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November 2005
November 2005
November 2005
November 2005
November 2005
November 2005
October 2005
October 2005
September 2005
August 2005
Exhibit 99.1
Investor Contact: Stewart A. Fisher |
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Media Contact Information: Nanette Pietroforte |
EVP and CFO |
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FischerHealth, Inc. |
(610) 409-2225 |
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(310) 577-7870, ext. 161 |
stewart.fisher@accellent.com |
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npietroforte@fischerhealth.com |
For Immediate Release
Medical Device Manufacturing, Inc. (now known as Accellent Corp.) Announces
First Quarter Financial Results and Name Change
Newton, MA. (May 4, 2005) Accellent Corp., formerly known as Medical Device Manufacturing, Inc. (the Company), a wholly owned subsidiary of Accellent Inc., announced strong results for the three months ended March 31, 2005, reflecting contributions from its acquisition of MedSource Technologies, Inc. on June 30, 2004 and continued strong organic growth.
First Quarter Financial Results
Net sales for the first quarter of 2005 increased 110% to $108.9 million compared with $51.8 million in the corresponding period of 2004. The acquisition of MedSource contributed $45.8 million of net sales in the first quarter of 2005. Net income for the first quarter of 2005 was $3.2 million compared to net income in the corresponding period of 2004 of $2.4 million. Adjusted EBITDA(1) for the first quarter of 2005 was $20.0 million compared to $9.6 million in the corresponding period of 2004. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the financial statements accompanying this press release.
Pro Forma Financial Results(2)
Net sales for the first quarter of 2005 increased 12% to $108.9 million compared with pro forma net sales of $97.6 million in the corresponding period of 2004, reflecting strong growth in our targeted cardiovascular, endoscopic and orthopaedic markets. The impact of the Companys facility rationalization program, which included the closing or selling of select facilities, negatively impacted first quarter 2005 sales by approximately 2%.
Adjusted EBITDA for the first quarter of 2005 increased 32% to $20.0 million versus pro forma Adjusted EBITDA of $15.2 million in the corresponding period of 2004. Adjusted EBITDA margins for the first quarter of 2005 improved to 18.4% from pro forma Adjusted EBITDA margins of 15.6% for the corresponding period of 2004.
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Accellent Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2005 10-K Annual Report includes:
CIK: 1297885
Form Type: 10-Q Quarterly Report
Accession Number: 0001047469-05-013936
Submitted to the SEC: Mon May 09 2005 2:42:03 PM EST
Accepted by the SEC: Mon May 09 2005
Period: Thursday, March 31, 2005
Industry: Surgical And Medical Instruments And Apparatus