“Profitability improved during the first quarter of 2009 due to operational improvements which more than offset the impact of weak economic conditions on revenues. Adjusted EBITDA grew 6.3% from the same period a year ago, to $26.7 million. As a percent of sales, Adjusted EBITDA increased to 21.2%, our highest level since the third quarter of 2006,” said Robert Kirby, president and chief executive officer of Accellent. “During these difficult economic times we are strengthening the fundamentals of our business to create sustainable competitive advantage.”
First Quarter 2009 Financial Results
Gross profit increased $0.7 million to $34.9 million, or 27.6% of net sales, in the first quarter of 2009 compared with $34.2 million, or 26.5% of net sales, in the first quarter of 2008. Income from operations was $15.4 million in the first quarter of 2009, compared to $13.6 million in the first quarter of 2008.
Adjusted EBITDA for the first quarter of 2009 was $26.7 million, or 21.2% of net sales, compared to Adjusted EBITDA of $25.1 million, or 19.5% of net sales, in the first quarter of 2008.
