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BELL TECHNOLOGY GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS; UNDERWRITER EXERCISES 'GREEN SHOE' OPTION

NEW YORK, March 8 /PRNewswire/ -- Bell Technology Group Ltd. (Nasdaq: BELT) announced today results of operations for the first quarter ended December 31, 1995.

Revenues for the quarter were up 9% to $2,422,261 compared to $2,193,839 for the first quarter a year ago. The Company incurred a net loss for the quarter of $190,628 or $.11 per share compared to net income of $33,123 or $.02 per share last year.

According to Marc H. Bell, President and Chief Executive Officer, "The Company is in the process of shifting to a services-based business. Currently profit margins in the computer reselling area of the Company's business are under pressure to meet price-cutting competition. We also incurred increased expenses due to the expansion into the areas of service, training and Internet operations. In addition, the Company amortized approximately $24,500 of debt issuance costs relating to its $250,000 bridge financing."

In a separate development, the Company announced that Rickel & Associates, Inc., the underwriter of its initial public offering, had exercised its "Green Shoe" overallotment option for 129,642 common shares from the Company and 42,858 common shares from Marc Bell. The Company's net proceeds from such sale was approximately $800,000.

Bell Technology Group Ltd. specializes in the design, installation and maintenance of computer systems, network configuration, and the providing of training services. It serves many of the top 50 advertising agencies and large publishing companies in the New York City metropolitan area. The company is also engaged in the design, sales and installation of dedicated Internet connections for commercial use.
 BELL TECHNOLOGY GROUP LTD. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited)
 Three Months Ended
 December 31,
 1995 1994
 Revenues $ 2,422,261 $ 2,193,839


Costs and expenses:
 Cost of revenues 2,013,240 1,670,054
 Selling, general and administrative 520,987 410,410
 Depreciation and amortization 54,245 28,363
 Total costs and expenses 2,588,472 2,108,827
 Income (loss) from operations (166,211) 85,012
 Interest expense 24,417 26,448
 Income (loss) before taxes (190,628) 58,564
 Provision for taxes -- 25,441
 Net income (loss) $ (190,628) $ 33,123
 Net earnings (loss) per share ($ 0.11) $ 0.02
 Weighted average shares outstanding 1,742,855 1,725,000
 -0- 3/8/96


/CONTACT: Marc Bell, President of Bell Technology Group Ltd., 212-982-0800, ext. 802/

(BELL)

CO: Bell Technology Group, Ltd. ST: New York IN: CPR SU: ERN

SR-TM -- NYF063 -- 1800 03/08/96 19:40 EST
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Publication:PR Newswire
Date:Mar 8, 1996
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