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Accellent Inc (1342505) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Accellent Inc

CIK: 1342505

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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SEC Filing Tools
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

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