Bell Industries reports 2007 results
April 15, 2008
Filed under Features
Bell Industries Inc. had a down year in total sales, with the company’s Recreational Products Group, which includes powersports products, down slightly as well, according to a press release from the company April 14 reporting its fourth quarter and fiscal year results.
For the period ended Dec. 31, revenues from continuing operations were $119.9 million, compared with $120.3 million for 2006. The loss primarily reflects a reduction in benefits from income taxes in 2007.
The company incurred a net loss of $15.2 million for 2007, including a loss from discontinued operations related to the company’s SkyTel division.
The Recreational Products Group posted net revenue of $44.6 million for the year, down slightly compared to $44.7 million in net revenue for 2006.
Recreational Products Group revenues for the fourth quarter were up slightly compared to 2006. The division brought in $8.1 million, a 10.9 percent increase over the previous year quarter. The company attributed the increase to the 2006 fourth quarter being adversely impacted by warm winter weather conditions.
Bell has filed with the Securities Exchange Commission its intention to voluntarily de-list the company’s common stock from the American Stock Exchange. Bell currently expects the delisting of its common stock becoming effective 10 days thereafter. After withdrawal of common stock from listing on the American Stock Exchange, the company expects that the shares will be quoted on the OTC Bulletin Board.