Austin Engineering Reports First Quarter 2006 Results

Austin Engineering Reports First Quarter 2006 Results Austin Engineering Co. Ltd. (India,http://www.aec-bearings.com/) reported financial results for first quarter fiscal 2006, ended June 30, 2006. Sales in the quarter hit a record Rs 163.16 million (USD $3.5 million), up more than 42% over 2005's Rs 114.62 million ($2.5 million). Net profit of Rs 11.3 million ($245,000) more than doubled 2005's Rs 4.62 million ($100,000). Founded in 1973, Austin claims to manufacture the widest variety of ball bearings and roller bearings in India. Its lineup of aec brand bearings includes deep groove, angular contact and thrust ball bearings; tapered, cylindrical, spherical and needle roller bearings; and flexible roller bearings. Austin's manufacturing plant in Patla, Gujarat, is spread over 335,000 square feet of production floorspace. Production capacity is more than 3 million bearings per year, across 2,500 different items up to 1000mm OD and as small as 10mm ID. Beyond the plant in Gujarat, Austin also operates AEC Europe srl in Italy ( http://www.aeceurope.it/) and Accurate Engineering in the United States. Reflecting its corporate performance, Austin stock has recently been trading in the Rs 88 range, more than double its 52-week low of Rs 40 set last October.