ADDITIONAL QUARTERLY FINANCIAL HIGHLIGHTS Net income was $8.3 million in the first quarter of 2005, compared to $8.4 million in the first quarter of 2004. The first quarter of 2005 reflects incremental public company related costs of $1.3 million and incremental restructuring costs of $4.0 million that were not incurred in the first quarter of 2004.
Net income per share was $0.27 for the first quarter of 2005, compared to $0.27 for first quarter of 2004. Net income per share for the first quarter of 2005 and the first quarter of 2004 is calculated in accordance with GAAP, based upon a weighted average number of shares of approximately 31.0 million. The Company's outstanding shares increased to approximately 43.7 million following the Company's initial public offering in May 2005.
The impact of currency translation on net sales in the first quarter of 2005 was an increase of $5.7 million; the impact of currency translation on Adjusted EBITDA was an increase of $0.8 million in the first quarter of 2005. This increase in Adjusted EBITDA was largely offset by transactional losses, driven by the same currency movements, relating to sales denominated in U.S. dollars by non-U.S. operations.
The significant improvement in net cash provided by operating activities compared to the first quarter of 2004 primarily reflects improved performance on working capital items.
Capital expenditures for the first quarter of 2005 were $6.8 milli.7 million; the impact of currency translation on Adjusted EBITDA was an increase of $0.8 million in the first quarter of 2005. This increase in Adjusted EBITDA was largely offset by transactional losses, driven by the same currency movements, relating to sales denominated in U.S. dollars by non-U.S. operations.