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Viasystems Announces Strong Fourth 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 fourth quarter ended December 31, 2011.

  • Net sales were $269.0 million in the quarter ended December 31, 2011, a year-over-year increase of 10.3%, and a seasonal sequential decrease from the immediately preceding quarter of 3.5%.
  • Operating income in the quarter was $23.1 million or 8.6% of net sales.
  • Adjusted EBITDA was $44.1 million or 16.4% of net sales, compared with $36.0 million or 14.8% of net sales in the quarter ended December 31, 2010, and compared with $40.3 million or 14.5% of net sales in the immediately preceding quarter ended September 30, 2011.
  • GAAP earnings per basic and diluted share were $0.75 and $0.74, respectively, for the quarter ended December 31, 2011, on approximately 20 million average shares outstanding.
  • Adjusted EPS were $0.97 for the quarter, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarters ended December 31, 2010 and September 30, 2011, were $0.45 and $0.50, respectively.

“In addition to a relatively stable cost environment in our fourth quarter, the combination of a couple of favorable factors resulted in a record earnings quarter for Viasystems,” noted David M. Sindelar, Chief Executive Officer. “As I highlighted in my comments last week, sales resulting from the effects of the Thailand flooding improved demand and sales mix in our fourth quarter. During the quarter, we also generated premium pricing on other PCB production orders, and we took advantage of an increase in our PCB capacity due to reduced PRC governmental energy rationing during the period.”

“Automotive customer demand reached record levels in 2011, and despite some seasonal slowing in our fourth quarter, customers’ forecasts indicate stable-to-increasing demand in the coming year,” highlighted Mr. Sindelar. “We executed on several opportunities in the computer and datacommunications end market during 2011, experiencing year-over-year fourth quarter demand growth of more than 40%, and we see additional opportunities in that market for 2012. Demand for our industrial & instrumentation products is broad based, and customers for wind energy products are signaling strong demand for 2012 ahead of the pending lapse of tax incentives. Overall U.S. military and aerospace end market demand continues to feel downward pressure from reduced domestic spending, but we expect to continue to gain market share for modest growth in 2012. However, we believe that telecommunications demand in 2012 is still uncertain, as the industry continues its tepid level of new developments.”

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