NN ends 2015 with less cash, debt more than doubled at $808 million

By Lisa Kerner

Charlotte, N.C., March 10 – NN, Inc.’s fourth-quarter performance “was in line with our guidance and expectations,” said president and chief executive officer Richard Holder during the company’s earnings call on Thursday.

During the quarter, NN completed the acquisition of Precision Engineer Products and moved $50 million to its term loan from its senior notes, according to the earnings presentation.

NN ended the year with cash and cash equivalents of $15.1 million and long-term debt, net of current portion, of $808.4 million. This compares to $37.3 million and $328.0 million, respectively, at Dec. 31, 2014.

Net sales for the fourth quarter were up 20% year-over-year at $153.8 million, including $42.2 million of revenues from acquisitions.

For the full year, net sales were up 37% at $667.3 million, with acquisitions adding $212.5 million to the total.

Adjusted income from operations was up 63% for the quarter at $19.4 million and increased 59% for the full year to $65.7 million.

“With the completion of the PEP acquisition we now have the market segments and diversification laid out in our strategic plan to compete across the economic cycle, Holder said. Using the NN Operating System, 2016 will be a year when we focus on deleveraging and unlocking the growth potential within all our market segments.”

NN is a Johnson City, Tenn.-based manufacturer and supplier of high precision metal bearing components, industrial plastic and rubber products and precision metal components.

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