Printer Friendly

BELL INDUSTRIES REPORTS 21 PERCENT IMPROVEMENT IN AFTER-TAX INCOME FROM CONTINUING OPERATIONS FOR FOURTH FISCAL QUARTER

 LOS ANGELES, Aug. 12 /PRNewswire/ -- Bell Industries Inc. (NYSE: BI) today reported that after-tax income from continuing operations for the quarter ended June 30, 1993, improved 21 percent to $2.1 million, or $.33 a share, from $1.7 million, or $.28 a share, in the corresponding prior-year period. Sales from continuing operations for the three months totaled $95.9 million vs. $96.6 million in the comparable period last year. Per share amounts have been adjusted to reflect Bell's recently announced 4 percent stock dividend which is payable Sept. 10, 1993, to shareholders of record on Aug. 20.
 For the full 1993 fiscal year, after-tax income from continuing operations advanced to $5 million, equal to $.81 a share. After-tax income from continuing operations in fiscal 1992 amounted to $0.9 million, or $.15 a share, after reflecting a $4.4 million pre-tax writedown on the remaining book value of Bell's previous computer system. With the inclusion of the previously announced after-tax charge of $8.1 million resulting from a decision to dispose of the unprofitable Building Products Group and a charge for an accounting change, Bell recorded a net loss for fiscal 1993 of $5 million, or $.81 a share, compared with net income of $.4 million, or $.07 a share, in the prior year. Fiscal 1993 sales from continuing operations increased to $365 million from $353 million.
 Theodore Williams, Bell's president and chief executive officer, attributed the stronger operating performance to improvement in the effectiveness of the electronics marketing organization through structural changes and aggressive programs to secure increased sales and new product lines; reduced expenses resulting from the company's previously announced cost reduction program; and the discontinuation of the Building Products Group.
 Bell's core businesses achieved improved operating results in fiscal 1993, Williams noted. The Electronics Group registered a 10 percent increase in operating income to $17.5 million on a 3 percent growth in sales to $282 million. In exceeding prior-year sales, the electronics distribution organization successfully replaced the business represented by the former Motorola franchise, Williams said. The Graphic Arts Group, continuing to expand its share of the electronics imaging market, increased operating income by 32 percent to $2.1 million on 5 percent higher sales of $55.4 million.
 Operating income of Bell's other group -- Recreational Products -- held steady at $2.6 million while sales rose 6.6 percent to $27.7 million.
 Bell continues to maintain a strong financial condition. At June 30, 1993, working capital totaled $96 million; the current ratio was 3.3:1; long-term debt amounted to 36 percent of total capitalization and shareholders' equity totaled $86 million, or $14.08 a share.
 Williams said the outlook for fiscal 1994 has been enhanced by the addition of important new product lines, including IBM microprocessors and memory products, disposition of unprofitable operations and greater focus on the company's core businesses.
 Bell Industries distributes and manufactures products for the electronics, computer, graphics and other industrial markets.
 BELL INDUSTRIES INC.
 Consolidated Operating Results
 (In thousands, except per share data)
 Three Months Ended Year Ended
 June 30, June 30,
 1993 1992 1993 1992
 (unaudited) (audited)
 Net sales $95,938 $96,605 $365,323 $353,347
 Cost and expenses --
 Cost of products sold 71,836 72,322 275,081 264,634
 Selling, general and
 administrative expenses 19,200 20,034 76,039 76,908
 Interest expense 1,322 1,321 5,538 5,432
 Computer writedown --- --- --- 4,400
 Income from continuing
 operations before income
 taxes 3,680 2,928 8,665 1,973
 Income tax provision 1,525 1,230 3,660 1,055
 Income from continuing
 operations 2,055 1,698 5,005 918
 Discontinued operations:
 Loss from operations, net
 of taxes --- (217) (1,100) (501)
 Loss on disposal, net of
 taxes --- --- (8,100) ---
 Cumulative effect of
 accounting change, net
 of taxes --- --- (830) ---
 Net income (loss) $2,055 $1,481 ($5,025) $417
 Per share data (adjusted
 for 4 percent stock dividend
 declared July 27, 1993):
 Income from continuing
 operations $0.33 $0.28 $0.81 $0.15
 Discontinued operations:
 Loss from operations, net
 of taxes --- (0.04) (0.18) (0.08)
 Loss on disposal, net of
 taxes --- --- (1.31) ---
 Cumulative effect of
 accounting change, net of
 taxes --- --- (0.13) ---
 Net income (loss) $0.33 $0.24 ($0.81) $0.07
 Weighted average common
 shares (000s) 6,185 6,167 6,185 6,163
 Net sales and operating
 income by business segment:
 Net sales:
 Electronics $72,144 $73,680 $282,190 $274,555
 Graphic arts 14,729 14,468 55,410 52,790
 Recreational products 9,065 8,457 27,723 26,002
 Total $95,938 $96,606 $365,323 $353,347
 Operating income:
 Electronics $5,216 $4,697 $17,543 $15,935
 Graphic arts 343 343 2,115 1,606
 Recreational products 1,277 1,294 2,550 2,536
 Operating income 6,836 6,334 22,208 20,077
 Computer writedown --- --- --- (4,400)
 Corporate expenses (1,934) (2,085) (8,005) (8,272)
 Interest expense (1,322) (1,321) (5,538) (5,432)
 Income tax provision (1,525) (1,230) (3,660) (1,055)
 Income from continuing
 operations $2,055 $1,698 $5,005 $918
 -0- 8/12/93
 /CONTACT: Bruce M. Jaffe, executive VP, or Tracy A. Edwards, VP and CFO, of Bell Industries, 310-826-2355; or Melvyn S. Rifkind of Melvyn S. Rifkind Inc., 818-783-8323, for Bell Industries/
 (BI)


CO: Bell Industries Inc. ST: California IN: CPR SU: ERN

MF-JL -- LA004 -- 1999 08/12/93 09:03 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 12, 1993
Words:917
Previous Article:ACTIVE NOISE AND VIBRATION TECHNOLOGIES INC. AND SRI INTERNATIONAL TEAM TO JOINTLY DEVELOP ACTIVE NOISE CONTROL SOLUTIONS
Next Article:BIOPOOL POSTS SECOND QUARTER OPERATING RESULTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters