DDi Corp. (NASDAQ: DDIC), a leading provider of time-critical, technologically advanced electronic interconnect design, engineering and manufacturing services, today reported financial results for the first quarter ended March 31, 2012.
First Quarter 2012 Highlights:
- Net sales of $68.9 million and bookings of $74.2 million, for a 1.08 book-to-bill ratio
- Net income of $6.3 million, or $0.30 per fully diluted share
- Gross margin of $15.3 million or 22.3% of net sales
- Adjusted EBITDA of $9.6 million, or 13.9% of net sales
- Secured $5.6 million mortgage on new Anaheim facility
- Paid dividend of $0.12 per share of common stock on March 30, 2012
- Entered into a Merger Agreement with Viasystems Group, Inc.
Mikel Williams, President and Chief Executive Officer of DDi Corp., stated, “I am very pleased with our continued strong performance during the first quarter of 2012. In the first quarter, we strengthened our top line, both sequentially and year over year, and also achieved a record level of bookings. We continue to manage our costs and drive bottom-line performance. We also invested heavily in our capabilities, adding equipment across the business and purchasing a new facility in Anaheim. The new building will house world class capabilities and the move is being well received by our customer base.
“Further, we announced that we have entered into a merger agreement with Viasystems Group Inc., which we believe will deliver significant value to our shareholders. In addition, the combined entity will create a global leader in the printed circuit board industry with world class capabilities both in North America as well as Southeast Asia,” Williams concluded.
First Quarter 2012 Results
Net sales for the first quarter of 2012 were $68.9 million, an increase of 6.8% sequentially, and an increase of 3.7% from the first quarter of 2011. Sequentially, the net sales increase was due in part to the holiday season impact on the prior quarter’s demand levels. Year-over-year, the net sales increase reflects stronger order intake over the prior year period.