Bell Industries, Inc. (AMEX:BI) today reported financial results
for the year and fourth quarter ended December 31, 2005. Revenue
for 2005 amounted to $130.9 million, compared with $144.0 million
for 2004. The company's net loss for 2005 was $799,000, equal to
$0.09 per share, which included approximately $1.8 million in
charges, including $325,000 of costs associated with a severance
agreement for a former executive in the third quarter and
approximately $1.5 million of charges and costs in the fourth
quarter. For 2004, Bell sustained a net loss of $953,000, or $0.11
per share. For the 2005 fourth quarter, revenue totaled $25.7
million, compared with $26.2 million for the corresponding
prior-year period. Including the charges and costs, Bell registered
a net loss for the 2005 fourth quarter of $1.5 million, equal to
$0.18 per share, compared with a net loss of $767,000, or $0.09 per
share, last year. In the fourth quarter, the company posted
approximately $600,000 in staff separation and reorganization
charges. In addition, Bell incurred approximately $850,000 in
higher-than-usual start up and related costs associated with a new
depot services contract. The higher start-up and related costs on
the new contract continued to be incurred during the first quarter
of 2006. John A. Fellows, who was appointed chief executive officer
of Bell Industries in October 2005, said, "We believe that the
significant operational changes recently completed within Bell
Tech.logix (BTL) will have a positive and lasting effect on our
associates, customers and prospects. By realigning our resources
dedicated to BTL's product group, we fully expect to realize
revenue growth for the segment in 2006. Additionally, we will
leverage existing product relationships and capitalize on our
certification as a Microsoft Large Account Reseller for the
education practice. Within BTL's services segment, we reduced
non-operational headcount and successfully recruited a number of
leading executives from technology based service companies. "We
have a strong focus on strengthening client relationships. In fact,
a number of service offerings currently provided to Philip Morris
USA have been extended. I am confident that our aggressive
management transition over the past 120 days has properly
positioned BTL for improved operational execution and substantial
global business expansion in the years ahead." For the 2005 fourth
quarter, BTL posted net revenues of $14.9 million, compared with
$16.6 million in the prior-year period. Product sales amounted to
$6.7 million, compared with $9.6 million in the 2004 fourth
quarter. Services revenues rose to $8.2 million in the 2005 fourth
quarter from $7.0 million a year earlier, primarily attributable to
continued strength in BTL's reverse logistics and depot repair
business. BTL had an operating loss of $1.5 million for the 2005
fourth quarter, versus a loss of $469,000 last year. Fellows added,
"Both J.W. Miller and our Recreational Products Group delivered
improved operating results for the year and fourth quarter.
Overall, we are now completely focused on driving profitable
revenue growth in each of our business units." At Bell's
Recreational Products Group, net revenues for the 2005 fourth
quarter rose 7.2% to $8.4 million from $7.9 million last year,
primarily reflecting higher preseason marine product shipments and
an early snow season which generated additional sales of snow
related products. The division sustained a lower operating loss of
$122,000 for the 2005 fourth quarter, compared with a loss of
$221,000 a year ago. Revenues at J.W. Miller, Bell's electronic
components operation, advanced 34.9% to $2.3 million in the 2005
fourth quarter from $1.7 million a year earlier. Operating income
increased 80% to $520,000 from $289,000 a year ago. Bell's balance
sheet at year-end remained strong, with no bank debt. At December
31, 2005, cash and cash equivalents totaled $7.3 million, and net
working capital amounted to $18.6 million, compared with $10.8
million and $19.1 million, respectively, at December 31, 2004. The
company said the lower cash amount at December 31, 2005 principally
reflected the timing of collections. At year-end, shareholders'
equity totaled $20.3 million, or $2.37 per share, compared with
$20.8 million, or $2.47 per share, at December 31, 2004. Fellows
concluded, "I am pleased with our recent progress. We are
absolutely focused, and we have taken significant steps to properly
align our existing resources and attract new resources so that we
can quickly become market leaders in the industries which we serve.
I look forward to Bell's growth and success in the years ahead."
About Bell Industries, Inc. Bell is comprised of three diversified
business units, Bell Tech.logix, Recreational Products Group and
J.W. Miller. Bell Tech.logix offers a comprehensive portfolio of
technology products and managed lifecycle services, including
planning, product sourcing, deployment and disposal, and support
services. Bell's Recreational Products Group distributes
after-market parts and accessories primarily to the recreational
vehicle and boating markets. J.W. Miller manufactures and sells
standard and custom magnetic components used in electronic
applications for computer, medical, lighting and telecommunication
equipment. Forward-Looking Statements Certain matters discussed in
this news release are forward-looking statements that involve risks
and uncertainties that could cause actual results to differ
materially from current trends. These include, but are not limited
to, BTL being positioned for substantial global business expansion,
as well as other factors described in the company's public filings
from time to time. (Tables Follow) -0- *T Bell Industries, Inc.
Consolidated Operating Results (In thousands, except per share
data) (Unaudited) Three months ended Year ended December 31,
December 31, 2005 2004 2005 2004
----------------------------------------------------------------------
Net revenues Products $17,462 $19,187 $100,266 $113,832 Services
8,232 7,031 30,670 30,122 ------- ------- -------- --------- 25,694
26,218 130,936 143,954 ------- ------- -------- --------- Costs and
expenses Cost of products sold 13,413 15,046 79,097 92,879 Cost of
services provided 7,152 5,808 25,184 24,227 Selling and
administrative 6,703 6,185 27,331 27,187 Interest, net (94) (54)
(275) (161) Special items (a) 325 700 ------- ------- --------
--------- 27,174 26,985 131,662 144,832 ------- ------- --------
--------- Loss before income taxes (1,480) (767) (726) (878) Income
tax expense 13 73 75 ------- ------- -------- --------- Net loss
$(1,493) $(767) $(799) $(953) ======= ======= ======== =========
Basic and diluted share data Net loss per share $(.18) $(.09)
$(.09) $(.11) ======= ======= ======== ========= Weighted average
common stock 8,490 8,418 8,466 8,385 ======= ======= ========
=========
----------------------------------------------------------------------
OPERATING RESULTS BY BUSINESS SEGMENT Net revenues Technology
Solutions Products $6,730 $9,619 $46,035 $60,149 Services 8,232
7,031 30,670 30,122 ------- ------- -------- --------- 14,962
16,650 76,705 90,271 Recreational Products 8,425 7,858 45,858
45,907 Electronic Components 2,307 1,710 8,373 7,776 -------
------- -------- --------- $25,694 $26,218 $130,936 $143,954
======= ======= ======== ========= Operating income (loss)
Technology Solutions $(1,490) $(469) $(1,532) $(780) Recreational
Products (122) (221) 1,408 1,319 Electronic Components 520 289
1,923 1,526 Corporate costs (482) (420) (2,475) (2,404) Special
items (a) (325) (700) ------- ------- -------- --------- (1,574)
(821) (1,001) (1,039) Interest, net 94 54 275 161 Income tax
expense (13) (73) (75) ------- ------- -------- --------- Net loss
$(1,493) $(767) $(799) $(953) ======= ======= ======== =========
(a) Special item in 2005 represents costs associated with a
severance agreement for a former executive. Special item in 2004
represents costs associated with an employment agreement for
another former executive. Bell Industries, Inc. Consolidated
Condensed Balance Sheet (In thousands) (Unaudited) December 31,
2005 2004 ASSETS Current assets: Cash and cash equivalents $7,331
$10,801 Accounts receivable 15,306 11,455 Inventories 12,764 14,364
Prepaid expenses and other 2,701 1,813 ------- -------- Total
current assets 38,102 38,433 -------- -------- Fixed assets, net
3,143 3,139 Other assets 3,108 3,617 -------- -------- $44,353
$45,189 ======= ======== LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities: Floor plan payables $68 $2,172 Accounts
payable 11,023 8,998 Accrued payroll and liabilities 8,440 8,178
------- -------- Total current liabilities 19,531 19,348 -------
-------- Long-term liabilities 4,518 5,025 Shareholders' equity
20,304 20,816 ------- -------- $44,353 $45,189 ======= ======== *T
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