BELOIT, Wis., May 1 /PRNewswire-FirstCall/ -- Regal Beloit
Corporation (NYSE:RBC) today reported financial results for the
first quarter ended March 29, 2008. Continued strong performance by
the global generator businesses and industrial businesses offset
the weak residential HVAC market. The Company's initiatives
continued to have a significant positive impact on its performance.
New products, the contribution from the 2007 acquisitions and the
impact of the continued globalization of commercial operations
drove the sales growth, while the Lean Six Sigma and productivity
efforts helped support operating margins during a period of
significant raw material inflation. Net sales increased 28.1% to
$536.3 million from $418.7 million in the first quarter of 2007.
Included in reported sales are $111.9 million of sales from the
four acquisitions completed late in 2007. In the Electrical
segment, sales increased 31.2%, including the impact of the 2007
acquisitions. Exclusive of the recently acquired businesses, global
generator sales increased 17.5% and industrial motors sales
increased 6.8%, offsetting a 3.3% decline in residential HVAC motor
sales and a 16.9% decline in commercial motor products used in
residential applications. Sales in the Mechanical segment increased
1.0% from the prior year period. From a geographic perspective,
China-based sales increased 33.1% as compared to the first quarter
of 2007. In total, sales to regions outside of the United States
were 25.6% of total sales in comparison to 19.2% for the first
quarter of 2007. The gross profit margin for the first quarter of
2008 was 22.8% as compared to the 23.2% reported for the first
quarter of 2007. The gross margin for the acquired businesses was
20.8%. For the legacy businesses, raw material and other inflation,
net of the impact of product price increases was $7.7 million,
which is within the Company's previously announced guidance of $7.0
to $9.0 million. This difference was largely offset by the impact
of productivity improvements and Lean Six Sigma projects. Income
from operations was $57.6 million or 10.7% of sales, a 21.8%
increase over the $47.3 million or 11.3% of sales reported for the
first quarter of 2007. Net income in the first quarter of 2008 was
$32.2 million, a 20.1% increase from $26.8 million reported in the
first quarter of 2007. Diluted earnings per share increased 21.3%
to $.97 as compared to $.80 for the first quarter of 2007. Cash
flow from operations increased 235.6% to $34.9 million from the
$10.4 million reported for the same period in 2007. Improved
working capital management and the increase in net income drove the
improvement over the prior year. The cash performance allowed the
Company to repay $8.2 million of debt in the first quarter. In
addition to the debt pay down, the Company also purchased 110,000
shares of its common stock in open market purchases during the
quarter at a total cost of $4.2 million. On April 24, the Company
also announced the acquisition of Wuxi Hwada Motor Co. and Wuxi New
Hwada Motor Co. (collectively Hwada) located in Wuxi, China. Hwada
is a leading designer and manufacturer of Integral IEC and NEMA
electric motors, which are used in various industrial applications
such as compressor, pump, paper and steel processing, and power
plants. The business is expected to add approximately $75.0 to
$80.0 million to sales and add $.04 to $.06 to diluted earnings per
share in 2008. The purchase price was $27.6 million in cash and the
assumption of approximately $8.0 million in net liabilities.
Additionally, under the terms of the transaction, the Company will
pay to the seller up to $8.5 million received by the Company in the
future upon the sale of certain real property rights owned by
Hwada. The acquisition will be discussed further on today's
conference call. "Given the difficult residential markets and raw
material cost environments, we are quite pleased with our results
for the first quarter. New products, continuous improvement in
execution, and our geographic diversification are driving solid
results," commented Henry W. Knueppel, Chairman and CEO. Knueppel
added, "While we remain cautious due to the unprecedented inflation
in raw materials and, to a lesser degree, the speculation regarding
the strength of end markets, we are confident in our ability to
deliver solid results. Accordingly our Board of Directors approved
our fourth dividend increase in as many years and we remain
committed to increasing shareholder value through the combination
of acquisitions and share buybacks. For the second quarter we
expect earnings per share to be in the range of $1.10 to $1.18."
Regal Beloit will be holding a conference call to discuss first
quarter financial results at 1:00 PM CT (2:00 PM ET) today.
Interested parties should call 800-288-8961. A replay of the call
will be available through May 14, 2008 at 800-475-6701, access code
920700. About REGAL BELOIT CORPORATION: Regal Beloit Corporation is
a leading manufacturer and marketer of branded mechanical and
electrical motion control and power generation products serving
markets throughout the world. Regal Beloit is headquartered in
Beloit, Wisconsin, and has manufacturing, sales, and service
facilities throughout the United States, Canada, Mexico, Europe and
Asia. CAUTIONARY STATEMENT This Quarterly Report contains
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements represent
our management's judgment regarding future events. In many cases,
you can identify forward-looking statements by terminology such as
"may," "will," "plan," "expect," "anticipate," "estimate,"
"believe," or "continue" or the negative of these terms or other
similar words. Actual results and events could differ materially
and adversely from those contained in the forward-looking
statements due to a number of factors, including: -- economic
changes in global markets where we do business, such as currency
exchange rates, inflation rates, interest rates, recession, foreign
government policies and other external factors that we cannot
control; -- unanticipated fluctuations in commodity prices and raw
material costs; -- cyclical downturns affecting the global market
for capital goods; -- unexpected issues and costs arising from the
integration of acquired companies and businesses; -- marketplace
acceptance of new and existing products including the loss of, or a
decline in business from, any significant customers; -- the impact
of capital market transactions that we may effect; -- the
availability and effectiveness of our information technology
systems; -- unanticipated costs associated with litigation matters;
-- actions taken by our competitors; -- difficulties in staffing
and managing foreign operations; and -- other risks and
uncertainties including but not limited to those described in Item
1A-Risk Factors of the Company's Annual Report on Form 10-K filed
on February 27, 2008 and from time to time in our reports filed
with U.S. Securities and Exchange Commission. All subsequent
written and oral forward-looking statements attributable to us or
to persons acting on our behalf are expressly qualified in their
entirety by the applicable cautionary statements. The
forward-looking statements included in this Form 10-K are made only
as of their respective dates, and we undertake no obligation to
update these statements to reflect subsequent events or
circumstances. See also Item 1A - Risk Factors in the Company's
Annual Report on Form 10-K filed on February 27, 2008. STATEMENTS
OF INCOME In Thousands of Dollars (Unaudited) Three Months Ended
March 29, March 31, 2008 2007 Net Sales $536,343 $418,646 Cost of
Sales 414,244 321,419 Gross Profit 122,099 97,227 Operating
Expenses 64,487 49,896 Income From Operations 57,612 47,331
Interest Expense 7,219 5,066 Interest Income 384 89 Income Before
Taxes & Minority Interest 50,777 42,354 Provision For Income
Taxes 18,012 14,690 Income Before Minority Interest 32,765 27,664
Minority Interest in Income, Net of Tax 598 851 Net Income $32,167
$26,813 Earnings Per Share of Common Stock: Basic $1.03 $0.87
Assuming Dilution $0.97 $0.80 Cash Dividends Declared $0.15 $0.14
Weighted Average Number of Shares Outstanding: Basic 31,316,878
30,814,312 Assuming Dilution 33,117,034 33,547,519 CONDENSED
BALANCE SHEETS In Thousands of Dollars (Unaudited) March 29,
December 29, ASSETS 2008 2007 Current Assets: Cash and Cash
Equivalents $50,531 $42,574 Receivables and Other Current Assets
411,728 367,717 Inventories 307,261 318,200 Total Current Assets
769,520 728,491 Net Property, Plant and Equipment 358,528 339,343
Other Noncurrent Assets 779,660 794,413 Total Assets $1,907,708
$1,862,247 LIABILITIES AND SHAREHOLDERS' INVESTMENT Accounts
Payable $202,462 $183,215 Other Current Liabilities 116,625 128,705
Long-Term Debt 550,694 558,918 Deferred Income Taxes 70,210 75,055
Other Noncurrent Liabilities 61,184 47,783 Minority Interest in
Consolidated 11,602 10,542 Subsidiaries Shareholders' Investment
894,931 858,029 Total Liabilities and Shareholders' Investment
$1,907,708 $1,862,247 SEGMENT INFORMATION In Thousands of Dollars
(Unaudited) Mechanical Segment Electrical Segment Three Months
Ended Three Months Ended March 29, March 31, March 29, March 31,
2008 2007 2008 2007 Net Sales $55,114 $54,594 $481,229 $364,052
Income from Operations $8,066 $6,881 $49,546 $40,450 CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS In Thousands of Dollars
(Unaudited) Three Months Ended March 29, 2008 March 31, 2007 CASH
FLOWS FROM OPERATING ACTIVITIES: Net income $32,167 $26,813
Adjustments to reconcile net income to net cash provided by
operating activities; Depreciation and amortization 14,152 9,883
Minority interest 598 851 Excess tax benefit from stock-based
compensation (452) (3,310) Loss (gain) on sale of assets, net 70 8
Stock-based compensation expense 882 865 Change in assets and
liabilities, net (12,551) (24,703) Net cash provided by operating
activities 34,866 10,407 CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment (13,646) (12,163)
Business acquisitions, net of cash acquired 374 (565) Sale of
property, plant and equipment 1,149 -- Net cash used in investing
activities (12,123) (12,728) CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from short-term borrowing -- 9,200 Payments of
long-term debt (113) (225) Net repayments under revolving credit
facility (8,200) (200) Net proceeds from commercial paper
borrowings -- 125 Dividends paid to shareholders (4,700) (4,345)
Purchases of treasury stock (4,191) -- Proceeds from the exercise
of stock options 1,364 747 Excess tax benefits from stock-based
compensation 452 3,310 Net cash (used in) provided by financing
activities (15,388) 8,612 EFFECT OF EXCHANGE RATES ON CASH 602 275
Net increase in cash and cash equivalents 7,957 6,566 Cash and cash
equivalents at beginning of period 42,574 36,520 Cash and cash
equivalents at end of period $50,531 $43,086 DATASOURCE: Regal
Beloit Corporation CONTACT: David A. Barta, Vice President, Chief
Financial Officer of Regal Beloit Corporation, +1-608-361-7405 Web
site: http://www.regal-beloit.com/
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