SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)1
Bell Industries, Inc.
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(Name of issuer)
COMMON STOCK
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(Title of class of securities)
078 107 109
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(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
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(Name, address and telephone number of person
authorized to receive notices and communications)
January 22, 1999
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(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box
o.
Note. six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
(Continued on following pages)
(Page 1 of 9 Pages)
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1 The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
<PAGE>
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CUSIP No. 078 107 109 13D Page 2 of 9 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
STEEL PARTNERS II, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
--------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,376,110
OWNED BY
EACH
REPORTING --------------------------------------------------------------------
PERSON WITH
8 SHARED VOTING POWER
-0-
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,376,110
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,376,110
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.5%
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14 TYPE OF REPORTING PERSON*
PN
================================================================================
<PAGE>
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CUSIP No. 078 107 109 13D Page 3 of 9 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
WARREN LICHTENSTEIN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,376,110
OWNED BY --------------------------------------------------------------------
EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
- 0 -
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,376,110
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
- --------------------------------------------------------------------------------
1,376,110
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.5%
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
<PAGE>
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CUSIP No. 078 107 109 13D Page 4 of 9 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SANDERA PARTNERS, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 200,000
OWNED BY --------------------------------------------------------------------
EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
-0-
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
200,000
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
200,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
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14 TYPE OF REPORTING PERSON*
PN
================================================================================
<PAGE>
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CUSIP No. 078 107 109 13D Page 5 of 9 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
NEWCASTLE PARTNERS, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 4,000
OWNED BY --------------------------------------------------------------------
EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
-0-
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
4,000
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
4,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.04%
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14 TYPE OF REPORTING PERSON*
PN
================================================================================
<PAGE>
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CUSIP No. 078 107 109 13D Page 6 of 9 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
MARK E. SCHWARZ
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 204,000
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
- 0 -
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
204,000
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
204,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2%
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
<PAGE>
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CUSIP No. 078 107 109 13D Page 7 of 9 Pages
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The following constitutes the Amendment No 5 to the Schedule 13D filed
by the undersigned (the "Amendment No. 5"). This Amendment No. 5 amends the
Schedule 13D as specifically set forth.
Item 3 is hereby amended and restated in its entirety as follows:
Item 3. Source and Amount of Funds.
---------------------------
The aggregate purchase price of the 1,376,110 Shares of Common Stock
owned by Steel Partners II is $14,865,454. The Shares of Common Stock owned by
Steel Partners II were acquired with partnership funds.
The aggregate purchase price of the 200,000 Shares of Common Stock
owned by Sandera is $2,279,156. The Shares of Common Stock owned by Sandera were
acquired with partnership funds.
The aggregate purchase price of the 4,000 Shares of Common Stock owned
by Newcastle is $45,928. The Shares of Common Stock owned by Newcastle were
acquired with partnership funds.
Item 5 (a) and (c) are hereby amended and restated in its entirety as follows:
Item 5. Interest in Securities of the Issuer.
(a) The aggregate percentage of shares of Common Stock
reported owned by each person named herein is based upon 9,488,306 shares
outstanding, which is the total number of shares of Common Stock outstanding as
reported in the Issuer's Quarterly Report on Form 10-Q for the fiscal quarter
ended September 30, 1998.
As of the close of business on January 28, 1999, Steel
Partners II beneficially owns 1,376,110 shares of Common Stock, constituting
approximately 14.5% of the shares of Common Stock outstanding. Mr. Lichtenstein
beneficially owns 1,376,110 shares of Common Stock, representing approximately
14.5% of the shares of Common Stock outstanding. Mr. Lichtenstein has sole
voting and dispositive power with respect to the 1,376,110 shares of Common
Stock owned by Steel Partners II by virtue of his authority to vote and dispose
of such shares. All of such shares of Common Stock were acquired in open-market
transactions.
As of the close of business on January 25, 1999, Sandera
beneficially owns 200,000 Shares of Common Stock, constituting approximately
2.1% of the shares outstanding, and Newcastle beneficially owns 4,000 Shares of
Common Stock, constituting approximately .04% of the shares outstanding. Mr.
Schwarz has sole voting and dispositive power with respect to the 204,000 Shares
owned by Sandera and Newcastle by virtue of his authority to vote and dispose of
such Shares. All of such Shares were acquired in open-market transactions.
(c) Schedule A annexed hereto lists all transactions in the
Issuer's Common Stock in the last sixty days by the Reporting Persons unless
otherwise reported on a prior Schedule 13D.
<PAGE>
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CUSIP No. 078 107 109 13D Page 8 of 9 Pages
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SIGNATURES
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After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: January 28, 1999 STEEL PARTNERS II, L.P.
By: Steel Partners, L.L.C. General
Partner
By:/s/ Warren G. Lichtenstein
----------------------------------------
Warren G. Lichtenstein
Chief Executive Officer
/s/ Warren G. Lichtenstein
--------------------------------------------
WARREN G. LICHTENSTEIN
SANDERA PARTNERS, L.P.
By: Sandera Capital Management L.P.
General Partner
By: Sandera Capital, L.L.C.
General Partner
By: /s/ Mark E. Schwarz
----------------------------------
Mark E. Schwarz
Vice President and Managing
Member
NEWCASTLE PARTNERS, L.P.
By: /s/ Mark E. Schwarz
----------------------------------
Mark E. Schwarz
General Partner
/s/Mark E. Schwarz
-------------------------------------------
Mark E. Schwarz
<PAGE>
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CUSIP No. 078 107 109 13D Page 9 of 9 Pages
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SCHEDULE A
Transactions in the Shares Within the Past 60 Days Unless Otherwise Reported
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On a Prior Schedule 13D
-----------------------
Shares of Common Price Per Date of
Stock Purchased/(Sold) Share Purchase/Sale
- ---------------------- ----- -------------
STEEL PARTNERS II, L.P.
-----------------------
52,400 11.32000 1/20/99
25,000 11.32500 1/21/99
28,600 11.32500 1/22/99
6,500 11.21808 1/25/99
8,500 11.19200 1/26/99
4,600 11.32500 1/28/99
WARREN LICHTENSTEIN
-------------------
None.
Shares of Common Price Per Date of
Stock Purchased/(Sold) Share Purchase/Sale
- ---------------------- ----- -------------
SANDERA PARTNERS, L.P.
----------------------
5,000 11.27550 1/20/99
2,500 11.27850 1/21/99
22,500 11.22987 1/22/99
25,000 11.27160 1/25/99
Shares of Common Price Per Date of
Stock Purchased/(Sold) Share Purchase/Sale
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NEWCASTLE PARTNERS, L.P.
------------------------
None.
MARK E. SCHWARZ
---------------
None.
