Accellent Inc 10-Q Quarterly Report August 2012

Wilmington, MA (August 9, 2012) – Accellent Inc. (the “Company” or “Accellent”), a wholly owned subsidiary of Accellent Holdings Corp., today announced results for its fiscal second quarter ended June 30, 2012.

Second Quarter 2012 Financial Results

Net sales were $130.2 million in the second quarter of 2012 compared with $142.8 million in the second quarter of 2011. Income from operations was $13.7 million in the second quarter of 2012, compared with $19.4 million in the second quarter of 2011. Net loss was $5.6 million in the second quarter of 2012, compared with net income of $1.0 million in the second quarter of 2011.

Adjusted EBITDA for the second quarter of 2012 was $26.6 million, or 20.4% of net sales, compared to Adjusted EBITDA of $30.2 million, or 21.2% of net sales, in the second quarter of 2011.

“Challenging market conditions and comparisons to a record revenue quarter last year resulted in an 8.8% decline in our sales that directly impacted our profitability. In the second quarter, we continued to progress in our efforts to improve our business fundamentals to drive sustainable profitable growth and I am optimistic that our actions will generate positive results” stated Donald Spence, President and CEO of Accellent.

Six Months Ended June 30, 2012 Financial Results

Net sales decreased 4.0% to $261.8 million in the first six months of 2012 compared with $272.7 million in the first six months of 2011. Income from operations was $24.7 million in the first six months of 2012 compared with $32.4 million in the first six months of 2011. Net loss was $12.6 million in the first six months of 2012 compared with a net loss of $7.2 million in the first six months of 2011.

Adjusted EBITDA for the first six months of 2012 was $49.6 million, or 18.9% of net sales compared to Adjusted EBITDA of $54.1 million, or 19.8% of net sales in the first six months of 2011.

The following information was filed by Accellent Inc on Thursday, August 9, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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CIK: 1342505
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-12-355580
Submitted to the SEC: Tue Aug 14 2012 4:12:09 PM EST
Accepted by the SEC: Tue Aug 14 2012
Period: Saturday, June 30, 2012
Industry: Surgical And Medical Instruments And Apparatus