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Exhibit 99.1
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Investor Contact: Stewart A. Fisher |
Media Contact Information: Nanette Pietroforte |
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EVP and CFO |
FischerHealth, Inc. |
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(610) 409-2225 |
(310) 577-7870, ext. 161 |
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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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1297885 Quarterly Reports
- 10-Q Quarterly Report November 2005
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10-Q Quarterly Report August 2005
- 10-Q Quarterly Report May 2005
