Bel Fuse Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported net sales of $118,251,000 compared to $113,668,000 a year ago. Income from operations was $437,000 compared to $2,355,000 a year ago. Loss before benefit for income taxes was $978,000 compared to earnings before benefit for income taxes of $723,000 a year ago. Net loss was $1,303,000 or $0.11 per Class A and class B basic and diluted share against net earnings of $746,000 or $0.05 per Class A basic and diluted share and $0.06 per Class B basic and diluted share a year ago. EBITDA was $4,975,000 compared to $7,374,000 a year ago. Adjusted EBITDA was $5,302,000 compared to $7,856,000 a year ago. Non-GAAP loss before taxes was $651,000 against earnings of $1,205,000 a year ago. Non-GAAP net loss was $1,038,000 or $0.09 per class A and B shares compared to net earnings of $1,090,000 or $0.07 per class A share and $0.09 per class B shares a year ago. The company used cash for capital expenditures of $2.2 million. Book value per share combined A and B classes of common stock outstanding, was $13.66 per share at March 31, 2018, as compared to $13.13 per share at December 31, 2017.

The company estimates global effective tax rate for 2018 will be in the range of 17% to 19%.