Release time : 2015-06-15 11:52:57
General Bearing Corp.(USA)released financial results for 2007.
Sales for 2007 were USD $129.2 million, up 8% from $119.5 million in 2006.
COGS rose substantially, however, as it has for virtually every manufacturer. In this case, overwhelming the sales improvement to push gross profit down slightly, to $34 million from $35.4 million in 2006.
Similarly, operating income dipped to $14.5 million in 2007 from $16.6 million in 2006.
Net income fell in parallel, to $7 million from 2006's $8.3 million.
Overall financial results -- a more comprehensive number including nonoperating income -- were aided by foreign exchange translation and interest rate swaps. The income gap from 2006 narrowed to General Bearing posting comprehensive net income for 2007 of $8.0 million, from $8.9 million in 2006.
Overall, the company generated more cash from operations in 2007 than it had in 2006, adding $2.3 million while cash had declined $1.5 million in 2006.
Founded by Seymour Gussack in 1958, General Bearing is a multinational manufacturer and distributor of ball bearings, tapered, spherical and cylindrical roller bearings, and bearing components. The company has been operating an array of joint ventures in China since 1987, the same year it acquired Hyatt Railway Products in the U.S. out of bankruptcy. Lingering effects of the troubled Hyatt acquisition forced General Bearing into Chapter 11 bankruptcy protection from mid-1991 through 1993; it has since emerged to become one of the strongest long-term performers in the bearing industry. General Bearing went public through an IPO in 1997.
General's markets are manufacturers of automobiles and trucks, trailers, rail equipment, office equipment, general machinery and appliances, as well as the industrial replacement market. Bearings are marketed under The General and Hyatt brands.