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Investor Contact: Jeremy Friedman
Executive Vice President and Chief Financial Officer
978 570 6900
FOR IMMEDIATE RELEASE
Accellent Inc. Announces Fourth Quarter and Full Year 2010 Results
Wilmington, MA (March 24, 2011) 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, 2010.
Our fourth quarter 2010 Revenue and Adjusted EBITDA increased 19.3% and 11.5%, respectively, compared to the same period in 2009. Continued focus on improving our selling efforts and operational performance, combined with a comparison to a weak fourth quarter of 2009, provided a strong finish to 2010, said Donald Spence, President and CEO of Accellent. In addition, during the quarter we completed the refinancing of our senior subordinated debt, which will afford the company added flexibility to achieve its goals by extending its nearest long-term debt maturity to 2017.
Fourth Quarter 2010 Financial Results
Net sales increased 19.3% to $132.1 million in the fourth quarter of 2010 compared with $110.8 million in the fourth quarter of 2009. Income from operations was $17.4 million in the fourth quarter of 2010 compared to $13.4 million in the fourth quarter of 2009. Our net loss was $15.4 million in the fourth quarter of 2010, compared with net income of $0.4 million in the fourth quarter of 2009. Our net loss in the fourth quarter of 2010 includes $14.9 million of costs associated with the Companys refinancing of its senior subordinated debt during the fourth quarter of 2010.
Adjusted EBITDA for the fourth quarter of 2010 was $28.5 million, or 21.6% of net sales, compared to Adjusted EBITDA of $25.6 million, or 23.1% of net sales, in the fourth quarter of 2009.
Year Ended December 31, 2010 Financial Results
Net sales increased 5.9% to $507.0 million in 2010 compared with $478.8 million in 2009. Income from operations was $68.5 million in 2010, compared to $59.6 million in
The following information was filed by Accellent Inc on Thursday, March 24, 2011 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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