General Bearing Corp. (USA; OTC: GNRL) reported financial results for second quarter 2008, ended June 30.

Sales in the quarter were USD $35.1 million, up 8% over 2007's $32.5 million.

Operating income dipped to $3.6 million from $3.7 million a year ago.

Net income also dropped, to $1.5 million (4.3% of sales) in 2008, from $1.8 million (5.4% of sales) in second quarter 2007.

Disproportionately higher COGS, SG&A and income taxes were largely to blame for the dip in 2008's net from 2007. However, the postive impact of foreign currency exchange effects narrowed the difference in comprehensive income down to $1.96 million for 2008 vs. $2.06 million for 2007.

Founded by Seymour Gussack in 1958, General Bearing is a multinational manufacturer and distributor of ball bearings, tapered, spherical and cylindrical roller bearings, and bearing components. The company has been operating an array of joint ventures in China since 1987, the same year it acquired Hyatt Railway Products in the U.S. out of bankruptcy. Lingering effects of the troubled Hyatt acquisition forced General Bearing into Chapter 11 bankruptcy protection from mid-1991 through 1993; it has since emerged to become one of the strongest long-term performers in the bearing industry. General Bearing went public through an IPO in 1997.

General's markets are manufacturers of automobiles and trucks, trailers, rail equipment, office equipment, general machinery and appliances, as well as the industrial replacement market. Bearings are marketed under The General and Hyatt brands.