Compared to the first quarter last year, we achieved a 40 basis point improvement in our gross margins as a percent of net sales resulting in a gross margin of about 19.5%. This improvement resulted from selling price increases implemented in the mid-2011 period partially offset by the cost of labor and material compared to the same period a year ago. The decline in our margin sequentially resulted from a combination of the seasonal costs associated with the Chinese New Year holidays and the reduction in the premium priced opportunities.Our adjusted EBITDA was $33.1 million for the quarter, or 12.6% of net sales. Our adjusted EPS was $0.32 per share for the quarter. Jerry will provide more color commentary on the adjusted EBITDA and adjusted EPS in his comments.
Viasystems Group's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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