General Bearing Corporation Releases Results for the First Quarter
WEST NYACK, N.Y.--(BUSINESS WIRE)--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.
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GENERAL BEARING CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands, except for shares) |
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| March 29, |
December 29, |
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| 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 | ||||||
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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 | ||||||
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PROPERTY, PLANT AND EQUIPMENT |
39,164 | 36,934 | ||||||
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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 | ||||||||
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Common shares - par value $.01 per share; |
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 | ||||
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GENERAL BEARING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (In Thousands, Except for Shares and Per Share Data) (Unaudited) |
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| 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 | ||||
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GENERAL BEARING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited) |
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| Thirteen Weeks Ended | ||||||||
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March 29, 2008 |
March 31, 2007 |
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| OPERATING ACTIVITIES | ||||||||
| Net income | $ | 1,224 | $ | 1,725 | ||||
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Adjustments to reconcile net income to net cash provided by operating activities: |
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| 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 | ||||
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