RBC Reports Third Quarter 2003 Results

Roller Bearing Company of America, Inc. (RBC, USA) reported third quarter 2003 financial results. Net sales for the quarter were USD $42.4 million, up 3% from third quarter 2002's $41.2 million. RBC attributed the rise to increased sales in both the defense sector and the industrial equipment aftermarket. Net income was up $200,000 from 2002, to $1.0 million from $800,000. While RBC indicated some of its domestic U.S. operations ran a loss for the quarter, it did not break them out separately. Similarly, while RBC said international operations produced net income, it did not detail the numbers. Gross margin for all RBC bearing companies combined as a percent of sales was 27.7%, essentially flat from 2002. RBC is the parent of several bearing companies. The lineup, built via acquisitions, includes twelve operating divisions, including Tyson Bearings, Heim, RBC Linear, RBC Nice, Bremen Bearings, Industrial Tectonics, and others. A recently-installed credit facility freed the company to make further acquisitions (RBC has made 11 acquisitions in the past 10 years). RBC recently agreed to acquire Timken's Standard Plant airframe bearing business which Timken inherited as part of its Torrington acquisition. While RBC reports financial results to the U.S. Securities and Exchange Commission, the company is considered closely held. The public reporting occurs because some of its debt is publicly traded.