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Viasystems Group's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: VIAS

Please review today's press release and recent SEC filings for a more complete discussion of factors that could have an impact on the company's actual results. Some of our discussions today will include non-GAAP measures, in particular, adjusted EBITDA and adjusted earnings per share. These non-GAAP measures are reconciled with our GAAP results in today's press release and in our slide presentation. Management believes these measures are useful for analytical purposes and to assist in comparing results over time and across companies. But I remind you that adjusted EBITDA and adjusted EPS exclude certain material items and are not a replacement for the reported results under generally accepted accounting principles.

I'll now turn the call over to our CEO, Dave Sindelar.

David M. Sindelar

Thanks, Kelly. Good afternoon, everyone, and thank you for joining our call. I will begin by referring to Slide 4 of the presentation material. We're very pleased with the strong finish of 2011. The finish was the result of solid performance with the benefits of premium sales to meet unexpected demand. Throughout our presentation, you will hear references to premium-priced opportunities that bolstered our profitability in the fourth quarter. Those opportunities primarily came from 2 sources: customers that lost PCB sources as a result of the Thailand floods and higher-than-normal premium sales from our existing customer base.

Our consolidated fourth quarter sales of $269 million grew 10.3% year-over-year, while seasonally declined 3.5% sequentially. Our PCB segment sales increased 13.9% compared to the final quarter of 2011, while our expected seasonal sequential decline in this segment was essentially offset by the premium-priced opportunities we captured. Our assembly segment sales declined 4.5% year-over-year and 17.2% sequentially. Fourth quarter bookings increased approximately 3.9% compared to the third quarter. As a result, we returned to a slightly positive book-to-bill for the quarter, which also resulted in a full-year 2011 bookings on par with sales.

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