Printer Friendly
The Free Library
19,607,059 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Bell Industries Reports Improved Operating Results for 2004 First Quarter.


Business Editors

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.--(BUSINESS WIRE)--May 6, 2004

Bell Industries, Inc. (AMEX AMEX

See: American Stock Exchange
:BI) today reported improved net revenues and operating results in each of its business units for the first quarter ended March 31, 2004.

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 quarter rose seven percent to $34.4 million from $32.1 million in the prior-year period. Bell's loss before income taxes was reduced by 46 percent to $699,000 from $1.3 million in the 2003 first quarter. Net loss for the 2004 first quarter totaled $699,000, or $0.08 per share, compared with a net loss of $912,000, or $0.11 per share, a year earlier when the company recorded an income tax benefit of $391,000.

"We are pleased to have achieved improved results at each of our business units during Bell's first quarter, which is seasonally one of the weakest periods of the year," said Tracy Tracy, city (1990 pop. 33,558), San Joaquin co., central Calif., in the San Joaquin valley; inc. 1910. It is a railroad junction in a cattle and dairying region.  A. Edwards, chairman, president and chief executive officer of Bell Industries. "While results include our continuing commitment and investments to expand business development efforts and better position our operations for greater market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market
penetration - the act of entering into or through something; "the penetration of upper management by women"
, our cost containment cost containment,
n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan.
 efforts translated to a six percent overall reduction in selling and administrative expenses compared with a year ago and helped to keep the company moving in the direction of returning to profitability."

Bell's 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) 
), the company'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
, reported a five percent increase in net revenues to $20.8 million in the 2004 first quarter from $19.8 million in the year-ago period. BTL narrowed its 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.
 by 43 percent for the current first quarter to $563,000 from $985,000 a year earlier.

As expected, BTL's comparative results were adversely affected by a significant deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation.  project in the corresponding prior-year period and the previously announced transition to end 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 in the current year quarter. Accordingly, services revenues in the current first quarter were lower at $8.3 million, compared with $8.5 million in the 2003 first quarter. The company said the impact on the current period was offset, in part, by new business acquired since last year's first quarter.

"While corporate expenditures on technology are still far from robust, we are starting to see more consistent IT hardware spending," Edwards said. "As the economic environment improves and more mid-sized organizations eventually move toward growth, we believe that BTL, with its strengthened leadership and sales team, is well positioned to help these corporations more effectively and efficiently manage their IT infrastructure needs."

Bell's Recreational Products Group reported an increase in net revenues of eight percent to $11.5 million for the 2004 first quarter from $10.6 million in first quarter of 2003. Increased demand, the addition of new sales people, and a stronger snow season in the northern Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians  this year contributed to the increase in revenues. 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.
 improved to $106,000 from $61,000 a year earlier.

Bell's electronic components operation, J.W. Miller, achieved a 32 percent increase in sales to $2.1 million from $1.6 million a year earlier, reflecting higher industry demand for the three months ended March 31, 2004. Operating income advanced to $438,000 from $305,000 last year as a result of increased sales and gross margin contribution.

At March 31, 2004, Bell continued to maintain a strong balance sheet with no bank debt and net working capital of $17.5 million and cash of $7.2 million. 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 $20.9 million, or $2.50 per share, at March 31, 2004.

Bell's primary business, the Tech.logix Group, provides information technology lifecycle Most new technologies follow a similar technology lifecycle describing the technological maturity of a product. This is not similar to a product life cycle, but applies to an entire technology, or a generation of a technology.  services, including planning, product sourcing, migration, support, and disposal services. Recurring re·cur  
intr.v. re·curred, re·cur·ring, re·curs
1. To happen, come up, or show up again or repeatedly.

2. To return to one's attention or memory.

3. To return in thought or discourse.
 support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services  include help desk, 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. , and on-site on-site
adj.
Done or located at the site, as of a particular activity: on-site monitoring of a production run; an on-site film shoot.
 expertise for desktop and mobile devices, business software applications, and network infrastructures. 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 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 that involve risks and uncertainties that could cause actual results to differ materially from current trends. These include, but are not limited to, the prospects for a stabilizing stabilizing,
v to hold a limb motionless in order to ground its energy; a standard isometric resistance technique, it releases tension and lengthens muscle fibers.
 technology market and increased corporate spending, returning BTL to profitability, decreased margins due to price competition, delays and costs associated with new client engagements, the effectiveness of business development efforts, realizing business opportunities as the economy improves, the company's ability to achieve overall profitability, the future realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out.

[Handout by Mr. David Gillibrand].
 of tax benefits, 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                  2004         2003
---------------------------                  ----         ----
Net revenues:
  Products                                 $26,095      $23,568
  Services                                   8,333        8,509
                                          --------     --------
                                            34,428       32,077
                                          --------     --------
Costs and expenses
  Cost of products sold                     21,415       19,007
  Cost of services provided                  6,732        6,972
  Selling and administrative                 7,010        7,423
  Interest, net                                (30)         (22)
                                          --------     --------
                                            35,127       33,380
                                          --------     --------

Loss before income taxes                      (699)      (1,303)
Income tax benefit                                         (391)
                                          --------     --------
Net loss                                     $(699)       $(912)
                                          ========     ========

Basic and diluted share data
  Net loss per share                         $(.08)       $(.11)
                                          ========     ========
  Weighted average common stock              8,371        8,367
                                          ========     ========


OPERATING RESULTS BY BUSINESS SEGMENT
Net revenues:
  Technology Solutions
     Products                              $12,442      $11,309
     Services                                8,333        8,509
                                          --------     --------
                                            20,775       19,818
  Recreational Products                     11,520       10,640
  Electronic Components                      2,133        1,619
                                          --------     --------
                                           $34,428      $32,077
                                          ========     ========

Operating income (loss):
  Technology Solutions                       $(563)       $(985)
  Recreational Products                        106           61
  Electronic Components                        438          305
  Corporate costs                             (710)        (706)
                                          --------     --------
                                              (729)      (1,325)
Interest, net                                   30           22
Income tax benefit                                          391
                                          --------     --------
Net loss                                     $(699)       $(912)
                                          ========     ========


                         Bell Industries, Inc.
                 Consolidated Condensed Balance Sheet
                            (In thousands)
                              (Unaudited)

                                           March 31,   December 31,
                                             2004         2003
                                             ----         ----
ASSETS

Current assets:
   Cash and cash equivalents                $7,183      $12,203
   Accounts receivable, net                 22,854       16,164
   Inventories                              12,500       11,286
   Prepaid expenses and other                  846          689
                                          --------     --------
       Total current assets                 43,383       40,342
                                          --------     --------

Fixed assets, net                            3,976        4,206
Other assets                                 1,991        2,085
                                          --------     --------
                                           $49,350      $46,633
                                          ========     ========


LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
   Accounts payable                        $17,229      $12,882
   Accrued payroll and liabilities           8,634        9,634
                                          --------     --------
       Total current liabilities            25,863       22,516
                                          --------     --------

Long-term liabilities                        2,573        2,520

Shareholders' equity                        20,914       21,597
                                          --------     --------

                                           $49,350      $46,633
                                          ========     ========
COPYRIGHT 2004 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:May 6, 2004
Words:1059
Previous Article:Visual Circuits to Hold Special Meeting of Shareholders on May 28 to Vote on Sale of Assets to FOCUS Enhancements.
Next Article:MCF Corporation Announces Earnings for the First Quarter 2004; Revenue for the First Quarter 2004 Totals $11,222,000.
Topics:



Related Articles
Bell Microproducts Announces Fourth Quarter And 1998 Financial Results; Record Q498 Revenues up 20 Percent Over Q497.
Bell Industries Reports 2002 Third Quarter Results.
Bell Industries Reports Fourth Quarter, 2002 Results.
Bell Industries Reports 2003 First Quarter Results.
Bell Industries Reports Second Quarter Results.
Bell Industries Reports 2003 Fourth Quarter, Full Year Results.
Bell Industries Reports 2004 Third Quarter Results.
Bell Industries Reports 2005 First Quarter Results.
Bell Industries Reports 2005 Second Quarter Results; Company Records Higher Net Income on Lower Revenues.
Bell Industries Posts Higher Net Income for 2005 Third Quarter.

Terms of use | Copyright © 2012 Farlex, Inc. | Feedback | For webmasters | Submit articles