GENERAL BEARING CORPORATION, GNRL ON THE NASDAQ, today reported a 60% increase in first quarter net income to $1,002,000, or $0.26 per diluted share, from $627,000, or $ 0.15 per diluted share, for the quarter a year ago. Sales for the first quarter ended April 3, 1999 rose 33% to $13.7 million, from sales of $10.3 million for the year-earlier period. The results for the first quarter exceeded Wall Street estimates of $0.16 per share.
General Bearing President David L. Gussack said, "This performance reflects strength in virtually all of our product lines and validates our strategic initiatives in the transportation industry. Shipments to Ford as well as new customers in the heavy duty truck/trailer market have steadily driven sales through the first quarter. General Bearing will continue to build upon its success with increased shipments of tapered journal bearings in the second quarter."
General Bearing Corporation finishes first quarter 1999 with a fantastic shipping month! March's final shipping dollar amount set an all-time GBC record and tops off an extremely rewarding quarter. General Bearing is gearing up for tremendous revenue and earnings growth in 1999 and looking forward to beginning the millennium in a strong financial position.