Bell Industries Reports 2010 Third Quarter Results
12 Novembre 2010 - 9:28PM
Bell Industries, Inc. (Pink Sheets:BLLI) today reported financial
results for its third quarter ended September 30, 2010.
Revenues from continuing operations for the 2010 third quarter
were $40.2 million, up 15.4% from $34.9 million a year
ago, with a $0.6 million increase in revenues related to the
company's Recreation Products Group segment and a $4.7 million
increase in revenues related to the company's Bell Techlogix
business. The company had net income of $1.8 million, or
$4.07 per share, for the 2010 third quarter, an improvement
over the prior-year third quarter net income of $0.7 million,
or $1.68 per share.
The company's Recreational Products Group reported revenues of
$10.8 million for the 2010 third quarter, compared with
$10.2 million in the 2009 third quarter. The 5.9% increase in
revenues was attributed primarily to increased in-season sales of
marine and RV product lines. As a result of this increase in
revenue, RPG's operating income for the third quarter of 2010
increased by $0.1 million to $0.7 million from the
operating income of $0.6 million for the third quarter of
2009.
The Bell Techlogix business reported revenues of
$29.4 million for the 2010 third quarter, compared with
$24.7 million in the 2009 third quarter. This 19.1%
increase was attributed primarily to growth in product sales and
revenue from new and existing managed service engagements. As
a result of this increase in revenue, Bell Techlogix's operating
income for the 2010 third quarter increased by $0.9 million to
$2.2 million from the operating income of $1.3 million
for the third quarter of 2009.
Bell's corporate holding company costs for the 2010 third
quarter totaled $0.8 million, a 9% 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.
"Our strong financial results in the third quarter reflect the
continued progress we are achieving in executing our growth
strategies," said Clinton J. Coleman, Chief Executive Officer of
Bell Industries. "In recent months Bell Techlogix renewed
several multi-year engagements with large customers while also
adding new managed service customers. Our team at Bell
Techlogix is focused on continued expansion by building on our
recent successes in developing new customer relationships in both
the enterprise and education markets. In addition, the
Recreational Products Group business continued to experience growth
over the prior year as a result of improved trends in the RV and
marine segments."
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
Statements of Operations |
|
|
(Unaudited, in
thousands, except per share data) |
|
|
|
|
|
|
|
|
Three months
ended |
Nine months
ended |
|
September
30, |
September
30, |
|
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Net revenues: |
|
|
|
|
Products |
$ 32,199 |
$ 27,731 |
$ 69,337 |
$ 61,422 |
Services |
8,042 |
7,153 |
20,814 |
19,313 |
Total net revenues |
40,241 |
34,884 |
90,151 |
80,735 |
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|
|
|
|
Costs and expenses: |
|
|
|
Cost of products sold |
26,897 |
23,009 |
56,782 |
50,183 |
Cost of services provided |
5,249 |
5,231 |
14,744 |
14,049 |
Selling, general and
administratives |
5,985 |
5,610 |
16,825 |
16,635 |
Gain on sale of assets |
(9) |
-- |
(25) |
-- |
Operating income (loss) |
2,119 |
1,034 |
1,825 |
(132) |
Interest expense, net |
309 |
306 |
862 |
804 |
Income (loss) from continuing operations
before income taxes |
1,810 |
728 |
963 |
(936) |
Income tax provision (benefit) |
47 |
(4) |
47 |
(11) |
Net income (loss) |
1,763 |
732 |
916 |
(925) |
|
|
|
|
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Share and per share
data |
|
|
|
Basic: |
|
|
|
|
Net income (loss) |
$ 4.07 |
$ 1.68 |
$ 2.12 |
$ (2.13) |
Weighted average common shares
outstanding |
433 |
433 |
433 |
433 |
|
|
|
|
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Diluted: |
|
|
|
|
Net income (loss) |
$ 0.51 |
$ 0.21 |
$ 0.27 |
$ (2.12) |
Weighted average common shares
outstanding |
3,455 |
3,337 |
3,396 |
433 |
|
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|
|
|
|
|
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OPERATING RESULTS BY
BUSINESS SEGMENT |
|
|
|
|
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Net revenues: |
|
|
|
|
Bell Techlogix |
|
|
|
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Products |
$ 21,354 |
$ 17,532 |
$ 37,403 |
$ 32,868 |
Services |
8,042 |
7,153 |
20,814 |
19,313 |
Total Bell Techlogix |
29,396 |
24,685 |
58,217 |
52,181 |
Recreational Products Group |
10,845 |
10,199 |
31,934 |
28,554 |
Total net revenues |
$ 40,241 |
$ 34,884 |
$ 90,151 |
$ 80,735 |
|
|
|
|
|
Operating income (loss): |
|
|
|
Bell Techlogix |
$ 2,214 |
$ 1,284 |
$ 2,274 |
$ 1,133 |
Recreational Products
Group |
683 |
615 |
1,947 |
1,445 |
Corporate costs |
(787) |
(865) |
(2,421) |
(2,710) |
Gain on sale of assets |
9 |
-- |
25 |
-- |
Total operating income (loss) |
2,119 |
1,034 |
1,825 |
(132) |
Interest expense, net |
309 |
306 |
862 |
804 |
Income (loss) from continuing operations
before income taxes |
$ 1,810 |
$ 728 |
$ 963 |
$ (936) |
Bell Industries,
Inc. |
Consolidated Condensed
Balance Sheets |
(Dollars in
thousands) |
|
|
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|
September 30, |
December 31, |
|
2010 |
2009 |
ASSETS |
(Unaudited) |
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Current assets: |
|
|
Cash and cash equivalents |
$ 792 |
$ 2,608 |
Accounts receivable, net |
18,143 |
9,210 |
Inventories, net |
7,185 |
8,012 |
Notes receivable |
-- |
300 |
Prepaid expenses and other
current assets |
1,528 |
846 |
Total current assets |
27,648 |
20,976 |
|
|
|
Fixed assets, net |
700 |
802 |
Other assets |
758 |
775 |
Acquisition deposits |
|
|
Total assets |
$ 29,106 |
$ 22,553 |
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|
|
LIABILITIES AND
SHAREHOLDERS' DEFICIT |
|
Current liabilities: |
|
|
Revolving credit facility |
$ 5,466 |
$ -- |
Accounts payable |
6,117 |
5,382 |
Accrued payroll |
1,901 |
1,882 |
Other accrued liabilities |
1,723 |
2,440 |
Total current
liabilities |
15,207 |
9,704 |
|
|
|
Convertible note |
11,721 |
11,345 |
Other long-term liabilities |
3,323 |
3,592 |
Total liabilities |
30,251 |
24,641 |
|
|
|
Shareholders' deficit |
(1,145) |
(2,088) |
Total liabilities and
shareholders' deficit |
$ 29,106 |
$ 22,553 |
CONTACT: Bell Industries, Inc.
Clinton Coleman, Chief Executive Officer
317-704-6000
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