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Viasystems Announces Second Quarter 2011 Earnings

Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced earnings for the second quarter ended June 30, 2011.

  • Net sales were $270.7 million in the quarter, a year-over-year increase of 13.1% and a sequential increase over the immediately preceding quarter of 13.4%.
  • Operating income in the quarter was $15.1 million or 5.6% of net sales.
  • Adjusted EBITDA was $34.3 million or 12.7% of net sales, compared with $37.0 million or 15.5% of net sales in the quarter ended June 30, 2010, and compared with $29.3 million or 12.2% of net sales in the immediately preceding quarter ended March 31, 2011.
  • GAAP earnings per basic and diluted share were $0.16 for the quarter ended June 30, 2011, on approximately 20 million average shares outstanding.
  • Adjusted EPS were $0.31 for the quarter, excluding certain non-cash and special income and expense items. On a comparable basis, Adjusted EPS for the quarters ended June 30, 2010 and March 31, 2011, were $0.51 and $0.07, respectively.

“I am pleased with our net sales growth for the quarter ended June 30, 2011,” commented David M. Sindelar, Chief Executive Officer. “The record level of net sales was consistent with our expectations and reflected the strong backlog of orders on which we have commented for the past several quarters, and the partial period benefit of price increases implemented in the second quarter. Our backlog remains strong as we also achieved a record level of bookings during the second quarter, with the pace of second quarter orders running at parity with our reported net sales. Except for a minor sequential decline in net sales to military and aerospace customers, our 13.4% net sales growth over the first quarter of 2011 was fairly consistent across all of our end markets. Our outlook for the second half of 2011 remains solid overall. However, we are beginning to hear some news of inventory level corrections from customers in our industrial & instrumentation sector and our computer and datacommunications sector.”

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