NN Reports Third Quarter 2003 Results

Resource from: CBCC Likes:3024

Nov 11,2003

NN Inc. (USA) reported third quarter 2003 financial results, with sales up 36% and profits surging 50% over third quarter 2002. Into fourth quarter, NN said sales and profits should hold at current levels. Sales hit $64.6 million, now including sales from NN Netherlands after the acquisition of SKF's Veenendaal plant, and the sales of NN Euroball ApS after NN acquired full ownership, taking SKF's 23% share. NN also closed NN Arte prior to the third quarter, reducing comparable year-on-year sales. Currency fluctuations, according to NN, contributed $3.2 million during the quarter. Excluding the currency and acquisition effects, NN sales rose 4% from continuing operations. Net income for third quarter was $3.2 million, up from $2.1 million in 2002, again largely due to acquisitions and divestiture. Gross profit margins dipped to 22.2% of sales during the quarter, from 24.9% in 2002. NN attributed the drop to lower margins earned in the Veenendaal business and a generally unfavorable product mix sold this quarter. Meanwhile, SG&A dropped to 8.1% from 8.6%. Rock Baty, Chairman and CEO, said, "During October we announced that we had entered into an asset purchase agreement with KLF-Gulickaren, based in Kysucke Nove Mesto, Slovakia, to acquire their precision ball operations for approximately

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