Bell Industries Reports 2010 Second Quarter Results
16 Août 2010 - 7:06PM
Bell Industries, Inc. (Pink Sheets:BLLI) today reported financial
results for its second quarter ended June 30, 2010.
Revenues from continuing operations for the 2010 second quarter
were $30.2 million, up 9.7% from $27.5 million a year
ago, with a $1.6 million increase in revenues related to the
company's Recreation Products Group segment and a $1.1 million
increase in revenues related to the company's Bell Techlogix
business. The company had net income of $0.6 million, or $1.44
per share, for the 2010 second quarter, an improvement over the
prior-year second quarter net income of $0.2 million, or $0.49
per share.
The company's Recreational Products Group reported revenues of
$12.6 million for the 2010 second quarter, compared with
$11.0 million in the 2009 second quarter. The 14.6% increase
in revenues was attributed primarily to increased in-season sales
of marine and RV product lines. RPG's operating income of
$1.2 million for the second quarter of 2010 represented a
$0.2 million increase from the operating income of
$1.0 million for the second quarter of 2009. This increase was
attributed primarily to the increase in net revenues.
The Bell Techlogix business reported revenues of
$17.6 million for the 2010 second quarter, compared with
$16.5 million in the 2009 second quarter. This 6.5% increase
was attributed primarily to growth in product sales and managed
service engagements. Bell Techlogix's operating income for the 2010
second quarter was $0.5 million, representing a slight
improvement over the second quarter of 2009. This increase was
attributed primarily to the increase in revenue and a decrease in
overhead expenses, partially offset by the benefit of certain
non-recurring fees and billing accruals in the prior year
period.
Bell's corporate holding company costs for the 2010 second
quarter totaled $0.8 million, an 18% decrease from the prior
year period. The decrease in costs was primarily related to
reductions in headcount and the related costs. The corporate
holding company costs have declined as the company continues to
transfer the administrative functions previously performed by the
holding company to the business units, which generally operate
independently of each other.
"While the gradually improving economic environment has
continued to support our business trends, each of our operating
businesses are also successfully executing their specific growth
strategies," said Clinton J. Coleman, Chief Executive Officer of
Bell Industries. "We anticipate that the Recreational Products
Group will continue to experience growth over the prior year as a
result of improved trends in the RV and marine segments. Bell
Techlogix is renewing and expanding existing engagements while
adding significant new managed service customers, the combination
of which is expected to drive further earnings growth."
About Bell Industries, Inc.
Bell Industries is a holding company for two operating
businesses, Bell Techlogix and the Recreational Products Group.
Bell Techlogix is a provider of integrated technology product and
service solutions for organizations throughout the United States.
The Recreational Products Group is a wholesale distributor of
replacement parts and accessories for recreational vehicles and
other leisure-related vehicles, including boats, snowmobiles,
motorcycles, all terrain vehicles and utility vehicles.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements,
including, but not limited to closely managing costs and making
investments in our business to drive profitable growth, are based
upon current expectations and speak only as of the date hereof.
Actual results may differ materially and adversely from those
expressed in any forward-looking statements as a result of various
factors and uncertainties, including uncertainties as to the nature
of the company's industry, including changing customer demand, the
impact of competitive products and pricing, dependence on existing
management and general economic conditions. Bell Industries' Annual
Report on Form 10-K, recent and forthcoming Quarterly Reports on
Form 10-Q, recent Current Reports on Form 8-K, and other SEC
filings discuss some of the important risk factors that may affect
the company's business, results of operations and financial
condition. The company undertakes no obligation to revise or update
publicly any forward-looking statements for any reason.
Bell Industries,
Inc. |
Consolidated Condensed
Operating Results |
(In thousands, except
per share data) |
|
|
|
|
|
|
Three months
ended June 30, |
Six months ended
June 30, |
|
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Net revenues: |
|
|
|
|
Products |
$ 23,589 |
$ 21,190 |
$ 37,138 |
$ 33,691 |
Services |
6,608 |
6,334 |
12,772 |
12,160 |
Total net revenues |
30,197 |
27,524 |
49,910 |
45,851 |
|
|
|
|
|
Costs and expenses: |
|
|
|
|
Cost of products sold |
18,872 |
16,959 |
29,885 |
27,174 |
Cost of services provided |
4,831 |
4,421 |
9,495 |
8,818 |
Selling, general and administrative |
5,578 |
5,643 |
10,840 |
11,025 |
Gain on sale of assets |
(15) |
-- |
(16) |
-- |
Operating income (loss) |
931 |
501 |
(294) |
(1,166) |
Interest expense, net |
309 |
290 |
553 |
498 |
Income (loss) from continuing operations
before benefit from income taxes |
622 |
211 |
(847) |
(1,664) |
Benefit from income taxes |
-- |
(5) |
-- |
(7) |
Net income (loss) |
622 |
216 |
(847) |
(1,657) |
|
|
|
|
|
Share and per share
data |
|
|
|
|
Basic: |
|
|
|
|
Net income (loss) |
$ 1.44 |
$ 0.49 |
$ (1.96) |
$ (3.82) |
Weighted average common shares
outstanding |
433 |
433 |
433 |
433 |
|
|
|
|
|
Diluted: |
|
|
|
|
Net income (loss) |
$ 0.18 |
$ 0.06 |
$ (1.96) |
$ (3.82) |
Weighted average common shares
outstanding |
3,425 |
3,308 |
433 |
433 |
|
|
|
|
|
OPERATING RESULTS BY
BUSINESS SEGMENT |
|
|
|
|
|
|
|
|
Net revenues: |
|
|
|
|
Bell Techlogix |
|
|
|
|
Products |
$ 10,974 |
$ 10,182 |
$ 16,049 |
$ 15,336 |
Services |
6,608 |
6,334 |
12,772 |
12,160 |
Total Bell Techlogix |
17,582 |
16,516 |
28,821 |
27,496 |
Recreational Products Group |
12,615 |
11,008 |
21,089 |
18,355 |
Total net revenues |
$ 30,197 |
$ 27,524 |
$ 49,910 |
$ 45,851 |
|
|
|
|
|
Operating income (loss): |
|
|
|
|
Bell Techlogix |
$ 467 |
$ 438 |
$ 60 |
$ (151) |
Recreational Products Group |
1,224 |
1,002 |
1,264 |
830 |
Corporate costs |
(775) |
(939) |
(1,634) |
(1,845) |
Gain on sale of assets |
(15) |
-- |
(16) |
-- |
Total operating income (loss) |
931 |
501 |
(294) |
(1,166) |
Interest expense, net |
309 |
290 |
553 |
498 |
Income (loss) from continuing operations
before benefit from income taxes |
$ 622 |
$ 211 |
$ (847) |
$ (1,664) |
Bell Industries,
Inc. |
Consolidated Condensed
Balance Sheet |
(In
thousands) |
|
|
|
|
|
|
|
June 30, 2010 |
December 31,
2009 |
ASSETS |
(Unaudited) |
|
Current assets: |
|
|
Cash and cash equivalents |
$ 694 |
$ 2,608 |
Accounts receivable, net |
13,063 |
9,210 |
Inventories, net |
7,878 |
8,012 |
Notes receivable |
-- |
300 |
Prepaid expenses and other current
assets |
1,584 |
846 |
Total current assets |
23,219 |
20,976 |
|
|
|
Fixed assets, net |
630 |
802 |
Other assets |
798 |
775 |
Acquisition deposits |
|
|
Total assets |
$ 24,647 |
$ 22,553 |
|
|
|
LIABILITIES AND
SHAREHOLDERS' DEFICIT |
Current liabilities: |
|
|
Revolving credit facility |
$ 2,635 |
$ -- |
Accounts payable |
6,222 |
5,382 |
Accrued payroll |
1,713 |
1,882 |
Other accrued liabilities |
2,017 |
2,440 |
Total current liabilities |
12,587 |
9,704 |
|
|
|
Convertible note |
11,593 |
11,345 |
Other long-term liabilities |
3,381 |
3,592 |
Total liabilities |
27,561 |
24,641 |
|
|
|
Shareholders' deficit |
(2,914) |
(2,088) |
Total liabilities and shareholders'
deficit |
$ 24,647 |
$ 22,553 |
CONTACT: Bell Industries, Inc.
Clinton Coleman, Chief Executive Officer
317-704-6000
Bell Industries (GM) (USOTC:BLLI)
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