Mar 31 2010
Accellent Inc. (the "Company"), a wholly owned subsidiary of Accellent Holdings Corp. ("Accellent"), today announced results for its fiscal fourth quarter and full year ended December 31, 2009.
“We are well positioned to achieve our long-term strategic objectives.”
"We improved profitability performance in 2009 despite a weak economy. Full year EBITDA increased 6% to $109.8 million and improved to 22.9% of net sales compared with 19.8% in 2008," said Jeremy A. Friedman, Executive Vice President and CFO of Accellent. "Building on operating improvements which increased profitability in 2009, we are also encouraged by end-user markets that appear to be stabilizing and improving."
"Our team has achieved record profitability while managing through the significant economic downturn in 2009," said Kenneth W. Freeman, Executive Chairman and Acting Chief Executive Officer. "We are well positioned to achieve our long-term strategic objectives."
Fourth Quarter 2009 Financial Results
Net sales decreased 12.1% to $110.8 million in the fourth quarter of 2009 compared with $126.0 million in the fourth quarter of 2008. Income from operations was $13.4 million in the fourth quarter of 2009, compared to a $16.2 million in the fourth quarter of 2008. Our net income was $0.4 million in the fourth quarter of 2009, compared with a net loss of $3.5 million in the fourth quarter of 2008.
Adjusted EBITDA for the fourth quarter of 2009 was $25.6 million, or 23.1% of net sales, compared to Adjusted EBITDA of $25.4 million, or 20.2% of net sales, in the fourth quarter of 2008.
Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the financial information accompanying this press release.
Year Ended December 31, 2009 Financial Results
Net sales decreased 8.9% to $478.8 million in 2009 compared with $525.5 million in 2008. Income from operations was $59.6 million in 2009, compared to $59.1 million in 2008. Our net loss was $1.1 million in 2009 compared with a net loss of $13.3 million in 2008.
Adjusted EBITDA in 2009 was $109.8 million, or 22.9% of net sales, compared to Adjusted EBITDA of $104.0 million, or 19.8% of net sales, in 2008.
Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the financial information accompanying this press release.