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Bell Industries Reports Rise in 2010 Revenues

April 29, 2011 by · Leave a Comment 

Indianapolis-based Bell Industries, Inc. recently reported financial results for the year ended Dec. 31, 2010.

Revenues from continuing operations for the 2010 year were $112.2 million, up 11.5% from $100.6 million a year ago, with a $4.0 million increase in revenues related to the company’s Recreation Products Group segment and a $7.6 million increase in revenues related to the company’s Bell Techlogix business. The company had net income of $0.3 million, or $0.68 per share, for the 2010 year, an improvement over the 2009 year net loss of $1.9 million.

The company’s Recreational Products Group (RPG) reported revenues of $38.4 million for 2010, compared with $34.4 million in 2009. The 11.6% increase in revenues was attributed primarily to increased sales of marine and RV product lines as the overall industry continued to recover from the recessionary levels of 2009. As a result of this increase in revenue, RPG’s operating income for the 2010 year increased by $0.6 million to $1.8 million from the operating income of $1.2 million for the 2009 year.

The Bell Techlogix business reported revenues of $73.7 million for 2010, compared with $66.1 million in 2009. This 11.5% increase was attributed to growth in product sales and revenue from both new and existing managed service engagements. As a result of this increase in revenue, Bell Techlogix’s operating income for the 2010 year increased by $1.3 million to $2.9 million from the operating income of $1.6 million for the 2009 year.

Bell’s corporate holding company costs for 2010 totaled $3.2 million, a 10% decrease from the prior year. The decrease in costs was primarily related to reductions in headcount and the related costs. The corporate holding company costs have declined as the company continues to transfer the administrative functions previously performed by the holding company to the business units, which generally operate independently of each other.

On March 21, Bell completed a 1-for-20 reverse stock split of its shares, the result of which allowed Bell to then file with the Securities and Exchange Commission to terminate its registration and cease its periodic reporting obligations as a publicly registered company. This change in registration status will allow Bell to further reduce the corporate holding company costs by foregoing many of the expenses associated with SEC regulatory filings and Sarbanes-Oxley Act requirements.

Bell Industries is a holding company for two operating businesses, 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.

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Bell Industries Reports 9.7% Q2 Sales Rise

August 16, 2010 by · Leave a Comment 

Bell Industries Inc. today (Aug. 16) reported financial results for its second quarter ended June 30, 2010.

Revenues from continuing operations for the 2010 second quarter were $30.2 million, up 9.7% from $27.5 million a year ago, with a $1.6 million increase in revenues related to the company’s Recreation Products Group segment and a $1.1 million increase in revenues related to the company’s Bell Techlogix business. The company had net income of $0.6 million, or $1.44 per share, for the 2010 second quarter, an improvement over the prior-year second quarter net income of $0.2 million, or 49 cents per share.

The Indianapolis-based company’s Recreational Products Group reported revenues of $12.6 million for the 2010 second quarter, compared with $11.0 million in the 2009 second quarter. The 14.6% increase in revenues was attributed primarily to increased in-season sales of marine and RV product lines. RPG’s operating income of $1.2 million for the second quarter of 2010 represented a $200,000 increase from the operating income of $1 million for the second quarter of 2009. This increase was attributed primarily to the increase in net revenues.

The Bell Techlogix business reported revenues of $17.6 million for the 2010 second quarter, compared with $16.5 million in the 2009 second quarter. This 6.5% increase was attributed primarily to growth in product sales and managed service engagements. Bell Techlogix’s operating income for the 2010 second quarter was $500,000, representing a slight improvement over the second quarter of 2009. This increase was attributed primarily to the increase in revenue and a decrease in overhead expenses, partially offset by the benefit of certain non-recurring fees and billing accruals in the prior year period.

Bell’s corporate holding company costs for the 2010 second quarter totaled $800,000, an 18% decrease from the prior year period. The decrease in costs was primarily related to reductions in headcount and the related costs. The corporate holding company costs have declined as the company continues to transfer the administrative functions previously performed by the holding company to the business units, which generally operate independently of each other.

“While the gradually improving economic environment has continued to support our business trends, each of our operating businesses are also successfully executing their specific growth strategies,” said Clinton J. Coleman, CEO of Bell Industries. “We anticipate that the Recreational Products Group will continue to experience growth over the prior year as a result of improved trends in the RV and marine segments. Bell Techlogix is renewing and expanding existing engagements while adding significant new managed service customers, the combination of which is expected to drive further earnings growth.”

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RV Segment Spurs Bell Industries’ Q1 Results

May 17, 2010 by · 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

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