Core Points - NN, Inc. has entered into a definitive agreement to sell its plastics products plant, Industrial Molding Corporation (IMC), to Davalor Mold Company for approximately $16 million in net cash proceeds [1][2][6] - The sale is part of NN's strategy to improve its balance sheet by paying down debt and focusing on core markets such as automotive, electrical, industrial, and medical [2][3][6] - Following the divestiture, NN has revised its full-year 2024 outlook, projecting revenue between $465 million and $485 million, adjusted EBITDA between $47 million and $51 million, and free cash flow between $8 million and $12 million [3][7] Financial Advisory - Blaige & Company served as the exclusive financial advisor for the transaction [8] Company Overview - NN, Inc. is a global diversified industrial company that specializes in high-precision components and assemblies, with a presence in North America, Europe, South America, and Asia [9]

CHARLOTTE, N.C., July 02, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ:NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today announced it has entered into a definitive agreement to sell its lone plastics products plant known as Industrial Molding Corporation (IMC), to Davalor Mold Company, a wholly owned portfolio company of Blackford Capital. Total net cash proceeds will be approximately $16 million. "A key element of NN's transformation ...

Joe Caminiti or Stephen Poe, Investors Tim Peters or Emma Brandeis, Media NNBR@alpha-ir.com 312-445-2870 CHARLOTTE, N.C., June 05, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, announced today that Harold Bevis, President and Chief Executive Officer, and Michael Felcher, Senior Vice President and Chief Financial Officer, will present virtually at the Sidoti Small Cap Virtual Conference on Ju ...

CHARLOTTE, N.C., June 05, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, announced today that Harold Bevis, President and Chief Executive Officer, and Michael Felcher, Senior Vice President and Chief Financial Officer, will present virtually at the Sidoti Small Cap Virtual Conference on June 13, 2024. The presentation will begin at 1:45 p.m. ET on Thursday, June 13, 2024, and can be accessed ...

CHARLOTTE, N.C., May 29, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today announced its Wuxi, China plant has earned 2023 "Excellent Quality" awards from two key global customers: NN earned these recognitions by delivering world-class, six sigma quality to the production lines of these customers. NN's customers' products and systems are used in the China auto production industry for fuel ...

Financial Data and Key Metrics Changes - In Q1 2024, net sales were $121.2 million, a decrease of 4.6% year-over-year, while adjusted EBITDA was $11.3 million, an increase of 39% from $8.1 million in the previous year [11][37]. - The trailing 12-month adjusted EBITDA reached $46.3 million, up 20% from the previous year, reflecting a $7.7 million improvement [9][43]. - The adjusted EBITDA margin improved to 9.3%, up 290 basis points year-over-year [33][37]. Business Line Data and Key Metrics Changes - In the Power Solutions segment, sales decreased by 1.7% year-over-year to $48.2 million, impacted by facility closures [38]. - The Mobile Solutions segment saw a 6.4% decline in sales to $73.1 million, primarily due to rationalization of underperforming business [40]. - Adjusted EBITDA for the Mobile Solutions segment improved significantly to $8.6 million, up from $5.6 million in the prior year [16]. Market Data and Key Metrics Changes - The company reported strong demand in the U.S. electrical grid market, although this was partially offset by volume rationalization due to facility closures [38]. - Key growth areas identified include the China automotive market and U.S. electrification and grid technologies [20]. Company Strategy and Development Direction - The company is focused on a multi-year transformation strategy aimed at improving operational efficiency and profitability, particularly in underperforming plants [13][15]. - The goal is to achieve an additional $10 million in adjusted EBITDA improvement through ongoing operational initiatives [13][132]. - The company is selectively pursuing new business opportunities, particularly in capital-efficient markets, while being cautious about capital expenditures [69][72]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue improving profitability despite lower sales volumes, attributing this to cost reduction actions and operational improvements [14][47]. - The outlook for 2024 includes expectations for net sales in the range of $485 million to $505 million, with a reaffirmation of free cash flow and new business win outlooks [21][70]. - Management noted that the company is experiencing steady end-market demand, despite some observed weakness in North American industrial markets [47]. Other Important Information - The company has successfully secured $17 million in new business awards in Q1 2024, contributing to a total of $80 million in new business wins since the beginning of the year [68][125]. - The company is committed to maintaining positive free cash flow and is exploring equipment sale-leaseback transactions to supplement capital expenditures [57][77]. Q&A Session Summary Question: How much of the $100 million in revenue from underperforming plants is returning to profitability? - Management indicated that about half of the $100 million is now returning to profitability, with a goal for the remaining plants to achieve profitability by year-end 2024 [49]. Question: Can you provide updates on the medical efforts in the Connect and Protect segment? - Management mentioned that they have been selective in pursuing growth opportunities in medical markets due to capital intensity concerns [50][69]. Question: What is the anticipated capital investment needed to achieve the $10 million EBITDA improvement? - Management stated that minimal capital investment would be required to reach break-even, but some capital would be needed for equipment modifications [133][135]. Question: What is the current status of the interest expense costs? - The interest expense for Q1 was reported at $5.4 million, with a majority attributed to a term loan at a rate of 14.3% [101][102].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-39268 NN, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delawa ...

Exhibit 99.1 NN, Inc. 6210 Ardrey Kell Road, Suite 120 Charlotte, NC 28277 FOR IMMEDIATE RELEASE NN, INC. REPORTS FIRST QUARTER 2024 RESULTS Business transformation continues to drive improved profitability and new business wins CHARLOTTE, N.C., May 6, 2024 – NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today reported its financial results for the first quarter ended March 31, 2024. Highlights "In the first quarter ...

CHARLOTTE, N.C., May 06, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ:NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today reported its financial results for the first quarter ended March 31, 2024. Highlights Strategic transformation program drove another quarter of improved results, 3rd quarter in a row;First quarter net sales of $121.2 million, down 4.6% versus prior year, driven largely by rationalized volume;First quarter operating l ...

CHARLOTTE, N.C., April 24, 2024 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, announced today that it will release its first quarter 2024 financial results for the period ended March 31, 2024, after the close of the market on Monday, May 6, 2024. The company will hold a related conference call on Tuesday, May 7, 2024, at 9 a.m. E.T. Participants on the call are asked to register five to 10 minute ...