-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QEvaMzwyvVvYQ6I3eCMwGxH5p2C/Qd2PDgSqEV4ZBLpjlZCq0JEs6Fp73T0QjTt5 N1yoxqMu7wwPBxhe/RIFYQ== 0001299933-05-002176.txt : 20050505 0001299933-05-002176.hdr.sgml : 20050505 20050505160112 ACCESSION NUMBER: 0001299933-05-002176 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050505 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050505 DATE AS OF CHANGE: 20050505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BELL INDUSTRIES INC /NEW/ CENTRAL INDEX KEY: 0000945489 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 952039211 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11471 FILM NUMBER: 05803692 BUSINESS ADDRESS: STREET 1: 1960 E GRAND AVENUE SUITE 560 CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 3105632355 MAIL ADDRESS: STREET 1: 1960 E GRAND AVENUE SUITE 560 CITY: EL SEGUDON STATE: CA ZIP: 90245 FORMER COMPANY: FORMER CONFORMED NAME: CALIFORNIA BELL INDUSTRIES INC DATE OF NAME CHANGE: 19950519 8-K 1 htm_4582.htm LIVE FILING Bell Industries, Inc. (Form: 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 5, 2005

Bell Industries, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

     
California 001-11471 95-2039211
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
1960 E. Grand Avenue, Suite #560, El Segundo, California   90245
_________________________________
(Address of principal executive offices)
  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   310-563-2355

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:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item 2.02. Results of Operations and Financial Condition.

On May 5, 2005, Bell Industries, Inc. (the "Company") issued a press release describing selected financial results of the Company for the quarter ended March 31, 2005. Pursuant to SEC Release No. 33-8216, this press release is attached hereto as Exhibit 99.1 and is being filed under Item 2.02, to this Report on Form 8-K.





Item 9.01. Financial Statements and Exhibits.

May 5, 2005 Press Release by Bell Industries, Inc.






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.
          
May 5, 2005   By:   /s/Russell A. Doll
       
        Name: Russell A. Doll
        Title: Acting President and Chief Executive Officer


Exhibit Index


     
Exhibit No.   Description

 
99.1
  May 5, 2005 Press Release by Bell Industries, Inc.
EX-99.1 2 exhibit1.htm EX-99.1 EX-99.1

CONTACT:

Bell Industries, Inc.
Russell A. Doll/Mitchell I. Rosen
310-563-2355

PondelWilkinson Inc.
Roger S. Pondel/Angie H. Yang
310-279-5980

BELL INDUSTRIES REPORTS 2005 FIRST QUARTER RESULTS

El Segundo, California – May 5, 2005 – Bell Industries, Inc. (AMEX:BI) today reported financial results for the three months ended March 31, 2005.

Consolidated net revenues for the 2005 first quarter totaled $28.7 million, compared with $34.4 million in the prior-year period. Bell’s net loss amounted to $677,000, or $0.08 per share, compared with $699,000, also equal to $0.08 per share, in the first quarter of 2004.

“A realigned cost structure enabled us to reduce the company’s net loss for the period, in spite of lower revenues resulting from reduced technology product sales and the previously communicated ending of an outsourcing engagement last year, as well as the ending of a help desk engagement in the current year first quarter,” said Russell A. Doll, acting president and chief executive officer.

“Operating efficiencies were achieved while we continued to invest in business development and strategic growth initiatives. While first quarter results were negatively impacted by the termination of certain engagements, heightened business development activities at Bell’s largest operating unit, the Tech.logix Group (BTL), resulted in new and expanded engagements during April in the areas of depot repair, reverse logistics and wireless device management, despite the extremely challenging and competitive IT services environment. We believe these engagements serve as a good foundation for attracting similar business in the future,” Doll added.

For the 2005 first quarter, BTL posted total revenues of $15.4 million, compared with $20.8 million in the same period a year ago. Products and services revenues declined to $8.2 million and $7.2 million, respectively, from approximately $12.5 million and $8.3 million in the 2004 first quarter. These decreases in revenues are attributable to reduced technology product sales and the ending of certain services engagements, partially offset by revenues from new and expanded engagements. Product sales continue to experience significant volatility due to direct sales models, intense competition and technology purchasing cycles. BTL sustained an operating loss for the 2005 first quarter of $767,000, compared with a $563,000 operating loss a year ago.

Sales at Bell’s Recreational Products Group (RPG) amounted to $11.4 million for the three months ended March 31, 2005, compared with $11.5 million in the prior-year period. Benefiting from increases in pricing and a shift in product mix, RPG posted higher margins, and operating income more-than-doubled to $218,000 from $106,000 in the year-ago first quarter. Doll said additional efficiencies are expected to be realized in 2005 from technology investments made last year to enhance sales, order and inventory processes.

J.W. Miller, Bell’s electronic components operation, recorded sales of $1.9 million in the 2005 first quarter, compared with $2.1 million a year earlier. Operating income was moderately lower at $425,000, compared with $438,000 in the same 2004 period. Although the market softened in the first quarter 2005 compared with 2004, increased sales of custom products led to a higher overall gross margin percentage during the 2005 period.

Bell continues to maintain a strong balance sheet with no bank debt. At March 31, 2005, cash and cash equivalents totaled $ 7.0 million and net working capital amounted to $18.6 million, compared with $7.2 million and $17.5 million, respectively, at March 31, 2004. Shareholders’ equity totaled $20.2 million, or $2.39 per share, at March 31, 2005.

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. In addition, Bell manufactures and distributes a variety of standard and custom magnetic components used in electronic applications for computer, medical, lighting, and telecommunication equipment.

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, potential opportunities resulting from new engagements and strengthened business development activities by BTL, benefits from technology investments at RPG, and other factors described in the company’s public filings from time to time.

1

Bell Industries, Inc.
Consolidated Operating Results

(In thousands, except per share data)
(Unaudited)

                 
Three months ended March 31   2005   2004
Net revenues:
               
Products
  $ 21,484     $ 26,095  
Services
    7,204       8,333  
 
               
 
    28,688       34,428  
 
               
Costs and expenses
               
Cost of products sold
    16,874       21,415  
Cost of services provided
    6,012       6,732  
Selling and administrative
    6,516       7,010  
Interest, net
    (52 )     (30 )
 
               
 
    29,350       35,127  
 
               
Loss before income taxes
    (662 )     (699 )
Income tax expense
    15          
 
               
Net loss
  $ (677 )   $ (699 )
 
               
Basic and diluted share data
               
Net loss per share
  $ (0.08 )   $ (0.08 )
 
               
Weighted average common stock
    8,454       8,371  
 
               
OPERATING RESULTS BY BUSINESS SEGMENT
               
Net revenues:
               
Technology Solutions
               
Products
  $ 8,228     $ 12,442  
Services
    7,204       8,333  
 
               
 
    15,432       20,775  
Recreational Products
    11,391       11,520  
Electronic Components
    1,865       2,133  
 
               
 
  $ 28,688     $ 34,428  
 
               
Operating income (loss):
               
Technology Solutions
  $ (767 )   $ (563 )
Recreational Products
    218       106  
Electronic Components
    425       438  
Corporate costs
    (590 )     (710 )
 
               
 
    (714 )     (729 )
Interest, net
    52       30  
Income tax expense
    (15 )        
 
               
Net loss
  $ (677 )   $ (699 )
 
               

Bell Industries, Inc.
Consolidated Condensed Balance Sheet

(In thousands)
(Unaudited)

                         
            March 31,   December 31,
            2005   2004
Assets
                       
Current assets:
                       
   Cash and cash equivalents
  $ 7,064     $ 10,801  
   Accounts receivable, net
    16,656       11,455  
   Inventories
    14,633       14,364  
   Prepaid expenses and other
    1,764       1,813  
 
                       
   Total current assets
    40,117       38,433  
 
                       
Fixed assets, net
            3,002       3,139  
Other assets
            3,505       3,617  
 
                       
 
          $ 46,624     $ 45,189  
 
                       
Liabilities and Shareholders’ Equity
               
Current liabilities:
                       
   Accounts payable
  $ 13,717     $ 11,170  
   Accrued payroll and liabilities
    7,837       8,178  
 
                       
   Total current liabilities
    21,554       19,348  
 
                       
Long-term liabilities
            4,876       5,025  
Shareholders’ equity
            20,194       20,816  
 
                       
 
          $ 46,624     $ 45,189  
 
                       

2 -----END PRIVACY-ENHANCED MESSAGE-----