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NN, Inc. reported its financial results for the second quarter ended June 30, 2009. Net sales for the second quarter of 2009 were $57.1 million, a decrease of $65.2 million, or 53.3% from net sales of $122.2 million for the same period of 2008. Approximately $61.1 million of the decrease was attributable to the continuing global recession and supply chain inventory destocking in automotive and industrial end markets. The negative effect of currency translation accounted for the remainder of the decrease.
The Company reported a net loss for the second quarter of $13.5 million or $(0.83) per diluted share compared to net income of $9.2 million, or $0.57 per diluted share for the second quarter of 2008. The net loss for the second quarter included a valuation allowance of $5.5 million, or $(0.34) per diluted share on the full value of recorded deferred tax assets which related to operating losses incurred by our U.S. operations. The Company determined that these tax benefits would more than likely not be utilized based on higher than originally anticipated second quarter and cumulative 2009 losses at these units. Net income for the second quarter of 2008 includes approximately $3.0 million, or $0.19 per diluted share, in after-tax gains on the sale of surplus land in The Netherlands and a one-time favorable adjustment to taxes of approximately $1.1 million, or $0.07 per diluted share that relates to a change in Italian tax law.
Net sales for the first six months of 2009 were $115.0 million compared to $243.8 million for the same period of 2008, a decrease of $128.8 million, or 52.8%. Approximately $122.1 million of the decrease was attributable to reduced demand for the Company
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| 7008CDT KOYO | 40 | 68 | 30 |
| 7008BDT KOYO | 40 | 68 | 30 |