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Viasystems Announces Third Quarter 2011 Earnings

Stocks in this article: VIAS

Net sales and operating income in the Company’s Assembly segment for the third quarter were $54.4 million and $0.7 million, respectively, compared with Assembly segment net sales and operating income of $50.4 million and $2.2 million, respectively, for the third quarter of 2010 and compared with Assembly segment net sales and operating income of $55.6 million and $2.9 million, respectively, for the quarter ended June 30, 2011. Sustained sequential demand for products used in industrial & instrumentation applications in the quarter ended September 30, 2011 resulted in a year-over-year Assembly segment net sales increase, partly offset by a demand decline for products used in telecommunications applications. Assembly segment net sales to customers in the Company’s computer and datacommunications end market increased both year-over-year and sequentially as a result of ramping production for a new customer.

Cash and Working Capital

Cash and cash equivalents at September 30, 2011, were $68.5 million, compared with $103.6 million at December 31, 2010. Cash provided by operating activities was $40.0 million during the nine months ended September 30, 2011, of which $22.3 million was provided by third quarter operating activities. Cash used for payment of interest and income taxes during the nine months ended September 30, 2011 was $27.1 million and $9.8 million, respectively, of which $13.4 million and $3.2 million, respectively, was paid during the quarter ended September 30, 2011. The Company’s working capital metrics at the end of the third quarter were in line with historical levels.

Capital expenditures for the nine months ended September 30, 2011 were $75.1 million, of which $25.3 million was spent during the third quarter. Cash used for capital expenditures during the nine months ended September 30, 2011, was the primary cause for the overall use of cash as compared to cash and cash equivalents at December 31, 2010.

Use of Non-GAAP Financial Measures

In addition to the condensed consolidated financial statements presented in accordance with U.S. GAAP, management uses certain non-GAAP financial measures, including “Adjusted EBITDA” and “Adjusted EPS.”

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