Accellent Inc. today announced results for its fiscal second quarter ended June 30, 2009.
“In a challenging revenue climate, we continued to benefit from our efforts to improve profitability during the second quarter. Adjusted EBITDA grew 6.6% from the same period a year ago, to $29.1 million, or 23.5% as a percent of sales, both new quarterly highs for Accellent,” said Robert Kirby, President and CEO of Accellent. “We continue our focus on strengthening the fundamentals of the business to create sustainable competitive advantage as we manage through a difficult economic environment.”
Second Quarter 2009 Financial Results
Net sales decreased 8.8% to $123.9 million in the second quarter of 2009 compared with $135.8 million in the second quarter of 2008. Income from operations was $16.6 million in the second quarter of 2009, compared to $16.0 million in the second quarter of 2008. Net loss was $1.2 million in the second quarter of 2009, compared with a net loss of $1.3 million in the second quarter of 2008.
Adjusted EBITDA for the second quarter of 2009 was $29.1 million, or 23.5% of net sales, compared to Adjusted EBITDA of $27.3 million, or 20.1% of net sales, in the second quarter of 2008.
Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the financial information accompanying this press release.
Six Months Ended June 30, 2009 Financial Results
Net sales decreased 5.5 % to $250.3 million in the first six months of 2009, compared with $264.8 million in the first six months of 2008. Income from operations was $32.0 million in the first six months of 2009 compared with $29.5 million in the first six months of 2008. Net loss was $0.6 million in the first six months of 2009 compared with a net loss of $9.0 million in the first six months of 2008.
Adjusted EBITDA for the first six months of 2009 was $55.9 million or 22.3% of net sales compared to adjusted EBITDA of $52.5 million, or 19.8% of net sales, in the first six months of 2008.
Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the financial information accompanying this press release.