Bell (AMEX:BI)
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Bell Tech.logix Group (BTL), an operating unit of Bell
Industries, Inc. (AMEX:BI), today said its largest customer, Philip
Morris USA, indicated to BTL its intention to transition certain
outsourcing services and product sales provided by BTL to a new vendor
on or before the contract termination date of April 2006.
BTL said the portion of the engagement covered by this contractual
relationship generated approximately $2 million in services revenue
and $800,000 in product sales for BTL during the first quarter ended
March 31, 2005. For the full year ended December 31, 2004, services
revenue from this portion of the engagement totaled approximately $8
million and product revenue amounted to $10 million, of which $6.9
million was related to one large product deployment project.
Russell A. Doll, president of BTL and acting chief executive
officer of Bell Industries, said the company is awaiting the final
determination of the details of the transition, including the timing
of the transition, pending the customer's discussions with its new
vendor.
BTL 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.
Through other operating units, Bell 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.
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, the intention, timing and impact of
BTL's largest customer to transition certain services and product
sales to a new vendor, and other factors described in the company's
public filings from time to time.