Bell Industries Reports 2010 Results
April 26 2011 - 11:35AM
Bell Industries, Inc. (Pink Sheets:BLLI) today reported financial
results for the year ended December 31, 2010.
Revenues from continuing operations for the 2010 year were
$112.2 million, up 11.5% from $100.6 million a year ago, with a
$4.0 million increase in revenues related to the company's
Recreation Products Group segment and a $7.6 million increase
in revenues related to the company's Bell Techlogix business.
The company had net income of $0.3 million, or
$0.68 per share, for the 2010 year, an improvement over the
2009 year net loss of $1.9 million.
The company's Recreational Products Group reported revenues of
$38.4 million for 2010, compared with $34.4 million in
2009. The 11.6% increase in revenues was attributed primarily
to increased sales of marine and RV product lines as the overall
industry continued to recover from the recessionary levels of 2009.
As a result of this increase in revenue, RPG's operating
income for the 2010 year increased by $0.6 million to
$1.8 million from the operating income of $1.2 million
for the 2009 year.
The Bell Techlogix business reported revenues of
$73.7 million for 2010, compared with $66.1 million in
2009. This 11.5% increase was attributed to growth in product
sales and revenue from both new and existing managed service
engagements. As a result of this increase in revenue, Bell
Techlogix's operating income for the 2010 year increased by
$1.3 million to $2.9 million from the operating income of
$1.6 million for the 2009 year.
Bell's corporate holding company costs for 2010 totaled
$3.2 million, a 10% decrease from the prior year. 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.
On March 21, 2011 Bell completed a 1-for-20 reverse stock split
of its shares, the result of which allowed Bell to then file with
the Securities and Exchange Commission to terminate its
registration and cease its periodic reporting obligations as a
publicly registered company. This change in registration
status will allow Bell to further reduce the corporate holding
company costs by foregoing many of the expenses associated with SEC
regulatory filings and Sarbanes-Oxley Act requirements.
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. The company undertakes
no obligation to revise or update publicly any forward-looking
statements for any reason.
(Tables Follow)
Bell Industries,
Inc. |
Consolidated Statements
of Operations |
(Dollars in thousands) |
|
|
|
|
|
|
|
Year Ended December
31, |
|
2010 |
2009 |
|
|
|
Net revenues: |
|
|
Products |
$ 83,739 |
$ 74,325 |
Services |
28,432 |
26,252 |
Total net revenues |
112,171 |
100,577 |
|
|
|
Costs and expenses: |
|
|
Cost of products sold |
68,695 |
60,770 |
Cost of services provided |
20,198 |
19,011 |
Selling, general and
administratives |
21,870 |
21,580 |
Gain on sale of assets |
(34) |
-- |
Operating income (loss) |
1,442 |
(784) |
Interest expense, net |
1,108 |
1,093 |
Income (loss) from continuing operations
before income taxes |
334 |
(1,877) |
Income tax provision (benefit) |
65 |
(7) |
Net income (loss) from continuing
operations |
269 |
(1,870) |
Income (loss) from discontinued operations,
net of tax |
27 |
(36) |
Net income (loss) |
$ 296 |
$ (1,906) |
|
OPERATING RESULTS BY BUSINESS
SEGMENT |
|
|
|
|
|
Net revenues: |
|
|
Bell Techlogix |
|
|
Products |
$ 45,307 |
$ 39,882 |
Services |
28,432 |
26,252 |
Total Bell Techlogix |
73,739 |
66,134 |
Recreational Products
Group |
38,432 |
34,443 |
Total net revenues |
$112,171 |
$ 100,577 |
|
|
|
Operating income (loss): |
|
|
Bell Techlogix |
$ 2,850 |
$ 1,558 |
Recreational Products
Group |
1,750 |
1,191 |
Corporate costs |
(3,192) |
(3,533) |
Gain on sale of assets |
34 |
-- |
Total operating income (loss) |
1,442 |
(784) |
Interest expense, net |
1,108 |
1,093 |
Income (loss) from continuing operations
before income taxes |
$ 334 |
$ (1,877) |
Bell Industries,
Inc. |
Consolidated Balance
Sheets |
Years ended December
21, 2010 and 2009 |
(Dollars in thousands) |
|
|
|
|
|
|
|
2010 |
2009 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 2,723 |
$ 2,608 |
Accounts receivable, net |
10,116 |
9,256 |
Inventories, net |
7,303 |
8,012 |
Notes receivable |
-- |
300 |
Prepaid expenses and other current
assets |
1,053 |
800 |
Total current assets |
21,195 |
20,976 |
|
|
|
Fixed assets, net |
709 |
802 |
Other assets |
733 |
775 |
Total assets |
$22,637 |
$22,553 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
DEFICIT |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 5,346 |
$ 5,382 |
Accrued payroll |
2,290 |
1,882 |
Other accrued liabilities |
1,899 |
2,440 |
Total current liabilities |
9,535 |
9,704 |
|
|
|
Convertible note |
11,851 |
11,345 |
Other long-term liabilities |
3,009 |
3,592 |
Total liabilities |
24,395 |
24,641 |
|
|
|
Shareholders' deficit |
(1,758) |
(2,088) |
Total liabilities and
shareholders' deficit |
$22,637 |
$22,553 |
CONTACT: Bell Industries, Inc.
Clinton Coleman, Chief Executive Officer
317-704-6000
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