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BELL INDUSTRIES REPORTS RESULTS

 BELL INDUSTRIES REPORTS RESULTS
 LOS ANGELES, Oct. 22 /PRNewswire/ -- Bell Industries Inc.


(NYSE: BI) today reported that net income doubled in the first fiscal quarter ended Sept. 30, 1992, compared with the corresponding prior- year period.
 Net income rose to $1,187,000, equal to $.20 a share, from $587,000, or $.10 a share, in the prior-year quarter. Sales increased 5 percent to $107,881,000 from $102,346,000.
 Reviewing current first quarter results, Theodore Williams, president and chief executive officer, stated that the Electronics Distribution Group achieved a 24 percent increase in operating income to $3,690,000 on a 9 percent growth in sales to $64,937,000. The strong performance primarily reflected increased sales from JIT activities, expanded market share in Southern California, the benefits of cost reduction programs and the restructuring of the sales organization.
 The Electronics Manufacturing Group also made a significant profit contribution, registering first quarter operating income of $783,000, in contrast to a loss of $35,000 in the comparable period last year. Sales advanced 15 percent to $6,778,000.
 The Building Products Group achieved an operating profit of $175,000 on a 13 percent decline in sales to $15,183,000 -- its best performance since the first quarter of last year. This is the first profitable quarter for the group since last December. Operating expenses have been reduced in line with the lower sales level resulting from the continuing recession in the California construction market. Williams said Bell now has flexible programs in place to adjust expenses as necessary in the seasonally slower upcoming two quarters for this group.
 Sales of the Graphic Arts Group rose 12 percent to $14,294,000, and operating income increased to $536,000 from $512,000 last year. These gains resulted from expansion into new product lines, including electronic imaging equipment.
 The performance of the Motor Vehicle Parts and Accessories Group approximated that of the prior year period, with a nominal gain in sales and a nominal decrease in operating income.
 Bell's financial condition remains strong. At Sept. 30, 1992, working capital totaled $117,585,000; the current ratio was 3.8:1 and shareholders' equity was $92,954,000, equal to $15.80 a share.
 "While the general economy still shows little sign of recovery, Bell should continue to deliver positive results in the coming months as the result of our ongoing programs to build sales growth; to improve productivity and efficiency; and to further reduce operating costs," Williams stated.
 Bell Industries Inc., distributes and manufactures products for the electronics, computer, building and other markets.
 BELL INDUSTRIES
 Financial Summary
 (Unaudited)
 (In thousands except per share data)
 Three months ended
 Sept. 30,
 1992 1991
 Net sales $107,881 $102,346
 Costs and expenses:
 Cost of products sold 81,826 77,692
 Selling, general and
 administrative 22,582 22,263
 Interest expense 1,421 1,374
 Total 105,829 101,329
 Income before taxes 2,052 1,017
 Provision for taxes on income (865) (430)
 Net income $1,187 $587
 Net income per common and
 common equivalent share $0.20 $0.10
 Average number of common
 equivalent shares
 outstanding (000s) 5,936 5,919
 Net sales and operating income
 by business segment (in thousands):
 Net sales
 Electronics
 Distribution $64,937 $59,613
 Manufacturing 6,778 5,880
 Total Electronics 71,715 65,943
 Building Products 15,183 17,465
 Graphic Arts 14,294 12,758
 Motor Vehicle Parts and
 Accessories 6,689 6,630
 Total $107,881 $102,346
 Operating income (loss)
 Electronics
 Distribution $3,690 $2,989
 Manufacturing 783 (35)
 Total Electronics 4,473 2,954
 Building Products 175 437
 Graphic Arts 536 512
 Motor Vehicle Parts and
 Accessories 503 562
 Operating income 5,687 4,465
 Corporate expenses (2,214) (2,074)
 Interest expense (1,421) (1,374)
 Provision for taxes on income (865) (430)
 Net income $1,187 $587
 -0- 10/22/92
 /CONTACT: Bruce M. Jaffe, executive VP and COO, 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


JL-JB -- LA008 -- 3519 10/22/92 11:32 EDT
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Date:Oct 22, 1992
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