- Viasystems completed its acquisition of DDi Corp. (“DDi”) at the close of business on May 31, 2012.
- Net sales were $296.9 million in the quarter ended June 30, 2012, a year-over-year increase of 9.6%, and a sequential increase over the immediately preceding quarter of 13.3%.
- Giving pro forma effect to the acquisition of DDi, combined net sales were $341.0 million in the quarter ended June 30, 2012. Pro forma growth of net sales was 1.2% year-over-year and 3.0% sequentially.
- Operating income in the quarter ended June 30, 2012 was $8.7 million, or 2.9% of net sales, and operating income includes special charges for i) $8.2 million of costs incurred directly in connection with the acquisition of DDi, ii) $3.9 million of costs related to purchase accounting, and iii) $1.8 million of restructuring costs in connection with the previously announced closures of two factories in China. Excluding the effects of the special charges, operating income would have been $22.6 million, or 7.6% of net sales.
- Adjusted EBITDA in the quarter ended June 30, 2012 was $44.7 million or 15.0% of net sales, compared with $34.3 million or 12.7% of net sales in the quarter ended June 30, 2011, and compared with $33.1 million or 12.6% of net sales in the immediately preceding quarter ended March 31, 2012.
- U.S. GAAP loss per basic and diluted share was $(1.67) for the quarter ended June 30, 2012, on approximately 20 million average shares outstanding.
- Adjusted EPS was $0.75 for the quarter, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarters ended June 30, 2011 and March 31, 2012, was $0.31 and $0.32, respectively.
Viasystems Announces Second Quarter 2012 Results
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