WEST NYACK, NY--GENERAL BEARING CORPORATION (NASDAQ: GNRL) reported sales of $10,527,000 for the thirteen weeks ended September 30, 1997, a 20% increase compared to sales of $8,794,000 for the year earlier period. The Company said net income rose 248% to $1,418,000, or $0.36 per share, from $408,000, or $0.14 per share, reported for the same period in 1996.
General Bearing President, David L. Gussack said, "In the third quarter we experienced double-digit revenue increases for both our OEM (up 25%) and high-margin Distribution (up 11%) divisions. In particular, the OEM division enjoyed a 106% sales increase of tapered roller bearings, benefitting from a partial recovery of the over-the-road trailer industry. Additionally, savings from the consolidation of manufacturing facilities started to be reflected in our gross margins in September." Because the consolidation will be completed in November, he explained, "We should benefit from significant reductions in overhead expenses going forward."
For the nine months ended September 30, 1997, General Bearing reported sales of $31,596,000, or $0.99 per share, versus net income of $925,000, or $0.31 per share, for the same period of 1996.