Bell (AMEX:BI)
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Bell Industries, Inc. (AMEX:BI) today reported financial
results for the three and nine months ended September 30, 2005.
For the 2005 third quarter, net income totaled $423,000, equal to
$0.05 per diluted share. This compares with a net loss of $314,000, or
$0.04 per share, in the prior-year period. Consolidated net revenues
for the quarter amounted to $39.2 million, compared with $39.5 million
a year earlier. Third quarter results for 2005 and 2004 include
severance charges of $325,000 and $700,000, respectively, for former
executives.
For the year-to-date period, net income totaled $694,000, or $0.08
per diluted share, versus a net loss of $186,000, or $0.02 per share,
for the corresponding 2004 period. Consolidated net revenues amounted
to $105.2 million for the current nine-month period, compared with
$117.7 million a year earlier.
John A. Fellows, who recently was elected president and chief
executive officer after serving on Bell's board of directors since May
2005, commented, "While I'm confident in the level of talent within
our different business groups, I'm even more encouraged by what we'll
be able to accomplish in the days ahead now that we are succinctly
focused on becoming the recognized leader in each of our respective
markets."
For the 2005 third quarter, Bell's largest operating unit, the
Tech.logix Group (BTL), posted net revenues of $25.0 million, compared
with $25.8 million in the prior-year period. Product sales amounted to
$17.2 million, compared with $18.6 million in the 2004 third quarter.
Services revenues advanced 8% to $7.8 million in the 2005 third
quarter from $7.2 million a year earlier, reflecting continued
strength in BTL's reverse logistics and depot repair business.
Benefiting from cost containment efforts and the revenue increase in
reverse logistics and depot repair business, operating income for the
division increased to $418,000 for the 2005 third quarter from
$177,000 in the prior-year period.
At Bell's Recreational Products Group, net revenues for the 2005
third quarter rose modestly to $12.1 million from $11.9 million last
year. Operating income increased to $478,000 from $432,000 in the same
period a year ago.
Net revenues at Bell's electronic components operation, J.W.
Miller, grew 18% to $2.1 million in the third quarter of 2005 from
$1.8 million a year earlier. Operating income increased 40% to
$468,000 from $335,000 a year ago.
Bell continues to maintain a strong balance sheet with no bank
debt. At September 30, 2005, cash and cash equivalents totaled $12.0
million, and net working capital amounted to $19.9 million, compared
with $10.8 million and $19.1 million, respectively, at December 31,
2004. Shareholders' equity totaled $21.6 million, or $2.55 per share,
compared with $20.8 million, or $2.47 per share, at December 31, 2004.
About Bell Industries, Inc.
Bell's primary business, the Tech.logix Group, offers a
comprehensive portfolio of technology products and managed lifecycle
services, including planning, product sourcing, deployment and
disposal, and support services. Support services include help desk
support, desk side support, technical maintenance services, and
reverse logistics and depot services. Bell also distributes
after-market parts and accessories to the recreational vehicle market
and manufactures and sells standard and custom magnetic components
used in electronic applications for computer, medical, lighting and
telecommunication equipment.
Forward-Looking Statements
Certain matters discussed in this news release are forward-looking
statements that involve risks and uncertainties that could cause
actual results to differ materially from current trends. These
include, but are not limited to, future accomplishments, as well as
other factors described in the company's public filings from time to
time.
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Bell Industries, Inc.
Consolidated Operating Results
(In thousands, except per share data)
(Unaudited)
Three months Nine months
ended ended
September 30 September 30
2005 2004 2005 2004
---------------------------------------------------------------------
Net revenues
Products $31,424 $32,300 $82,804 $94,645
Services 7,772 7,190 22,438 23,091
------ ------ ------ ------
39,196 39,490 105,242 117,736
------ ------ ------ ------
Costs and expenses
Cost of products sold 25,436 26,445 65,684 77,833
Cost of services provided 6,185 5,687 18,032 18,419
Selling and administrative 6,905 6,980 20,628 21,002
Interest, net (93) (39) (181) (107)
Special items (1) 325 700 325 700
------ ------ ------ ------
38,758 39,773 104,488 117,847
------ ------ ------ ------
Income (loss) before income
taxes 438 (283) 754 (111)
Income tax expense 15 31 60 75
------ ------ ------ ------
Net income (loss) $423 $(314) $694 $(186)
====== ====== ====== ======
Basic and diluted share data
Net income (loss)
Basic $.05 $(.04) $.08 $(.02)
====== ====== ====== ======
Diluted $.05 $(.04) $.08 $(.02)
====== ====== ====== ======
Weighted average common stock
Basic 8,460 8,378 8,458 8,375
====== ====== ====== ======
Diluted 8,479 8,378 8,502 8,375
====== ====== ====== ======
OPERATING RESULTS BY BUSINESS SEGMENT
Net revenues
Technology Solutions
Products $17,182 $18,629 $39,305 $50,530
Services 7,772 7,190 22,438 23,091
------ ------ ------ ------
24,954 25,819 61,743 73,621
Recreational Products 12,122 11,878 37,433 38,049
Electronic Components 2,120 1,793 6,066 6,066
------ ------ ------ ------
$39,196 $39,490 $105,242 $117,736
====== ====== ====== ======
Operating income (loss)
Technology Solutions $418 $177 $(42) $(311)
Recreational Products 478 432 1,530 1,540
Electronic Components 468 335 1,403 1,237
Corporate costs (694) (566) (1,993) (1,984)
Special items (1) (325) (700) (325) (700)
------ ------ ------ ------
345 (322) 573 (218)
Interest, net 93 39 181 107
Income tax expense (15) (31) (60) (75)
------ ------ ------ ------
Net income (loss) $423 $(314) $694 $(186)
====== ====== ====== ======
(1) Special item in 2005 represents costs associated with a severance
agreement for a former executive. Special item in 2004 represents
costs associated with an employment agreement for another former
executive.
Bell Industries, Inc.
Consolidated Condensed Balance Sheet
(In thousands)
(Unaudited)
September December
30 31
2005 2004
---------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $11,955 $10,801
Accounts receivable 15,680 11,455
Inventories 10,181 14,364
Prepaid expenses and other 2,235 1,813
------ ------
Total current assets 40,051 38,433
------ ------
Fixed assets, net 3,137 3,139
Other assets 3,374 3,617
------ ------
$46,562 $45,189
====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $11,363 $11,170
Accrued payroll and liabilities 8,827 8,178
------ ------
Total current liabilities 20,190 19,348
------ ------
Long-term liabilities 4,807 5,025
Shareholders' equity 21,565 20,816
------ ------
$46,562 $45,189
====== ======
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