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The eBearing News
November 26, 2001
General Bearing Reports Third Quarter 2001
Sales off 9%, Earnings Down 53%
copyright © 2001 eBearing Inc.
General Bearing Corporation (West Nyack, New York) reported third quarter 2001 sales were down 9%
to USD $13.2 million from 2000, while net earnings for the period dropped 53% to $280,000.
Results compared to 2001 were:
Overall
Sales $13.2 million, down 9%
Gross $4.0 million, down 24%
Gross Margin 30.7%, down from 36.5%
Operating Income $588,000, down 63%
Net $280,000, down 53%
OEM
Sales $8.3 million, down 4.9%
Gross Margin 21.9%, down from 27.8%
Operating Income $412,000, down 63.4%
Affected by slow sales of tapered roller bearings in the heavy-duty truck market,
and introductory price levels used to increase market share
Distribution Division
Sales $2.4 million, down 19.2%
Gross Margin 58.6%, up from 52.4%
Operating Income $257,000, down 34%
Affected by economic conditions and production delays in Romania; higher
margins due to price increases and a more favorable product mix
Machine Tool
Sales $2.5 million, down 13%
Gross Margin 33.2%, down from 46.3%
Operating Loss $81,000
Affected by economic conditions, lower sales and an unfavorable product mix
General Bearing reported in the third quarter, days of sales outstanding were comparable with historical
levels, while inventory management, particularly of inventory in transit, allowed a drop in inventory investment.
So far in 2001, General Bearing has invested $1 million cash in Ningbo General Bearing Company, as
part of its $1.2 million investment to increase its ownership from 42% to 50%. The company also invested
an additional $600,000 in Shanghai General Bearing Company, which it expects to convert to increased
ownership during fourth quarter 2001.
• click here to read the article about General Bearing's Ningbo ownership increase
NOTE:
All of the financial results reported here are from press releases.
As such, they are considered to be unofficial financial statements and do not
need to conform to FASB GAAP. Many companies issue press statements which
contain non-GAAP earnings and financial results.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Bruce Carr edited this content.
Copyrighted material; unauthorized reproduction prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2011, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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