General Bearing Co. (USA; OTC : GNRL.PK; 5251R9N7) announced first quarter 2010 results, up sharply from first quarter 2009, and from first quarter 2010.

Sales in the quarter were $32.7 million, up 65% from $19.8 million in 2009.

With the higher sales, cost of goods sold dropped to 77% of sales from 82% of sales in 2009, leaving gross profit equally strong at $7.2 million in the first quarter from $3.4 million a year ago.

First quarter net income for General Bearing $1.0 million, or $1.5 million, including income from interests it does not control. In 2009, net income was just $272,000, or $578,000 including other entities income.

Cash flow from operations was also strong in the first quarter, at $1.8 million, from $1.1 million in 2009. At the end of the period, cash and cash equivalents stood at $8.7 million, a stronger position than $7.7 million at the end of first quarter 2009.

Tellingly, other customer-level operating measures also improved. For example, even though sales grew 65% in 2010, accounts receivable stood at $28 million at the end of the quarter, or 77 days, from $27.1 million, or 122 days, in 2009.

General Bearing CEO, David Gussack, told eBearing the last two years have taken the company to new accomplishments and status in the market : "GBC's engineering resources and manufacturing prowess have brought opportunity after opportunity to our door. We have seen continuing increases in market share through every moment of 2008, 2009, and the first half of 2010."

Mr. Gussack went on to say, "Meaningful market share increase is the best evidence we have to show that our existing and potential customer bases like what we are doing. That, and the commensurate revenue increases are painting a very bright future for GBC."