RBC Bearings Inc. (ROLL, Financial) filed Quarterly Report for the period ended 2011-01-01.
Rbc Bearings Inc. has a market cap of $784.7 million; its shares were traded at around $38.58 with a P/E ratio of 24.5 and P/S ratio of 2.8. Hedge Fund Gurus that owns ROLL: Michael Price of MFP Investors LLC. Mutual Fund and Other Gurus that owns ROLL: John Keeley of Keeley Fund Management, John Keeley of Keeley Fund Management, RS Investment Management, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, RS Investment Management.
Other, net. Other, net for the nine month period ended January 1, 2011 decreased by $1.1 million, to $0.5 million compared to $1.6 million for the comparable period in fiscal 2010. For the nine month period ended January 1, 2011, other, net consisted of a net gain of $1.1 million on the sale of assets offset by $1.0 million of amortization of intangibles, $0.4 million of bad debt expense and $0.2 million of restructuring costs. For the nine month period ended December 26, 2009, other, net consisted of $1.0 million of amortization of intangibles and $0.7 million of restructuring and moving costs offset by miscellaneous income of $0.1 million.
Operating income was $40.1 million, or 16.3% of net sales, for the nine month period ended January 1, 2011 compared to $23.2 million, or 11.9% of net sales, for the nine month period ended December 26, 2009. Operating income for the Plain Bearings segment was $33.6 million for the nine month period ended January 1, 2011, or 27.2% of net sales, compared to $18.8 million for the same period last year, or 20.1% of net sales. Our Roller Bearings segment achieved an operating income for the nine month period ended January 1, 2011 of $20.4 million, or 27.8% of net sales, compared to $14.8 million, or 28.5% of net sales, for the nine month period ended December 26, 2009. Our Ball Bearings segment achieved an operating income of $2.3 million, or 7.4% of net sales, for the nine month period ended January 1, 2011, compared to $4.6 million, or 13.7% of net sales, for the same period in fiscal 2010. Our Other segment achieved an operating income of $4.3 million, or 22.2% of net sales, for the nine month period ended January 1, 2011, compared to $0.8 million, or 5.0% of net sales, for the same period in fiscal 2010.
In the nine month period ended January 1, 2011, we generated cash of $40.4 million from operating activities compared to $35.0 million for the nine month period ended December 26, 2009. The increase of $5.4 million was mainly a result of an increase in net income of $10.3 million and an increase in non-cash charges of $1.9 million offset by an increase in net operating assets and liabilities of $6.8 million.
Cash used for investing activities for the nine month period ended January 1, 2011 included $7.3 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 nine month period ended December 26, 2009, investing activities included $7.5 million of capital expenditures, $3.8 million of which was associated with the building of a new wind bearing facility in Texas, $6.3 million for the purchase of short-term investments and $1.9 million related to the acquisition of Lubron.
Financing activities used $5.9 million in the nine month period ended January 1, 2011 compared to $16.2 million for the nine month period ended December 26, 2009, primarily for debt reduction. The nine month period ended January 1, 2011 included the $37.0 million repayment on our prior credit facility, $1.4 million in financing fees in connection with our new credit facility, $0.4 million for the repurchase of common stock and $0.3 million in other miscellaneous payments. This was offset by $30.0 million borrowing on our new credit facility, $2.4 million from the exercise of stock options and $0.8 million in excess tax benefits from stock-based compensation.
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Rbc Bearings Inc. has a market cap of $784.7 million; its shares were traded at around $38.58 with a P/E ratio of 24.5 and P/S ratio of 2.8. Hedge Fund Gurus that owns ROLL: Michael Price of MFP Investors LLC. Mutual Fund and Other Gurus that owns ROLL: John Keeley of Keeley Fund Management, John Keeley of Keeley Fund Management, RS Investment Management, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, RS Investment Management.
Highlight of Business Operations:
Operating income was $12.2 million, or 15.0% of net sales, for the three month period ended January 1, 2011 compared to $8.1 million, or 12.1% of net sales, for the three month period ended December 26, 2009. Operating income for the Plain Bearings segment was $9.9 million for the three month period ended January 1, 2011, or 24.9% of net sales, compared to $7.1 million for the same period last year, or 21.6% of net sales. Our Roller Bearings segment achieved an operating income for the three month period ended January 1, 2011 of $7.0 million, or 28.0% of net sales, compared to $4.9 million, or 26.1% of net sales, for the three month period ended December 26, 2009. Our Ball Bearings segment reported operating income of $0.8 million, or 8.8% of net sales, for the three month period ended January 1, 2011, compared to $1.1 million, or 11.1% of net sales, for the same period in fiscal 2010. Our Other segment achieved an operating income of $1.4 million, or 20.1% of net sales, for the three month period ended January 1, 2011, compared to $0.6 million, or 11.3% of net sales, for the same period in fiscal 2010.Other, net. Other, net for the nine month period ended January 1, 2011 decreased by $1.1 million, to $0.5 million compared to $1.6 million for the comparable period in fiscal 2010. For the nine month period ended January 1, 2011, other, net consisted of a net gain of $1.1 million on the sale of assets offset by $1.0 million of amortization of intangibles, $0.4 million of bad debt expense and $0.2 million of restructuring costs. For the nine month period ended December 26, 2009, other, net consisted of $1.0 million of amortization of intangibles and $0.7 million of restructuring and moving costs offset by miscellaneous income of $0.1 million.
Operating income was $40.1 million, or 16.3% of net sales, for the nine month period ended January 1, 2011 compared to $23.2 million, or 11.9% of net sales, for the nine month period ended December 26, 2009. Operating income for the Plain Bearings segment was $33.6 million for the nine month period ended January 1, 2011, or 27.2% of net sales, compared to $18.8 million for the same period last year, or 20.1% of net sales. Our Roller Bearings segment achieved an operating income for the nine month period ended January 1, 2011 of $20.4 million, or 27.8% of net sales, compared to $14.8 million, or 28.5% of net sales, for the nine month period ended December 26, 2009. Our Ball Bearings segment achieved an operating income of $2.3 million, or 7.4% of net sales, for the nine month period ended January 1, 2011, compared to $4.6 million, or 13.7% of net sales, for the same period in fiscal 2010. Our Other segment achieved an operating income of $4.3 million, or 22.2% of net sales, for the nine month period ended January 1, 2011, compared to $0.8 million, or 5.0% of net sales, for the same period in fiscal 2010.
In the nine month period ended January 1, 2011, we generated cash of $40.4 million from operating activities compared to $35.0 million for the nine month period ended December 26, 2009. The increase of $5.4 million was mainly a result of an increase in net income of $10.3 million and an increase in non-cash charges of $1.9 million offset by an increase in net operating assets and liabilities of $6.8 million.
Cash used for investing activities for the nine month period ended January 1, 2011 included $7.3 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 nine month period ended December 26, 2009, investing activities included $7.5 million of capital expenditures, $3.8 million of which was associated with the building of a new wind bearing facility in Texas, $6.3 million for the purchase of short-term investments and $1.9 million related to the acquisition of Lubron.
Financing activities used $5.9 million in the nine month period ended January 1, 2011 compared to $16.2 million for the nine month period ended December 26, 2009, primarily for debt reduction. The nine month period ended January 1, 2011 included the $37.0 million repayment on our prior credit facility, $1.4 million in financing fees in connection with our new credit facility, $0.4 million for the repurchase of common stock and $0.3 million in other miscellaneous payments. This was offset by $30.0 million borrowing on our new credit facility, $2.4 million from the exercise of stock options and $0.8 million in excess tax benefits from stock-based compensation.
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