Delaware
|
333-124824
|
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
|
($
in millions)
|
Q3
Fiscal 2010
|
Q3
Fiscal 2009
|
Change
|
|||||||||||||||||||||
GAAP
|
Adjusted
(1)
|
GAAP
|
Adjusted
(1)
|
GAAP
|
Adjusted
(1)
|
|||||||||||||||||||
Net
sales
|
$ | 67.5 | $ | 85.3 | -20.9 | % | ||||||||||||||||||
Gross
margin
|
$ | 20.4 | $ | 21.1 | $ | 28.5 | $ | 29.3 | -28.3 | % | -28.2 | % | ||||||||||||
Gross
margin %
|
30.3 | % | 31.2 | % | 33.4 | % | 34.4 | % | ||||||||||||||||
Operating
income
|
$ | 8.1 | $ | 8.9 | $ | 12.8 | $ | 14.5 | -36.4 | % | -38.6 | % | ||||||||||||
Net
income
|
$ | 5.2 | $ | 5.6 | $ | 7.7 | $ | 9.0 | -31.8 | % | -37.5 | % | ||||||||||||
Diluted
EPS
|
$ | 0.24 | $ | 0.26 | $ | 0.35 | $ | 0.41 | -31.4 | % | -36.6 | % | ||||||||||||
(1) Results
exclude items in reconciliation below.
|
($
in millions)
|
Q3
Fiscal 2010
|
Q3
Fiscal 2009
|
Change
|
|||||||||||||||||||||
GAAP
|
Adjusted
(1)
|
GAAP
|
Adjusted
(1)
|
GAAP
|
Adjusted
(1)
|
|||||||||||||||||||
Net
sales
|
$ | 194.9 | $ | 272.0 | -28.3 | % | ||||||||||||||||||
Gross
margin
|
$ | 59.4 | $ | 61.4 | $ | 89.3 | $ | 91.1 | -33.4 | % | -32.6 | % | ||||||||||||
Gross
margin %
|
30.5 | % | 31.5 | % | 32.8 | % | 33.5 | % | ||||||||||||||||
Operating
income
|
$ | 23.2 | $ | 25.9 | $ | 45.0 | $ | 48.6 | -48.6 | % | -46.8 | % | ||||||||||||
Net
income
|
$ | 14.7 | $ | 16.2 | $ | 28.0 | $ | 30.9 | -47.4 | % | -47.5 | % | ||||||||||||
Diluted
EPS
|
$ | 0.68 | $ | 0.75 | $ | 1.29 | $ | 1.42 | -47.3 | % | -47.2 | % | ||||||||||||
(1) Results
exclude items in reconciliation below.
|
RBC
Bearings Incorporated
|
||||||||||||||||
Consolidated
Statements of Operations
|
||||||||||||||||
(dollars
in thousands, except share and per share data)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
December
26,
|
December
27,
|
December
26,
|
December
27,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
sales
|
$ | 67,481 | $ | 85,281 | $ | 194,870 | $ | 271,955 | ||||||||
Cost
of sales
|
47,042 | 56,779 | 135,434 | 182,681 | ||||||||||||
Gross
margin
|
20,439 | 28,502 | 59,436 | 89,274 | ||||||||||||
Operating
expenses:
|
||||||||||||||||
Selling,
general and administrative
|
11,936 | 14,403 | 34,687 | 41,482 | ||||||||||||
Other,
net
|
364 | 1,304 | 1,594 | 2,783 | ||||||||||||
Total
operating expenses
|
12,300 | 15,707 | 36,281 | 44,265 | ||||||||||||
Operating
income
|
8,139 | 12,795 | 23,155 | 45,009 | ||||||||||||
Interest
expense, net
|
394 | 749 | 1,323 | 2,080 | ||||||||||||
Loss
on early extinguishment of debt
|
- | - | - | 319 | ||||||||||||
Other
non-operating expense (income)
|
(202 | ) | 325 | (442 | ) | 491 | ||||||||||
Income
before income taxes
|
7,947 | 11,721 | 22,274 | 42,119 | ||||||||||||
Provision
for income taxes
|
2,698 | 4,021 | 7,554 | 14,148 | ||||||||||||
Net
income
|
$ | 5,249 | $ | 7,700 | $ | 14,720 | $ | 27,971 | ||||||||
Net
income per common share:
|
||||||||||||||||
Basic
|
$ | 0.24 | $ | 0.36 | $ | 0.68 | $ | 1.30 | ||||||||
Diluted
|
$ | 0.24 | $ | 0.35 | $ | 0.68 | $ | 1.29 | ||||||||
Weighted
average common shares:
|
||||||||||||||||
Basic
|
21,596,344 | 21,575,756 | 21,590,362 | 21,568,227 | ||||||||||||
Diluted
|
21,768,570 | 21,745,996 | 21,735,512 | 21,763,105 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
December
26,
|
December
27,
|
December
26,
|
December
27,
|
|||||||||||||
Reconciliation
of Reported Operating Income to
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Adjusted
Operating Income:
|
||||||||||||||||
Reported
operating income
|
$ | 8,139 | $ | 12,795 | $ | 23,155 | $ | 45,009 | ||||||||
Large
bearing start-up costs
|
637 | 832 | 2,011 | 1,875 | ||||||||||||
Restructuring
and moving costs
|
110 | 581 | 672 | 1,068 | ||||||||||||
Disposal
of fixed assets
|
10 | 276 | 29 | 676 | ||||||||||||
Adjusted
operating income
|
$ | 8,896 | $ | 14,484 | $ | 25,867 | $ | 48,628 | ||||||||
Reconciliation
of Reported Net Income and
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||||
Net
Income Per Common Share to Adjusted Net
|
December
26,
|
December
27,
|
December
26,
|
December
27,
|
||||||||||||
Income
and Adjusted Net Income Per Common Share:
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Reported
net income
|
$ | 5,249 | $ | 7,700 | $ | 14,720 | $ | 27,971 | ||||||||
Large
bearing start-up costs (1)
|
421 | 547 | 1,329 | 1,245 | ||||||||||||
Restructuring
and moving costs (1)
|
73 | 382 | 444 | 709 | ||||||||||||
Disposal
of fixed assets (1)
|
7 | 181 | 19 | 449 | ||||||||||||
Loss
on early extinguishment of debt (1)
|
- | - | - | 212 | ||||||||||||
CDSOA
payment (1)
|
(123 | ) | (248 | ) | (123 | ) | (250 | ) | ||||||||
Foreign
exchange loss (gain) on inter-company loans (1)
|
(10 | ) | 420 | (169 | ) | 585 | ||||||||||
Adjusted
net income
|
$ | 5,617 | $ | 8,982 | $ | 16,220 | $ | 30,921 | ||||||||
(1)
Item was tax effected at the effective tax rate.
|
||||||||||||||||
Adjusted
net income per common share:
|
||||||||||||||||
Basic
|
$ | 0.26 | $ | 0.42 | $ | 0.75 | $ | 1.43 | ||||||||
Diluted
|
$ | 0.26 | $ | 0.41 | $ | 0.75 | $ | 1.42 | ||||||||
Adjusted
weighted average common shares:
|
||||||||||||||||
Basic
|
21,596,344 | 21,575,756 | 21,590,362 | 21,568,227 | ||||||||||||
Diluted
|
21,768,570 | 21,745,996 | 21,735,512 | 21,763,105 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
December
26,
|
December
27,
|
December
26,
|
December
27,
|
|||||||||||||
Segment
Data, Net External Sales:
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Roller
bearings segment
|
$ | 18,955 | $ | 20,969 | $ | 51,834 | $ | 71,592 | ||||||||
Plain
bearings segment
|
32,717 | 39,898 | 93,979 | 126,794 | ||||||||||||
Ball
bearings segment
|
10,112 | 16,157 | 33,724 | 47,758 | ||||||||||||
Other
segment
|
5,697 | 8,257 | 15,333 | 25,811 | ||||||||||||
$ | 67,481 | $ | 85,281 | $ | 194,870 | $ | 271,955 | |||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
December
26,
|
December
27,
|
December
26,
|
December
27,
|
|||||||||||||
Selected
Financial Data:
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Depreciation
and amortization
|
$ | 3,088 | $ | 3,130 | $ | 8,955 | $ | 9,546 | ||||||||
Incentive
stock compensation expense
|
$ | 825 | $ | 651 | $ | 2,278 | $ | 1,756 | ||||||||
Cash
provided by operating activities
|
$ | 13,594 | $ | 8,622 | $ | 34,973 | $ | 32,565 | ||||||||
Capital
expenditures
|
$ | 1,487 | $ | 6,707 | $ | 7,508 | $ | 17,727 | ||||||||
Total
debt
|
$ | 53,702 | $ | 54,190 | ||||||||||||
Cash
and short-term investments
|
$ | 40,463 | $ | 15,098 | ||||||||||||
Total
debt minus cash and short-term investments
|
$ | 13,239 | $ | 39,092 | ||||||||||||
Backlog
|
$ | 155,582 | $ | 221,434 |