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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 2011 Results
Wilmington, MA (March 22, 2012) Accellent Inc. (the Company or Accellent), a wholly owned subsidiary of Accellent Holdings Corp., today announced results for its fiscal fourth quarter ended December 31, 2011.
Fourth Quarter 2011 Financial Results
Net sales decreased 4.6% to $126.0 million in the fourth quarter of 2011 compared with $132.1 million in the fourth quarter of 2010. Income from operations was $13.6 million in the fourth quarter of 2011, compared with $17.4 million in the fourth quarter of 2010. Net loss was $3.4 million in the fourth quarter of 2011, compared with a net loss of $15.4 million in the fourth quarter of 2010. The 2010 fourth quarter net loss included a $14.9 million loss on debt extinguishment.
Adjusted EBITDA for the fourth quarter of 2011 was $24.9 million, or 19.7% of net sales, compared to Adjusted EBITDA of $28.5 million, or 21.6% of net sales, in the fourth quarter of 2010.
Demand from our customers slowed in the fourth quarter, though I am pleased that our full year revenue was nearly 5% higher than in 2010. Unfortunately lower revenue combined with higher costs negatively impacted our profitability in the fourth quarter. However, we are committed to improving our financial results going forward and to driving improvements in all aspects of our business. said Donald Spence, President and CEO of Accellent.
Year Ended December 31, 2011 Financial Results
Net sales increased 4.9% to $531.8 million in 2011 compared with $507.0 million in 2010. Income from operations was $59.5 million in 2011 compared with $68.5 million in 2010. Net loss was $14.9 million in 2011 compared with a net loss of $24.5 million in 2010. The 2010 net loss included a $20.9 million loss on debt extinguishment.
Adjusted EBITDA for 2011 was $103.4 million, or 19.4% of net sales compared to Adjusted EBITDA of $110.1 million, or 21.7% of net sales in 2010.
Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the financial information accompanying this press release.
The following information was filed by Accellent Inc on Thursday, March 22, 2012 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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