Net income for the second quarter of 2013 was
Net sales for the first six months of 2013 decreased
Net income for the first six months of 2013 was
As a percentage of net sales, cost of goods sold in the second quarter of 2013 of 78.7% decreased slightly as compared to 78.8% for last year's second quarter. Cost of products sold for the first six months of 2013 of 79.0% decreased slightly as compared to 79.1% for the same period last year. These decreases reflect ongoing cost reduction programs and operational initiatives.
Debt, net of cash, was
"Compared to the same period last year, weak economic conditions in
Mr. Holder concluded, "During the first half of the year, we continued to pursue the initiatives we began three years ago of improved operating performance, cost structure enhancements and the strengthening of our balance sheet. When the European automotive market returns we will be better positioned to deliver added profit to the bottom line. During the second quarter, we began the process of revising and enhancing our current business strategy. This strategy will include, among other initiatives, plans to more aggressively pursue acquisitive and organic growth opportunities in our core and adjacent markets. We look forward to sharing details of this strategy in the fourth quarter of this year."
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
Financial Tables Follow
NN, Inc. |
||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||
2013 |
2012 |
2013 |
2012 |
|||||
Net sales |
$ 96,305 |
$ 98,824 |
$ 190,102 |
$ 203,343 |
||||
Cost of products sold (exclusive of |
75,751 |
77,848 |
150,268 |
160,817 |
||||
Selling, general and administrative |
8,339 |
8,312 |
17,445 |
16,379 |
||||
Depreciation and amortization |
4,294 |
4,389 |
8,825 |
8,846 |
||||
Loss (gain) on disposal of assets |
1 |
-- |
5 |
(8) |
||||
Income from operations |
7,920 |
8,275 |
13,559 |
17,309 |
||||
Interest expense |
709 |
1,116 |
1,494 |
2,327 |
||||
Other expense (income), net |
(214) |
(1,239) |
365 |
(800) |
||||
Income before provision for income taxes |
7,425 |
8,398 |
11,700 |
15,782 |
||||
Provision for income taxes |
2,655 |
1,360 |
4,059 |
2,835 |
||||
Net income |
$ 4,770 |
$ 7,038 |
$ 7,641 |
$ 12,947 |
||||
Diluted income per common share |
$ 0.28 |
$ 0.41 |
$ 0.45 |
$ 0.76 |
||||
Weighted average diluted shares |
17,172 |
17,139 |
17,115 |
17,097 |
||||
NN, Inc. |
||||
June 30, 2013 |
December 31, 2012 |
|||
Assets |
||||
Current Assets: |
||||
Cash |
$ 5,232 |
$ 18,990 |
||
Accounts receivable, net |
67,521 |
51,628 |
||
Inventories |
46,581 |
46,150 |
||
Other current assets |
8,603 |
10,528 |
||
Total current assets |
127,937 |
127,296 |
||
Property, plant and equipment, net |
115,469 |
119,687 |
||
Goodwill and intangible assets, net |
9,058 |
9,154 |
||
Other non-current assets |
8,975 |
9,206 |
||
Total assets |
$ 261,439 |
$ 265,343 |
||
Liabilities and Stockholders' Equity |
||||
Current liabilities: |
||||
Accounts payable |
$ 40,023 |
$ 37,000 |
||
Accrued salaries, wages and benefits |
10,888 |
10,174 |
||
Current maturities of long-term debt |
5,714 |
5,801 |
||
Income taxes payable |
961 |
543 |
||
Other current liabilities |
6,966 |
5,240 |
||
Total current liabilities |
64,552 |
58,758 |
||
Non-current deferred tax liabilities |
3,804 |
3,850 |
||
Long-term debt, net of current portion |
46,000 |
63,715 |
||
Other non-current liabilities |
11,056 |
10,460 |
||
Total liabilities |
125,412 |
136,783 |
||
Total stockholders' equity |
136,027 |
128,560 |
||
Total liabilities and stockholders' equity |
$ 261,439 |
$ 265,343 |
NN, Inc. |
|||||||
Three Months Ended June 30, 2013 |
Three Months Ended June 30, 2012 |
||||||
In |
Diluted |
In |
Diluted |
||||
Net income |
$ 4,770 |
$ 0.28 |
$ 7,038 |
$ 0.41 |
|||
After-tax foreign exchange (gain) loss on |
(138) |
(0.01) |
(1,109) |
(0.06) |
|||
Net income from normal operations |
$ 4,632 |
$ 0.27 |
$ 5,929 |
$ 0.35 |
|||
Six Months Ended June 30, 2013 |
Six Months Ended June 30, 2012 |
||||||
In |
Diluted |
In |
Diluted |
||||
Net income |
$ 7,641 |
$ 0.45 |
$ 12,947 |
$ 0.76 |
|||
After-tax foreign exchange (gain) loss on |
212 |
0.01 |
(376) |
(0.02) |
|||
After-tax restructuring and other non-recurring items |
399 |
0.02 |
-- |
-- |
|||
Net income from normal operations |
$ 8,252 |
$ 0.48 |
$ 12,571 |
$ 0.74 |
The Company's management evaluates operating performance excluding unusual and/or nonrecurring items. The Company believes excluding such items provides a more effective and comparable measure of performance and a clearer view of underlying trends. Since net income excluding these items is not a measure calculated in accordance with GAAP, this should not be considered as a substitute for other GAAP measures, including net income, as an indicator of performance. Accordingly, net income/loss excluding the above items is reconciled to net income/loss on a GAAP basis.
SOURCE
AT THE COMPANY: Will Kelly, Vice President and Chief Administrative Officer, (423) 743-9151; AT FINANCIAL RELATIONS BOARD: Marilynn Meek, (General info), 212-827-3773