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Investor
Contact: Jeremy Friedman
Executive
Vice President and Chief Financial Officer
978 570
6879
Jeremy.friedman@accellent.com
FOR
IMMEDIATE RELEASE
Accellent
Inc. Announces Fourth Quarter 2008 Results
Wilmington,
MA (March 26, 2009) – Accellent Inc. (the “Company”), a wholly owned subsidiary
of Accellent Holdings Corp. (“Accellent”), today announced results for its
fiscal fourth quarter and full year ended December 31, 2008.
“During
the fourth quarter of 2008 we generated year over year revenue growth for the
fifth consecutive quarter and increased our Adjusted EBITDA 13.4% from the same
period a year ago. For the full year, we grew our revenue 11.4% and
Adjusted EBITDA 20.1%,” said Robert Kirby, President and CEO of
Accellent. “Throughout 2008, the hard work and commitment of our team
drove positive results and established a framework for continuous
improvement.”
Fourth
Quarter 2008 Financial Results
Net sales
increased 3.6% to $126.0 million in the fourth quarter of 2008 compared with
$121.7 million in the fourth quarter of 2007. Income from operations
was $16.2 million in the fourth quarter of 2008, compared to a $156.3 million
loss from operations in the fourth quarter of 2007. Our net loss was
$3.5 million in the fourth quarter of 2008, compared with a net loss of $176.9
million in the fourth quarter of 2007.
During
the fourth quarter of 2007 we recorded an impairment charge of $168.9 million,
which is reflected in both the loss from operations and the net loss for that
quarter.
Adjusted
EBITDA for the fourth quarter of 2008 was $25.4 million, or 20.2% of net sales,
compared to Adjusted EBITDA of $22.5 million, or 18.5% of net sales, in the
fourth quarter of 2007.
Reconciliations
of non-GAAP financial measures to GAAP financial measures are provided in the
financial information accompanying this press release.
Year
Ended December 31, 2008 Financial Results
Net sales
increased 11.4% to $525.5 million in 2008 compared with $471.7 million in
2007. Income from operations was $59.4 million in 2008, compared with
a $200.7 million loss from operations in 2007. Our net loss was $13.3
million in 2008 compared with a net loss of $274.9 million in 2007.
During
2007 we recorded impairment charges of $251.3 million related to the impairment
of goodwill and other intangible assets, which are reflected in both the loss
from operations and net loss for that year.
Adjusted
EBITDA in 2008 was $104.0 million, or 19.8% of net sales, compared to Adjusted
EBITDA of $86.6 million, or 18.4% of net sales, in 2007.
Reconciliations
of non-GAAP financial measures to GAAP financial measures are provided in the
financial information accompanying this press release.
Conference
Call
Robert
Kirby, President and Chief Executive Officer and Jeremy Friedman, Executive Vice
President and Chief Financial Officer will discuss fourth quarter and full year
2008 results in a conference call scheduled for today, March 26, 2009 at 5:00
p.m. Eastern Time. The teleconference can be accessed live on the
Internet through the Investor Relations section of the Accellent website at
www.accellent.com or
by calling (888) 396-2356 pass code 93247048. Please visit the
website or dial in 10 to 15 minutes prior to the beginning of the call to
download and install any necessary audio software. A replay of the
conference call will be available via www.accellent.com or
by telephone at (888) 286-8010 pass code 55531762 until April 2,
2009.
About
Accellent
Accellent
provides fully integrated outsourced manufacturing and engineering services to
the medical device industry in the cardiology, endoscopy, drug delivery,
neurology and orthopaedic markets. Accellent has broad capabilities in design
and engineering services, precision component fabrication, finished device
assembly and complete supply chain management. These capabilities enhance
customers’ speed to market and return on investment by allowing them to refocus
internal resources more efficiently. For more information, please visit
www.accellent.com.
The following information was filed by Accellent Inc on Thursday, March 26, 2009 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Accellent Inc provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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CIK: 1342505
Form Type: 10-K Annual Report
Accession Number: 0001140361-09-008437
Submitted to the SEC: Tue Mar 31 2009 8:58:08 PM EST
Accepted by the SEC: Wed Apr 01 2009
Period: Wednesday, December 31, 2008
Industry: Surgical And Medical Instruments And Apparatus
External Resources:
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