TABLE-RBC Bearings Q1 results

Sept 15 (Reuters) - RBC BEARINGS INC. Consolidated Statements of Operations (dollars in thousands, except share and per share data) Three Months Ended Jul 2, Jul 3, 2005 2004 Net sales $66,001 $56,195 Cost of sales 46,725 40,902 Gross margin 19,276 15,293 Operating expenses: Selling, general and administrative 8,494 7,614 Other, net 384 1,763 Total operating expenses 8,878 9,377 Operating income 10,398 5,916 Interest expense, net 5,129 5,079 Loss on early extinguishment of debt - 6,944 Other non-operating expense - 1 Income (loss) before income taxes 5,269 (6,108) Provision for (benefit from) income taxes 1,924 (2,286) Net income (loss) 3,345 (3,822) Preferred stock dividends (599) (553) Participation rights of preferred stock in undistributed earnings (630) - Net income (loss) available to common stockholders 2,116 (4,375) Net income (loss) per common share: Basic: Class A common stock 0.34 (0.71) Class B common stock 0.34 (0.71) Diluted: Class A common stock 0.22 (0.71) Class B common stock 0.00 (0.71) Weighted average common shares: Basic: Class A common stock 6,202,517 6,188,653 Class B common stock 250 250 Diluted: Class A common stock 9,694,653 6,188,653 Class B common stock 1,302,005 250 Reconciliation of Reported Operating Income to Adjusted Operating Income: Three Months Ended Jul 2, Jul 3, 2005 2004 Reported operating income $10,398 $5,916 Compensation expense, employee stock options 82 81 Management service fees, Whitney LLP 113 113 Disposal of fixed assets - 1,618 Adjusted operating income 10,593 7,728 Selected Financial Data: Three Months Ended Jul 2, Jul 3, 2005 2004 Depreciation and amortization $2,488 $2,458 Cash provided by operating activities 5,197 1,951 Capital expenditures 2,630 1,527 Total debt 215,442 220,079 Backlog 136,400 112,299 --The maker of roller and ball bearings, which made an initial public offering in August, said it expected net sales in the range of $62.0 million to $65.0 million, in the second quarter. (Reporting by Sowjanya Kashyap in Bangalore)