RBC Bearings Inc. (ROLL) filed Quarterly Report for the period ended 2009-09-26.

RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings and components. The Company is primarily focused on producing highly technical or regulated bearing products requiring sophisticated design testing and manufacturing capabilities for the diversified industrial aerospace and defense markets. Rbc Bearings Inc. has a market cap of $466.9 million; its shares were traded at around $21.51 with a P/E ratio of 16.05 and P/S ratio of 1.31.

Highlight of Business Operations:
Other, net. Other, net for the three month period ended September 26, 2009 was $0.7 million, a decrease of $0.4 million, compared to $1.1 million for the same period last fiscal year. For the three month period ended September 26, 2009, other, net consisted of $0.3 million of amortization of intangibles and $0.4 million of restructuring and moving costs, including severance costs and the consolidation of our Houston, Texas facilities. For the three month period ended September 27, 2008, other, net consisted of $0.4 million of amortization of intangibles, $0.4 million of facility moving and consolidation expenses and $0.3 million of net loss on disposal of fixed assets both related to the consolidation of our South Carolina operations.



Operating Income. The decrease in operating income in all four of our business segments was driven primarily by a decrease in volume due to the current economic climate. Our operating income as a percentage of net sales declined in three of our four business segments as a result of the current economic downturn and start-up costs for our large bearing product lines. Operating income was $7.2 million, or 11.4% of net sales, for the three month period ended September 26, 2009 compared to $15.2 million, or 16.1% of net sales, for the three month period ended September 27, 2008. Operating income for the Plain Bearings segment was $6.0 million for the three month period ended September 26, 2009, or 19.8% of net sales, compared to $11.0 million for the same period last year, or 25.4% of net sales. Our Roller Bearings segment achieved an operating income for the three month period ended September 26, 2009 of $5.2 million, or 30.1% of net sales, compared to $6.8 million, or 26.4% of net sales, for the three month period ended September 27, 2008. Our Ball Bearings segment achieved an operating income of $1.3 million, or 11.5% of net sales, for the three month period ended September 26, 2009, compared to $3.6 million, or 21.9% of net sales, for the same period in fiscal 2009. Our Other segment achieved an operating income of $0.1 million, or 1.3% of net sales, for the three month period ended September 26, 2009, compared to $0.3 million, or 3.1% of net sales, for the same period in fiscal 2009.



Other, net. Other, net for the six month period ended September 26, 2009 decreased by $0.3 million, to $1.2 million compared to $1.5 million for the comparable period in fiscal 2009. For the six month period ended September 26, 2009, other, net consisted of $0.6 million of amortization of intangibles and $0.6 million of restructuring and moving costs. For the six month period ended September 27, 2008, other, net consisted of $0.8 million of amortization of intangibles, $0.5 million of facility moving and consolidation expenses and $0.4 million of net loss on disposal of fixed assets, both primarily related to the consolidation of our South Carolina operations, offset by other miscellaneous income of $0.2 million.



Operating income was $15.0 million, or 11.7% of net sales, for the six month period ended September 26, 2009 compared to $32.2 million, or 17.3% of net sales, for the six month period ended September 27, 2008. Operating income for the Plain Bearings segment was $11.8 million for the six month period ended September 26, 2009, or 19.2% of net sales, compared to $22.0 million for the same period last year, or 25.4% of net sales. Our Roller Bearings segment achieved an operating income for the six month period ended September 26, 2009 of $9.8 million, or 29.9% of net sales, compared to $13.9 million, or 27.4% of net sales, for the six month period ended September 27, 2008. Our Ball Bearings segment achieved an operating income of $3.5 million, or 14.8% of net sales, for the six month period ended September 26, 2009, compared to $7.2 million, or 22.9% of net sales, for the same period in fiscal 2009. Our Other segment achieved an operating income of $0.1 million, or 1.2% of net sales, for the six month period ended September 26, 2009, compared to $1.3 million, or 7.1% of net sales, for the same period in fiscal 2009.



In the six month period ended September 26, 2009, we generated cash of $21.4 million from operating activities compared to $23.9 million for the six month period ended September 27, 2008. The decrease of $2.5 million was mainly a result of a decrease in net income of $10.8 million, a positive change in operating assets and liabilities of $11.6 million and a decrease in non-cash charges of $3.3 million.



Cash used for investing activities for the six month period ended September 26, 2009 included $6.0 million related to capital expenditures compared to $11.0 million for the six month period ended September 27, 2008. Of this amount, $3.6 million was associated with the building of a new wind bearing facility in Texas. Cash used for investing activities in the six month period ended September 26, 2009 also included $4.8 million for the purchase of short-term investments. Investing activities in the six month period ended September 27, 2008 also included $6.6 million related to the acquisition of PIC Design offset by proceeds of $0.5 million related primarily to the consolidation of our South Carolina operations.

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