First Quarter Highlights
|
Q1 FY 2013 | Q1 FY 2012 | Change | ||||||||||||
($ in millions) |
GAAP | Adjusted (1) | GAAP | GAAP | Adjusted (1) | ||||||||||
Net sales | $103.3 | $93.3 | 10.7% | ||||||||||||
Gross margin | $38.4 | $31.8 | 20.9% | ||||||||||||
Gross margin % | 37.2% | 34.1% | |||||||||||||
Operating income | $22.0 | $17.0 | 29.3% | ||||||||||||
Operating income % | 21.3% | 18.2% | |||||||||||||
Net income | $17.2 | $13.9 | $10.7 | 60.2% | 30.1% | ||||||||||
Diluted EPS | $0.76 | $0.62 | $0.48 | 58.3% | 29.2% | ||||||||||
(1) Results exclude items in reconciliation below. | |||||||||||||||
“We are pleased with the strong start reported in our first quarter
fiscal 2013 results, with year-over-year improvements in sales, gross
margin, and earnings,” said Dr.
First Quarter Results
Net sales for the first quarter of fiscal 2013 were
SG&A for the first quarter of fiscal 2013 was
Other operating expenses for the first quarter of fiscal 2013 totaled
Operating income for the first quarter of fiscal 2013 was
Interest expense, net for the first quarter of fiscal 2013 was
Other non-operating income was
Income tax expense for the first quarter of fiscal 2013 was
Net income for the first quarter of fiscal 2013 increased 60.2% to
Diluted EPS for the first quarter of fiscal 2013 increased 58.3% to
Backlog, as of
CDSOA Payment
In the first quarter of fiscal 2013, the Company received approximately
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Non-GAAP Financial Measures
In addition to disclosing results of operations that are determined in accordance with generally accepted accounting principles (“GAAP”), this press release also discloses non-GAAP results of operations that exclude certain items. These non-GAAP measures adjust for items that Management believes are unusual. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding the Company’s results of operations, as these non-GAAP measures allow investors to better evaluate ingoing business performance. Investors should consider non-GAAP measures in addition to, not as a substitute for, financial measures prepared in accordance with GAAP. A reconciliation of the non-GAAP measures disclosed in the press release with the most comparable GAAP measures are included in the financial table attached to this press release.
About
Safe Harbor for Forward Looking Statements
Certain statements in this press release contain “forward-looking
statements.” All statements other than statements of historical fact are
“forward-looking statements” for purposes of federal and state
securities laws, including the section of this press release entitled
“Outlook”; any projections of earnings, revenue or other financial items
relating to the Company, any statement of the plans, strategies and
objectives of management for future operations; any statements
concerning proposed future growth rates in the markets we serve; any
statements of belief; any characterization of and the Company’s ability
to control contingent liabilities; anticipated trends in the Company’s
businesses; and any statements of assumptions underlying any of the
foregoing. Forward-looking statements may include the words “may,”
“estimate,” “intend,” “continue,” “believe,” “expect,” “anticipate,” and
other similar words. Although the Company believes that the expectations
reflected in any forward-looking statements are reasonable, actual
results could differ materially from those projected or assumed in any
of our forward-looking statements. Our future financial condition and
results of operations, as well as any forward-looking statements, are
subject to change and to inherent risks and uncertainties beyond the
control of the Company. These risks and uncertainties include, but are
not limited to, risks and uncertainties relating to general economic
conditions, geopolitical factors, future levels of general industrial
manufacturing activity, future financial performance, market acceptance
of new or enhanced versions of the Company’s products, the pricing of
raw materials, changes in the competitive environments in which the
Company’s businesses operate, the outcome of pending or future
litigation and governmental proceedings and approvals, estimated legal
costs, increases in interest rates, the Company’s ability to meet its
debt obligations, and risks and uncertainties listed or disclosed in the
Company’s reports filed with the
RBC Bearings Incorporated | |||||||
Consolidated Statements of Operations | |||||||
(dollars in thousands, except share and per share data) | |||||||
(Unaudited) | |||||||
Three Months Ended | |||||||
June 30, | July 2, | ||||||
2012 | 2011 | ||||||
Net sales | $ | 103,334 | $ | 93,333 | |||
Cost of sales | 64,891 | 61,537 | |||||
Gross margin | 38,443 | 31,796 | |||||
Operating expenses: | |||||||
Selling, general and administrative | 16,097 | 14,533 | |||||
Other, net | 352 | 250 | |||||
Total operating expenses | 16,449 | 14,783 | |||||
Operating income | 21,994 | 17,013 | |||||
Interest expense, net | 215 | 472 | |||||
Other non-operating (income) expense | (3,301 | ) | 196 | ||||
Income before income taxes | 25,080 | 16,345 | |||||
Provision for income taxes | 7,916 | 5,633 | |||||
Net income | $ | 17,164 | $ | 10,712 | |||
Net income per common share: | |||||||
Basic | $ | 0.78 | $ | 0.49 | |||
Diluted | $ | 0.76 | $ | 0.48 | |||
Weighted average common shares: | |||||||
Basic | 22,030,272 | 21,833,754 | |||||
Diluted | 22,596,404 | 22,308,598 | |||||
Reconciliation of Reported Net Income and Net Income |
Three Months Ended | ||||||
Per Common Share to Adjusted Net Income and | June 30, | July 2, | |||||
Adjusted Net Income Per Common Share: | 2012 | 2011 | |||||
Reported net income | $ | 17,164 |
|
$ | 10,712 | ||
CDSOA payment after taxes | (2,368 | ) | - | ||||
Discrete tax benefit | (862 | ) | - | ||||
Adjusted net income | $ | 13,934 | $ | 10,712 | |||
Adjusted net income per common share: | |||||||
Basic | $ | 0.63 | $ | 0.49 | |||
Diluted | $ | 0.62 | $ | 0.48 | |||
Weighted average common shares: | |||||||
Basic | 22,030,272 | 21,833,754 | |||||
Diluted | 22,596,404 | 22,308,598 | |||||
Three Months Ended | |||||||
June 30, | July 2, | ||||||
Segment Data, Net External Sales: | 2012 | 2011 | |||||
Plain bearings segment | $ | 55,397 | $ | 47,148 | |||
Roller bearings segment | 31,397 | 28,166 | |||||
Ball bearings segment | 9,387 | 10,088 | |||||
Other segment | 7,153 | 7,931 | |||||
$ | 103,334 | $ | 93,333 | ||||
Three Months Ended | |||||||
June 30, | July 2, | ||||||
Selected Financial Data: | 2012 | 2011 | |||||
Depreciation and amortization | $ | 3,683 | $ | 3,557 | |||
Incentive stock compensation expense | $ | 1,127 | $ | 1,005 | |||
Cash provided by operating activities | $ | 26,517 | $ | 11,985 | |||
Capital expenditures | $ | 6,057 | $ | 1,955 | |||
Total debt | $ | 992 | $ | 1,147 | |||
Cash and short-term investments | $ | 90,921 | $ | 51,223 | |||
Backlog | $ | 211,532 | $ | 206,369 |
Source:
RBC Bearings
Daniel A. Bergeron, 203-267-5028
dbergeron@rbcbearings.com
or
FTI
Consulting
Michael Cummings, 617-897-1532
investors@rbcbearings.com