Accellent Corp. (1297885) SEC Filing 10-Q Quarterly report for the period ending Thursday, March 31, 2005

Exhibit 99.1

 

Investor Contact: Stewart A. Fisher		Media Contact Information: Nanette Pietroforte
EVP and CFO		FischerHealth, Inc.
(610) 409-2225		(310) 577-7870, ext. 161
stewart.fisher@accellent.com		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 Company’s 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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