updated 4/26/2011 11:47:17 AM ET 2011-04-26T15:47:17

INDIANAPOLIS, April 26, 2011 (GLOBE NEWSWIRE) -- Bell Industries, Inc. (Pink Sheets:BLLI) today reported financial results for the year ended December 31, 2010.

Revenues from continuing operations for the 2010 year were $112.2 million, up 11.5% from $100.6 million a year ago, with a $4.0 million increase in revenues related to the company's Recreation Products Group segment and a $7.6 million increase in revenues related to the company's Bell Techlogix business.  The company had net income of $0.3 million, or $0.68 per share, for the 2010 year, an improvement over the 2009 year net loss of $1.9 million.

The company's Recreational Products Group reported revenues of $38.4 million for 2010, compared with $34.4 million in 2009.  The 11.6% increase in revenues was attributed primarily to increased sales of marine and RV product lines as the overall industry continued to recover from the recessionary levels of 2009.  As a result of this increase in revenue, RPG's operating income for the 2010 year increased by $0.6 million to $1.8 million from the operating income of $1.2 million for the 2009 year.

The Bell Techlogix business reported revenues of $73.7 million for 2010, compared with $66.1 million in 2009.  This 11.5% increase was attributed to growth in product sales and revenue from both new and existing managed service engagements.  As a result of this increase in revenue, Bell Techlogix's operating income for the 2010 year increased by $1.3 million to $2.9 million from the operating income of $1.6 million for the 2009 year.

Bell's corporate holding company costs for 2010 totaled $3.2 million, a 10% decrease from the prior year.  The decrease in costs was primarily related to reductions in headcount and the related costs.  The corporate holding company costs have declined as the company continues to transfer the administrative functions previously performed by the holding company to the business units, which generally operate independently of each other.

On March 21, 2011 Bell completed a 1-for-20 reverse stock split of its shares, the result of which allowed Bell to then file with the Securities and Exchange Commission to terminate its registration and cease its periodic reporting obligations as a publicly registered company. This change in registration status will allow Bell to further reduce the corporate holding company costs by foregoing many of the expenses associated with SEC regulatory filings and Sarbanes-Oxley Act requirements.

About Bell Industries, Inc.

Bell Industries is a holding company for two operating businesses, Bell Techlogix and the Recreational Products Group.  Bell Techlogix is a provider of integrated technology product and service solutions for organizations throughout the United States.  The Recreational Products Group is a wholesale distributor of replacement parts and accessories for recreational vehicles and other leisure-related vehicles, including boats, snowmobiles, motorcycles, all terrain vehicles and utility vehicles.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements, including, but not limited to closely managing costs and making investments in our business to drive profitable growth, are based upon current expectations and speak only as of the date hereof. Actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including uncertainties as to the nature of the company's industry, including changing customer demand, the impact of competitive products and pricing, dependence on existing management and general economic conditions. The company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

(Tables Follow)

Bell Industries, Inc.
Consolidated Statements of Operations
(Dollars in thousands)
     
     
  Year Ended December 31,
  2010 2009
     
Net revenues:    
Products  $ 83,739  $ 74,325
Services  28,432  26,252
Total net revenues  112,171  100,577
     
Costs and expenses:    
Cost of products sold  68,695  60,770
Cost of services provided  20,198  19,011
Selling, general and administratives  21,870  21,580
Gain on sale of assets  (34)  -- 
Operating income (loss)  1,442  (784)
Interest expense, net  1,108  1,093
Income (loss) from continuing operations before income taxes  334  (1,877)
Income tax provision (benefit)  65  (7)
Net income (loss) from continuing operations  269  (1,870)
Income (loss) from discontinued operations, net of tax  27  (36)
Net income (loss)  $ 296  $ (1,906)
 
OPERATING RESULTS BY BUSINESS SEGMENT    
     
Net revenues:    
Bell Techlogix    
Products  $ 45,307  $ 39,882
Services  28,432  26,252
Total Bell Techlogix  73,739  66,134
Recreational Products Group  38,432  34,443
Total net revenues  $112,171  $ 100,577
     
Operating income (loss):    
Bell Techlogix  $ 2,850  $ 1,558
Recreational Products Group  1,750  1,191
Corporate costs  (3,192)  (3,533)
Gain on sale of assets  34  -- 
Total operating income (loss)  1,442  (784)
Interest expense, net  1,108  1,093
Income (loss) from continuing operations before income taxes  $ 334  $ (1,877)
Bell Industries, Inc.
Consolidated Balance Sheets
Years ended December 21, 2010 and 2009
(Dollars in thousands)
     
     
  2010 2009
ASSETS    
Current assets:    
Cash and cash equivalents  $ 2,723  $ 2,608
Accounts receivable, net  10,116  9,256
Inventories, net  7,303  8,012
Notes receivable  --   300
Prepaid expenses and other current assets  1,053  800
Total current assets  21,195  20,976
     
Fixed assets, net  709  802
Other assets  733  775
Total assets  $22,637  $22,553
     
LIABILITIES AND SHAREHOLDERS' DEFICIT    
Current liabilities:    
Accounts payable  $ 5,346  $ 5,382
Accrued payroll  2,290  1,882
Other accrued liabilities  1,899  2,440
Total current liabilities  9,535  9,704
     
Convertible note  11,851  11,345
Other long-term liabilities  3,009  3,592
Total liabilities  24,395  24,641
     
Shareholders' deficit  (1,758)  (2,088)
Total liabilities and shareholders' deficit  $22,637  $22,553
CONTACT:  Bell Industries, Inc.
          Clinton Coleman, Chief Executive Officer
          317-704-6000

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.97%
$30K home equity loan FICO 5.23%
$75K home equity loan FICO 4.66%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.28%
13.21%
Cash Back Cards 17.73%
17.70%
Rewards Cards 17.00%
16.96%
Source: Bankrate.com