Bel Fuse Inc. reported a net loss of $(3.8) million for Q1 2020, impacted by COVID-19 related facility closures and supply chain disruptions, as well as a loss on company-owned life insurance policies. These factors were partially offset by the acquisition of CUI and stimulus funding from the Chinese government. Net sales decreased by 17.1% year-over-year to $104.0 million.
Net sales decreased by 17.1% year-over-year to $104.0 million.
Gross profit margin decreased to 24.2% from 24.5% in Q1 2019.
Operating loss was $(3.1) million, compared to an operating income of $3.4 million in Q1 2019.
CUI acquisition contributed $8.2 million in sales and $865,000 operating income.
The company anticipates an improvement in sales and financial results in the second quarter as compared to the first quarter. However, beyond the second quarter, they have limited visibility due to the evolving COVID-19 environment.
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