Warning statement regarding forward-looking information
Engineering products. Engineering products include highly engineered hydraulic systems, fasteners, chucks, tool holders, and precision components for aerospace, marine, and industrial applications.
Currently, our strategy is built around maintaining our position as a leading manufacturer of precision engineered bearings and components through the following efforts:
? Develop innovative solutions. By using our design and manufacturing
Expertise and our extensive customer relationship, we continue to develop new
Products are used in markets where there are plenty of growth opportunities.
? Expand the customer base and penetrate the end market. We keep seeking
Opportunities to reach new customers, geographic locations and bearings
A platform with existing products or profitable new product opportunities.
? Increase sales in the aftermarket. We believe in increasing our aftermarket sales
The number of replacement parts will further enhance continuity and predictability
Our revenue and improve our profitability. Such sales include sales to third
Party distributors and sales of replacement products to OEMs and aftermarket
service. We will increase the percentage of revenue from us
By continuing to implement a number of measures to replace the market.
? Carry out selective acquisitions. Acquired supplementary business
Or expand our business has been and will continue to be
Our business strategy. We think we will continue to integrate
Compared with the same period last year, net sales in the second quarter of fiscal year 2022 increased by $3.3 million. Our aerospace market grew by 9.8%, while our industrial sales grew by 19.0%. The growth of aerospace net sales is mainly driven by the defense market. The growth of industry is mainly due to the general industrial market.
For the six months ended October 2, 2021, gross profit margin as a percentage of net sales increased to 45.8%, compared with 42.7% in the same period last year. The decrease was mainly due to the increase in sales during the period.
Compared with the same period last year, corporate SG&A in the second quarter of fiscal year 2022 increased by $1.9 million, or 13.6%. This was mainly due to an increase of USD 1 million in personnel costs and an increase of USD 1 million in equity incentive expenses, partially offset by USD 100,000 in other projects.
(Millions of dollars in the table)
Foreign term loans and revolving credit facilities
The future principal payment requested by Schaublin will be approximately $0 for the remainder of fiscal year 2022, approximately $0 in fiscal year 2023 and 2024, and approximately $3.1 million in fiscal year 2025.
On October 7, 2021, RBCA issued senior notes ("notes") maturing in 2029 with a total principal amount of US$500 million and an interest rate of 4.375%.
The six-month period ending October 2, 2021 compared to the six-month period ending September 26, 2020
The following table summarizes our cash flow activities:
Impact of exchange rate changes on cash 0.1 (0.1) 0.2 Cash and cash equivalents increased by $1,197.5 $63.1 $1,134.4
The chart below summarizes the favorable changes in operating assets and liabilities of US$14 million in fiscal year 2022 compared to fiscal year 2021, and the favorable changes in fiscal year 2021 and fiscal year 2020 of US$20.1 million.
Accrued expenses and other current liabilities 18.1 1.6 Other non-current liabilities
Total changes in operating assets and liabilities: $14.0 $20.1
Key accounting policies and estimates
As of October 2, 2021, we have no major off-balance sheet arrangements except for the USD 3.6 million outstanding standby letter of credit, all of which are under Revolver.
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