383M for debt, Enercon acquisition
Offering of 1,500,000 Class B shares (plus 225,000 over-allotment) at $266 per share; gross proceeds $399M.
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Bel Fuse recasts historical segment data after realignment to two segments
Effective Q1 2026, segments changed to Aerospace, Defense & Rugged Solutions and Industrial Technology & Data Solutions.
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Bel Fuse Q1 sales $178.5M (+17% YoY); GAAP EPS down, non-GAAP up; guides Q2 revenue $195M-$215M
Net sales $178.5M, up 17.2% YoY from $152.2M; gross margin 39.0% vs 38.6%.
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Bel Fuse realigns into two end-market segments, appoints Smelker and Dawson as presidents
New segments: Aerospace, Defense & Rugged Solutions (~$369M, 55% of FY25 sales) and Industrial Technology & Data Solutions (~$307M, 45%).
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Bel Fuse amends 8-K to confirm Grant Thornton dismissal effective Feb 24, 2026; no disagreements
Dismissal of Grant Thornton effective Feb 24, 2026 upon filing of FY 2025 10-K.
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Bel Fuse Q4 sales up 17% to $175.9M; non-GAAP net earnings $24.9M; provides Q1 guidance
Q4 net sales $175.9M (+17.4% YoY); gross margin 39.4% vs 37.5% in Q4-24.
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Bel Fuse Announces Retirement of Pete Bittner and Appointment of Thomas Smelker as President of Connectivity Solutions
Pete Bittner will retire on April 3, 2026 after 35 years at Bel Fuse; under his leadership Connectivity Solutions profitability doubled over four years.
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Bel Fuse dismisses Grant Thornton as auditor; appoints Deloitte for FY 2026
Audit Committee dismissed Grant Thornton on Dec 4, 2025; Deloitte appointed as new independent auditor for FY 2026.
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Bel Fuse expects ~$14M pre-tax impairment in Q4 2025 on Innolectric investment after insolvency filing
Pre-tax impairment of up to ~$14M expected in Q4 2025, covering full loss of $10M investment and $4M notes receivable.
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Bel Fuse Q3 sales up 44.8% YoY to $179M; guides Q4 sales $165-180M
GAAP net earnings $22.3M vs $8.1M in Q3-24; adjusted EBITDA $39.2M (21.9% of sales).
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Bel Fuse Q2 net sales $168M (+26% YoY); GAAP EPS up; guides Q3 sales $165-180M
Net sales $168.3M, up 26.3% from $133.2M in Q2-24.
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Director Thomas Dooley resigns from Bel Fuse Board effective June 30, 2025
Thomas Dooley resigned from the Board of Directors and all committees, effective June 30, 2025.
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Bel Fuse CEO transition effective May 27; Tuweiq named President/CEO, Bernstein becomes Chairman
Farouq Tuweiq promoted from CFO to President and CEO effective May 27, 2025.
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Bel Fuse appoints Lynn Hutkin as CFO effective May 27, 2025
Lynn Hutkin promoted from VP of Financial Reporting & Investor Relations to CFO, succeeding Farouq Tuweiq who becomes CEO.
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Bel Fuse upsizes credit facility to $400M, extends maturity to Sept 2028
Revolving credit facility increased from $325M to $400M.
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Bel Fuse Q1 sales up 19% to $152.2M; organic down 6.4%; Q2 guidance tempered by tariffs
Q1 net sales $152.2M (+19% YoY), incl. $32.4M from Enercon; organic sales down 6.4%.
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Bel Fuse board awards $882K in FY2024 bonuses to NEOs despite missing matrix targets; modifies 2025 incentive plan
Bonus payouts: Farouq Tuweiq $328,125, Steve Dawson $131,250, Peter Bittner III $328,125, Kenneth Lai $94,500; paid partly in cash, partly in restricted stock.
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Bel Fuse reports Q4 GAAP net loss of $1.8M; organic sales down 7.8%; CEO transition announced
GAAP net loss attributable to Bel shareholders of $1.8M in Q4 2024 vs net earnings of $12.0M in Q4 2023.
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CEO succession: Daniel Bernstein to step down, CFO Farouq Tuweiq to become CEO after May 2025 meeting
Daniel Bernstein to step down as President & CEO effective after May 27, 2025 Annual Meeting; to become Non-Executive Chairman.
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Bel Fuse files Enercon financials; FY2023 revenue $95.7M, net income $14.3M
Enercon FY2023 revenue $95.7M (+18% YoY), gross profit $40.7M, operating profit $21.9M.
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Bel Fuse closes $320M acquisition of 80% stake in Enercon Technologies, defense power supplier
Cash purchase price $320M plus up to $10M earnout; enterprise value $400M.
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Bel Fuse Q3 net sales $123.6M (-22% YoY); adj EBITDA $20.6M; Q4 guidance $117-125M
Net sales $123.6M vs $158.7M in Q3-23; net earnings $8.1M vs $19.4M; gross margin 36.1% up from 35.0%.
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Bel Fuse agrees to buy 80% of Enercon Technologies for $320M plus earnout
Purchase price $320M at closing plus up to $10M earnout based on Enercon's EBITDA targets for fiscal 2025 and 2026.
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Bel Fuse to acquire 80% of Enercon Technologies for $320M, expanding A&D exposure to 31%
Enterprise value $400M; Bel acquires 80% for $320M cash plus up to $10M earnout for 2025-2026.
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Bel Fuse revises Code of Ethics with new provisions on AML, trade sanctions, counterfeit parts, and conflict minerals
Board adopted amended Code of Ethics on August 3, 2024, effective immediately.
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Bel Fuse Q2 net sales $133.2M, down 21% YoY; gross margin improves to 40.1%
Net earnings $18.8M vs $27.8M in Q2-23; adjusted EBITDA $27.4M (20.6% of sales).
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Bel Fuse confirms retirement of Power Solutions president; names Steve Dawson successor
Dennis Ackerman retires effective July 31, 2024 after 37 years at Bel; served as President of Power Solutions and Protection since 2014.
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Bel Fuse annual meeting results: directors elected, auditor ratified, say-on-pay passed
Directors elected: Mark B. Segall (1,061,338 for, 307,055 withheld), Eric Nowling (1,356,926 for, 11,467 withheld), David J. Valletta (1,367,748 for, 645 withheld).
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Bel Fuse Q1 sales $128.1M (-26% YoY); net earnings $15.9M; Q2 sales guide $125-135M
Net sales $128.1M vs $172.3M in Q1-23; net earnings $15.9M vs $14.6M YoY.
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Bel director John Tweedy to retire; David Valletta nominated to board
John Tweedy will retire from Bel's Board at the 2024 Annual Meeting after serving since 1996.
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Bel Fuse Q4 net sales down 17% YoY to $140M; gross margin expands; announces $25M buyback
Q4 net sales $140.0M, down 17% YoY; full-year net sales $639.8M, down 2% YoY.
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Bel Fuse names Steve Dawson President of Power Solutions and Protection, effective July 2024
Steve Dawson appointed President of Power Solutions and Protection segment, succeeds Dennis Ackerman retiring after 37 years.
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Bel Fuse Q3 net earnings rise to $19.4M despite 11% sales decline; guides Q4 sales $146-$154M
Net sales of $158.7M, down 11% from $177.7M in Q3-22; non-GAAP adjusted sales $157.7M.
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Bel Fuse Q2 net earnings $27.8M, gross margin 32.9%; CEO notes record power sales, commercial aerospace up 102%
Net sales $168.8M (vs $170.6M Q2-22); gross margin 32.9% (up from 26.6% YoY).
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Bel Fuse sells Jersey City building for $5.9M, relocates HQ to West Orange
Closed sale of Jersey City, NJ building for $5.9 million.
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Bel Fuse annual meeting results: all proposals pass, GAMCO voting rights suspended
Elected directors Dooley, Smith, and Brito; Dooley and Brito received >97% of votes cast, Smith received ~77%.
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Bel Fuse Q1 2023 sales up 26% to $172.3M; net earnings $14.6M vs $5.1M
Net sales $172.3M (+26.1% YoY); gross margin 31.1% up from 25.0%.
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Bel Fuse adopts 2023 Incentive Compensation Program; CEO base salary raised to $600,000
CEO Daniel Bernstein's 2023 base salary increased 50% to $600,000; CFO Tuweiq to $375,000.
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Bel Fuse reports record FY22 net sales $654M (+20%), net earnings $52.7M, Q4 sales +15% YoY
Record FY22 net sales $654.2M (+20.4% YoY); net earnings $52.7M vs $24.8M; record adj. EBITDA $83.0M (12.7% of sales).
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Bel Fuse promotes three executives to VP roles effective Jan 1, 2023
Lynn Hutkin promoted to VP of Financial Reporting and Investor Relations; 15-year Bel veteran.
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Bel Fuse Q3 sales $177.7M (+20.9%), net earnings $16.5M; adjusted EBITDA record $27.3M
Net sales $177.7M, up 20.9% YoY; net earnings $16.5M vs $5.7M in Q3-21.
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Bel Fuse announces retirements of VP Asia Ops and Zhongshan Ops Dir; Lai named successor
Raymond Cheung (VP Asia Ops) will retire effective Jan 1, 2023, after 31 years.
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Bel Fuse Q2 net sales $170.6M (+22.9% YoY), net earnings $17.0M, record backlog $580M
Net earnings $17.0M vs $7.9M in Q2-21; adjusted EBITDA $19.1M, up 65% YoY.
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Bel Fuse annual meeting results; director elections and auditor ratification approved
Four directors elected: Bernstein, Gilbert, Vellucci, Brito; For votes 1.22M–1.28M each, 190K broker non-votes.
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Bel Fuse Q1 2022 net sales $136.7M (+23.6%), net earnings $5.1M, backlog $525M
Net sales of $136.7M, up 23.6% YoY; gross margin improved to 25.0% from 21.9%.
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Bel Fuse Q4 net sales $147.1M (+26.7% YoY); net earnings $8.0M, more than double Q4-20
Gross profit margin improved to 26.7% from 25.3% in Q4-20.
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Bel Fuse enters interest rate swaps to fix LIBOR on $60M of debt
Entered two $30M notional interest rate swaps with PNC Bank and KeyBank.
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Bel Fuse Q3 net sales up 18% to $147M; GAAP EPS down to $0.44; record backlog $390M
GAAP net earnings $5.7M ($0.44 per Class A, $0.47 per Class B) vs $7.5M ($0.57/$0.61) in Q3-20.