Bell Industries Reports 2005 First Quarter Results.EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Calif. -- Bell Industries, Inc. (AMEX AMEX See: American Stock Exchange :BI) today reported financial results for the three months ended March 31, 2005. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net revenues for the 2005 first quarter totaled $28.7 million, compared with $34.4 million in the prior-year period. Bell's net loss amounted to $677,000, or $0.08 per share, compared with $699,000, also equal to $0.08 per share, in the first quarter of 2004. "A realigned cost structure enabled us to reduce the company's net loss for the period, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite lower revenues resulting from reduced technology product sales and the previously communicated ending of an outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. engagement last year, as well as the ending of a help desk engagement in the current year first quarter," said Russell Russell, English noble family. It first appeared prominently in the reign of Henry VIII when John Russell, 1st earl of Bedford, 1486?–1555, rose to military and diplomatic importance. A. Doll doll, small figure of a human being, usually used as a child's toy. The many types of dolls found among the relics of primitive peoples were cult objects. Egypt, Greece, and Rome have left well-preserved dolls of wood, clay, bone, ivory, and bronze that were used , acting president and chief executive officer. "Operating efficiencies were achieved while we continued to invest in business development and strategic growth initiatives. While first quarter results were negatively impacted by the termination of certain engagements, heightened business development activities at Bell's largest operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon , the Tech.logix Group (BTL BTL Between the Lines BTL Battle BTL Bottle BTL Buy To Let BTL Below The Line (advertising) BTL Biomass-to-Liquids BTL Bubba the Love Sponge BTL Between the Lions (PBS children's TV show) ), resulted in new and expanded engagements during April in the areas of depot depot /de·pot/ (de´po) (dep´o) a body area in which a substance, e.g., a drug, can be accumulated, deposited, or stored and from which it can be distributed. repair, reverse logistics This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. and wireless device management, despite the extremely challenging and competitive IT services environment. We believe these engagements serve as a good foundation for attracting similar business in the future," Doll added. For the 2005 first quarter, BTL posted total revenues of $15.4 million, compared with $20.8 million in the same period a year ago. Products and services revenues declined to $8.2 million and $7.2 million, respectively, from approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $12.5 million and $8.3 million in the 2004 first quarter. These decreases in revenues are attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to reduced technology product sales and the ending of certain services engagements, partially offset by revenues from new and expanded engagements. Product sales continue to experience significant volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the due to direct sales models, intense competition and technology purchasing cycles. BTL sustained an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the 2005 first quarter of $767,000, compared with a $563,000 operating loss a year ago. Sales at Bell's Recreational Products Group (RPG (Report Program Generator) One of the first program generators designed for business reports, introduced in 1964 by IBM. In 1970, RPG II added enhancements that made it a mainstay programming language for business applications on IBM's System/3x midrange computers. ) amounted to $11.4 million for the three months ended March 31, 2005, compared with $11.5 million in the prior-year period. Benefiting from increases in pricing and a shift in product mix, RPG posted higher margins, and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. more than doubled to $218,000 from $106,000 in the year-ago first quarter. Doll said additional efficiencies are expected to be realized in 2005 from technology investments made last year to enhance sales, order and inventory processes. J.W. Miller, Bell's electronic components operation, recorded sales of $1.9 million in the 2005 first quarter, compared with $2.1 million a year earlier. Operating income was moderately lower at $425,000, compared with $438,000 in the same 2004 period. Although the market softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. in the first quarter 2005 compared with 2004, increased sales of custom products led to a higher overall gross margin percentage during the 2005 period. Bell continues to maintain a strong balance sheet with no bank debt. At March 31, 2005, cash and cash equivalents totaled $ 7.0 million and net working capital amounted to $18.6 million, compared with $7.2 million and $17.5 million, respectively, at March 31, 2004. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. totaled $20.2 million, or $2.39 per share, at March 31, 2005. Bell's primary business, the Tech.logix Group, offers a comprehensive portfolio of technology products and managed lifecycle services, including planning, product sourcing, deployment and disposal, and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services . Support services include help desk support, desk side support, technical maintenance services, and reverse logistics and depot services. Bell also distributes after-market af·ter-mar·ket n. The market for parts and accessories used in the upkeep or enhancement of a previous purchase, as of a car or computer. af parts and accessories to the recreational vehicle market. In addition, Bell manufactures and distributes a variety of standard and custom magnetic components used in electronic applications for computer, medical, lighting, and telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. equipment. Certain matters discussed in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties that could cause actual results to differ materially from current trends. These include, but are not limited to, potential opportunities resulting from new engagements and strengthened business development activities by BTL, benefits from technology investments at RPG, and other factors described in the company's public filings from time to time.
Bell Industries, Inc.
Consolidated Operating Results
(In thousands, except per share data)
(Unaudited)
Three months ended March 31 2005 2004
Net revenues:
Products $ 21,484 $ 26,095
Services 7,204 8,333
------------ ------------
28,688 34,428
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Costs and expenses
Cost of products sold 16,874 21,415
Cost of services provided 6,012 6,732
Selling and administrative 6,516 7,010
Interest, net (52) (30)
------------ ------------
29,350 35,127
------------ ------------
Loss before income taxes (662) (699)
Income tax expense 15
------------ ------------
Net loss $ (677) $ (699)
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Basic and diluted share data
Net loss per share $ (.08) $ (.08)
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Weighted average common stock 8,454 8,371
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OPERATING RESULTS BY BUSINESS SEGMENT
Net revenues:
Technology Solutions
Products $ 8,228 $ 12,442
Services 7,204 8,333
------------ ------------
15,432 20,775
Recreational Products 11,391 11,520
Electronic Components 1,865 2,133
------------ ------------
$ 28,688 $ 34,428
============ ============
Operating income (loss):
Technology Solutions $ (767) $ (563)
Recreational Products 218 106
Electronic Components 425 438
Corporate costs (590) (710)
------------ ------------
(714) (729)
Interest, net 52 30
Income tax expense (15)
------------ ------------
Net loss $ (677) $ (699)
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Bell Industries, Inc.
Consolidated Condensed Balance Sheet
(In thousands)
(Unaudited)
March 31, December 31,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $ 7,064 $ 10,801
Accounts receivable, net 16,656 11,455
Inventories 14,633 14,364
Prepaid expenses and other 1,764 1,813
------------ ------------
Total current assets 40,117 38,433
------------ ------------
Fixed assets, net 3,002 3,139
Other assets 3,505 3,617
$ 46,624 $ 45,189
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 13,717 $ 11,170
Accrued payroll and liabilities 7,837 8,178
------------ ------------
Total current liabilities 21,554 19,348
------------ ------------
Long-term liabilities 4,876 5,025
Shareholders' equity 20,194 20,816
------------ ------------
$ 46,624 $ 45,189
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