NN, Inc. Reports Second Quarter 2020 Results

Press Release

View printer-friendly version
<< Back
NN, Inc. Reports Second Quarter 2020 Results
Free cash flow improved by $9.1 million compared to prior year
 
Amended debt agreement enhances financial flexibility

CHARLOTTE, N.C., Aug. 6, 2020 /PRNewswire/ -- NN, Inc., (NASDAQ: NNBR), a diversified industrial company, today reported its financial results for the second quarter ended June 30, 2020.

GAAP Results

Net sales for the second quarter of 2020 decreased $71.2 million, or 32.1%, to $150.4 million, compared to $221.7 million for the second quarter of 2019, driven by a decline in organic volume of $69.9 million, as a result of lower demand due to the COVID-19 pandemic within the orthopaedic, global automotive, electrical products, and oil and gas end markets, along with unfavorable foreign exchange effects of $1.3 million.

On a GAAP basis, loss from operations for the second quarter of 2020 was $8.2 million, compared to income from operations of $7.5 million for the same period in 2019.  In the second quarter of 2020, the loss from operations was primarily driven by the above-referenced sales volume decline, which was partially offset by cost reduction initiatives that resulted in lower personnel and travel costs.

Net loss on a GAAP basis for the second quarter of 2020 was $21.7 million, compared to net loss on a GAAP basis of $7.3 million in the second quarter of 2019.

On a GAAP basis, income from operations for second quarter 2020 in the Life Sciences segment was $4.3 million, compared to income from operations of $9.3 million for the same period in 2019.

On a GAAP basis, loss from operations for second quarter 2020 in the Mobile Solutions segment was $4.6 million, compared to income from operations of $3.5 million for the same period in 2019.

On a GAAP basis, income from operations for second quarter 2020 in the Power Solutions segment was $1.5 million, compared to income from operations of $5.7 million for the same period in 2019.

Adjusted Results

Adjusted income from operations for the second quarter of 2020 was $8.0 million, compared to $27.3 million for the same period in 2019. Adjusted EBITDA for the second quarter of 2020 was $22.9 million, or 15.3% of sales, versus $39.3 million, or 17.7% of sales, for the same period in 2019. Adjusted net loss was $4.8 million, or $0.11 per diluted share, compared to adjusted net income of $10.0 million, or $0.24 per diluted share, for the same period in 2019. Free cash flow improved significantly by $9.1 million and net debt decreased by $94.3 million when compared to the same period in 2019.

Warren Veltman, President and Chief Executive Officer, said, "As expected, our second quarter was significantly impacted across the globe due to the COVID-19 pandemic. In light of these unprecedented challenges, we ramped up cost savings measures that were initially implemented in the fall to best align our cost structure to the current environment and preserve cash. These initiatives along with reductions in working capital have resulted in increased cash flow of $9.1 million year over year and positive cash flow year to date. We also recently amended our credit facility and obtained covenant relief for the second and third quarter, which provides us with near-term enhanced financial flexibility to manage through the impact of the pandemic through the end of the year. As we move into the second half of the year, we will continue to be disciplined in managing our working capital and look for additional ways to save costs and improve our liquidity."

Mr. Veltman continued: "I am proud of our team for their outstanding efforts in the face of enormous challenges. Our top priorities for the second quarter were to keep our employees safe and satisfy all our customer requirements, and we accomplished this through implementing increased cleaning and safety practices in our facilities. The health and safety of our employees will continue to be our priority as we navigate the COVID-19 pandemic in the second half of the year."

Life Sciences

Net sales for the second quarter of 2020 were $72.4 million, compared to $91.3 million in the second quarter of 2019, a decrease of 20.7% or $18.9 million. Adjusted income from operations for the second quarter of 2020 was $13.9 million, compared to $20.4 million in the second quarter of 2019. Lost variable margin on lower sales and higher depreciation expense attributable to the capital investments made during 2019 to support expected business growth contributed to the decrease in adjusted income from operations. These unfavorable impacts were partially offset by savings from continuous improvement initiatives and overall reductions in manufacturing and SG&A costs resulting from significant cost savings initiatives implemented to respond to the unfavorable impacts of the COVID-19 pandemic. 

Mobile Solutions

Net sales for the second quarter of 2020 were $41.0 million, compared to $79.4 million in the second quarter of 2019, a decrease of 48.3% or $38.4 million. Adjusted loss from operations for the second quarter of 2020 was $3.4 million, compared to $5.6 million of adjusted operating income in the second quarter of 2019. The reduction in adjusted operating income was due to lost variable margin on the sales volume decline, which was partially offset by fixed cost reduction actions taken in response to the decline in sales volume.

Power Solutions

Net sales for the second quarter of 2020 were $37.5 million, compared to $51.4 million in the second quarter of 2019, a decrease of $13.9 million or 27.0%. Adjusted income from operations for the quarter was $4.7 million, compared to $10.1 million in the second quarter of 2019.  The reduction in adjusted operating income was due to lost variable margin on the sales volume decline, which was partially offset by fixed cost reduction actions taken in response to the decline in sales volume.

Conference Call

NN will discuss its results during its quarterly investor conference call on August 7, 2020 at 9:00 a.m. ET.  The call and supplemental presentation may be accessed via NN's website, www.nninc.com. The conference call can also be accessed by dialing 1-888-220-8474 or 1-323-794-2591 Conference ID: 7729601. For those who are unavailable to listen to the live broadcast, a replay will be available shortly after the call for 30 days.

NN discloses in this press release the non-GAAP financial measures of adjusted income from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income per diluted share, free cash flow and net debt.  Each of adjusted income from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income per diluted share and free cash flow provides supplementary information about the impacts of restructuring and integration expense, acquisition and transition expenses, foreign exchange impacts on inter-company loans, amortization of intangibles and deferred financing costs, and other non-operating impacts on our business. Net debt is defined as debt and finance leases less cash.

The financial tables found later in this press release include a reconciliation of adjusted income from operations, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share and free cash flow to the U.S. GAAP financial measures of income from operations, net income (loss), net income (loss) per diluted share and net cash provided by (used in) operating activities.

About NN, Inc.

NN, Inc., a diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has 48 facilities in North America, Europe, South America, and China.

Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of NN, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "assumptions", "target", "guidance", "outlook", "plans", "projection", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "potential" or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. Factors which could materially affect actual results include, but are not limited to: general economic conditions and economic conditions in the industrial sector, the impacts of the coronavirus (COVID-19) pandemic on the Company's financial condition, business operations and liquidity, inventory levels, regulatory compliance costs and the Company's ability to manage these costs, start-up costs for new operations, debt reduction, competitive influences, risks that current customers will commence or increase captive production, risks of capacity underutilization, quality issues, availability and price of raw materials, currency and other risks associated with international trade, the Company's dependence on certain major customers, and the successful implementation of the global growth plan including development of new products. Similarly, statements made herein and elsewhere regarding pending and completed transactions are also forward-looking statements, including statements relating to the future performance and prospects of an acquired business, the expected benefits of an acquisition on the Company's future business and operations and the ability of the Company to successfully integrate recently acquired businesses.

For additional information concerning such risk factors and cautionary statements, please see the section titled "Risk Factors" in the Company's periodic reports filed with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and when filed, the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2020. Except as required by law, we undertake no obligation to update or revise any forward-looking statements we make in our press releases, whether as a result of new information, future events or otherwise.

Financial Tables Follow










NN, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)












Three Months Ended
June 30,


Six Months Ended
June 30,

(in thousands, except per share data)


2020


2019


2020


2019

Net sales


$     150,420


$     221,666


$    350,165


$    434,922

Cost of sales (exclusive of depreciation and amortization shown separately below)


115,389


164,099


267,630


326,286

Selling, general and administrative expense


20,991


26,743


45,815


54,868

Depreciation and amortization


23,201


22,924


46,385


46,349

Restructuring and integration expense, net


-


-


-


(12)

Goodwill impairment


-


-


239,699


-

Other operating (income) expense, net


(955)


388


4,174


236

Income (loss) from operations


(8,206)


7,512


(253,538)


7,195

Interest expense


18,696


13,958


35,773


27,759

Loss on extinguishment of debt and write-off of debt issuance costs


-


-


-


2,699

Other (income) expense, net


(881)


57


239


786

Loss before benefit (provision) for income taxes and share of net income (loss) from joint venture


(26,021)


(6,503)


(289,550)


(24,049)

Benefit (provision) for income taxes


3,346


(577)


18,955


(2,818)

Share of net income (loss) from joint venture


927


(203)


656


66

Net loss


$      (21,748)


$        (7,283)


$    (269,939)


$      (26,801)

Other comprehensive gain (loss):









Foreign currency translation gain (loss)


994


(1,497)


(13,348)


(176)

Interest rate swap:









Change in fair value of interest rate swap, net of tax


(1,255)


(6,962)


(12,464)


(10,818)

Less: reclassification adjustment for losses included in net loss, net of tax


2,638


-


3,690


-

Other comprehensive income (loss)


$          2,377


$        (8,459)


$      (22,122)


$      (10,994)

Comprehensive loss


$       (19,371)


$      (15,742)


$    (292,061)


$      (37,795)

Basic net loss per common share:









Net loss per common share


$          (0.59)


$          (0.17)


$          (6.55)


$          (0.64)

Weighted average common shares outstanding


42,197


42,028


42,154


42,000

Diluted net loss per common share:









Net loss per common share


$          (0.59)


$          (0.17)


$          (6.55)


$          (0.64)

Weighted average common shares outstanding


42,197


42,028


42,154


42,000

 

 






NN, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)


June 30,
2020


December 31, 2019

Assets





Current assets:





Cash and cash equivalents


$             82,695


$             31,703

Accounts receivable, net


105,661


131,558

Inventories


121,031


118,722

Income tax receivable


17,458


5,973

Other current assets


15,477


15,024

Total current assets


342,322


302,980

Property, plant and equipment, net


344,073


374,513

Operating lease right-of-use assets


77,121


65,496

Goodwill


196,467


439,095

Intangible assets, net


306,577


329,260

Investment in joint venture


22,104


21,755

Other non-current assets


7,350


8,885

Total assets


$        1,296,014


$        1,541,984

Liabilities, Preferred Stock, and Stockholders' Equity





Current liabilities:





Accounts payable


$             43,751


$             57,340

Accrued salaries, wages and benefits


33,335


30,428

Income tax payable


867


1,028

Current maturities of long-term debt


20,567


19,160

Current portion of operating lease liabilities


7,068


6,652

Other current liabilities


32,266


24,873

Total current liabilities


137,854


139,481

Deferred tax liabilities


73,691


85,799

Non-current income tax payable


-


1,272

Long-term debt, net of current portion


816,956


757,440

Operating lease liabilities, net of current portion


79,712


66,980

Other non-current liabilities


31,195


44,723

Total liabilities


1,139,408


1,095,695

Commitments and contingencies





Series B convertible preferred stock - $0.01 par value per share, 100 shares authorized, 100 shares issued and outstanding at December 31, 2019, and June 30, 2020


98,707


93,012

Stockholders' equity:





Common stock - $0.01 par value per share, 90,000 shares authorized, 42,313 and 42,747 shares issued and outstanding at December 31, 2019, and June 30, 2020, respectively


427


423

Additional paid-in capital


498,294


501,615

Warrants


1,076


1,076

Accumulated deficit


(375,222)


(105,283)

Accumulated other comprehensive loss


(66,676)


(44,554)

Total stockholders' equity


57,899


353,277

Total liabilities, preferred stock, and stockholders' equity


$     1,296,014


$     1,541,984






 

 






NN, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


Six Months Ended
June 30,

(in thousands)

2020


2019


Cash flows from operating activities





Net loss

$    (269,939)


$      (26,801)


Adjustments to reconcile net loss to net cash provided by operating activities:





Depreciation and amortization

46,385


46,349


Amortization of debt issuance costs

3,348


2,354


Goodwill impairment

239,699


-


Loss on extinguishment of debt and write-off of debt issuance costs

-


2,699


Share of net income from joint venture, net of cash dividends received

(656)


(66)


Compensation expense from issuance of share-based awards

2,707


1,979


Deferred income taxes

(8,889)


(8,093)


Other

(2,207)


540


Changes in operating assets and liabilities:





Accounts receivable

23,485


(17,723)


Inventories

(4,327)


(4,839)


Accounts payable

(12,391)


(1,405)


Income taxes receivable and payable, net

(12,897)


1,646


Other

11,544


7,727


Net cash provided by operating activities

15,862


4,367


Cash flows from investing activities





Acquisition of property, plant and equipment

(15,624)


(28,994)


Proceeds from liquidation of short-term investment

-


8,000


Proceeds from sale of property, plant, and equipment

3,112


1,949


Other

-


(726)


Net cash used in investing activities

(12,512)


(19,771)


Cash flows from financing activities





Cash paid for debt issuance or prepayment costs

(286)


(967)


Dividends paid

-


(5,913)


Proceeds from long-term debt

64,716


46,630


Repayment of long-term debt

(9,078)


(12,055)


Proceeds from (repayments of) short-term debt, net

(411)


(6,218)


Other

(1,523)


(1,759)


Net cash provided by financing activities

53,418


19,718


Effect of exchange rate changes on cash flows

(5,776)


(225)


Net change in cash and cash equivalents

50,992


4,089


Cash and cash equivalents at beginning of period

31,703


17,988


Cash and cash equivalents at end of period

$        82,695


$        22,077


 

 








Reconciliation of GAAP Income from Operations to Non-GAAP Adjusted Income from Operations










Three Months Ended 



Three Months Ended 

$000s

June 30,


$000s

June 30,

NN, Inc. Consolidated

2020

2019


Power Solutions

2020

2019

GAAP income from operations

$     (8,206)

$      7,512


GAAP income from operations

$      1,454

$      5,682

Acquisition and transition expense*

4,843

7,546


Acquisition and transition expense

507

1,640

Amortization of intangibles

11,341

11,811


Amortization of intangibles

2,748

2,749

Impairments (Goodwill and fixed assets) 

-

400


Impairments (Goodwill and fixed assets) 

-

-

Non-GAAP adjusted income from operations (a) 

$      7,977

$    27,268


Non-GAAP adjusted income from operations (a) 

$      4,709

$    10,071








Non-GAAP adjusted operating margin (1)

5.3%

12.3%


Non-GAAP adjusted operating margin (1)

12.6%

19.6%

GAAP net sales

$  150,420

$  221,666


GAAP net sales

$    37,491

$    51,393









Three Months Ended 



Three Months Ended 

$000s

June 30,


$000s

June 30,

Mobile Solutions

2020

2019


Life Sciences

2020

2019

GAAP income from operations

$     (4,592)

$      3,506


GAAP income from operations

$      4,333

$      9,305

Acquisition and transition expense

344

1,240


Acquisition and transition expense

1,823

2,937

Amortization of intangibles

838

886


Amortization of intangibles

7,754

8,176

Impairments (Goodwill and fixed assets) 

-

-


Impairments (Goodwill and fixed assets) 

-

-

Non-GAAP adjusted income from operations (a) 

$     (3,410)

$      5,632


Non-GAAP adjusted income from operations (a) 

$    13,910

$    20,418








Share of net income from joint venture

926

(203)


Non-GAAP adjusted operating margin (1)

19.2%

22.4%

Non-GAAP adjusted income from operations with JV

(2,483)

5,429


GAAP net sales

$    72,399

$    91,332








Non-GAAP adjusted operating margin (1)

-6.1%

6.8%





GAAP net sales

$    41,037

$    79,444













Three Months Ended 





$000s

June 30,





Elimination

2020

2019





GAAP net sales

$        (507)

$        (503)












(1) Non-GAAP adjusted operating margin = Non-GAAP adjusted income from operations/ GAAP net sales

* 2020 Includes Capacity & Capabilities Dev - $0.7 / Prof Fees - $2.0 / Integration & Transformation - $3.0 / Acq Transaction Costs - $0.0 / Asset Write-Downs/Inventory Step-Up - ($0.9)

* 2019 Includes Capacity & Capabilities Dev - $2.4 / Prof Fees - $0.1 / Integration & Transformation - $5.0 / Acq Transaction Costs - $0.0 / Asset Write-Downs/Inventory Step-Up - $0.0

 

 

Reconciliation of Net Income (Loss) to Non-GAAP Adjusted EBITDA












Three Months Ended 





June 30,



$000s


2020

2019



GAAP net income (loss)


$   (21,748)

$     (7,283)









Provision (benefit) for income taxes


(3,346)

577



Interest expense


18,696

13,958



Change in fair value of preferred stock tax withholding


(31)

-



Depreciation and amortization


23,201

22,924



Acquisition and transition expense


4,843

7,364



Non-cash stock compensation


1,412

1,106



Non-cash foreign exchange (gain) loss on inter-company loans


(79)

(454)



Costs related to divested businesses


-

700



Impairments (Goodwill, JV and fixed assets) 


-

400



Non-GAAP adjusted EBITDA (b)


$    22,947

$    39,292









Non-GAAP adjusted EBITDA margin (2)


15.3%

17.7%



GAAP net sales


$  150,420

$  221,666









(2) Non-GAAP adjusted EBITDA margin = Non-GAAP adjusted EBITDA / GAAP net sales


 

 

Reconciliation of Net Income (Loss) to Non-GAAP Adjusted Net Income (Loss) and Net Income (Loss) per Diluted Share to Non-GAAP Adjusted Net Income (Loss) per Diluted Share










Three Months Ended 





June 30,



$000s


2020

2019



GAAP net income (loss)


$       (21,748)

$         (7,283)









Pre-tax acquisition and transition expense


4,843

7,546



Pre-tax foreign exchange (gain) loss on inter-company loans


(79)

(454)



Pre-tax change in fair value of preferred stock tax withholding


(31)

-



Pre-tax amortization of intangibles and deferred financing costs


13,039

12,973



Pre-tax impairments of fixed asset costs


-

400



Pre-tax costs related to divested businesses


-

700



Tax effect of adjustments reflected above (c)


(3,732)

(3,839)



Non-GAAP discrete tax adjustments


2,864

-



Non-GAAP adjusted net income (loss) (d)


$         (4,845)

$        10,043











Three Months Ended 





June 30,



Amounts per share, diluted


2020

2019



GAAP net income (loss) per diluted share


$           (0.59)

$           (0.17)









Pre-tax acquisition and transition expense


0.11

0.18



Pre-tax foreign exchange (gain) loss on inter-company loans


(0.00)

(0.01)



Pre-tax change in fair value of preferred stock tax withholding


(0.00)

-



Pre-tax amortization of intangibles and deferred financing costs


0.31

0.31



Pre-tax impairments of fixed asset costs


-

0.01



Pre-tax costs related to divested businesses


-

0.02



Tax effect of adjustments reflected above (c)


(0.09)

(0.09)



Non-GAAP discrete tax adjustments


0.07

-



Preferred stock cumulative dividends and deemed dividends 


0.07

-



Non-GAAP adjusted net income (loss) per diluted share (d)


$           (0.11)

$            0.24



Weighted average shares outstanding, diluted


42,197

42,028








 

 







Reconciliation of Operating Cash Flow to Free Cash Flow












Three Months Ended 





June 30,



$000s


2020

2019



Net cash provided (used) by operating activities


$          5,638

$          7,079



Acquisition of property, plant and equipment


(4,364)

(14,921)



Free Cash Flow


$          1,274

$        (7,842)


 





Reconciliation of Net Debt







June 30

June 30

$000s


2020

2019

Short term debt & finance lease liability


$        24,178

$        27,446

Long term debt and finance lease liability (ex- issuance costs)


826,368

856,753

Funded debt


850,546

884,199

Cash and cash equivalents


82,695

22,077

Net debt


$      767,851

$      862,122





The Company discloses in this presentation the non-GAAP financial measures of adjusted income from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income per diluted share, free cash flow and net debt.  Each of these non-GAAP financial measures provides supplementary information about the impacts of acquisition, divestiture and integration related expenses, foreign-exchange impacts on inter-company loans, reorganizational and impairment charges.  Over the past five years, we have completed seven acquisitions, two of which were transformative for the Company, and sold two of our businesses.  The costs we incurred in completing such acquisitions, including the amortization of intangibles and deferred financing costs, and these divestitures have been excluded from these measures because their size and inconsistent frequency are unrelated to our commercial performance during the period, and which we believe are not indicative of our ongoing operating costs. We exclude the impact of currency translation from these measures because foreign exchange rates are not under management's control and are subject to volatility. Other non-operating charges are excluded as the charges are not indicative of our ongoing operating cost. We believe the presentation of adjusted income from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income per diluted share, free cash flow and net debt provides useful information in assessing our underlying business trends and facilitates comparison of our long-term performance over given periods.

The non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to actual income growth derived from income amounts presented in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results.

(a) Non-GAAP adjusted income from operations represents GAAP income from operations, adjusted to exclude the effects of restructuring and integration expense; non-operational charges related to acquisition and transition expense, intangible amortization costs for fair value step-up in values related to acquisitions, non-cash impairment charges, and when applicable, our share of income from joint venture operations. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted income from operations is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income from operations.

(b) Non-GAAP adjusted EBITDA represents GAAP net income (loss), adjusted to include income taxes, interest expense, Interest rate swaps and write-offs, depreciation and amortization, charges related to acquisition and transition costs, non-cash stock compensation expense, foreign exchange gain (loss) on inter-company loans, restructuring and integration expense, income from discontinued operations, and non-cash impairment charges, to the extent applicable. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income (loss) from continuing operations.

(c) This line item reflects the aggregate tax effect of all nontax adjustments reflected in the respective table. NN, Inc. estimates the tax effect of the adjustment items identified in the reconciliation schedule above by applying the applicable statutory rates by tax jurisdiction unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment.

(d) Non-GAAP adjusted net income (loss) represents GAAP  net income (loss) adjusted to exclude the tax-affected effects of restructuring and integration charges (related to plant closures and other charges incurred to implement our strategic goals that do not necessarily represent a major strategic shift in operations), charges related to acquisition and transition costs,  amortization of intangibles costs for fair value step-up in values related to acquisitions and amortization of deferred financing costs,  foreign exchange gain (loss) on inter-company loans, estimated interest expense on cash held from divestiture, non-cash impairment charges, the impact of enactment of the Tax Cut and Jobs Act and income from discontinued operations. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the industrial industry. We use this information for comparative purposes within the industry. Non-GAAP adjusted income (loss) from segment operations is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to GAAP income (loss) from continuing operations.

 

Cision View original content:http://www.prnewswire.com/news-releases/nn-inc-reports-second-quarter-2020-results-301108073.html

SOURCE NN, Inc.

AT ABERNATHY MACGREGOR, Claire Walsh, (General info), (212) 371-5999