tool name
closeGeneral Bearing Corporation Releases Results for the First Quarter
WEST NYACK, N.Y. — General Bearing Corporation (OTC: GNRL.PK) announced today that the Company has released the attached unaudited condensed consolidated financial statements for the thirteen weeks ending March 29, 2008. The aforementioned interim financial statements are also available on the Company's website at www.generalbearing.com.
General Bearing manufactures ball bearings, tapered roller bearings, spherical roller bearings, and cylindrical roller bearings, and bearing components. Under "The General" and the "Hyatt" trademarks, the Company supplies original equipment manufacturers in the automobile, truck/trailer, railcar, office equipment, machinery and appliance industries, as well as the industrial aftermarket.
GENERAL BEARING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, except for shares)
March 29, December 29,
2008 2007
----------- ------------
ASSETS (Unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 9,454 $ 9,955
Due from bank 1,941 1,504
Loan receivable - related party 60 102
Accounts receivable, net of allowance for
doubtful accounts of $837 in 2008 and $820
in 2007 27,407 25,628
Inventories 35,255 36,963
Prepaid taxes and taxes recoverable 2,090 2,610
Prepaid expenses and other current assets 3,176 2,848
Advances to affiliates 9 9
Deferred tax assets 1,282 1,193
----------- ------------
Total current assets 80,674 80,812
PROPERTY, PLANT AND EQUIPMENT 39,164 36,934
INVESTMENT IN, ADVANCES TO AND ACCOUNTS
RECEIVABLE FROM JOINT VENTURES AND
AFFILIATES 1,637 1,493
LOAN RECEIVABLE - RELATED PARTY 1,400 1,380
OTHER ASSETS 1,540 1,453
----------- ------------
Total assets $ 124,415 $ 122,072
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable - banks $ 21,441 $ 22,380
Notes payable - related party 5,698 6,840
Accounts payable 13,479 12,582
Due to affiliates 646 819
Accrued expenses and other current
liabilities 7,045 7,897
Current portion of long term debt 62 62
----------- ------------
Total current liabilities 48,371 50,580
LONG-TERM DEBT 9,066 7,199
OTHER LIABILITIES 158 166
DEFERRED TAXES 60 60
----------- ------------
Total liabilities 57,655 58,005
----------- ------------
MINORITY INTERESTS 18,145 17,276
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common shares - par value $.01 per share;
authorized 5,000,000 shares; 4,174,450
issued and outstanding in 2008 and 2007 42 42
Paid-in capital 39,591 39,754
Accumulated other comprehensive income 2,653 1,838
Treasury stock, at cost; 442,478 and
450,828 shares (3,325) (3,273)
Retained earnings 9,654 8,430
----------- ------------
Total stockholders' equity 48,615 46,791
----------- ------------
Total liabilities and stockholders'
equity $ 124,415 $ 122,072
=========== ============
GENERAL BEARING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(In Thousands, Except for Shares and Per Share Data)
(Unaudited)
Thirteen Weeks Ended
---------------------
March 29, March 31,
2008 2007
---------- ----------
SALES $ 34,130 $ 31,659
COST OF SALES 25,960 23,097
---------- ----------
GROSS PROFIT 8,170 8,562
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 5,148 4,682
---------- ----------
OPERATING INCOME 3,022 3,880
OTHER EXPENSES, NET 897 776
---------- ----------
INCOME BEFORE INCOME TAXES 2,125 3,104
INCOME TAXES 785 1,072
---------- ----------
INCOME BEFORE MINORITY INTERESTS 1,340 2,032
MINORITY INTERESTS 116 307
---------- ----------
NET INCOME $ 1,224 $ 1,725
========== ==========
Other Comprehensive Income
Foreign exchange translation 815 184
Mark to market-interest rate swap - 17
---------- ----------
Total comprehensive income $ 2,039 $ 1,926
========== ==========
Net Income per common share
Basic $ 0.33 $ 0.46
Diluted $ 0.31 $ 0.44
Weighted average number of common shares
Basic 3,734,337 3,739,610
Diluted 3,890,478 3,883,646
GENERAL BEARING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Thirteen Weeks Ended
--------------------
March 29, March 31,
2008 2007
---------- ---------
OPERATING ACTIVITIES
Net income $ 1,224 $ 1,725
Adjustments to reconcile net income to net cash
provided by operating activities:
Minority interests 116 307
Depreciation and amortization 1,170 904
Equity losses in joint ventures and affiliates 6 8
Deferred income taxes (89) (9)
Loss on sale of fixed assets - 17
Stock based compensation 15 15
Other non cash charges and credits, net 338 110
Changes in:
Accounts receivable (1,779) (1,667)
Inventories 1,708 2,616
Due from bank (436) 2,907
Prepaid expenses and other assets 75 743
Advances to affiliates (175) 1,010
Accounts payable and accrued expenses 271 (3,051)
---------- ---------
Net cash provided by operating activities 2,444 5,635
---------- ---------
INVESTING ACTIVITIES
Fixed asset purchases (1,955) (3,265)
Investment in affiliates (105) -
Repayment of loan - related party 20 -
Proceeds from sale of fixed assets - 2,633
---------- ---------
Net cash used in investing activities (2,040) (632)
---------- ---------
FINANCING ACTIVITIES
Decrease in note payable - banks (940) (8,396)
Increase in notes payable - related party 1,193 1,481
Decrease in revolving credit facility (450) (801)
Increase (decrease) in note payable - other (16) 2,587
Repurchase of employee stock options (251) -
Purchase of treasury stock (205) (329)
---------- ---------
Net cash used in financing activities (669) (5,458)
---------- ---------
NET DECREASE IN CASH AND CASH EQUIVALENTS (265) (455)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (236) (76)
CASH AND CASH EQUIVALENTS, Beginning of Period 9,955 8,031
---------- ---------
CASH AND CASH EQUIVALENTS, End of Period $ 9,454 $ 7,500
========== =========
In Print
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