UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

   (Mark One)

      |X|   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
                               Exchange Act of 1934

                      For the quarter ended March 29, 2003

                                       OR

      |_|   Transition Report Pursuant to Section 13 or 15(d) of the Securities
                                Exchange Act of 1934

    For the transition period from .................. to ....................

                         Commission file Number 0-22053

                           GENERAL BEARING CORPORATION
                           ---------------------------
             (Exact name of registrant as specified in its charter)

                Delaware                                       13-2796245
                --------                                       ----------
    (State or other jurisdiction of                         (I.R.S. Employer
     incorporation or organization)                        Identification No.)

  44 High Street, West Nyack, New York                            10994
  ------------------------------------                            -----
(Address of principal executive offices)                       (Zip Code)

       Registrant's telephone number, including area code: (845) 358-6000

        Securities registered pursuant to Section 12(b) of the Act: NONE

           Securities registered pursuant to Section 12(g) of the Act:

                      Common Stock $.01 par value per share
                      -------------------------------------
                                (Title of class)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
|X| Yes |_| No

Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Securities Exchange Act of 1934). |_| Yes |X| No

At May 1, 2003, the Registrant had issued 7,102,200 shares of common stock, $.01
par value per share, and had outstanding 3,858,804 shares.

<PAGE>

          CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION
           FOR THE PURPOSES OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE
                    SECURITIES LITIGATION REFORM ACT OF 1995

      The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements, which are statements other than those of
historical fact, including, without limitation, ones identified by the use of
the words: "anticipates," "estimates," "believes," "expects," "intends,"
"plans," "predicts," and similar expressions. In this Quarterly Report such
statements may relate to the recoverability of deferred taxes, likely industry
trends, the continued availability of credit lines, the suitability of
facilities, access to suppliers and implementation of joint ventures and
marketing programs. Such forward-looking statements involve important risks and
uncertainties that could cause actual results to differ materially from those
expected by the Company, and such statements should be read along with the
cautionary statements accompanying them and mindful of the following additional
risks and uncertainties possibly affecting the Company: the possibility of a
general economic downturn, which is likely to have an important impact on
historically cyclical industries such as manufacturing; significant price,
quality or marketing efforts from domestic or overseas competitors; the loss of,
or substantial reduction in, orders from a major customer; the loss of, or
failure to attain, additional quality certifications; changes in U.S. or foreign
government regulations and policies, including the imposition of antidumping
orders on the Company or any of its suppliers; a significant judgment or order
against the Company in a legal or administrative proceeding; and potential
delays in implementing planned sales and marketing expansion efforts and the
failure of their effectiveness upon implementation.

<PAGE>

                           GENERAL BEARING CORPORATION

                          QUARTERLY REPORT ON FORM 10-Q
                      FOR THE QUARTER ENDED MARCH 29, 2003

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                           Page No.
                                                                           --------
<S>                                                                        <C>
PART I

   Item 1.  Financial Statements ........................................   2 - 8

   Item 2.  Management's Discussion and Analysis of Results of Operations
            and Financial Condition .....................................   9  - 12

   Item 3.  Quantitative and Qualitative Disclosure about Market Risk ...  13 - 14

   Item 4.  Controls and Procedures .....................................  14

PART II

   Item 1.  Legal Proceedings ...........................................  15

   Item 6.  Exhibits and Reports on Form 8-K ............................  15

Signature ...............................................................  16

Certifications ..........................................................  17 - 19
</TABLE>


                                       1
<PAGE>

                           GENERAL BEARING CORPORATION
                                AND SUBSIDIARIES

Item 1.               CONDENSED CONSOLIDATED BALANCE SHEETS
              (In Thousands - Except for Shares and Per Share Data)

<TABLE>
<CAPTION>
                                                                March 29,    December 28,
                                                                  2003          2002
                                                                ---------    ------------
                              ASSETS                          (Unaudited)
<S>                                                           <C>              <C>
Current:
    Cash and cash equivalents                                   $  3,538       $  3,158
    Accounts receivable - net of allowance for doubtful
       accounts of $299 and $335                                  12,078         10,742
    Inventories                                                   27,136         28,218
    Prepaid expenses and other current assets                      6,207          4,368
    Advances to affiliates                                           115            186
    Deferred tax assets                                            2,426          2,427
                                                                --------       --------

          Total current assets                                    51,500         49,099

Fixed assets, net of accumulated depreciation                     20,585         21,308
Investment in and advances to joint ventures
    and affiliates                                                 3,880          3,670
Other assets                                                       1,814          1,336
                                                                --------       --------

Total Assets                                                    $ 77,779       $ 75,413
                                                                ========       ========

       LIABILITIES AND STOCKHOLDERS' EQUITY

Current:
    Notes payable - banks                                       $  7,850       $  7,114
    Bank - revolving line of credit                               17,318         14,458
    Accounts payable:
       Trade                                                       5,820          7,127
       Affiliates                                                    549          1,696
    Accrued expenses and other current liabilities                 4,660          4,107
    Current maturities of long-term debt                             394            396
                                                                --------       --------

          Total current liabilities                               36,591         34,898
                                                                --------       --------

Long-term debt, net of current maturities                          7,998          8,563

Other long-term liabilities - affiliate                              269            315

Deferred taxes                                                       714            714

Minority interests                                                 9,662          9,464

Commitments and contingencies

Stockholders' equity:
    Preferred stock par value $.01 per share - 1,000,000
       shares authorized, none issued and outstanding                 --             --
    Common stock par value $.01 per share - 19,000,000
       shares authorized, 7,102,200 shares issued                     71             71
    Additional paid-in capital                                    40,133         40,133
    Accumulated other comprehensive income / (loss)               (1,040)        (1,084)
    Treasury stock at cost, 3,243,396 and 3,234,820 shares        (1,023)          (996)
    Accumulated Deficit                                          (15,596)       (16,665)
                                                                --------       --------

          Total stockholders' equity                              22,545         21,459
                                                                --------       --------

Total Liabilities and Stockholders' Equity                      $ 77,779       $ 75,413
                                                                ========       ========
</TABLE>

      See accompanying notes to condensed consolidated financial statements


                                       2
<PAGE>

                           GENERAL BEARING CORPORATION
                                AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
              (In Thousands - Except for Shares and Per Share Data)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                           13 Weeks Ended
                                                                    -----------------------------
                                                                     March 29,         March 30,
                                                                        2003              2002
                                                                    -----------       -----------
<S>                                                                 <C>               <C>
Sales                                                               $    16,188       $    15,376

Cost of sales                                                            11,207            10,894
                                                                    -----------       -----------

Gross profit                                                              4,981             4,482

Selling, general and administrative expenses                              3,085             2,818
                                                                    -----------       -----------

Operating income                                                          1,896             1,664

Other expense, net                                                           60               452
                                                                    -----------       -----------

Income from continuing operations before income taxes                     1,836             1,212

Income taxes                                                                548               271
                                                                    -----------       -----------

Income from continuing operations before minority interests               1,288               941

Minority interests                                                          198               231
                                                                    -----------       -----------

Income from continuing operations                                         1,090               710
                                                                    -----------       -----------

Income / (loss) from discontinued operations                                (34)              179

Income taxes / (benefit)                                                    (12)               33
                                                                    -----------       -----------

Income / (loss) from discontinued operations                                (22)              146
                                                                    -----------       -----------
Net income                                                          $     1,068       $       856
                                                                    ===========       ===========
Income per common share from continuing operations:
     Basic                                                          $      0.28       $      0.17
                                                                    -----------       -----------
     Diluted                                                        $      0.28       $      0.17
                                                                    -----------       -----------
Income / (loss) per common share from discontinued operations:
     Basic                                                          $     (0.00)      $      0.04
                                                                    -----------       -----------
     Diluted                                                        $     (0.00)      $      0.04
                                                                    -----------       -----------
Income per common share from net income:
     Basic                                                          $      0.28       $      0.21
                                                                    -----------       -----------
     Diluted                                                        $      0.28       $      0.21
                                                                    -----------       -----------
Weighted average number of common shares:
     Basic                                                            3,860,748         4,035,482
                                                                    -----------       -----------
     Diluted                                                          3,861,335         4,037,690
                                                                    -----------       -----------
</TABLE>

      See accompanying notes to condensed consolidated financial statements


                                       3
<PAGE>

                           GENERAL BEARING CORPORATION
                                AND SUBSIDIARIES

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                 (In Thousands)
                                   (Unaudited)

                                                         13 Weeks ended
                                                  ------------------------------
                                                  March 29, 2003  March 30, 2002
                                                  --------------  --------------
Net Income                                            $1,068         $  856
Derivative fair market value adjustment                   44             94
                                                      ------         ------
Comprehensive income                                  $1,112         $  950
                                                      ======         ======

      See accompanying notes to condensed consolidated financial statements


                                       4
<PAGE>

                           GENERAL BEARING CORPORATION
                                AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In Thousands)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                          13 Weeks ended
                                                                      ------------------------
                                                                      March 29,      March 30,
                                                                         2003          2002
                                                                      ---------      ---------
<S>                                                                    <C>           <C>
Cash flows from operating activities:

     Net income                                                        $ 1,068       $   856
     Adjustments to reconcile net income to cash
         provided by (used in) operating activities:
         Minority interests                                                198           218
         Depreciation and amortization                                     576           446
         Deferred income taxes                                              --           (32)
         Equity in income of joint ventures and affiliates                (103)          (22)
         Gain on disposal of fixed assets                                   --            (5)
         Other non-cash items charged to income                             --            34
     Changes in:
         Accounts receivable                                            (1,336)         (414)
         Inventories                                                       832         1,992
         Prepaid expenses and other assets                              (1,707)         (572)
         Due to (from) affiliates                                       (1,464)          (91)
         Accounts payable and accrued expenses                            (711)       (1,952)
                                                                       -------       -------

              Net cash provided by (used in) operating activities       (2,647)          458
                                                                       -------       -------

Cash flows from investing activities:

     Investment in affiliate                                              (281)         (101)
     Proceeds from the sale of fixed assets                                 --             5
     Fixed asset purchases                                                (211)         (278)
                                                                       -------       -------

              Net cash used in investing activities                       (492)         (374)
                                                                       -------       -------

Cash flows from financing activities:

     Purchase of treasury stock                                            (26)         (157)
     Increase in note payable - banks                                      737         1,374
     Repayment of other long-term debt                                     (52)          (48)
     Net proceeds from (repayment of) revolving credit facility          2,860          (258)
                                                                       -------       -------

              Net cash provided by financing activities                  3,519           911
                                                                       -------       -------

Net increase in cash and cash equivalents                                  380           995

Cash and cash equivalents, beginning of period                           3,158         1,847
                                                                       -------       -------

Cash and cash equivalents, end of period                               $ 3,538       $ 2,842
                                                                       =======       =======

Cash paid during the 13 weeks for:

     Interest                                                          $   384       $   383

     Income taxes                                                      $   106       $    15
</TABLE>

      See accompanying notes to condensed consolidated financial statements


                                       5
<PAGE>

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of             The accompanying unaudited condensed consolidated
   Presentation         financial statements for General Bearing Corporation and
                        subsidiaries ("the Company") have been prepared in
                        accordance with generally accepted accounting principles
                        for interim financial information and with the
                        instructions to Form 10-Q and Regulation S-X.
                        Accordingly, they do not include all of the information
                        and footnotes required by generally accepted accounting
                        principles for complete financial statements. In the
                        opinion of management, all adjustments (consisting
                        solely of normal recurring accruals) considered
                        necessary for a fair presentation have been included.
                        Operating results for the thirteen weeks ended March 29,
                        2003 are not necessarily indicative of the results that
                        may be expected for the year ending December 27, 2003.
                        For further information, refer to the consolidated
                        financial statements and footnotes thereto included in
                        the Company's Annual Report on Form 10-K for the year
                        ended December 28, 2002.

2. Discontinued         In December 2002, the Company's Board of Directors and
   Operations           management resolved to discontinue the operations of the
                        machine tool segment by disposing of the net assets by
                        sale during 2003. In accordance with Statement of
                        Financial Accounting Standards No. 144, "Accounting for
                        the Impairment or Disposal of Long Lived Assets", prior
                        year statements of operations of the Company have been
                        reclassified to segregate discontinued operations from
                        continuing operations.

3. Inventories          Inventories consist of the following: (In Thousands)

                                              March 29, 2003   December 28, 2002
           ---------------------------------------------------------------------
           Finished bearings                     $  9,830         $  9,686
           Bearing raw materials, purchased
           parts and work in process               17,306           18,532

           ---------------------------------------------------------------------
                                                 $ 27,136         $ 28,218
           =====================================================================


                                       6
<PAGE>

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

4. Earnings Per         Basic earnings per share includes no dilution and is
   Share                computed by dividing net income by the weighted average
                        number of common shares outstanding for the period.
                        Diluted earnings per share reflect, in periods in which
                        they have a dilutive effect, the dilution which would
                        occur upon the exercise of stock options. A
                        reconciliation of the shares used in calculating basic
                        and diluted earnings per share follows:

                                                           Quarter Ended
                                                 -------------------------------
                                                 March 29, 2003   March 30, 2002
                                                 -------------------------------
           Diluted earnings per share
           computation:

           Basic weighted average common
           shares outstanding                        3,860,748       4,035,482

           Incremental shares from assumed
           exercise of dilutive options                    587           2,208
                                                 -------------------------------
                                                     3,861,335       4,037,690
                                                 ===============================

                        For the quarters ended March 29, 2003 and March 30,
                        2002, 355,800 options outstanding and 287,800 options
                        outstanding, respectively, were anti-dilutive.

5. Derivative           The Company follows Statement of Financial Accounting
   Financial            Standards No. 133 ("SFAS 133") "Accounting for
   Instruments          Derivative Instruments and Hedging Activities", as
                        amended, and interpreted, which requires that all
                        derivative instruments be recorded on the balance sheet
                        at their fair value.

                        In addition, to manage it's exposure to changes in
                        interest rates, the Company has entered into an interest
                        rate swap agreement to hedge a portion of its total
                        long-term debt that is subject to variable interest
                        rates. These contracts are considered to be a hedge
                        against changes in the amount of future cash flows
                        associated with the interest payments on variable rate
                        debt obligations. Expenses recognized in earnings during
                        the period relating to the interest rate swap totaled
                        $104,000 for the three months ended March 29, 2003 and
                        are included in the Statement of Operations in Other
                        income / expenses, net. Any amounts reported in
                        Comprehensive Income will be reclassified to earnings
                        over the term of the agreement, through 2007.


                                       7
<PAGE>

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

6. Litigation           Except as explained in Part II of this report, there has
                        been no material change in litigation since the events
                        reported in the Company's 10-K for the fiscal year ended
                        December 28, 2002.


                                       8
<PAGE>

Item 2. Management's Discussion and Analysis of Results of Operations and
Financial Condition

Business Overview

General Bearing Corporation and subsidiaries (collectively, the "Company")
operates in two business segments: Bearings ("Continuing Operations") and
Machine Tools ("Discontinued Operations"). In December 2002, the Company's Board
of Directors and management resolved to discontinue the operations of the
machine tool segment by disposing of the net assets by sale during 2003. During
2002, the Company reduced the carrying amounts of machine tools assets and
liabilities to zero and recorded an impairment writedown associated with
discontinued operations of approximately $2,242,000. Pursuant to Statement of
Financial Accounting Standards No. 144, the financial statements of the Company
have been reclassified to segregate discontinued operations from continuing
operations.

Continuing Operations

The Company manufactures and distributes a variety of bearings and bearing
components under the Hyatt(R) and The General(R) trademarks. The Company
supplies original equipment manufacturers ("OEMs") and distributors. The
Company's products, sold principally in the United States ("U.S.") and Asia, are
used in a broad range of applications, including automobiles, railroad cars,
locomotives, trucks, heavy duty trailers, office equipment, machinery and
appliances. General has entered into six joint ventures (5 with manufacturers in
the Peoples Republic of China ("PRC")) to enable it to manufacture high quality,
low cost bearings and bearing components. General obtains a majority of its
bearing and component requirements from its manufacturing plants in the PRC.

Results of Operations

      Sales. Sales for the first fiscal quarter ended March 29, 2003 ("2003") of
$16,188,000 represents a 5.3% increase compared to the first fiscal quarter
ended March 30, 2002 ("2002"). Increased sales of drive line components to the
automotive industry, tapered roller bearings for heavy duty truck trailers and
tapered journal bearings to the railroad industry were partially offset by lower
sales volume in the heavy duty aftermarket as well as lower sales volume to
distributors. The reductions in sales to the heavy duty aftermarket and
distributors are believed to be related to the general downturn in the U.S.
economy.

      Gross Profit. Gross profit for 2003 of $4,981,000 represents an 11.1%
increase compared to 2002. As a percentage of sales, gross profit ("GP%") was
30.8% for 2003 compared to 29.1% for 2002. This increase was mainly due to
product mix and increased sales volume.

      Selling, General and Administrative Expenses. Selling, general and
administrative expenses ("S,G&A") as a percentage of sales were 19.1% in 2003
compared to 18.3% in 2002. S,G&A increased by $267,000 mainly due to increases
in salaries, professional fees, depreciation and promotion expenses, partially
offset by reduced travel expenses.

      Operating Income. Operating income for 2003 of $1,896,000 represents a
13.9% increase compared to 2002 due to higher sales volume and GP%, partially
offset by higher S,G&A.


                                       9
<PAGE>

      Other expense, net. Other expense, net was $60,000 in 2003 compared to
$452,000 in 2002 and is comprised of miscellaneous non-operating income and
expenses, interest expense, and equity in income of affiliates ("equity income")
as follows: (In thousands)

                                                           2003            2002
                                                          -----           -----

Interest expense, net                                     $ 170           $ 437
Equity (income) in affiliates                              (104)            (22)
Other non-operating expenses, net                            (6)             37
                                                          -----           -----
                                                          $  60           $ 452

Pursuant to requirements imposed in 1993 by the United States Office of Foreign
Assets Control ("OFAC"), at the end of 2002 the Company carried a net payable
("IKL payable") to General IKL Corp., an affiliate. The requirement arose out of
sanctions imposed by the U.S. government on the countries comprising the former
Republic of Yugoslavia, "freezing" certain assets in the United States. In
February 2003, OFAC "unfroze" assets affected by the sanctions and the Company
reduced a significant portion of the IKL payable which the Company disputed
resulting in a $238,000 reduction in interest expense as of March 29, 2003.

      Income Tax. The Company recorded income tax expense of $548,000 in 2003
compared to $271,000 in 2002. The Company's effective income tax rate was 29.8%
in 2003 compared to 22.3% in 2002. The 2002 effective rate is reflective of
increased foreign income that is not taxable.

      Discontinued Operations. In the Machine Tools segment, the Company
produces and distributes a variety of machine tools used for boring, turning,
milling and grinding metal work pieces. The Company's product lines include
horizontal boring mills, bridge and gantry mills, vertical turning lathes, heavy
duty lathes, roll grinders, belt grinders and vertical grinders. Machine tool
sales of $1,357,000 were 49.2% lower than 2002 primarily due to lower export
sales from Romania due to irregularity in demand for the Company's products. GP%
for machine tools was (4.2%) in 2003 compared to 37.6% in 2002. The decrease is
mainly due to the low sales volume. S,G&A for machine tools increased by
$195,000 in 2003 compared to 2002 due to higher insurance expense, legal fees
and bad debt expense. Operating loss for machine tools was $1,026,000 in 2003
compared to operating income of $231,000 in 2002 mainly due to lower sales
volume and higher S,G&A. Other income, net was $2,000 in 2003 compared to other
expense, net of $65,000 in 2002. The decrease in other expense, net is primarily
due to foreign currency exchange gains in 2003. The net loss for machine tools
was $22,000 in 2003 compared to net income of $146,000 in 2002 mainly due to
lower sales and higher S,G&A.


                                       10
<PAGE>

      Net Income. Net income for 2003 increased 24.8% from 2002 to $1,068,000 or
$.28 per basic and diluted share, from $856,000 or $.21 per basic and diluted
share in 2002. The increase is primarily due to the higher sales volume, higher
GP%, and reduced other expenses, net, partially offset by increased S,G&A.

Financial Condition, Liquidity and Capital Resources

      During the periods presented, the Company's primary sources of capital
have been short - term loans and a Revolving Credit Facility that expires on
June 30, 2003. At March 29, 2003 and December 28, 2002, the Company had working
capital of $14,909,000 and $14,201,000, respectively. The Company expects to
enter into a new Revolving Credit Facility prior to its expiration.

      Cash used in operating activities in 2003 was $2,647,000. Cash provided by
net income before depreciation and amortization, and reduced inventory, was
offset by increased accounts receivable, prepaid expenses and other assets, due
from affiliates and reduced accounts payable and accrued expenses. The increase
in prepaid expenses and other assets relate primarily to advances made to
suppliers for raw materials.

      Cash used in investing activities in 2003 was $492,000. The Company
invested $281,000 in Shanghai General Bearing Company, Ltd., one of it's
existing unconsolidated joint ventures in China. Cash used in investing
activities also includes $211,000 for capital expenditures.

      Cash provided by financing activities in 2003 was $3,519,000. During 2003,
the Company had a net increase in debt under its revolving credit facility of
$2,860,000 for investments in working capital. It also had a net increase of
$737,000 in Notes Payable - Banks and paid $52,000 under its capital lease
facility.

      At March 29, 2003, the Company had outstanding debt of $17,318,000 under
its Revolving Credit Facility, which expires on June 30, 2003, and had further
availability of approximately $3.3 million. The Company expects to enter into a
new Revolving Credit Facility prior to its expiration. The Company is in
compliance with all of its loan covenants.

      During 2003, the Company repurchased 8,576 shares of its common stock for
a cost of $26,000 under the Company's Stock Repurchase Program ("the Program").
The Company has purchased 293,396 shares for a cost of $1,023,000 since the
inception of the Program on January 11, 2000.

      The Company believes that funds generated from continuing operations,
capital lease financing and borrowing under the existing and any future
revolving credit facilities will be sufficient to finance the Company's
investment commitments, anticipated working capital and capital expenditure
requirements for at least the next 24 months. The Company's operating cash flow
could be adversely affected if there was a decrease in demand for the Company's
products, if the Company was unable to continue to reduce its inventory, or if
General was unable to renew or replace the revolving credit facility when the
current facility expires on June 30, 2003.


                                       11
<PAGE>

The table and notes below describe the Company's contractual obligations related
to its liquidity. (In thousands)

<TABLE>
<CAPTION>
                                                              Payments Due by Period
                                                              ----------------------
                                                          Less
                                                          than 1        1-3          4-5        After 5
                                             Total         year        years        years        years
                                            -------      -------      -------      -------      -------
<S>                                         <C>          <C>          <C>          <C>          <C>
Contractual Obligations:

Bank revolving line of credit               $17,318      $17,318      $    --      $    --      $    --

Notes payable - banks                        12,113        7,850        2,451        1,812

Capital lease obligations                       416          195          221           --           --

Other long-term liabilities - affilate          608           --          608           --           --

Note payable - other                          3,105          200        2,905           --           --
                                            -------      -------      -------      -------      -------

Total obligations - per Balance Sheet        33,560       25,563        6,185        1,812           --

Off Balance Sheet Items:

Operating leases                              6,353        1,335        3,780        1,238           --

Equity investment obligations                 1,000        1,000           --           --           --

                                            -------      -------      -------      -------      -------
Total contractual cash obligations          $40,913      $27,898      $ 9,965      $ 3,050      $    --
                                            =======      =======      =======      =======      =======
</TABLE>

Pursuant to requirements imposed in 1993 by OFAC, at the end of 2002 the Company
also carried on its books a $619,000 net payable to General IKL Corp., an
affiliate. The requirement arose out of sanctions imposed by the U.S. government
on the countries comprising the former Republic of Yugoslavia, "freezing"
certain assets in the United States. In February, 2003, OFAC "unfroze" assets
affected by the sanctions and the Company reduced a significant portion of the
IKL payable which the Company disputed. As a result, the Company now has a net
payable in the amount of $278,000 to General IKL Corp. as of March 29, 2003.

The Company uses letters of credit to support certain advance payments received
from customers in the normal course of business.

Inflation

      The effect of inflation on the Company has not been significant during the
last two fiscal years.


                                       12
<PAGE>

Item 3. Quantitative and Qualitative Disclosure about Market Risk

      The Company is subject to market risk primarily associated with changes in
interest rates and foreign currency exchange rates. In order to manage the
volatility relating to interest rates, the Company has entered into an interest
rate swap agreement. In order to manage the volatility relating to foreign
currency exchange rates the Company denominates substantially all purchase and
sale transactions in U.S. dollars. The Company does not anticipate any material
changes in its primary market risk exposures in the near future.

The Company does not execute transactions or hold derivative financial
instruments for trading purposes.

Interest Rate Risk

      The Company's primary market risks are fluctuations in interest rates and
variability in interest rate spread relationships (i.e., prime to LIBOR spreads)
on its bank debt and interest rate swap. As of March 29, 2003, the Company had
$6,975,000 outstanding subject to an interest rate swap. This swap is used to
convert floating rate debt relating to the Company's revolving credit agreement
to fixed rate debt to reduce the Company's exposure to interest rate
fluctuations. The net result was to substitute a fixed interest rate of 9.17%
for the variable rate. The swap amortizes by $75,000 per month and terminates in
December 2007. Under the interest rate environment during the thirteen weeks
ended March 29, 2003, the Company's interest rate swap agreement resulted in
additional expense of approximately $104,000.

      The following table provides information about the Company's interest rate
swap agreement that is sensitive to changes in interest rates. The table
presents average notional amounts and weighted average interest rates by fiscal
year. Notional amounts are used to calculate the contractual cash flows to be
exchanged under the swap contract.

<TABLE>
<CAPTION>
                                                                                                                       Fair
                                           2003        2004         2005         2006        2007        Total        Value
<S>                                       <C>         <C>          <C>          <C>         <C>          <C>          <C>
In Thousands
Interest Rate Swaps
  Variable to Fixed (US$)                 6,712       5,812        4,912        4,012       3,112        6,975        1,040
    Average Pay Rate                       9.17%       9.17%        9.17%        9.17%       9.17%        9.17%
    Average Receive Rate                   3.35%       3.86%        4.40%        4.82%       5.17%
</TABLE>

The following table provides information about the Company's variable rate debt.

<TABLE>
<CAPTION>
                                                                                                                       Fair
                                          2003        2004         2005         2006        2007        Total         Value
<S>                                      <C>         <C>          <C>          <C>         <C>          <C>          <C>
In Thousands
Debt:
  Variable Rate (US$)                    15,009      14,718       12,794       13,300      13,800       17,318       17,318
    Average Interest Rate                  3.75%       4.25%        4.75%        5.25%       6.25%        3.75%
</TABLE>


                                       13
<PAGE>

The Company's management believes that fluctuations in interest rates in the
near term would not materially affect the Company's consolidated operating
results, financial position or cash flows as the Company has limited risks
related to interest rate fluctuations.

Foreign Currency Risk

The Company does not use foreign currency forward exchange contracts or
purchased currency options to hedge local currency cash flows or for trading
purposes. All sales arrangements from domestic companies with international
customers are denominated in U.S. dollars. Only a small fraction of the
Company's purchases are denominated in foreign currency. The Company purchases
approximately $2,000,000 of product monthly from its Chinese joint ventures,
which use proceeds thereof, to satisfy locally incurred liabilities in Renminbi
(RMB). Had there been an adverse 10% fluctuation between the exchange rate of
the U.S. dollar and the RMB, it would have resulted in a potential loss of
earnings of approximately $600,000 for the thirteen weeks ended March 29, 2003.
However, based upon minimal historical volatility between the RMB and the U.S.
dollar, the Company believes the likelihood of a significant potential loss in
future earnings from changes in the foreign currency exchange rate to be
minimal.

Item 4. Controls and Procedures

The Company's chief executive officer and controller have evaluated the
Company's disclosure controls and procedures (as defined in Rule 13a - 14(c) and
Rule 15d - 14(c) under the Exchange Act) as of March 29, 2003 and concluded that
those disclosure controls and procedures are effective.

There has been no changes in the Company's internal controls or in other factors
known to the Company that could significantly affect these controls subsequent
to their evaluation, nor any corrective actions with regard to significant
deficiencies and material weaknesses.

While the Company believes that its existing disclosure controls and procedures
have been effective to accomplish these objectives, the Company intends to
continue to examine, refine and formalize its disclosure controls and
procedures.


                                       14
<PAGE>

                                     PART II

Item 1. Legal Proceedings.

      There have been no material developments in any of the Company's legal
matters subsequent to the events reported in the Company's 10-K filed April 14,
2003.

Item 6. Exhibits and Reports on Form 8-K

(a)   Exhibits

      99.3 Certification of the Chief Executive Officer and the Controller

(b)   Current Reports on Form 8-K

      The Company did not file any reports on Form 8-K for the quarter ended
      March 29, 2003.


                                       15
<PAGE>

                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Quarterly Report on Form 10-Q to be signed on
its behalf by the undersigned, thereunto duly authorized.

Date: May 13, 2003


GENERAL BEARING CORPORATION
---------------------------
(Registrant)


/s/ David L. Gussack
---------------------------
David L. Gussack
President


/s/ Rocky Cambrea
---------------------------
Rocky Cambrea
Controller


                                       16
<PAGE>

                  CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

I, David L. Gussack, President of General Bearing Corporation, certify that:

1. I have reviewed this quarterly report on Form 10-Q of General Bearing
Corporation;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 13, 2003


/s/ David L. Gussack
--------------------------------
David L. Gussack
President


                                       17
<PAGE>

                         CERTIFICATION OF THE CONTROLLER

I, Rocky Cambrea, Controller of General Bearing Corporation, certify that:

1. I have reviewed this quarterly report on Form 10-Q of General Bearing
Corporation;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 13, 2003


/s/ Rocky Cambrea
--------------------------------
Rocky Cambrea
Controller


                                       18