TABLE-RBC Bearings Q1 results
Resource from: CBCC Likes:2951
Sep 16,2005
Sept 15 (Reuters) -
RBC BEARINGS INC.
Consolidated Statements of Operations
(dollars in thousands, except share and per share data)
Three Months Ended
Jul 2, Jul 3,
2005 2004
Net sales $66,001 $56,195
Cost of sales 46,725 40,902
Gross margin 19,276 15,293
Operating expenses:
Selling, general and administrative 8,494 7,614
Other, net 384 1,763
Total operating expenses 8,878 9,377
Operating income 10,398 5,916
Interest expense, net 5,129 5,079
Loss on early extinguishment of debt - 6,944
Other non-operating expense - 1
Income (loss) before income taxes 5,269 (6,108)
Provision for (benefit from) income taxes 1,924 (2,286)
Net income (loss) 3,345 (3,822)
Preferred stock dividends (599) (553)
Participation rights of preferred stock in
undistributed earnings (630) -
Net income (loss) available to common
stockholders 2,116 (4,375)
Net income (loss) per common share:
Basic:
Class A common stock 0.34 (0.71)
Class B common stock 0.34 (0.71)
Diluted:
Class A common stock 0.22 (0.71)
Class B common stock 0.00 (0.71)
Weighted average common shares:
Basic:
Class A common stock 6,202,517 6,188,653
Class B common stock 250 250
Diluted:
Class A common stock 9,694,653 6,188,653
Class B common stock 1,302,005 250
Reconciliation of Reported Operating Income to
Adjusted Operating Income:
Three Months Ended
Jul 2, Jul 3,
2005 2004
Reported operating income $10,398 $5,916
Compensation expense, employee stock options 82 81
Management service fees, Whitney LLP 113 113
Disposal of fixed assets - 1,618
Adjusted operating income 10,593 7,728
Selected Financial Data:
Three Months Ended
Jul 2, Jul 3,
2005 2004
Depreciation and amortization $2,488 $2,458
Cash provided by operating activities 5,197 1,951
Capital expenditures 2,630 1,527
Total debt 215,442 220,079
Backlog 136,400 112,299
--The maker of roller and ball bearings, which made an
initial public offering in August, said it expected net sales
in the range of $62.0 million to $65.0 million, in the second
quarter.
(Reporting by Sowjanya Kashyap in Bangalore)
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