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Bell Micro Issues Financial News
Bell Microproducts announces record quarterly & 2007 annual revenue
January 10, 2008
3 Min Read
SAN JOSE, Calif. -- Bell Microproducts Inc. (NasdaqGM:BELM - News), one of the world's largest value-added distributors of storage and computing technology, today announced preliminary revenue for the quarter and year ended December 31, 2007. Revenue for the Company's fourth quarter was in a range of $1.08 billion to $1.1 billion, an increase of approximately 8% to 10% from revenue for the comparable quarter of 2006. Revenue for the full year was approximately $4.05 billion, an increase of 19% over 2006. Without revenue generated from ProSys Information Systems, a company acquired in the fourth quarter of 2006, annual revenue increased by approximately 9% on a year-over-year basis.
In a separate release:
SAN JOSE, Calif. -- Bell Microproducts Inc. (NasdaqGM:BELM - News) today announced that, as expected, it has received an additional staff determination notice from the Nasdaq Stock Market, stating that it is not in compliance with the requirements for continued listing pursuant to Nasdaq Marketplace Rules 4350(e) and 4350(g) because the Company did not hold an annual meeting of its shareholders within one year after the end of its 2006 fiscal year nor did the Company solicit proxies and provide proxy statements. This staff determination notice serves as an additional basis for delisting the Company's common stock from trading on NASDAQ. As a result, the Company's securities remain subject to delisting from trading on the Nasdaq Global Market.
The Company continues to work diligently to complete its financial restatements in order to comply with its SEC filing requirements.
In a separate release:SAN JOSE, Calif. -- Bell Microproducts Inc. (NasdaqGM:BELM - News) today provided estimates of certain adjustments in connection with the pending restatement of its historical financial statements, as well as an update on the status of its financial restatement process. In addition, the Company reported the substantial completion of its previously-announced independent review of certain historical accounting practices conducted by a special committee of the board.
As previously announced, the Company has completed its independent investigation of historical stock option practices over the period January 1, 1996 through December 31, 2006, and that available evidence does not adequately support the Company's use of some stock option grant dates for financial accounting purposes. Further, the Company previously identified certain additional accounting errors related to its historical financial statements, and that further adjustments to those financial statements will be required to correct these errors. Although the restatement process is not complete, the Company has made preliminary estimates of restatement adjustments as follows:
Non-cash compensation costs and related payroll tax impacts in connection with the Company's review of its historical stock option practices of approximately $8 million for the eleven-year period identified above;
Non-cash goodwill impairment charges in the range of $50 to $70 million (in the aggregate) as of December 31, 2005 and June 30, 2006;
Reversals of certain accounts receivable adjustments previously recorded as reductions of operating expenses in the period January 1, 1997 through June 30, 2006, which will reduce previously-reported pretax income for that period by approximately $11 million; and
Changes in the classification of certain prior acquisition- related earn-out payments from additional purchase price to compensation expense, which will reduce previously-reported pretax income in the years ended December 31, 2004 and 2005 by an aggregate of approximately $5 million.
Bell Microproducts
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