Delaware
|
333-124824
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95-4372080
|
||
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employer
Identification
No.)
|
RBC
BEARINGS INCORPORATED
|
|
By:
|
/s/ Thomas J. Williams
|
Name:
Thomas J. Williams
|
|
Title:
Corporate General Counsel &
Secretary
|
Q2 Fiscal 2010
|
Q2 Fiscal 2009
|
Change
|
||||||||||||||||||||||
($ in millions)
|
GAAP
|
Adjusted (1)
|
GAAP
|
Adjusted (1)
|
GAAP
|
Adjusted (1)
|
||||||||||||||||||
Net
sales
|
$ | 63.7 | $ | 94.3 | -32.5 | % | ||||||||||||||||||
Gross
margin
|
$ | 19.1 | $ | 20.0 | $ | 30.2 | $ | 30.9 | -36.8 | % | -35.2 | % | ||||||||||||
Gross
margin %
|
30.0 | % | 31.4 | % | 32.0 | % | 32.7 | % | ||||||||||||||||
Operating
income
|
$ | 7.2 | $ | 8.5 | $ | 15.2 | $ | 16.6 | -52.3 | % | -48.8 | % | ||||||||||||
Net
income
|
$ | 4.4 | $ | 5.3 | $ | 9.6 | $ | 10.7 | -54.1 | % | -50.6 | % | ||||||||||||
Diluted
EPS
|
$ | 0.20 | $ | 0.24 | $ | 0.44 | $ | 0.49 | -54.5 | % | -51.0 | % |
Q2 Fiscal 2010
|
Q2 Fiscal 2009
|
Change
|
||||||||||||||||||||||
($ in millions)
|
GAAP
|
Adjusted (1)
|
GAAP
|
Adjusted (1)
|
GAAP
|
Adjusted (1)
|
||||||||||||||||||
Net
sales
|
$ | 127.4 | $ | 186.7 | -31.8 | % | ||||||||||||||||||
Gross
margin
|
$ | 39.0 | $ | 40.4 | $ | 60.8 | $ | 61.8 | -35.8 | % | -34.7 | % | ||||||||||||
Gross
margin %
|
30.6 | % | 31.7 | % | 32.6 | % | 33.1 | % | ||||||||||||||||
Operating
income
|
$ | 15.0 | $ | 17.0 | $ | 32.2 | $ | 34.1 | -53.4 | % | -50.3 | % | ||||||||||||
Net
income
|
$ | 9.5 | $ | 10.6 | $ | 20.3 | $ | 21.9 | -53.3 | % | -51.5 | % | ||||||||||||
Diluted
EPS
|
$ | 0.44 | $ | 0.49 | $ | 0.93 | $ | 1.01 | -52.7 | % | -51.5 | % |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
September 26,
|
September 27,
|
September 26,
|
September 27,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
sales
|
$ | 63,657 | $ | 94,294 | $ | 127,389 | $ | 186,674 | ||||||||
Cost
of sales
|
44,564 | 64,077 | 88,392 | 125,902 | ||||||||||||
Gross
margin
|
19,093 | 30,217 | 38,997 | 60,772 | ||||||||||||
Operating
expenses:
|
||||||||||||||||
Selling,
general and administrative
|
11,132 | 13,952 | 22,751 | 27,079 | ||||||||||||
Other,
net
|
724 | 1,097 | 1,230 | 1,479 | ||||||||||||
Total
operating expenses
|
11,856 | 15,049 | 23,981 | 28,558 | ||||||||||||
Operating
income
|
7,237 | 15,168 | 15,016 | 32,214 | ||||||||||||
Interest
expense, net
|
460 | 650 | 929 | 1,331 | ||||||||||||
Loss
on early extinguishment of debt
|
- | - | - | 319 | ||||||||||||
Other
non-operating expense (income)
|
85 | 249 | (240 | ) | 166 | |||||||||||
Income
before income taxes
|
6,692 | 14,269 | 14,327 | 30,398 | ||||||||||||
Provision
for income taxes
|
2,288 | 4,681 | 4,856 | 10,127 | ||||||||||||
Net
income
|
$ | 4,404 | $ | 9,588 | $ | 9,471 | $ | 20,271 | ||||||||
Net
income per common share:
|
||||||||||||||||
Basic
|
$ | 0.20 | $ | 0.44 | $ | 0.44 | $ | 0.94 | ||||||||
Diluted
|
$ | 0.20 | $ | 0.44 | $ | 0.44 | $ | 0.93 | ||||||||
Weighted
average common shares:
|
||||||||||||||||
Basic
|
21,591,779 | 21,567,551 | 21,587,193 | 21,564,463 | ||||||||||||
Diluted
|
21,746,552 | 21,761,677 | 21,718,805 | 21,771,849 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
September
26,
|
September
27,
|
September
26,
|
September
27,
|
|||||||||||||
Reconciliation
of Reported Operating Income to
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Adjusted
Operating Income:
|
||||||||||||||||
Reported
operating income
|
$ | 7,237 | $ | 15,168 | $ | 15,016 | $ | 32,214 | ||||||||
Large
bearing start-up costs
|
892 | 645 | 1,374 | 1,043 | ||||||||||||
Restructuring
and moving costs
|
354 | 389 | 562 | 487 | ||||||||||||
Disposal
of fixed assets
|
- | 370 | 19 | 400 | ||||||||||||
Adjusted
operating income
|
$ | 8,483 | $ | 16,572 | $ | 16,971 | $ | 34,144 | ||||||||
Reconciliation
of Reported Net Income and
|
Three
Months Ended
|
Six
Months Ended
|
||||||||||||||
Net
Income Per Common Share to Adjusted Net
|
September
26,
|
September
27,
|
September
26,
|
September
27,
|
||||||||||||
Income
and Adjusted Net Income Per Common Share:
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Reported
net income
|
$ | 4,404 | $ | 9,588 | $ | 9,471 | $ | 20,271 | ||||||||
Large
bearing start-up costs (1)
|
587 | 433 | 908 | 696 | ||||||||||||
Restructuring
and moving costs (1)
|
233 | 261 | 372 | 325 | ||||||||||||
Disposal
of fixed assets (1)
|
- | 249 | 13 | 267 | ||||||||||||
Loss
on early extinguishment of debt (1)
|
- | - | - | 213 | ||||||||||||
Foreign
exchange loss (gain) on inter-company loans (1)
|
56 | 167 | (159 | ) | 111 | |||||||||||
Adjusted
net income
|
$ | 5,280 | $ | 10,698 | $ | 10,605 | $ | 21,883 | ||||||||
(1)
Item was tax effected at the effective tax rate.
|
||||||||||||||||
Adjusted
net income per common share:
|
||||||||||||||||
Basic
|
$ | 0.24 | $ | 0.50 | $ | 0.49 | $ | 1.01 | ||||||||
Diluted
|
$ | 0.24 | $ | 0.49 | $ | 0.49 | $ | 1.01 | ||||||||
Adjusted
weighted average common shares:
|
||||||||||||||||
Basic
|
21,591,779 | 21,567,551 | 21,587,193 | 21,564,463 | ||||||||||||
Diluted
|
21,746,552 | 21,761,677 | 21,718,805 | 21,771,849 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
September
26,
|
September
27,
|
September
26,
|
September
27,
|
|||||||||||||
Segment
Data, Net External Sales:
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Roller
bearings segment
|
$ | 17,311 | $ | 25,666 | $ | 32,879 | $ | 50,623 | ||||||||
Plain
bearings segment
|
30,262 | 43,181 | 61,262 | 86,896 | ||||||||||||
Ball
bearings segment
|
11,370 | 16,555 | 23,612 | 31,601 | ||||||||||||
Other
segment
|
4,714 | 8,892 | 9,636 | 17,554 | ||||||||||||
$ | 63,657 | $ | 94,294 | $ | 127,389 | $ | 186,674 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
September
26,
|
September
27,
|
September
26,
|
September
27,
|
|||||||||||||
Selected
Financial Data:
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Depreciation
and amortization
|
$ | 2,976 | $ | 3,250 | $ | 5,867 | $ | 6,416 | ||||||||
Incentive
stock compensation expense
|
$ | 707 | $ | 553 | $ | 1,453 | $ | 1,105 | ||||||||
Cash
provided by operating activities
|
$ | 4,610 | $ | 2,230 | $ | 21,379 | $ | 23,943 | ||||||||
Capital
expenditures
|
$ | 1,751 | $ | 6,451 | $ | 6,021 | $ | 11,020 | ||||||||
Total
debt
|
$ | 63,005 | $ | 51,190 | ||||||||||||
Cash
and short-term investments
|
$ | 41,620 | $ | 9,262 | ||||||||||||
Total
debt minus cash and short-term investments
|
$ | 21,385 | $ | 41,928 | ||||||||||||
Backlog
|
$ | 160,530 | $ | 239,939 |