RV Segment Spurs Bell Industries’ Q1 Results

May 17, 2010 by RV Business Leave a Comment

Bell Industries Inc. has reported improved financial results for its first quarter ended March 31.

The Indianapolis-based provider of integrated technology product and service solutions and wholesale distributor of replacement parts and accessories for recreational vehicles and other leisure-related vehicles, reported that 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 $200,000 increase in revenues related to the company’s Bell Techlogix business, according to a news release.

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 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, CEO. “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.”

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