Aug 6 2010
Accellent Inc. (the "Company"), a wholly owned subsidiary of Accellent Holdings Corp. ("Accellent"), today announced results for its fiscal second quarter ended June 30, 2010.
“Second quarter revenue increased 2.6% compared to last year, while Adjusted EBITDA reached a near record level. As I work through my third month with Accellent, I am encouraged by these results which reflect ongoing progress in our selling efforts and improvements in end market economic conditions”
"Second quarter revenue increased 2.6% compared to last year, while Adjusted EBITDA reached a near record level. As I work through my third month with Accellent, I am encouraged by these results which reflect ongoing progress in our selling efforts and improvements in end market economic conditions," said Donald Spence, President and CEO of Accellent.
Second Quarter 2010 Financial Results
Net sales increased 2.6% to $127.1 million in the second quarter of 2010 compared with $123.9 million in the second quarter of 2009. Income from operations was $18.8 million in the second quarter of 2010, compared to $16.4 million in the second quarter of 2009. Net income was $1.8 million in the second quarter of 2010, compared with a net loss of $1.2 million in the second quarter of 2009.
Adjusted EBITDA for the second quarter of 2010 was $28.9 million, or 22.7% of net sales, compared to Adjusted EBITDA of $29.1 million, or 23.5% of net sales, in the second quarter of 2009.
Six Months Ended June 30, 2010 Financial Results
Net sales were $249.8 million in the first six months of 2010, compared with $250.3 million in the first six months of 2009. Income from operations was $33.4 million in the first six months of 2010 compared with $31.8 million in the first six months of 2009. Net loss was $6.0 million in the first six months of 2010 compared with a net loss of $0.6 million in the first six months of 2009. Our net loss in the first six months of 2010 includes $6.0 million of costs associated with the refinancing of the company's term loan in January 2010.
Adjusted EBITDA for the first six months of 2010 was $53.6 million or 21.5% of net sales compared to adjusted EBITDA of $55.9 million, or 22.3% of net sales, in the first six months of 2009.