WEST NYACK, NY-July 20, 1999-General Bearing Corporation (Nasdaq: GNRL) today reported sales for the thirteen weeks ended July 3, 1999 rose 31% to $14.4 million, from sales of $11.0 million for the year earlier period. Net income climbed 51% to $1.01 million, or $0.26 per basic and diluted share, from $670,000, or $0.17 per basic and diluted share in the like period a year earlier.
General Bearing President David L. Gussack said, "We have been successful in executing our strategy of prioritizing the transportation industry. In the first half, we increased our market penetration in the heavy-duty truck trailer sector with sales of tapered roller bearings advancing more than 80%. In addition, sales to the auto industry rose 192% and sales of tapered journal bearings for railroad cars climbed 139%. At the same time, earnings have been bolstered by tightly controlling our selling, general and administrative expenses," he said.
For the twenty-six weeks ended July 3, 1999, General Bearing's sales increased 32% to $28.2 million from $21.3 million in the first half of 1998. For the same period, net income rose 55.4%, to $2.01 million, or $0.51 per basic and diluted share, from $1.30 million, or $0.33 and $0.32 per basic and diluted share, respectively, in the first of half of 1998.