Key Developments For NN, Inc.
NN, Inc. (NNBR.O) (Nasdaq)
NN, Inc. Comments On Q4 2009 Revenue Outlook-Conference Call
NN, Inc. announced that for the fourth quarter of 2009, it expects revenue to be higher sequentially than the third quarter of 2009. The Company reported revenue of $66 million in the third quarter of 2009. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $70 million for the fourth quarter of 2009.
NN, Inc. Comments On Q3 2009 Revenue Guidance-Conference Call
NN, Inc. announced that for third quarter of 2009, it expects revenues growth of high single digit improvement over the first half run rate.
NN, Inc. Comments on Q1 2009 Revenue Outlook
NN, Inc. announced that for first quarter 2009, it expects revenue to be significantly lower than the level of revenue reported in the fourth quarter of 2008.
NN, Inc. Announces Filing Of Form 12b-25
NN, Inc. announced that it requires additional time to finalize its fourth quarter statements and Annual Report on Form 10-K for the year ended December 31, 2008 and has filed with the Securities and Exchange Commission on Form 12b-25, Notification of Late Filing. The Company will delay its filing in order to more thoroughly complete a review and analysis of the valuations of its recorded goodwill and other intangible assets. The Company expects to file its Form 10K on or before March 31, 2009, the fifteenth calendar day following the prescribed due date. In preparing its financial statements, the Company has determined that additional time is required to complete its analysis due to the complexity of the calculations in relation to the unprecedented global economic conditions and the continued deterioration of its end markets. The Company currently expects its analysis will result in the recording of total goodwill and intangible and tangible impairment charges in the range of $38.4 million pre-tax ($24.4 million after-tax) to $47.3 million pre-tax ($33.3 million after-tax) in the fourth quarter of 2008.
NN, Inc. Lowers Q4, FY 2008 Guidance
NN, Inc. announced that it now expects revenues and earnings to be significantly lower than its prior guidance for the fourth quarter 2008. The Company forecasted a revenue reduction of $20 million, or 20% for the fourth quarter of 2008 as compared to its beginning of the year guidance. The Company expects earnings for the fourth quarter 2008 to be approximately breakeven. Additionally, the Company expects fiscal 2008 earnings per diluted share to be in the range of $0.83-$0.85. This guidance excluded the positive impact of the recording of $0.19 per diluted share in after-tax gains on the sale of surplus land in the Netherlands and a one-time adjustment to taxes of $0.07 per diluted share. Due to the continued deterioration in global economies and automotive and industrial end markets, fourth quarter 2008 revenues are now expected to be down approximately 30% from beginning of the year guidance. In addition, the Company now expects to record a loss of approximately $2.5 million for the fourth quarter 2008. Fiscal 2008 earnings are expected to be approximately $10.5-$11.0 million, or $0.66-$0.68 per diluted share. This guidance does not include the positive impact of the gain on sale of surplus land in The Netherlands or the one-time adjustment to taxes. According to Reuters Estimates, analysts were expecting the Company to report revenue of $86.00 million and EPS of $0.02 for the fourth quarter 2008; revenue of $397.19 million and EPS of $0.83 for fiscal 2008.
