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SEC Filings

8-K
NN INC filed this Form 8-K on 11/05/2015
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EX-99.1

Exhibit 99.1

 

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   RE: NN, Inc.
   207 Mockingbird Lane
   3rd Floor
   Johnson City, TN 37604
FOR FURTHER INFORMATION:   
AT THE COMPANY    AT FINANCIAL RELATIONS BOARD
Robbie Atkinson    Marilynn Meek
Corporate Treasurer & Investor Relations    (General info)
(423) 434-8398    212-827-3773

FOR IMMEDIATE RELEASE

November 4, 2015

NN, INC. REPORTS THIRD QUARTER 2015 RESULTS

 

    Net sales of $154.8 million, an increase of $29.2 million

 

    Adjusted income from operations grew to $15.3 million

 

    Adjusted net income of $8.3 million or $0.31 per diluted share

Johnson City, Tenn, November 4, 2015 –NN, Inc., (NASDAQ: NNBR) a diversified industrial company, today reported its financial results for the third quarter ended September 30, 2015.

Third Quarter 2015 Results

Net sales for the third quarter of 2015 increased $29.2 million, or 23% to $154.8 million, compared to $125.6 million for the third quarter of 2014. Acquisitions added $41.6 million in revenue. Negative currency impacts reduced reported net sales by $7.8 million versus the third quarter of last year.

Adjusted income from operations for the third quarter of 2015 was $15.3 million, an increase of 44%, compared to $10.6 million for the same period in 2014. Adjusted net income, which excludes the after-tax impact of foreign exchange on inter-company loans and after-tax acquisition and integration expenses, increased to $8.3 million, or $0.31 per diluted share, compared to $6.3 million, or $0.34 per diluted share for the same period in 2014. In the quarter the Company also issued 7.6 million shares related to the completion of the follow-on stock offering earlier this year.

On a GAAP basis, income from operations for the third quarter of 2015 was $10.1 million, compared to $2.6 million for the same period in 2014. Net income on a GAAP basis for the third quarter of 2015 was $4.6 million, or $0.17 per diluted share. This compares to a net loss $3.8 million, or $0.21 per diluted share in the third quarter of 2014.