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Accellent Inc (1342505) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

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 2007 Results

Wilmington, MA (March 25, 2008) – Accellent Inc. (the “Company”), a wholly owned subsidiary of Accellent Holdings Corp. (“Accellent”), announced results for the fourth quarter and full year ended December 31, 2007.

“2007 was a transition year,” said Robert Kirby, President and CEO of Accellent.  “We achieved four consecutive quarters of revenue growth, gained company wide alignment to key initiatives to drive improvements in revenue, cost reduction and cash flow while increasing our commitment to work collaboratively with our customers to drive value.”

Fourth Quarter 2007 Financial Results

Net sales increased 12.9% to $121.7 million in the fourth quarter of 2007 compared with $107.8 million in the corresponding period of 2006.  Sales improved sequentially for the fourth consecutive quarter and increased 1.9% during the fourth quarter compared to the third quarter of 2007.

A net loss of $176.9 million was recorded in the fourth quarter of 2007 compared with a net loss of $7.7 million in the corresponding period of 2006.  During the fourth quarter of 2007 we completed our annual goodwill impairment test and recorded an additional goodwill impairment charge of $168.9 million, which amount is reflected in the net loss for that quarter

Adjusted EBITDA for the three months ended December 31, 2007 was $22.5 million or 18.5% of sales compared to Adjusted EBITDA of $21.7 million or 20.1% in the corresponding period of 2006.

Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the financial statements accompanying this press release.

Twelve Months Ended December 31, 2007 Financial Results

Net sales decreased 0.5% to $471.7 million in 2007 compared with $474.1 million in the prior year.  Sales were negatively impacted approximately $11.1 million due to the previously disclosed ramp-down of a specific product line.

A net loss of $274.9 million was recorded in 2007 compared to a net loss of $18.6 million in the corresponding period of 2006.  The 2007 net loss includes non-cash charges for impairment of goodwill and other intangibles of $251.3 million.  During the first and second quarter of 2007 we recorded impairment charges aggregating $82.4 million related to goodwill and intangible assets as a result of reduced growth expectations in the orthopaedic business.  During the fourth quarter of 2007 we completed our annual goodwill impairment test and recorded an additional goodwill impairment charge of approximately $168.9 million.

Adjusted EBITDA in 2007 was $86.6 million compared to Adjusted EBITDA of $101.7 million in 2006.  Adjusted EBITDA declined due to lower sales volume, lower selling prices, less profitable sales mix and higher manufacturing costs, partially offset by lower selling, general, administrative and research and development expenses.

Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the financial statements accompanying this press release.

Fourth quarter and full fiscal year 2007 results are preliminary and remain subject to completion of the audit being conducted by the Company’s independent public accountants.


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 2007 results in a conference call scheduled for today, March 25, 2008 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) 679-8018 pass code 58982152.  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 37059521 until April 8, 2008.

About Accellent

Accellent Inc. 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




Forward-Looking Statements

This press release includes “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended.  All statements included herein, other than statements of historical fact, may constitute forward-looking statements.  Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.  Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the risk factors contained in the Company’s Form 10-K for the year ended December 31, 2006 filed with the Securities an Exchange Commission on March 14, 2007. All forward-looking statements are expressly qualified in their entirety by such risk factors.


 
 

The following information was filed by Accellent Inc on Tuesday, March 25, 2008 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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CIK: 1342505
Form Type: 10-K Annual Report
Accession Number: 0001342505-08-000005
Submitted to the SEC: Mon Mar 31 2008 5:02:32 PM EST
Accepted by the SEC: Mon Mar 31 2008
Period: Monday, December 31, 2007
Industry: Surgical And Medical Instruments And Apparatus

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