Note 19 - Subsequent Events

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

19.   SUBSEQUENT EVENTS

Credit Agreement Amendment

On

February 18, 2020,

the Company further amended its credit agreement whereby the Company voluntarily prepaid a portion of its term loan under the Credit Agreement in the amount of

$8.2

million. The Amendment also served to modify the interest rate and fees applicable to the loans under the credit agreement and change certain covenants related to matters including acquisitions, share repurchases and financial ratios.

Coronavirus Outbreak

In

January 2020,

the recent outbreak of a novel strain of coronavirus was

first

identified and had an unfavorable impact on our

four

largest manufacturing facilities, which are located in China, throughout the

first

quarter of

2020.

  Travel restrictions imposed by the local governmental authorities to control the spread of the virus resulted in an extended closure of our facilities in China over the Lunar New Year holiday, with the return of workers delayed until following the holiday break.  By

March 9, 2020,

our overall worker return rate at our China facilities was approximately

85%.

  Our suppliers, customers and our customers’ contract manufacturers have been similarly impacted, and many are also currently operating at less than full capacity.  As the coronavirus continues to spread across Europe and the U.S., additional Bel facilities

may

be negatively impacted.  In addition, the coronavirus has started to adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could affect demand for our end customers’ products. The extent to which the coronavirus will impact our business and our consolidated financial results will depend on future developments which are highly uncertain and cannot presently be predicted or estimated.