May 14 2010
Accellent Inc. (the "Company"), a wholly owned subsidiary of Accellent Holdings Corp. ("Accellent"), today announced results for its fiscal first quarter ended March 31, 2010.
“In a recovering, yet still challenging, economic environment, we continue to drive improvements that we expect will yield sustainable growth in profitability.”
"First quarter revenue increased 10.8% sequentially to $122.7 million reflecting our selling efforts and improving economic conditions. In addition, we completed the refinancing of our term loan and entered into a new asset based revolving credit facility during the quarter thus extending our debt maturity to 2013," said Jeremy Friedman, Executive Vice President and Chief Financial Officer of Accellent. "In a recovering, yet still challenging, economic environment, we continue to drive improvements that we expect will yield sustainable growth in profitability."
"The focus on improving sales and operations effectiveness at Accellent continues," said Kenneth W. Freeman, Executive Chairman and Acting Chief Executive Officer. "Don Spence joins Accellent as President and CEO later this month, and we anticipate a seamless transition of responsibilities."
First Quarter 2010 Financial Results
Net sales decreased 2.9% to $122.7 million in the first quarter of 2010 compared with $126.3 million in the first quarter of 2009. Income from operations was $14.6 million in the first quarter of 2010, compared to $15.4 million in the first quarter of 2009. Our net loss was $7.8 million in the first quarter of 2010, compared with net income of $0.6 million in the first quarter of 2009. The net loss in 2010 included $5.8 million of costs associated with the refinancing of the company's term loan during the quarter.
Adjusted EBITDA for the first quarter of 2010 was $24.7 million, or 20.2% of net sales, compared to Adjusted EBITDA of $26.7 million, or 21.2% of net sales, in the first quarter of 2009.