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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