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TheStreet Open House

Viasystems Group's CEO Discusses Q1 2012 Results - Earnings Call Transcript

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, and good morning, everyone and thanks for joining the call today. I apologize in advance, I've got a little bit of a spring cold, so if I cough, I -- it's -- I apologize. But anyway, I'll begin with referring to Slide 4 of the presentation. And I'm afraid that our solid start to 2011 may be overshadowed by the exciting news of our acquisition of DDi Corporation, the announcement -- and the announcement of a long-term capital structure to support the combined businesses. I'll come back to those topics later but I wanted to start talking about our first quarter.

Our consolidated first quarter sales were $262 million, they grew about 10% year-over-year while seasonally declining about 3% sequentially. Our PCB segment sales increased about 11% compared to the first quarter of 2011, and while our expected seasonal sequential trend was affected by the absence of the PCB premium pricing opportunities, we talked about in our last conference call.

Our assembly sales increased about 7% year-over-year and approximately 9% sequentially. First quarter bookings increased by about 5% compared to the fourth quarter of 2011, and resulted in a 1.08:1 book-to-bill ratio for the quarter. Looking forward to the second quarter for a moment, we expect to see seasonal sequential increases in both net sales for each one of the segments.

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