Bell Micro talks up record-breaking Q1
Stock options practices under review, though
Hardware distributor Bell Microproducts has said that preliminary Q1 2007 results show the company is in rude health.
It expects to see record revenue that could top $1bn, up around 15 per cent on the same quarter a year ago.
The firm also said the Nasdaq listing council has "stayed" its de-listing decision, and has given Bell until 29 June this year to submit restatements and SEC periodic reports.
Bell said a review is underway and an independent team of accounting consultants will assist a special committee of board directors "to conduct an evaluation of the company's stock option practices".
The distributor's preliminary results show Bell has performed particularly strongly in Europe, Latin America, and North America.
Computer platform and storage systems as well as the acquisition of Prosys also helped revenue grow, with solutions products and services representing more than half of all sales in the first quarter, it said.
President and CEO Donald Bell said: "In our North American operations, we experienced substantial revenue growth in our higher margin industrial and enterprise sales channels. This was partially offset by revenue decreases in our US commercial sales channel as we continue to focus on more profitable products and customers."
He added: "Our solid start to the new year gives us confidence that we are well positioned for continued growth for the balance of 2007 and beyond." ®