Viasystems Announces Third Quarter 2011 Earnings

Investor Conference Call

Viasystems will broadcast live via internet an investor conference call at 5:00 p.m. Eastern Time today, November 8, 2011. The live listen-only audio of the conference call will be available at http://investor.viasystems.com. The live conference call will be available by telephone for professional investors and analysts by dialing 877-640-9867 (toll-free) or 914-495-8546.

A telephonic replay of the conference call will be available for one week at 855-859-2056 or 404-537-3406. Replay listeners should enter the conference ID 22242191. The webcast replay will be available at http://investor.viasystems.com for an indefinite period.

Forward Looking Statements

Certain statements in this communication constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of the current beliefs, expectations and assumptions of the management of Viasystems regarding future events and are subject to significant risks and uncertainty. Statements regarding our expected performance in the future are forward-looking statements. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Viasystems undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by law. Actual results may differ materially from those expressed or implied. Such differences may result from a variety of factors, including but not limited to: legal or regulatory proceedings; any actions taken by the Company, including but not limited to, restructuring or strategic initiatives (including capital investments or asset acquisitions or dispositions); or developments beyond the Company’s control, including but not limited to, changes in domestic or global economic conditions, competitive conditions and consumer preferences, adverse weather conditions or natural disasters, health concerns, international, political or military developments and technological developments. Additional factors that may cause results to differ materially from those described in the forward-looking statements are set forth under the heading “Item 1A. Risk Factors,” in the Annual Report on Form 10-K filed by Viasystems with the SEC on February 9, 2011 and in Viasystems’ other filings made from time to time with the SEC and available at the SEC’s website, www.sec.gov.

About Viasystems

Viasystems Group, Inc. is a technology leader and a worldwide provider of complex multi-layer, printed circuit boards (PCBs) and electro-mechanical solutions (E-M Solutions). Its PCBs serve as the “electronic backbone” of almost all electronic equipment, and its E-M Solutions products and services include integration of PCBs and other components into finished or semi-finished electronic equipment, for which it also provides custom and standard metal enclosures, cabinets, racks and sub-racks, backplanes, cable assemblies and busbars. Viasystems’ approximately 15,000 employees around the world serve approximately 800 customers in the automotive, telecommunications, industrial & instrumentation, computer and datacommunications, and military and aerospace end markets. For additional information about Viasystems, please visit the Company’s website at www.viasystems.com.

VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)
(Unaudited)
		Three Months Ended
		September 30, 2011			June 30, 2011			September 30, 2010
Net sales		$	278,818		$	270,744		$	259,325
Operating expenses:
Cost of goods sold, exclusive of items shown separately			219,233			219,574			198,117
Selling, general and administrative			21,216			19,268			20,536
Depreciation			16,508			16,332			14,426
Amortization			428			430			447
Restructuring and impairment			–			–			26
Operating income			21,433			15,140			25,773
Other expense:
Interest expense, net			7,235			7,225			7,323
Amortization of deferred financing costs			503			504			512
Other, net			439			532			1,033
Income before income taxes			13,256			6,879			16,905
Income taxes			5,871			3,311			5,985
Net income		$	7,385		$	3,568		$	10,920
Less:
Net income attributable to noncontrolling interest			524			385			709
Net income attributable to common stockholders		$	6,861		$	3,183		$	10,211
Basic earnings per share		$	0.34		$	0.16		$	0.51
Diluted earnings per share		$	0.34		$	0.16		$	0.51
Basic weighted average shares outstanding			19,980,792			19,980,153			19,979,015
Diluted weighted average shares outstanding			20,131,738			20,135,530			19,979,260
This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.

VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
		September 30, 2011			December 31, 2010
ASSETS		(unaudited)
Current assets:
Cash and cash equivalents		$	68,540		$	103,599
Accounts receivable, net			197,969			169,247
Inventories			110,814			94,877
Prepaid expenses and other			31,946			22,940
Total current assets			409,269			390,663
Property, plant and equipment, net			298,288			273,113
Goodwill and other noncurrent assets			113,650			116,797
Total assets		$	821,207		$	780,573
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt		$	10,051		$	10,258
Accounts payable			194,818			162,322
Accrued and other liabilities			73,448			83,798
Total current liabilities			278,317			256,378
Long-term debt, less current maturities			216,365			215,139
Other non-current liabilities			48,462			51,951
Total liabilities			543,144			523,468
Total stockholders’ equity			278,063			257,105
Total liabilities and stockholders’ equity		$	821,207		$	780,573
This information is intended to be reviewed in conjunctions with the Company’s filings with the Securities and Exchange Commission.

VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(Unaudited)
		Nine Months Ended				Nine Months Ended
		September 30, 2011				September 30, 2010
Net cash provided by operating activities		$	39,978			$	33,336
Cash flows from investing activities:
Capital expenditures			(75,134	)			(36,873	)
Proceeds from disposals of property			516				9,769
Acquisition of Merix			–				(35,326	)
Cash acquired in acquisition of Merix			–				13,667
Net cash used in investing activities			(74,618	)			(48,763	)
Cash flows from financing activities:
Proceeds from exercise of stock options			18				–
Repayments of capital lease obligations			(208	)			(139	)
Distribution to noncontrolling interest			(229	)			(783	)
Borrowings under credit facilities, net of repayments			–				(4,200	)
Repayment of 10.5% Senior Subordinated Notes			–				(105,904	)
Change in restricted cash			–				105,734
Repayment of 2013 Notes			–				(515	)
Financing and other fees			–				(2,294	)
Net cash used in financing activities			(419	)			(8,101	)
Net change in cash and cash equivalents			(35,059	)			(23,528	)
Beginning cash			103,599				108,993
Ending cash		$	68,540			$	85,465
This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.

VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
NET SALES AND BALANCE SHEET STATISTICS
(dollars in millions)
(Unaudited)
		Three Months Ended
		September 30, 2011						June 30, 2011						September 30, 2010
Net sales by segment
Printed Circuit Boards		$	224.4		80	%		$	215.1		79	%		$	208.9		81	%
Assembly			54.4		20	%			55.6		21	%			50.4		19	%
		$	278.8		100	%		$	270.7		100	%		$	259.3		100	%

		Percentage of Net Sales									Net Sales Increase
		Three Months Ended									Sequential:			Year/Year:
		Sep. 30,			Jun. 30,			Sep. 30,			3Q11 vs			3Q11 vs
		2011			2011			2010			2Q11			3Q10
Net sales by end market
Automotive		41	%		37	%		35	%		13	%		25	%
Telecommunications		17	%		19	%		24	%		(7	%)		(24	%)
Industrial & Instrumentation		24	%		27	%		24	%		(6	%)		8	%
Computer and Datacommunications		14	%		13	%		13	%		11	%		22	%
Military and Aerospace		4	%		4	%		4	%		(3	%)		(1	%)
		100	%		100	%		100	%		3	%		8	%

				3Q11					2Q11					1Q11					4Q10					3Q10
Working capital metrics
Days’ sales outstanding					63.9					64.0					65.3					62.5					60.6
Inventory turns					7.9					8.6					7.4					8.1					8.4
Days’ payables outstanding					80.0					77.4					84.3					76.3					74.6
Cash cycle (days)					29.4					28.4					29.6					30.8					28.8

VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
RECONCILIATION OF OPERATING INCOME
TO ADJUSTED EBITDA
(dollars in millions)
(Unaudited)
		Three Months Ended
		September 30, 2011			June 30, 2011			September 30, 2010
Operating income		$	21.4		$	15.1		$	25.8
Add-back:
Depreciation and amortization			16.9			16.8			14.9
Non-cash stock compensation expense			1.9			2.3			1.2
Costs relating to acquisitions and equity registrations			0.1			0.1			–
Adjusted EBITDA		$	40.3		$	34.3		$	41.9

VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
RECONCILIATION OF DILUTED EARNINGS PER SHARE
TO ADJUSTED EARNINGS PER SHARE
(dollars in thousands, except per share amounts)
(Unaudited)
		Three Months Ended
		September 30, 2011				June 30, 2011				September 30, 2010
Net income attributable to common stockholders (GAAP)		$	6,861			$	3,183			$	10,211
Adjustments:
Non-cash stock compensation expense			1,850				2,339				1,239
Amortization			931				934				959
Non-cash interest			399				399				399
Costs related to acquisitions and equity registrations			95				99				37
Restructuring and impairment			–				–				26
Special income tax items			(11	)			(745	)			(13	)
Income tax effects of adjustments			–				2				1
Adjusted net income attributable to common stockholders		$	10,125			$	6,211			$	12,859
Diluted weighted average shares outstanding (GAAP)			20,131,738				20,135,530				19,979,260
Diluted earnings per share (GAAP)		$	0.34			$	0.16			$	0.51
Adjusted EPS		$	0.50			$	0.31			$	0.64

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