Minebea Reports First Quarter 2007 Results

Minebea Reports First Quarter 2007 Results Minebea Co. Ltd. (Japan; TSE: 6479) reported results for first quarter fiscal 2007, ended June 31, 2006. Sales in the quarter were ¥ 80.2 billion (USD $689.3 million), up 6% from 2006's ¥ 75.7 billion ($650.7 million). Operating income was ¥ 5.9 billion ($50.7 million), up more than 94% from 2006's ¥ 3.0 billion ($25.8 million). Most importantly, net income reached a record ¥ 3.3 billion ($28.4 million) in first quarter 2007, comparing favorably to the ¥ 4.3 billion ($37 million) Minebea earned for the entire year 2006. Minebea is an industrial manufacturing and distribution conglomerate, made up of 47 companies operating in two business units -- Machined Components and Electronic Devices and Components. Bearing manufacturing and sales operations are contained in its Machined Components Business. The bearing manufacturing operations are Minebea Co. Ltd., New Hampshire Ball Bearings Inc., NMB-Minebea UK Ltd., NMB Singapore Ltd., Pelmec Industries Ltd., NMB Thai Ltd., Pelmec Thai Ltd., NMB Hi-Tech Bearings Ltd., and Minebea Electronics & Hi-Tech Components Ltd. The Bearing Related Products Division reported first quarter sales of ¥ 28.5 billion, up 10% from ¥ 25.9 billion in first quarter 2006. As a whole, Minebea's Machined Components Business returned operating income of ¥ 6.2 billion in the first quarter, up 23% from ¥ 5.1 billion for the same period in 2006. Minebea describes the Machined Components Business Results: Our products in this business segment include ball bearings, which are our mainstay product; mechanical components such as rod-end bearings primarily for use in aircraft and pivot assemblies for use in hard disk drives (HDDs); screws for automobiles and aircraft; and defense-related devices and equipment. Sales of ball bearings to makers of automobiles and information and telecommunications equipment stayed strong year-on-year owing to our vigorous sales expansion efforts. Sales of rod-end bearings rose to the aerospace industry, mainly in the U.S. and Europe. In pivot assemblies, sales grew.