10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 10-Q/A

(Amendment No. 1)

(MARK ONE)

[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the Quarterly Period Ended June 30, 2011
or
[    ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from ___________ to ____________

Commission File No. 0-11676

_____________________

BEL FUSE INC.

206 Van Vorst Street

Jersey City, NJ  07302

(201) 432-0463

(Address of principal executive offices and zip code)

(Registrant’s telephone number, including area code)

NEW JERSEY	22-1463699
(State of  incorporation)	(I.R.S. Employer Identification No.)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.	Yes [X]	No [   ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).	Yes [X]	No [   ]
Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.

Large accelerated filer  [    ]	Accelerated filer [X]	Non-accelerated filer [    ] (Do not check if a smaller reporting company)	Smaller reporting company [    ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).				Yes [   ]	No [X]

Title of Each Class	Number of Shares of Common Stock Outstanding  as of August 1, 2011
Class A Common Stock ($0.10 par value)		2,174,912
Class B Common Stock ($0.10 par value)		9,645,643

Explanatory Note

The sole purpose of this Amendment No. 1 to Bel Fuse Inc.’s Quarterly Report on Form 10-Q (the “Form 10-Q”) for the period ended June 30, 2011, as filed with the Securities and Exchange Commission on August 8, 2011, is to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T.  Exhibit 101 provides the financial statements and related notes from the Form 10-Q formatted in XBRL (Extensible Business Reporting Language).

No other changes have been made to the Form 10-Q.  This Amendment No. 1 to the Form 10-Q does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

Item 6.  Exhibits
(a)Exhibits:
31.1*	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of the Vice President of Finance pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes - Oxley Act of 2002.
32.2*	Certification of the Vice President of Finance pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS**	XBRL Instance Document
101.SCH**	XBRL Taxonomy Extension Schema Document
101.CAL**	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**	XBRL Taxonomy Extension Label Linkbase Document
101.DEF**	XBRL Taxonomy Extension Presentation Linkbase Document

*   Filed as an Exhibit to the original Form 10-Q for the period ended June 30, 2011, filed on August 8, 2011.

** XBRL information is furnished and not filed herewith, is not a part of a registration statement or Prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BEL FUSE INC.
August 9, 2011
By:	/s/ Daniel Bernstein
	Daniel Bernstein
	President and Chief Executive Officer
By:	/s/ Colin Dunn
	Colin Dunn
	Vice President of Finance and Secretary

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) In Thousands, except Share data	Jun. 30, 2011	Dec. 31, 2010
Current Assets:
Accounts receivable, allowance for doubtful accounts	$ 784	$ 653
Stockholders' Equity:
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Class A [Member]
Stockholders' Equity:
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, outstanding (in shares)	2,174,912	2,174,912
Common stock, treasury shares (in shares)	1,072,769	1,072,769
Class B [Member]
Stockholders' Equity:
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, authorized (in shares)	30,000,000	30,000,000
Common stock, outstanding (in shares)	9,645,643	9,527,343
Common stock, treasury shares (in shares)	3,218,307	3,218,307

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) In Thousands, except Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract]
Net Sales	$ 79,173	$ 77,732	$ 150,576	$ 133,801
Costs and expenses:
Cost of sales	65,368	61,570	122,500	108,727
Selling, general and administrative	10,421	10,291	20,478	19,480
Litigation charges	3,224	0	3,224	0
Total Costs and Expenses	79,013	71,861	146,202	128,207
Income from operations	160	5,871	4,374	5,594
Gain on sale of investment	119	0	119	0
Interest income and other, net	93	116	161	238
Earnings before provision for income taxes	372	5,987	4,654	5,832
Provision for income taxes	946	1,197	1,984	1,162
Net (loss) earnings	$ (574)	$ 4,790	$ 2,670	$ 4,670
Class A [Member]
(Loss) earnings per share:
(Loss) earnings per share - basic and diluted	$ (0.05)	$ 0.39	$ 0.21	$ 0.37
Weighted-average shares outstanding:
Weighted-average shares outstanding - basic and diluted	2,174,912	2,174,912	2,174,912	2,174,912
Dividends paid per share:
Dividends paid per share -common share	$ 0.06	$ 0.06	$ 0.12	$ 0.12
Class B [Member]
(Loss) earnings per share:
(Loss) earnings per share - basic and diluted	$ (0.05)	$ 0.42	$ 0.23	$ 0.41
Weighted-average shares outstanding:
Weighted-average shares outstanding - basic and diluted	9,582,610	9,495,824	9,554,354	9,480,134
Dividends paid per share:
Dividends paid per share -common share	$ 0.07	$ 0.07	$ 0.14	$ 0.14

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Document And Entity Information (USD $)	6 Months Ended
	Jun. 30, 2011	Aug. 01, 2011	Jun. 30, 2010
Entity Registrant Name	BEL FUSE INC /NJ
Entity Central Index Key	0000729580
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 177,500,000
Entity Common Stock, Shares Outstanding		2,174,912
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011

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INVENTORIES

6 Months Ended

Jun. 30, 2011

Inventory Disclosure [Abstract]

INVENTORIES

5.           INVENTORIES

The components of inventories are as follows (dollars in thousands):

	June 30,		December 31,
	2011		2010
Raw materials	$	35,060	$	35,157
Work in progress		7,082		5,930
Finished goods		14,127		15,883
	$	56,269	$	56,970

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COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2011

COMPREHENSIVE INCOME (LOSS) [Abstract]

COMPREHENSIVE INCOME (LOSS)

10.           COMPREHENSIVE (LOSS) INCOME

Comprehensive (loss) income for the three and six months ended June 30, 2011 and 2010 consists of the following (dollars in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net (loss) earnings	$	(574	)	$	4,790		$	2,670		$	4,670
Currency translation adjustment		340			(790	)		938			(1,455	)
Reclassification adjustment for gains
included in net (loss) earnings, net of taxes		(74	)					(74	)
(Decrease) increase in unrealized gain on
marketable securities, net of taxes		(345	)		(46	)		(119	)		40
Comprehensive (loss) income	$	(653	)	$	3,954		$	3,415		$	3,255

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BASIS OF PRESENTATION AND ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2011

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND ACCOUNTING POLICIES

1.       BASIS OF PRESENTATION AND ACCOUNTING POLICIES

The condensed consolidated balance sheet as of June 30, 2011, and the condensed consolidated statements of operations, stockholders' equity and cash flows for the periods presented herein have been prepared by Bel Fuse Inc. (the "Company" or "Bel") and are unaudited. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position, results of operations, changes in stockholders' equity and cash flows for all periods presented have been made.  The results for the three and six months ended June 30, 2011 should not be viewed as indicative of the Company's annual results or the Company's results for any other period.  The information for the condensed consolidated balance sheet as of December 31, 2010 was derived from audited financial statements.  These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Bel Fuse Annual Report on Form 10-K for the year ended December 31, 2010.

On January 29, 2010, the Company completed its acquisition of 100% of the issued and outstanding capital stock of Cinch Connectors, Inc. (“Cinch U.S.”), Cinch Connectors de Mexico, S.A. de C.V. (“Cinch Mexico”) and Cinch Connectors Ltd. (“Cinch Europe”) (collectively “Cinch”) from Safran S.A.  Accordingly, as of January 29, 2010, all of the assets acquired and liabilities assumed were recorded at their fair values and the Company's condensed consolidated results of operations for the six months ended June 30, 2010 include Cinch's operating results from January 29, 2010 through June 30, 2010.  In accordance with the accounting guidance for business combinations, the results of operations and cash flows for the three and six months ended June 30, 2010 have been adjusted retrospectively to reflect measurement period adjustments as if they had been recorded on the date of acquisition.  The measurement period adjustments did not have a significant impact on our condensed consolidated statement of operations or cash flows for the three or six months ended June 30, 2010.

Recent Accounting Pronouncements

The Company's significant accounting policies are summarized in Note 1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2010.  There were no significant changes to these accounting policies during the six months ended June 30, 2011.  A recent accounting pronouncement that will impact future periods is as follows:

Accounting Standards Update No. 2011-05 – Comprehensive Income (Topic 220): Presentation of Comprehensive Income (“ASU No. 2011-05”)

ASU No. 2011-05 amends existing guidance by allowing only two options for presenting the components of net income and other comprehensive income: (1) in a single continuous statement of comprehensive income or (2) in two separate but consecutive financial statements, consisting of an income statement followed by a separate statement of other comprehensive income. Also, items that are reclassified from other comprehensive income to net income must be presented on the face of the financial statements. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity.  The amendments in this ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.  This ASU requires retrospective application, and it is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted.  The Company will implement the provisions of ASU 2011-05 by presenting the components of net income and other comprehensive income in two separate but consecutive statements beginning in the first quarter of 2012.

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INCOME TAXES

6 Months Ended

Jun. 30, 2011

Income Tax Disclosure [Abstract]

INCOME TAXES

7.            INCOME TAXES

As of June 30, 2011 and December 31, 2010, the Company has approximately $4.2 million and $3.8 million, respectively, of liabilities for uncertain tax positions ($1.0 million and $0.9 million, respectively, included in income taxes payable and $3.2 million and $2.9 million, respectively, included in liability for uncertain tax positions) all of which, if reversed, would reduce the Company's effective tax rate.

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions.  The Company is no longer subject to U.S. federal examinations by tax authorities for years before 2007 and for state examinations before 2005.   Regarding foreign subsidiaries, the Company is no longer subject to examination by tax authorities for years before 2003 in Asia and generally 2005 in Europe.  During September 2010 and April 2011, the Company was notified of an Internal Revenue Service (“IRS”) tax audit for the years ended December 31, 2004 through 2009.  The Company believes the audit is a result of various carryback claims to the years ended December 31, 2004, 2005 and 2006.  As the statute of limitations for the years 2004, 2005 and 2006 has expired, any tax adjustment proposed by the IRS for these years would be limited to the amount of the carryback claims of approximately $2.5 million.

As a result of the expiration of the statute of limitations for specific jurisdictions, it is reasonably possible that the related unrecognized benefits for tax positions taken regarding previously filed tax returns may change materially from those recorded as liabilities for uncertain tax positions in the Company's condensed consolidated financial statements at June 30, 2011.   A total of $1.0 million of previously recorded liabilities for uncertain tax positions relates to the 2007 tax year.  The statute of limitations related to this liability is scheduled to expire on September 15, 2011.

The Company's policy is to recognize interest and penalties related to uncertain tax positions as a component of the current provision for income taxes.  During the six months ended June 30, 2011 and 2010, the Company recognized $0.1 million and $0.2 million, respectively, in interest and penalties in the condensed consolidated statements of operations.  The Company has approximately $0.6 million and $0.4 million accrued for the payment of interest and penalties at June 30, 2011 and December 31, 2010, respectively, which is included in both income taxes payable and liability for uncertain tax positions in the condensed consolidated balance sheets.

In connection with the Cinch acquisition, the Company acquired certain tax assets and liabilities.  Cinch Europe had net operating loss and capital loss carryforwards in the amounts of $0.6 million and $0.2 million, respectively, as of the acquisition date.  The related tax benefits were $0.2 million and $0.1 million, respectively.  The capital loss carryforward was acquired with a valuation allowance, which the Company maintained at June 30, 2011.  During the year ended December 31, 2010, the entire $0.6 million net operating loss was utilized.  Additionally, Cinch Europe had a deferred tax liability in the amount of $0.1 million for various timing differences and $0.1 million in refundable income taxes.  Cinch U.S. had a deferred tax asset in the amount of $0.1 million relating to vacation accruals, $0.1 million of net refundable income tax and a deferred tax asset related to inventory capitalization in the amount of $0.2 million at the time of the acquisition.  Of these amounts, $0.1 million of net refundable income tax remains on the condensed consolidated balance sheet as of June 30, 2011.  Cinch Mexico was acquired with a refundable income tax in the amount of $0.1 million, which was applied to current year income tax for 2010.  The Company has received a fair market value report of property, plant and equipment, and intangibles related to Cinch Europe and Cinch Mexico which resulted in the establishment of deferred tax liabilities at the date of acquisition in the amounts of $0.4 million and an immaterial amount, respectively. At June 30, 2011, a deferred tax liability of $0.3 million remains on the condensed consolidated balance sheet.  None of the reversals of the deferred tax asset or deferred tax liabilities or use of NOL carryforwards acquired from the Cinch acquisition will impact the condensed consolidated statement of operations.

The Company has made an election under IRC Section 338(h)10 to step-up the tax basis of the Cinch assets (held by the Cinch U.S., Cinch Mexico and Cinch U.K. entities) acquired to fair value.  The elections made under Section 338(h)10 only affect U.S. income taxes (not those of the foreign countries where non-U.S. Cinch entities are incorporated).

On August 10, 2010, President Obama signed into law the “Education Jobs & Medicaid Assistance Act” (H.R. 1586) (the “Act”).  The Act's international tax provisions place certain restrictions on the use of foreign tax credits.  The Company has evaluated the newly-enacted international tax provisions and determined that they do not materially affect the Company's operating results or financial condition.

The Company continues to monitor proposed legislation affecting the taxation of transfers of U.S. intangible property and other potential tax law changes.

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RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2011

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

12.           RELATED PARTY TRANSACTIONS

As of June 30, 2011, the Company has $2.0 million invested in a money market fund with GAMCO Investors, Inc., a current stockholder of the Company, with holdings of its Class A stock of approximately 30.5%.

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ACCRUED EXPENSES AND RESTRUCTURING COSTS

6 Months Ended

Jun. 30, 2011

Accrued Expenses [Abstract]

ACCRUED EXPENSES AND RESTRUCTURING COSTS

8.           ACCRUED EXPENSES

Accrued expenses consist of the following (dollars in thousands):

	June 30,		December 31,
	2011		2010
Sales commissions	$	1,470	$	1,740
Subcontracting labor		2,178		2,467
Salaries, bonuses and related benefits		5,742		7,405
Litigation reserve		13,246		8,103
Other		2,848		2,830
	$	25,484	$	22,545

Accrued Restructuring Costs

Activity and liability balances related to restructuring charges for the six months ended June 30, 2011 are as follows (these charges are associated with the 2008 closure of the Company's facility in Westborough, Massachusetts):

	Liability at		New		Cash Payments &			Liability at
	December 31, 2010		Charges		Other Settlements			June 30, 2011
Facility lease obligation	$	507	$	-	$	(82	)	$	425

The Company has included the current portion of $0.2 million in accrued restructuring costs in the condensed consolidated balance sheet at June 30, 2011, and has classified the remaining $0.2 million of the liability related to the facility lease obligation as noncurrent.

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BUSINESS SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2011

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

6.            BUSINESS SEGMENT INFORMATION

The Company operates in one industry with three reportable operating segments, which are geographic in nature.  The segments consist of North America, Asia and Europe.  The primary criteria by which financial performance is evaluated and resources are allocated are revenues and operating income.  The following is a summary of key financial data (dollars in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Total segment revenues:
North America	$	39,088		$	31,531		$	75,353		$	55,777
Asia		48,100			49,950			90,137			84,721
Europe		9,061			10,273			18,165			16,969
Total segment revenues		96,249			91,754			183,655			157,467
Reconciling item:
Intersegment revenues		(17,076	)		(14,022	)		(33,079	)		(23,666	)
Net sales	$	79,173		$	77,732		$	150,576		$	133,801
Income (loss) from operations:
North America	$	2,584		$	1,342		$	4,276		$	1,098
Asia		(3,017	)		4,110			(1,129	)		4,243
Europe		593			419			1,227			253
	$	160		$	5,871		$	4,374		$	5,594

The following items are included in the income (loss) from operations presented above:

Litigation Charges – During the second quarter of 2011, the Company recorded $3.2 million of litigation charges related to ongoing lawsuits, as further described in Note 11.  These charges primarily impacted the Company's Asia operating segment.

Segment Revenues – Segment revenues are attributed to individual segments based on the geographic source of the billing for such customer sales.  Transfers between geographic areas include finished products manufactured in foreign countries which are then transferred to the United States and Europe for sale; finished goods manufactured in the United States which are transferred to Europe and Asia for sale; and semi-finished components manufactured in the United States which are sold to Asia for further processing. Income (loss) from operations represents net sales less operating costs and expenses.

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) [Abstract]
Unrealized holding losses on marketable securities, tax effect	$ (71)
Reclassification adjustment for gains included in net earnings, tax effect	$ (45)

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EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2011

(Loss) earnings per share:

EARNINGS (LOSS) PER SHARE

2.         (LOSS) EARNINGS PER SHARE

The Company utilizes the two-class method to report its (loss) earnings per share.  The two-class method is a (loss) earnings allocation formula that determines (loss) earnings per share for each class of common stock according to dividends declared and participation rights in undistributed (loss) earnings.  The Company's Certificate of Incorporation, as amended, states that Class B common shares are entitled to dividends at least 5% greater than dividends paid on Class A common shares, resulting in the two-class method of computing (loss) earnings per share.  In computing (loss) earnings per share, the Company has allocated dividends declared to Class A and Class B based on amounts actually declared for each class of stock and 5% more of the undistributed (loss) earnings has been allocated to Class B shares than to the Class A shares on a per share basis.  Basic (loss) earnings per common share are computed by dividing net (loss) earnings by the weighted-average number of common shares outstanding during the period.  Diluted earnings per common share, for each class of common stock, are computed by dividing net earnings by the weighted-average number of common shares and potential common shares outstanding during the period.  There were no potential common shares outstanding during the three or six months ended June 30, 2011 or 2010 which would have had a dilutive effect on (loss) earnings per share.

The (loss) earnings and weighted-average shares outstanding used in the computation of basic and diluted (loss) earnings per share are as follows (dollars in thousands, except share and per share data):

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2011			2010		2011		2010
Numerator:
Net (loss) earnings	$	(574	)	$	4,790	$	2,670	$	4,670
Less Dividends:
Class A		131			131		261		261
Class B		666			667		1,333		1,331
Undistributed (loss) earnings	$	(1,371	)	$	3,992	$	1,076	$	3,078
Undistributed (loss) earnings allocation - basic and diluted:
Class A undistributed (loss) earnings		(244	)		715		192		552
Class B undistributed (loss) earnings		(1,127	)		3,277		884		2,526
Total undistributed (loss) earnings	$	(1,371	)	$	3,992	$	1,076	$	3,078
Net (loss) earnings allocation - basic and diluted:
Class A allocated (loss) earnings		(113	)		846		453		813
Class B allocated (loss) earnings		(461	)		3,944		2,217		3,857
Net (loss) earnings	$	(574	)	$	4,790	$	2,670	$	4,670
Denominator:
Weighted-average shares outstanding:
Class A common share - basic and diluted		2,174,912			2,174,912		2,174,912		2,174,912
Class B common share - basic and diluted		9,582,610			9,495,824		9,554,354		9,480,134
(Loss) earnings per share:
Class A common share - basic and diluted	$	(0.05	)	$	0.39	$	0.21	$	0.37
Class B common share - basic and diluted	$	(0.05	)	$	0.42	$	0.23	$	0.41

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ACQUISITION

6 Months Ended

Jun. 30, 2011

Business Combinations [Abstract]

ACQUISITION

3.           ACQUISITION

On January 29, 2010 (the “Acquisition Date”), the Company completed its acquisition of 100% of the issued and outstanding capital stock of Cinch from Safran S.A.  Bel paid $39.7 million in cash and assumed an additional $0.8 million of expenses in exchange for the net assets acquired.  The transaction was funded with cash on hand.  Cinch is headquartered in Lombard, Illinois and has manufacturing facilities in Vinita, Oklahoma; Reynosa, Mexico; and Worksop, England.  The Company has made an election under IRC Section 338(h)10 to step-up the tax basis of the Cinch assets (held by the Cinch U.S., Cinch Mexico and Cinch U.K. entities) acquired to fair value.  The elections made under Section 338(h)10 only affect U.S. income taxes (not those of the foreign countries where non-U.S. Cinch entities are incorporated).

Cinch manufactures a broad range of interconnect products for customers in the military and aerospace, high-performance computing, telecom/datacom, and transportation markets.  The addition of Cinch's well-established lines of connector and cable products and extensive clientele has enabled Bel to broaden its customer base to include aerospace and military markets.  The acquisition of Cinch has also created the opportunity for expense reduction and the elimination of redundancies.  The combination of these factors has given rise to $2.3 million of goodwill ($1.2 million allocated to the Company's North America operating segment and $1.1 million allocated to the Company's Europe operating segment).

During the three and six months ended June 30, 2010, the Company expensed $0 and $0.2 million, respectively, of acquisition-related costs.  These costs are included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.

Cinch's results of operations have been included in the Company's condensed consolidated financial statements for the period subsequent to the Acquisition Date.  Cinch contributed revenues of $24.7 million and estimated net earnings of $0.1 million to the Company for the period from the Acquisition Date through June 30, 2010.  The unaudited pro forma information presents the combined operating results of the Company and Cinch.  The following unaudited pro forma consolidated results of operations assume that the acquisition of Cinch was completed as of January 1, 2010 (in thousands):

	Six Months Ended
	June 30, 2010
Revenue	$	137,470
Net earnings		4,549
Earnings per Class A common share - basic and diluted		0.36
Earnings per Class B common share - basic and diluted		0.40

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LEGAL PROCEEDINGS

6 Months Ended

Jun. 30, 2011

LEGAL PROCEEDINGS [Abstract]

LEGAL PROCEEDINGS

11.           LEGAL PROCEEDINGS

The Company is, from time to time, a party to litigation arising in the normal course of its business, including various claims of patent infringement.  See the Company's Annual Report on Form 10-K for the year ended December 31, 2010 for the details of Bel's material pending lawsuits.  Updates to pending litigation since the Company's Form 10-K filing are described below.

The Company is a defendant in a lawsuit captioned SynQor, Inc. v. Artesyn Technologies, Inc., et al. brought in the United States District Court, Eastern District of Texas in November 2007.  The plaintiff alleged that eleven defendants, including Bel, infringed its patents covering certain power products.With respect to the Company, the plaintiff claimed that the Company infringed its patents related to unregulated bus converters and/or point-of-load (POL) converters used in intermediate bus architecture power supply systems. The case went to trial in December 2010 and a judgment was entered on December 29, 2010.  The jury found that certain products of the defendants directly and/or indirectly infringe the SynQor patents.  The jury awarded damages of $8.1 million against the Company, which was recorded by the Company as a litigation charge in the statement of operations in the fourth quarter of 2010.  On July 11, 2011, the Court awarded supplemental damages of $2.5 million against the Company.  Of this amount, $1.9 million is covered through an indemnification agreement with one of Bel's customers.  The additional expense to Bel of $0.6 million was recorded as a litigation charge in the statements of operations during the three and six months ended June 30, 2011.  The Company is in the process of appealing the verdict and judgment.  The Company has been advised that the full amount of the damage awards will need to be placed in escrow upon filing of the notice of appeal.  The form of escrow is not yet determined.

The Company was a defendant in a lawsuit captioned Halo Electronics, Inc. (“Halo”) v. Bel Fuse Inc., Pulse Engineering, Inc. and Technitrol, Inc. brought in Nevada Federal District Court.  The plaintiff claimed that the Company had infringed its patents covering certain surface mount discrete magnetic products made by the Company.  Halo sought unspecified damages, which it claimed should be trebled.  In December 2007, this case was dismissed by the Nevada Federal District Court for lack of personal jurisdiction. Halo then re-filed this suit, with similar claims against the Company, in the Northern California Federal District Court, captioned Halo Electronics, Inc. v. Bel Fuse Inc., Elec & Eltek (USA) Corporation, Wurth Electronics Midcom, Inc., and Xfmrs, Inc.  In June 2011, a memorandum of understanding was signed by the Company and Halo with regard to this lawsuit, whereby the Company has agreed to pay Halo a royalty on past sales.  The Company recorded a $2.6 million liability related to past sales during the second quarter of 2011.  This is included as a litigation charge in the accompanying condensed consolidated statement of operations for the three and six months ended June 30, 2011.  Bel has also agreed to take a license with respect to the Halo patents at issue in the lawsuit and pay an 8% royalty on all net worldwide sales of the above-mentioned products from June 7, 2011 through August 10, 2015.

The Company is a plaintiff in a lawsuit captioned Bel Fuse Inc. v. Halo Electronics, Inc. brought in the United States District Court of New Jersey during June 2007.  The Company claims that Halo has infringed a patent covering certain integrated connector modules made by Halo.  The Company is seeking an unspecified amount of damages plus interest, costs and attorney fees.  In June 2011, a memorandum of understanding was signed by the Company and Halo with regard to this lawsuit, whereby Halo has agreed to pay the Company a 10% royalty related to its net worldwide sales of its integrated connector modules in exchange for a fully paid-up license of the Bel patent.  This royalty income has been included in net sales in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2011.

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FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2011

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

4.   FAIR VALUE MEASUREMENTS

The Company utilizes the accounting guidance for fair value measurements and disclosures for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis or on a nonrecurring basis during the reporting period.  The fair value is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based upon the best use of the asset or liability at the measurement date.  The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability.  The accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.  These tiers are defined as follows:

Level 1 – Observable inputs such as quoted market prices in active markets

Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable

Level 3 – Unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions

As of June 30, 2011 and December 31, 2010, the Company held certain financial assets that are measured at fair value on a recurring basis.  These consisted of the Company's investments in a Rabbi Trust which are intended to fund the Company's Supplemental Executive Retirement Plan (“SERP”) obligations and other marketable securities described below.  These are categorized as available-for-sale securities and are included as other assets in the accompanying condensed consolidated balance sheets at June 30, 2011 and December 31, 2010.

During 2010, the Company purchased equity securities at a purchase price of $1.2 million.  During the six months ended June 30, 2011, the Company purchased additional marketable equity securities at a purchase price of $0.1 million and invested $5.0 million in a mutual fund categorized as a fixed income available-for-sale marketable security.  As of June 30, 2011 and December 31, 2010, these marketable securities had a fair value of $6.2 million and $1.7 million, respectively, and gross unrealized gains of $0.1 million and $0.5 million, respectively.  Such unrealized gains are included, net of tax, in accumulated other comprehensive income.  The fair value of the equity securities is determined based on quoted market prices in public markets and is categorized as Level 1.  The fair value of the fixed income securities is determined based on other observable inputs, and are therefore categorized as Level 2 in the table below.  The Company does not have any financial assets measured at fair value on a recurring basis categorized as Level 3, and there were no transfers in or out of Level 1, Level 2 or Level 3 during the six months ended June 30, 2011 and 2010.  There were no changes to the Company's valuation techniques used to measure asset fair values on a recurring or nonrecurring basis during the six months ended June 30, 2011.

The following table sets forth by level, within the fair value hierarchy, the Company's financial assets accounted for at fair value on a recurring basis as of June 30, 2011 and December 31, 2010 (dollars in thousands).

			Assets at Fair Value Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of June 30, 2011
Available-for-sale securities:
Investments held in Rabbi Trust	$	5,973	$	5,973	$	-	$	-
Marketable securities:
Publicly-traded equity securities		1,148		1,148		-		-
Fixed income securities		5,004		-		5,004		-
Total	$	12,125	$	7,121	$	5,004	$	-
As of December 31, 2010
Available-for-sale securities:
Investments held in Rabbi Trust	$	5,924	$	5,924	$	-	$	-
Marketable securities:
Publicly-traded equity securities		1,706		1,706		-		-
Total	$	7,630	$	7,630	$	-	$	-

The Level 2 fixed income securities noted in the table above represent the Company's investment in a fund that consists of debt securities (bonds), primarily U.S. government securities, corporate bonds, asset-backed securities and mortgage-backed securities.  The value of the fund is determined based on quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data.

The Company has other financial instruments, such as cash equivalents, accounts receivable, accounts payable and accrued expenses, which are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature.  The Company did not have any other financial liabilities within the scope of the fair value disclosure requirements as of June 30, 2011 or December 31, 2010.

Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets and long-lived assets, are accounted for at fair value on a nonrecurring basis.   These items are tested for impairment on the occurrence of a triggering event or, in the case of goodwill, on at least an annual basis.  There were no triggering events that occurred during the six months ended June 30, 2011 or 2010 that would warrant interim impairment testing.

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (USD $) In Thousands	Total	Comprehensive Income [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Additional Paid-in Capital (APIC) [Member]	Class A [Member]	Class B [Member]
Balance at Dec. 31, 2010	$ 220,333		$ 195,477	$ (39)	$ 23,725	$ 217	$ 953
Cash dividends declared on Class A common stock	(261)		(261)
Cash dividends declared on Class B common stock	(1,333)		(1,333)
Issuance of restricted common stock	0				(13)		13
Termination of restricted common stock	0				1		(1)
Currency translation adjustment	938	938		938
Unrealized holding losses on marketable securities arising during the year, net of taxes of ($71)	(119)	(119)		(119)
Reclassification adjustment for gains included in net earnings, net of taxes of ($45)	(74)	(74)
Stock-based compensation expense	817				817
Net earnings	2,670	2,670	2,670
Comprehensive income		3,415
Balance at Jun. 30, 2011	$ 222,971		$ 196,553	$ 706	$ 24,530	$ 217	$ 965

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net earnings	$ 2,670	$ 4,670
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	4,277	4,195
Stock-based compensation	817	1,154
Realized gain on sale of investment	(119)	0
Other, net	292	560
Deferred income taxes	(509)	268
Changes in operating assets and liabilities (see below)	9,446	(14,585)
Net Cash Provided by (Used in) Operating Activities	16,874	(3,738)
Cash flows from investing activities:
Purchase of property, plant and equipment	(1,383)	(1,092)
Purchase of marketable securities	(5,111)	0
Cash transferred from restricted cash	162	0
Purchase of company-owned life insurance	0	(1,571)
Payment for acquisition, net of cash acquired	0	(40,424)
Proceeds from sale of marketable securities	433	0
Proceeds from sale of property, plant and equipment	18	6
Net Cash Used in Investing Activities	(5,881)	(43,081)
Cash flows from financing activities:
Dividends paid to common shareholders	(1,556)	(1,548)
Net Cash Used In Financing Activities	(1,556)	(1,548)
Effect of exchange rate changes on cash	247	(209)
Net Increase (Decrease) in Cash and Cash Equivalents	9,684	(48,576)
Cash and Cash Equivalents - beginning of period	83,829	124,231
Cash and Cash Equivalents - end of period	93,513	75,655
Changes in operating assets and liabilities consist of:
Decrease (increase) in accounts receivable	4,292	(9,107)
Decrease (increase) in inventories	980	(11,138)
Increase in prepaid expenses and other current assets	(2,474)	(814)
(Increase) decrease in other assets	(4)	36
Increase in accounts payable	762	3,403
Increase in accrued expenses	2,805	2,469
Cash payments of accrued restructuring costs	(82)	(78)
Increase in income taxes payable	3,167	644
Changes in operating assets and liabilities	9,446	(14,585)
Supplementary information:
Income taxes, net of refunds received	(745)	346
Interest	0	14
Details of acquisition:
Fair value of identifiable net assets acquired	0	38,132
Goodwill	0	2,349
Fair value of net assets acquired	0	40,481
Fair value of consideration transferred	0	40,481
Less: Cash acquired in acquisition	0	(57)
Cash paid for acquisition, net of cash acquired	$ 0	$ 40,424

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RETIREMENT FUND AND PROFIT SHARING PLAN

6 Months Ended

Jun. 30, 2011

Compensation and Retirement Disclosure [Abstract]

RETIREMENT FUND AND PROFIT SHARING PLAN

9.           RETIREMENT FUND AND PROFIT SHARING PLAN

The Company maintains a domestic 401(k) plan, which consists of profit sharing, contributory stock ownership and individual voluntary savings to provide non-defined retirement benefits for plan participants.  The expense for the three months ended June 30, 2011 and 2010 amounted to approximately $0.1 million in each period.  The expense for the six months ended June 30, 2011 and 2010 amounted to approximately $0.3 million in each period.  As of June 30, 2011, the plans owned 15,926 and 227,760 shares of Bel Fuse Inc. Class A and Class B common stock, respectively.

The Company's subsidiaries in Asia have a non-defined retirement fund covering substantially all of their Hong Kong-based full-time employees.  The expense for the three months ended June 30, 2011 and 2010 amounted to approximately $0.1 million in each period and the expense for the six months ended June 30, 2011 and 2010 amounted to approximately $0.1 million in each period. As of June 30, 2011, the plan owned 3,323 and 17,342 shares of Bel Fuse Inc. Class A and Class B common stock, respectively.

The SERP is designed to provide a limited group of key management and highly compensated employees of the Company with supplemental retirement and death benefits.

The components of SERP expense are as follows (dollars in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Service cost	$	93	$	85	$	186	$	170
Interest cost		101		84		202		168
Amortization of adjustments		37		33		74		66
Total SERP expense	$	231	$	202	$	462	$	404

	June 30,		December 31,
	2011		2010
Balance sheet amounts:
Minimum pension obligation
and unfunded pension liability	$	7,812	$	7,350
Amounts recognized in accumulated
other comprehensive income, pretax:
Prior service cost	$	1,143	$	1,143
Net gains		932		932
	$	2,075	$	2,075

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Current Assets:
Cash and cash equivalents	$ 93,513	$ 83,829
Marketable securities	6,152	1,706
Accounts receivable - less allowance for doubtful accounts of $784 and $653 at June 30, 2011 and December 31, 2010, respectively	49,441	53,312
Inventories	56,269	56,970
Prepaid expenses and other current assets	4,886	2,354
Refundable income taxes	1,598	4,370
Deferred income taxes	1,351	1,023
Total Current Assets	213,210	203,564
Property, plant and equipment - net	42,365	44,793
Restricted cash	0	155
Deferred income taxes	3,410	3,201
Intangible assets - net	11,158	11,291
Goodwill	4,427	4,264
Other assets	9,853	9,904
TOTAL ASSETS	284,423	277,172
Current Liabilities:
Accounts payable	22,036	21,180
Accrued expenses	25,484	22,545
Accrued restructuring costs	160	160
Income taxes payable	1,680	1,584
Dividends payable	836	799
Total Current Liabilities	50,196	46,268
Long-term Liabilities:
Accrued restructuring costs	265	347
Liability for uncertain tax positions	3,179	2,874
Minimum pension obligation and unfunded pension liability	7,812	7,350
Total Long-term Liabilities	11,256	10,571
Total Liabilities	61,452	56,839
Commitments and Contingencies
Stockholders' Equity:
Preferred stock	0	0
Additional paid-in capital	24,530	23,725
Retained earnings	196,553	195,477
Accumulated other comprehensive income (loss)	706	(39)
Total Stockholders' Equity	222,971	220,333
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	284,423	277,172
Class A [Member]
Stockholders' Equity:
Common stock	217	217
Total Stockholders' Equity	217	217
Class B [Member]
Stockholders' Equity:
Common stock	965	953
Total Stockholders' Equity	$ 965	$ 953