RBC Bearings Inc. (ROLL, Financial) filed Quarterly Report for the period ended 2010-10-02.
Rbc Bearings Inc. has a market cap of $771.9 million; its shares were traded at around $35.84 with a P/E ratio of 27.6 and P/S ratio of 2.9. ROLL is in the portfolios of John Keeley of Keeley Fund Management, Michael Price of MFP Investors LLC, Chuck Royce of Royce& Associates, Bruce Kovner of Caxton Associates.
Operating income was $13.9 million, or 16.7% of net sales, for the three month period ended October 2, 2010 compared to $7.2 million, or 11.4% of net sales, for the three month period ended September 26, 2009. Operating income for the Plain Bearings segment was $10.8 million for the three month period ended October 2, 2010, or 26.3% of net sales, compared to $6.0 million for the same period last year, or 19.8% of net sales. Our Roller Bearings segment achieved an operating income for the three month period ended October 2, 2010 of $6.9 million, or 27.6% of net sales, compared to $5.2 million, or 30.1% of net sales, for the three month period ended September 26, 2009. Our Ball Bearings segment reported operating income of $1.5 million, or 13.5% of net sales, for the three month period ended October 2, 2010, compared to $1.3 million, or 11.5% of net sales, for the same period in fiscal 2010. Operating segments in Other achieved an operating income of $1.5 million, or 24.3% of net sales, for the three month period ended October 2, 2010, compared to $0.1 million, or 1.3% of net sales, for the same period in fiscal 2010.
Other, net. Other, net for the six month period ended October 2, 2010 decreased by $1.1 million, to $0.1 million compared to $1.2 million for the comparable period in fiscal 2010. For the six month period ended October 2, 2010, other, net consisted of a net gain of $1.1 million on the sale of assets offset by $0.7 million of amortization of intangibles, $0.4 million of bad debt expense and $0.1 million of restructuring costs. For the six month period ended September 26, 2009, other, net consisted of $0.6 million of amortization of intangibles and $0.6 million of restructuring and moving costs.
Operating income was $27.9 million, or 16.9% of net sales, for the six month period ended October 2, 2010 compared to $15.0 million, or 11.7% of net sales, for the six month period ended September 26, 2009. Operating income for the Plain Bearings segment was $23.7 million for the six month period ended October 2, 2010, or 28.4% of net sales, compared to $11.8 million for the same period last year, or 19.2% of net sales. Our Roller Bearings segment achieved an operating income for the six month period ended October 2, 2010 of $13.4 million, or 27.7% of net sales, compared to $9.8 million, or 29.9% of net sales, for the six month period ended September 26, 2009. Our Ball Bearings segment achieved an operating income of $1.4 million, or 6.8% of net sales, for the six month period ended October 2, 2010, compared to $3.5 million, or 14.8% of net sales, for the same period in fiscal 2010. Our Other segment achieved an operating income of $2.9 million, or 23.3% of net sales, for the six month period ended October 2, 2010, compared to $0.1 million, or 1.2% of net sales, for the same period in fiscal 2010.
In the six month period ended October 2, 2010, we generated cash of $25.7 million from operating activities compared to $21.4 million for the six month period ended September 26, 2009. The increase of $4.3 million was mainly a result of an increase in net income of $8.1 million and an increase in non-cash charges of $0.4 million offset by an increase in net operating assets and liabilities of $4.2 million.
Cash used for investing activities for the six month period ended October 2, 2010 included $4.6 million related to capital expenditures and $0.8 million, net, for the purchase of short-term investments. This was offset by $2.4 million of proceeds from the sale of certain assets of our J. Bovagnet sales brand. In the six month period ended September 26, 2009, investing activities included $6.0 million of capital expenditures, $3.6 million of which was associated with the building of a new wind bearing facility in Texas, and $4.8 million for the purchase of short-term investments.
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Rbc Bearings Inc. has a market cap of $771.9 million; its shares were traded at around $35.84 with a P/E ratio of 27.6 and P/S ratio of 2.9. ROLL is in the portfolios of John Keeley of Keeley Fund Management, Michael Price of MFP Investors LLC, Chuck Royce of Royce& Associates, Bruce Kovner of Caxton Associates.
Highlight of Business Operations:
Other, net. Other, net for the three month period ended October 2, 2010 was expense of $0.4 million, a decrease of $0.3 million, compared to $0.7 million of expense for the same period last fiscal year. For the three month period ended October 2, 2010, other, net consisted of $0.3 million of amortization of intangibles and $0.1 million of restructuring costs. For the three month period ended September 26, 2009, other, net consisted of $0.3 million of amortization of intangibles and $0.4 million of restructuring and moving costs, including severance costs and the consolidation of our Houston, Texas facilities.Operating income was $13.9 million, or 16.7% of net sales, for the three month period ended October 2, 2010 compared to $7.2 million, or 11.4% of net sales, for the three month period ended September 26, 2009. Operating income for the Plain Bearings segment was $10.8 million for the three month period ended October 2, 2010, or 26.3% of net sales, compared to $6.0 million for the same period last year, or 19.8% of net sales. Our Roller Bearings segment achieved an operating income for the three month period ended October 2, 2010 of $6.9 million, or 27.6% of net sales, compared to $5.2 million, or 30.1% of net sales, for the three month period ended September 26, 2009. Our Ball Bearings segment reported operating income of $1.5 million, or 13.5% of net sales, for the three month period ended October 2, 2010, compared to $1.3 million, or 11.5% of net sales, for the same period in fiscal 2010. Operating segments in Other achieved an operating income of $1.5 million, or 24.3% of net sales, for the three month period ended October 2, 2010, compared to $0.1 million, or 1.3% of net sales, for the same period in fiscal 2010.
Other, net. Other, net for the six month period ended October 2, 2010 decreased by $1.1 million, to $0.1 million compared to $1.2 million for the comparable period in fiscal 2010. For the six month period ended October 2, 2010, other, net consisted of a net gain of $1.1 million on the sale of assets offset by $0.7 million of amortization of intangibles, $0.4 million of bad debt expense and $0.1 million of restructuring costs. For the six month period ended September 26, 2009, other, net consisted of $0.6 million of amortization of intangibles and $0.6 million of restructuring and moving costs.
Operating income was $27.9 million, or 16.9% of net sales, for the six month period ended October 2, 2010 compared to $15.0 million, or 11.7% of net sales, for the six month period ended September 26, 2009. Operating income for the Plain Bearings segment was $23.7 million for the six month period ended October 2, 2010, or 28.4% of net sales, compared to $11.8 million for the same period last year, or 19.2% of net sales. Our Roller Bearings segment achieved an operating income for the six month period ended October 2, 2010 of $13.4 million, or 27.7% of net sales, compared to $9.8 million, or 29.9% of net sales, for the six month period ended September 26, 2009. Our Ball Bearings segment achieved an operating income of $1.4 million, or 6.8% of net sales, for the six month period ended October 2, 2010, compared to $3.5 million, or 14.8% of net sales, for the same period in fiscal 2010. Our Other segment achieved an operating income of $2.9 million, or 23.3% of net sales, for the six month period ended October 2, 2010, compared to $0.1 million, or 1.2% of net sales, for the same period in fiscal 2010.
In the six month period ended October 2, 2010, we generated cash of $25.7 million from operating activities compared to $21.4 million for the six month period ended September 26, 2009. The increase of $4.3 million was mainly a result of an increase in net income of $8.1 million and an increase in non-cash charges of $0.4 million offset by an increase in net operating assets and liabilities of $4.2 million.
Cash used for investing activities for the six month period ended October 2, 2010 included $4.6 million related to capital expenditures and $0.8 million, net, for the purchase of short-term investments. This was offset by $2.4 million of proceeds from the sale of certain assets of our J. Bovagnet sales brand. In the six month period ended September 26, 2009, investing activities included $6.0 million of capital expenditures, $3.6 million of which was associated with the building of a new wind bearing facility in Texas, and $4.8 million for the purchase of short-term investments.
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