Bell Industries, Inc. (AMEX:BI) today reported financial results for the three and nine months ended September 30, 2005. For the 2005 third quarter, net income totaled $423,000, equal to $0.05 per diluted share. This compares with a net loss of $314,000, or $0.04 per share, in the prior-year period. Consolidated net revenues for the quarter amounted to $39.2 million, compared with $39.5 million a year earlier. Third quarter results for 2005 and 2004 include severance charges of $325,000 and $700,000, respectively, for former executives. For the year-to-date period, net income totaled $694,000, or $0.08 per diluted share, versus a net loss of $186,000, or $0.02 per share, for the corresponding 2004 period. Consolidated net revenues amounted to $105.2 million for the current nine-month period, compared with $117.7 million a year earlier. John A. Fellows, who recently was elected president and chief executive officer after serving on Bell's board of directors since May 2005, commented, "While I'm confident in the level of talent within our different business groups, I'm even more encouraged by what we'll be able to accomplish in the days ahead now that we are succinctly focused on becoming the recognized leader in each of our respective markets." For the 2005 third quarter, Bell's largest operating unit, the Tech.logix Group (BTL), posted net revenues of $25.0 million, compared with $25.8 million in the prior-year period. Product sales amounted to $17.2 million, compared with $18.6 million in the 2004 third quarter. Services revenues advanced 8% to $7.8 million in the 2005 third quarter from $7.2 million a year earlier, reflecting continued strength in BTL's reverse logistics and depot repair business. Benefiting from cost containment efforts and the revenue increase in reverse logistics and depot repair business, operating income for the division increased to $418,000 for the 2005 third quarter from $177,000 in the prior-year period. At Bell's Recreational Products Group, net revenues for the 2005 third quarter rose modestly to $12.1 million from $11.9 million last year. Operating income increased to $478,000 from $432,000 in the same period a year ago. Net revenues at Bell's electronic components operation, J.W. Miller, grew 18% to $2.1 million in the third quarter of 2005 from $1.8 million a year earlier. Operating income increased 40% to $468,000 from $335,000 a year ago. Bell continues to maintain a strong balance sheet with no bank debt. At September 30, 2005, cash and cash equivalents totaled $12.0 million, and net working capital amounted to $19.9 million, compared with $10.8 million and $19.1 million, respectively, at December 31, 2004. Shareholders' equity totaled $21.6 million, or $2.55 per share, compared with $20.8 million, or $2.47 per share, at December 31, 2004. About Bell Industries, Inc. Bell's primary business, the Tech.logix Group, offers a comprehensive portfolio of technology products and managed lifecycle services, including planning, product sourcing, deployment and disposal, and support services. Support services include help desk support, desk side support, technical maintenance services, and reverse logistics and depot services. Bell also distributes after-market parts and accessories to the recreational vehicle market and 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, future accomplishments, as well as other factors described in the company's public filings from time to time. -0- *T Bell Industries, Inc. Consolidated Operating Results (In thousands, except per share data) (Unaudited) Three months Nine months ended ended September 30 September 30 2005 2004 2005 2004 --------------------------------------------------------------------- Net revenues Products $31,424 $32,300 $82,804 $94,645 Services 7,772 7,190 22,438 23,091 ------ ------ ------ ------ 39,196 39,490 105,242 117,736 ------ ------ ------ ------ Costs and expenses Cost of products sold 25,436 26,445 65,684 77,833 Cost of services provided 6,185 5,687 18,032 18,419 Selling and administrative 6,905 6,980 20,628 21,002 Interest, net (93) (39) (181) (107) Special items (1) 325 700 325 700 ------ ------ ------ ------ 38,758 39,773 104,488 117,847 ------ ------ ------ ------ Income (loss) before income taxes 438 (283) 754 (111) Income tax expense 15 31 60 75 ------ ------ ------ ------ Net income (loss) $423 $(314) $694 $(186) ====== ====== ====== ====== Basic and diluted share data Net income (loss) Basic $.05 $(.04) $.08 $(.02) ====== ====== ====== ====== Diluted $.05 $(.04) $.08 $(.02) ====== ====== ====== ====== Weighted average common stock Basic 8,460 8,378 8,458 8,375 ====== ====== ====== ====== Diluted 8,479 8,378 8,502 8,375 ====== ====== ====== ====== OPERATING RESULTS BY BUSINESS SEGMENT Net revenues Technology Solutions Products $17,182 $18,629 $39,305 $50,530 Services 7,772 7,190 22,438 23,091 ------ ------ ------ ------ 24,954 25,819 61,743 73,621 Recreational Products 12,122 11,878 37,433 38,049 Electronic Components 2,120 1,793 6,066 6,066 ------ ------ ------ ------ $39,196 $39,490 $105,242 $117,736 ====== ====== ====== ====== Operating income (loss) Technology Solutions $418 $177 $(42) $(311) Recreational Products 478 432 1,530 1,540 Electronic Components 468 335 1,403 1,237 Corporate costs (694) (566) (1,993) (1,984) Special items (1) (325) (700) (325) (700) ------ ------ ------ ------ 345 (322) 573 (218) Interest, net 93 39 181 107 Income tax expense (15) (31) (60) (75) ------ ------ ------ ------ Net income (loss) $423 $(314) $694 $(186) ====== ====== ====== ====== (1) 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) September December 30 31 2005 2004 --------------------------------------------------------------------- ASSETS Current assets: Cash and cash equivalents $11,955 $10,801 Accounts receivable 15,680 11,455 Inventories 10,181 14,364 Prepaid expenses and other 2,235 1,813 ------ ------ Total current assets 40,051 38,433 ------ ------ Fixed assets, net 3,137 3,139 Other assets 3,374 3,617 ------ ------ $46,562 $45,189 ====== ====== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $11,363 $11,170 Accrued payroll and liabilities 8,827 8,178 ------ ------ Total current liabilities 20,190 19,348 ------ ------ Long-term liabilities 4,807 5,025 Shareholders' equity 21,565 20,816 ------ ------ $46,562 $45,189 ====== ====== *T
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