8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 14, 2010

BELL INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

California	001-11471	95-2039211
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

8888 Keystone Crossing, Suite #1700, Indianapolis, IN	46240
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (317) 704-6000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operation and Financial Condition

On May 14, 2010, the Company issued a press release describing selected financial results of the Company for the quarter ended March 31, 2010. A copy of the press release is attached hereto as Exhibit 99.1 and is being furnished under Item 2.02 of this Report.

The information hereunder shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into any registration statement or other document pursuant to Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 — Press Release dated May 14, 2010

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	BELL INDUSTRIES, INC.
Date: May 14, 2010	By:	/s/ Clinton J. Coleman
		Name:	Clinton J. Coleman
		Title:	Chief Executive Officer

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated May 14, 2010

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EX-99.1

Exhibit 99.1

CONTACT:

Bell Industries, Inc.
Clinton Coleman, Chief Executive Officer
317-704-6000

BELL INDUSTRIES REPORTS 2010 FIRST QUARTER RESULTS

INDIANAPOLIS — May 14, 2010 — Bell Industries, Inc. (Pink Sheets: BLLI) today reported financial results for its first quarter ended March 31, 2010.

Revenues from continuing operations for the 2010 first quarter were $19.7 million, up 7.6% from $18.3 million a year ago, with a $1.2 million increase in revenues related to the company’s Recreation Products Group segment and a $0.2 million increase in revenues related to the company’s Bell Techlogix business. The company had a loss from continuing operations of $1.5 million, or $3.39 per share, for the 2010 first quarter, an improvement over the prior-year first quarter loss from continuing operations of $1.9 million, or $4.32 per share.

The company’s Recreational Products Group reported revenues of $8.5 million for the 2010 first quarter, compared with $7.3 million in the 2009 first quarter. The increase in revenues was attributed primarily to higher sales in the marine and RV product lines generated by increased pre-season RV and marine product orders. The operating income of $40,000 for the first quarter of 2010 represented a $212,000 increase from the operating loss of $172,000 for the first quarter of 2009. This increase was attributed primarily to the $1.2 million increase in net revenues.

The Bell Techlogix business reported revenues of $11.2 million for the 2010 first quarter, compared with $11.0 million in the 2009 first quarter. This increase was attributed primarily to growth in depot and contact center service revenue partially offset by shortfalls in product revenue. Operating loss for the 2010 first quarter amounted to $407,000, an improvement of approximately $182,000 over the prior-year first quarter. This increase was attributed primarily to a decrease in overhead expenses due to the consolidation of certain overhead and support functions.

Bell’s corporate costs for the 2010 first quarter totaled $859,000, a decrease of $47,000 from the $906,000 in costs for the 2009 first quarter. The decrease in costs was primarily related to reductions in headcount and the related benefits and travel costs.

“Many areas of our operations are experiencing an improving trend due to the stabilization and, in some cases, improvement of the overall economic environment,” said Clinton J. Coleman, Chief Executive Officer of Bell Industries. “We anticipate that the Recreational Products Group will continue to perform strongly compared to the prior year as the RV and marine businesses trends improve. Bell Techlogix has been adding new customers and expanding engagements with existing customers, a trend that we also expect to continue.”

About Bell Industries, Inc.

Bell Industries is comprised of two operating units, 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. Bell Industries’ Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings discuss some of the important risk factors that may affect the company’s business, results of operations and financial condition. The company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

# # #

(Tables Follow)

Bell Industries, Inc.
Consolidated Condensed Operating Results
(Unaudited) (In thousands, except per share data)

	Three months ended
	March 31,
	2010			2009
Net revenues:
Products	$	13,549		$	12,501
Services		6,164			5,826
Total net revenues		19,713			18,327
Costs and expenses:
Cost of products sold		11,013			10,215
Cost of services provided		4,664			4,397
Selling, general and administrative		5,262			5,382
Loss on sale of assets		(1	)		—
Operating loss		(1,225	)		(1,667	)
Interest expense, net		244			208
Loss from continuing operations before benefit from income taxes		(1,469	)		(1,875	)
Benefit from income taxes		—			(2	)
Net loss		(1,469	)		(1,873	)
Share and per share data
Basic and diluted:
Net loss	$	(3.39	)	$	(4.32	)
Weighted average common shares outstanding		433			433
OPERATING RESULTS BY BUSINESS SEGMENT
Net revenues:
Bell Techlogix
Products	$	5,075		$	5,154
Services		6,164			5,826
Total Bell Techlogix		11,239			10,980
Recreational Products Group		8,474			7,347
Total net revenues	$	19,713		$	18,327
Operating income (loss):
Bell Techlogix	$	(407	)	$	(589	)
Recreational Products Group		40			(172	)
Corporate costs		(859	)		(906	)
Gain on sale of assets		(1	)		—
Total operating loss		(1,225	)		(1,667	)
Interest expense, net		244			208
Loss from continuing operations before benefit from income taxes	$	(1,469	)	$	(1,875	)

Bell Industries, Inc.
Consolidated Condensed Balance Sheets
(In thousands)

	March 31,			December 31,
	2010			2009
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,233		$	2,608
Accounts receivable, net		11,537			9,210
Inventories, net		8,366			8,012
Notes receivable		100			300
Prepaid expenses and other current assets		838			846
Total current assets		22,074			20,976
Fixed assets, net		691			802
Other assets		840			775
Acquisition deposits
Total assets	$	23,605		$	22,553
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Revolving credit facility	$	1,599		$	—
Accounts payable		6,014			5,382
Accrued payroll		2,389			1,882
Other accrued liabilities		2,242			2,440
Total current liabilities		12,244			9,704
Convertible note		11,468			11,345
Other long-term liabilities		3,438			3,592
Total liabilities		27,150			24,641
Shareholders’ deficit		(3,545	)		(2,088	)
Total liabilities and shareholders’ deficit	$	23,605		$	22,553