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Accellent Corp. (1297885) SEC Filing 10-Q Quarterly report for the period ending Thursday, June 30, 2005

Accellent Corp.

CIK: 1297885

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

 

Accellent Corp. Announces Second Quarter Financial Results

 

Newton, MA. (August 1, 2005)

– Accellent Corp., formerly Medical Device Manufacturing, Inc. (the “Company”), a wholly owned subsidiary of Accellent Inc., announced strong results for the three months and six months ended June 30, 2005, reflecting contributions from its acquisition of MedSource Technologies, Inc. on June 30, 2004  and continued strong organic growth.

 

Second Quarter Financial Results

 

Net sales for the second quarter of 2005 increased 90% to $114.7 million compared with $60.3 million in the corresponding period of 2004.  The acquisition of MedSource increased net sales by $43.9 million in the second quarter of 2005.  Net income for the second quarter of 2005 was $5.9 million compared to net loss in the corresponding period of 2004 of $4.4 million.  Adjusted EBITDA (1) for the second quarter of 2005 was $25.0 million compared to $11.0 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.

 

Six Months Financial Results

 

Net sales for the six months ended June 30, 2005 increased 99% to $223.6 million compared with $112.1 million in the corresponding period of 2004.  The acquisition of MedSource increased net sales by $89.8 million for the six months ended June 30, 2005.  Net income for the six months ended June 30, 2005 was $9.1 million compared to net loss in the corresponding period of 2004 of $2.0 million.  Adjusted EBITDA for the six months ended June 30, 2005 was $45.0 million compared to $20.5 million in the corresponding period of 2004.

 

Pro Forma Financial Results (2)

 

Second Quarter Pro Forma Financial Results

 

Net sales for the second quarter of 2005 increased 6% to $114.7 million compared with pro forma net sales of $108.3 million in the corresponding period of 2004, reflecting growth in the Company’s targeted cardiovascular, endoscopic and orthopaedic markets.  The impact of the Company’s facility rationalization program, which included the closing

 

1


The following information was filed by Accellent Corp. on Monday, August 1, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 1297885
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-05-037838
Submitted to the SEC: Tue Aug 09 2005 3:25:53 PM EST
Accepted by the SEC: Tue Aug 09 2005
Period: Thursday, June 30, 2005
Industry: Surgical And Medical Instruments And Apparatus

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