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Accellent Inc. Announces Second Quarter 2013 Results
WILMINGTON, Mass.--(BUSINESS WIRE)--August 13, 2013--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, 2013.
Second Quarter 2013 Financial Results
Second quarter 2013 net sales of $130.7 million increased 3.8% from $126.0 million in the second quarter of 2012. Net sales in our cardio & vascular business of $80.7 million increased 2.2% from $79.0 million for the same quarter last year. Net sales in our advanced surgical business of $50.0 million were 6.4% higher than $47.0 million for the second quarter of 2012.
Adjusted EBITDA in the second quarter of 2013 increased 5.2% to $27.5 million, or 21.1% of net sales, compared to Adjusted EBITDA of $26.2 million, or 20.8% of net sales, in the second quarter of 2012.
“We are pleased at the growth we saw in the second quarter of 2013 which was in line with our expectations,” stated Donald Spence, President and CEO of Accellent. “As we mentioned last quarter, our reorganization into two segments continues to align our strategy with our customers’ needs. I am optimistic that our actions will continue to generate positive results.”
Income from continuing operations was $5.6 million in the second quarter of 2013, compared with income from continuing operations of $13.5 million in the second quarter of 2012. Net loss was $12.7 million in the second quarter of 2013 compared to $5.6 million in the second quarter of 2012.
The income from continuing operations and net loss for the three months ended June 30, 2013 include a $12.1 million pre-tax goodwill impairment charge which came as a result of finalizing the impairment testing required following the change in composition of our segments and reporting units during the first quarter of 2013. This impairment charge is associated with our advanced surgical reporting unit. There was no impairment charge in 2012.
Six Months Ended June 30, 2013 Financial Results
Net sales increased 0.4% to $251.5 million in the first six months of 2013, compared with $250.6 million in the first six months of 2012. Net sales in our cardio & vascular business of $156.6 million increased 0.4% from $155.9 million for the same period last year. Net sales in our advanced surgical business of $95.0 million were 0.3% higher than $94.7 million for the first six months of 2012.
The following information was filed by Accellent Inc on Tuesday, August 13, 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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