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RBC Bearings Incorporated Announces Fiscal 2011 Fourth Quarter Results

RBC Bearings Incorporated (Nasdaq: ROLL), a leading international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, today reported results for the fourth quarter ended April 2, 2011.

Fourth Quarter Highlights

 

      Q4 Fiscal 2011       Q4 Fiscal 2010       Change

($ in millions)

GAAP     Adjusted (1) GAAP     Adjusted (1) GAAP     Adjusted (1)
Net sales $ 88.9     $ 79.8     11.4 %    
Gross margin $ 30.3 $ 31.1 $ 25.1 $ 25.8 20.6 % 20.6 %
Gross margin % 34.1 % 34.9 % 31.5 % 32.3 %
Operating income $ 16.1 $ 16.8 $ 11.5 $ 12.9 39.4 % 30.8 %
Net income $ 9.9 $ 10.4 $ 9.7 $ 8.1 2.1 % 29.3 %
Diluted EPS $ 0.44 $ 0.47 $ 0.44 $ 0.37 0.0 % 27.0 %
(1) Results exclude items in reconciliation below.

Fiscal Year 2011 Highlights

 

      Fiscal Year 2011       Fiscal Year 2010       Change

($ in millions)

GAAP     Adjusted (1) GAAP     Adjusted (1) GAAP     Adjusted (1)
Net sales $ 335.6     $ 274.7     22.2 %    
Gross margin $ 109.8 $ 112.7 $ 84.6 $ 87.2 29.8 % 29.2 %
Gross margin % 32.7 % 33.6 % 30.8 % 31.7 %
Operating income $ 56.2 $ 58.2 $ 34.7 $ 38.7 62.1 % 50.3 %
Net income $ 34.9 $ 37.0 $ 24.4 $ 24.3 43.0 % 52.3 %
Diluted EPS $ 1.58 $ 1.68 $ 1.12 $ 1.12 41.1 % 50.0 %
(1) Results exclude items in reconciliation below.

“We are very pleased with the results of our fourth quarter. Both sales and operation efficiencies showed significant gains over last year and are the result of continued improvement in demand for products from our core markets, new product introductions and the maturing of many operating efficiency initiatives,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “We expect further strengthening of our core markets thru our fiscal year and are pleased to be planning an expansion of production rates in many of our plants.”

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