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REGALBELOIT Corp. Reports Operating Results (10-Q)

November 10, 2010 | About:
10qk

10qk

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REGALBELOIT Corp. (RBC) filed Quarterly Report for the period ended 2010-10-02.

Regalbeloit Corp. has a market cap of $2.18 billion; its shares were traded at around $56.5 with a P/E ratio of 13.9 and P/S ratio of 1.2. The dividend yield of Regalbeloit Corp. stocks is 1.2%. Regalbeloit Corp. had an annual average earning growth of 12.6% over the past 10 years.RBC is in the portfolios of John Keeley of Keeley Fund Management, Kenneth Fisher of Fisher Asset Management, LLC, Steven Cohen of SAC Capital Advisors, RS Investment Management, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

Net Income Attributable to Regal Beloit Corporation increased 43.4% to $44.7 million for the third quarter 2010 compared to $31.2 million for the third quarter 2009. Diluted earnings per share increased 39.0% to $1.14 for the third quarter 2010 compared to $0.82 for the third quarter 2009.

Net Income Attributable to Regal Beloit Corporation for the third quarter 2010 was $44.7 million, an increase of 43.4% compared to $31.2 million for the third quarter 2009. Fully diluted earnings per share was $1.14 for the third quarter 2010 compared to $0.82 for the third quarter 2009. The average number of diluted shares was 39,023,135 during the third quarter 2010 compared to 38,183,014, during the third quarter 2009.

Net Income Attributable to Regal Beloit Corporation for the nine months ended October 2, 2010 was $124.1 million, an increase of 105.6% compared to $60.4 million for the nine months ended September 26, 2009. Fully diluted earnings per share was $3.19 for the nine months ended October 2, 2010 compared to $1.71 for the nine months ended September 26, 2009. The average number of diluted shares was 38,875,978 during the nine months ended October 2, 2010 as compared to 35,294,400 during the nine months ended September 26, 2009.

Cash flow used in investing activities was ($213.6) million for the first nine months of 2010, ($175.8) million more than in 2009 driven by business acquisitions of ($107.3) million. The net cash used in purchasing investment securities was ($76.4) million in 2010.

Cash flow used in financing activities for the first nine months of 2010 was ($64.7) million in 2010 compared to cash flow provided of $90.7 million in 2009. The change is driven by the $150.4 million in net proceeds from the sale of stock in 2009.

At October 2, 2010, the Company had $250.0 million of Senior notes (the Notes) outstanding. The Notes were sold pursuant to a Note Purchase Agreement (the Agreement) by and among the Company and the purchasers of the Notes. The Notes were issued and sold in two series: $150.0 million in Floating Rate Series 2007A Senior Notes, Tranche A, due August 23, 2014, and $100.0 million in Floating Rate Series 2007A Senior Notes, Tranche B, due August 23, 2017. The Notes bear interest at a margin over the London Inter-Bank Offered Rate (LIBOR), which margin varies with the ratio of the Companys consolidated debt to consolidated earnings before interest, taxes, deprecation, and amortization (EBITDA) as defined in the Agreement. These interest rates also vary as LIBOR varies. The Agreement permits the Company to issue and sell additional note series, subject to certain terms and conditions described in the Agreement, up to a total of $600.0 million in combined Notes. At October 2, 2010, the interest rate of 1.0% was based on a margin over LIBOR.

Read the The complete Report

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