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RBC Bearings Incorporated, Oxford, CT, an international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, reported sales for the second quarter 2007 grew 12.1% to $73.2 million. Profit was $7.4 million, compared to a loss of $2 million in the same period last year.
Sales for the six-month period ended Sept. 30, 2006, were $148.5 million, an increase of 13% from the same period last year. Profit was $12.4 million for the period, compared with profit of $1.4 million last year.
'Revenues grew slightly better than expected and gross margins improved as planned, as business continues to exceed the metrics we planned for this fiscal year," said Dr. Michael J. Hartnett, chairman and CEO. In addition, we acquired All Power Manufacturing Co. during the quarter, which was a minor contributor to the quarter's results. All Power's track record with clients, superior processes and high quality products both compliment and extend our product line. Looking ahead, we expect that our performance for the balance of the fiscal year will continue to be strong. id=bwanpa7>'
All Power Acquisition
During the quarter, RBC Bearings Incorporated acquired All Power Manufacturing Co. for $9.9 million. All Power manufactures a line of bearings and precision parts for use in commercial and military aerospace applications and general industrial applications. In calendar year 2005, All Power generated revenues of $12.2 million. All Power contributed to RBC id=bwanpa8>'s results for the month of September and its results are reported as part of the company's Plain Bearings segment.
RBC Bearings Buys All Power Manufacturing Co.
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