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BELL INDUSTRIES REPORTS RESULTS

 LOS ANGELES, April 28 /PRNewswire/ -- Bell Industries Inc., (NYSE: BI) today issued the following announcements:
 -- Income from continuing operations for the third fiscal quarter ended March 31, 1993, totaled $1,375,000, or $.23 per share. For the prior-year quarter, the restated loss from continuing operations was $1,758,000 or $.29 per share which included a $4,400,000 pre-tax write down of the remaining book value of the company's previous computer system. Sales for continuing operations were $90,724,000 compared to $89,119,000 last year.
 -- A decision to sell its Building Products Group, resulting in an after-tax charge of $8,100,000.
 -- Adoption of FAS-106, an accounting change to provide for retiree health care benefits, resulting in an after-tax charge of $830,000.
 --After including the aforementioned charges, Bell incurred a net loss for the current quarter of $8,136,000 or $1.37 per share, compared with a net loss of $2,298,000, or $.39 per share in the corresponding prior year.
 Theodore Williams, president and chief executive officer, noted that Bell's ongoing operations, excluding Building Products, accounted for $353 million, or 80 percent of total revenue in the fiscal year ended June 30, 1992, and contributed $20 million in operating income.
 Third quarter operating results were highlighted by a strong performance by the Electronics Group which reported operating income of $4,833,000, a 78 percent improvement from the Dec. 31 quarter and an increase of $398,000 or 9 percent from last year's third quarter. Sales were up marginally to $71,450,000 compared to last year. This was a significant achievement as the group successfully grew its business to replace the sales previously derived from its Motorola product offering.
 Third quarter operating income of the Graphic Arts Group rose 60 percent to $498,000 while sales were down slightly to $12,953,000, the result of a change in the product mix. Sales and operating income of the Motor Vehicle Parts and Accessories Group both improved over the prior-year period.
 For the nine months ended March 31, 1993, income from continuing operations totaled $2,950,000 or $.50 per share compared with a loss for the prior-year period of $779,000 or $.13 per share. The net loss for the current nine months was $7,080,000 or $1.19 per share vs. a net loss of $1,064,000 or $.18 per share for the first nine months of last year. Sales from continuing operations increased to $269,385,000 from $256,742,000.
 Williams said that the proposed sale of the Building Products Group reflected management's decision to focus on its core businesses -- electronics and graphic arts. The special charge provides for future operating costs and the estimated loss on the sale of the building products operations.
 Williams added, "While payroll and other costs have been brought down to a level where the Building Products Group could operate profitably on a marginal improvement in sales, we believe our long- term future lies in concentrating our resources on our most significant businesses, namely Electronics and Graphic Arts. Therefore, we will be actively seeking a buyer for the building products businesses.
 "The benefits of our recently implemented corporate-wide payroll reduction program and profit improvements in all our other operations should be increasingly reflected in bottom-line results," Williams stated. "Moreover, management can now devote its full attention to our core businesses."
 Bell Industries distributes and manufactures products for the electronics, computer, graphics and other industrial markets.
 BELL INDUSTRIES INC.
 Consolidated Operating Results
 (Unaudited)
 (In thousands, except per share data)
 Three Months Ended Nine Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Net sales $90,724 $89,119 $269,385 $256,742
 Costs and expenses:
 Cost of products
 sold 68,527 66,477 203,245 192,312
 Selling, general
 and administrative 18,449 19,529 56,839 56,874
 Computer write-down --- 4,400 --- 4,400
 Interest expense 1,383 1,354 4,216 4,111
 Total 88,359 91,760 264,300 257,697
 Income (loss) from
 continuing operations
 before taxes on
 income 2,365 (2,641) 5,085 (955)
 Income tax provision
 (benefit) 990 (883) 2,135 (176)
 Income (loss) from
 continuing
 operations 1,375 (1,758) 2,950 (779)
 Discontinued
 operations --
 Loss from operations,
 net of taxes (581) (540) (1,100) (285)
 Loss on disposal,
 net of taxes (8,100) --- (8,100) ---
 Cumulative effect of
 change in accounting
 principle, net of
 taxes (830) --- (830) ---
 Net loss ($8,136) ($2,298) ($7,080) ($1,064)
 Per share data:
 Income (loss) from
 continuing
 operations $0.23 ($0.29) $0.50 ($0.13)
 Discontinued
 operations --
 Loss from operations,
 net of taxes (0.10) (0.10) (0.19) (0.05)
 Loss on disposal,
 net of taxes (1.36) --- (1.36) ---
 Cumulative effect
 of change in
 accounting
 principle, net of
 taxes (0.14) --- (0.14) ---
 Net loss per common
 and common
 equivalent share ($1.37) ($0.39) ($1.19) ($0.18)
 Average number of
 common equivalent
 shares
 outstanding (000's) 5,937 5,929 5,937 5,924
 -0- 4/28/93
 /CONTACT: Bruce M. Jaffe, executive VP and Tracy A. Edwards, VP and CFO of Bell Industries Inc., 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

EH -- LA022 -- 1912 04/28/93 10:52 EDT
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Date:Apr 28, 1993
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