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 3, 2010.
 

Fourth Quarter Highlights
     

 
Q4 Fiscal 2010 Q4 Fiscal 2009 Change

($ in millions)
GAAP   Adjusted (1) GAAP   Adjusted (1) GAAP   Adjusted (1)
Net sales $79.8   $83.8   -4.8%  
Gross margin $25.1 $25.8 $28.9 $29.4 -13.2% -12.3%
Gross margin % 31.5% 32.3% 34.5% 35.0%
Operating income $11.5 $12.9 $10.0 $14.3 15.6% -10.2%
Net income $9.7 $8.1 $6.5 $9.6 49.1% -16.3%
Diluted EPS $0.44 $0.37 $0.30 $0.44 46.7% -15.9%
(1) Results exclude items in reconciliation below.
 

Twelve Month Highlights
           

 
Fiscal Year 2010 Fiscal Year 2009 Change

($ in millions)
GAAP   Adjusted (1) GAAP   Adjusted (1) GAAP   Adjusted (1)
Net sales $274.7 $355.8 -22.8%
Gross margin $84.6 $87.2 $118.2 $120.5 -28.5% -27.6%
Gross margin % 30.8% 31.7% 33.2% 33.9%
Operating income $34.7 $38.7 $55.0 $62.9 -36.9% -38.5%
Net income $24.4 $24.3 $34.5 $40.4 -29.2% -39.9%
Diluted EPS $1.12 $1.12 $1.58 $1.86 -29.1% -39.8%
(1) Results exclude items in reconciliation below.

“I am encouraged by the strong expansion we saw in our industrial business during the fourth quarter and the industry wide outlook for our aerospace and defense products,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “Our strategy of preserving operating capacity and flexibility allowed us to quickly revive our industrial volumes and we are in good position to support this increased demand in our new fiscal year.”