Bell Micro puts SEC saga behind it
Distributor gets all financial filing on track and starts to look forward
Bell has reported its Q1 and Q2 numbers, bringing it up to date with the SEC
Bell Micro has managed to shave 18 per cent off its overall debt in the first six months of 2009 and is now up to date with all its Securities and Exchange Commission (SEC) filings.
The distributor has unveiled its financial results for the three months ended 31 March 2009 and the six months ended 30 June 2009, and has also filed the Forms 10-Q for those periods with the SEC in accordance with its previously announced schedule.
According to Bell’s statement, net sales stabilised in 2009, down seven per cent sequentially in the first quarter and two per cent sequentially in the second quarter.
Net losses of $4m (£2.4m) in Q1 2009 and $3m in Q2 2009 were recorded, which the distributor attributed to “high professional fees and debt discount amortisation recorded".
Net sales for the six months to June 2009 were $1.4bn, down 26 per cent from the same period last year, while net loss for the six months stands at $7.1m compared with $20.7m in 2008. Overall debt now stands at $315m, with total cash increasing 17 per cent to $26m.
Bell said its delay in filing its quarterly reports on Form 10-Q for the first and second quarters of 2009 was due to the restatement of its consolidated financial statements for 2005, 2004 and previous years, which were filed with the SEC in December 2008, and the work required this year to prepare its consolidated financial statements for subsequent periods.
Don Bell, chief executive of Bell, said: “We are pleased to announce that we are now current in filing all of our SEC reports. I would like to thank the Bell Micro team members in all areas of the company for their dedication and tireless efforts which lead to the completion of this process.
“We also appreciate the support of all our Bell Micro customers, shareholders and suppliers throughout this process. The company can now move forward with a renewed management focus on serving our customers and executing our business pl ans.”