EXHIBIT 99.1
FINANCIAL
RELATIONS BOARD
RE: NN, Inc.
2000 Waters Edge Drive
Johnson City, TN 37604
FOR FURTHER INFORMATION:
AT THE COMPANY AT FINANCIAL RELATIONS BOARD
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Will Kelly Marilynn Meek Susan Garland
Vice President and Chief Administrative Officer (General info) (Analyst info)
(423) 743-9151 212-827-3773 212-827-3775
FOR IMMEDIATE RELEASE
August 8, 2005
NN, INC. REVISES 2005 SECOND QUARTER AND
SIX MONTH ENDED JUNE 30, 2005 REPORTED EARNINGS
Johnson City, Tenn, August 8, 2005 - NN, Inc. (Nasdaq: NNBR) today reported that
it was revising its 2005 second quarter and six month ended revenues and
earnings per share previously reported in its earnings release and SEC Form 8-K
dated July 28, 2005. The revision is the result of the Company discovering a
sales invoicing issue, subsequent to the release of its 2005 second quarter
earnings, which affected a single customer at its Industrial Molding Division.
This revision will reduce reported revenues by approximately $0.4 million from
$84.2 million and $170.9 million to $83.8 million and $170.5 for the 2005 second
quarter and six months ended June 30, 2005, respectively. Additionally, the
revision will reduce reported diluted earnings per share of $0.21 and $0.44 to
$0.19 and $0.43 per diluted share for the same periods, respectively. The
Company will file its June 30, 2005 Form 10-Q on August 9, 2005, which will
reflect the revised amounts.
NN, Inc. manufacturers and supplies high precision bearing components consisting
of balls, rollers, seals, and retainers for leading bearing manufacturers on a
global basis. In addition, the company manufactures a variety of other plastic
components. NN, Inc. had sales of US $304 million in 2004.
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 NN, Inc. and its subsidiaries
to differ materially from those expressed or implied by this discussion. All
forward-looking information is provided by the Company pursuant to the safe
harbor established under the Private Securities Litigation Reform Act of 1995
and should be evaluated in the context of these factors. Forward-looking
statements generally can be identified by the use of forward-looking terminology
such as "assumptions", "target", "guidance", "outlook", "plans", "projection",
"may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe",
"potential" or "continue" (or the negative or other derivatives of each of these
terms) or similar terminology. Factors which could materially affect actual
results include, but are not limited to: general economic conditions and
economic conditions in the industrial sector, inventory levels, regulatory
compliance costs and the Company's ability to manage these costs, start-up costs
for new operations, debt reduction, competitive influences, risks that current
customers will commence or increase captive production, risks of capacity
underutilization, quality issues, availability and price of raw materials,
currency and other risks associated with international trade, the Company's
dependence on certain major customers, and other risk factors and cautionary
statements listed from time to time in the Company's periodic reports filed with
the Securities and Exchange Commission, including, but not limited to, the
Company's Annual Report on 10-K for the fiscal year ended December 31, 2004.