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Accellent Inc. Announces First Quarter 2013 Results
WILMINGTON, Mass.--(BUSINESS WIRE)--May 14, 2013--Accellent Inc. (the “Company” or “Accellent”), a wholly owned subsidiary of Accellent Holdings Corp., today announced results for its fiscal first quarter ended March 31, 2013.
“While financial results in the first quarter were challenging, we remain confident in our strategy and continue to focus on improved execution of our business plans,” stated Donald Spence, President and CEO of Accellent. “To enhance and speed our performance, during the first quarter of 2013, we completed our reorganization into two segments: Advanced Surgical and Cardio & Vascular. We believe that this change will align our strategy with our customers’ needs by providing a deeper product focus and expertise, as we continue to drive growth.”
First Quarter 2013 Financial Results
Net sales were $120.8 million in the first quarter of 2013 compared with $124.6 million in the first quarter of 2012. Loss from continuing operations was $43.5 million in the first quarter of 2013, compared with income from continuing operations of $10.0 million in the first quarter of 2012. Net loss was $62.1 million in the first quarter of 2013 compared to $7.0 million in the first quarter of 2012.
The loss from continuing operations and net loss for the three months ended March 31, 2013 include an estimated $51 million pre-tax goodwill impairment charge which came as a result of impairment testing required following the change in composition of our segments and reporting units. This impairment charge, subject to finalization, is associated with our new Advanced Surgical reporting unit. There was no impairment charge in 2012.
Adjusted EBITDA in the first quarter of 2013 was $18.5 million, or 15.3% of net sales, compared to Adjusted EBITDA of $21.6 million, or 17.4% of net sales, in the first quarter of 2012.
Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the financial information accompanying this press release.
The financial information included in this press release reflect results from continuing operations for all periods presented and assets to be held and used. Results of discontinued operations and assets held for sale are presented separately for all periods presented.
The following information was filed by Accellent Inc on Tuesday, May 14, 2013 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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