Operating income was $8.7 million or 2.9% of net sales in the three months ended June 30, 2012, compared with $15.1 million or 5.6% of net sales for the second quarter of 2011, and compared with $5.2 million or 2.0% of net sales for the three months ended March 31, 2012. Included in operating costs during the quarter ended June 30, 2012 were i) approximately $3.9 million of costs of goods sold related to the purchase accounting write-up of acquired DDi inventories, ii) approximately $8.2 million of professional fees, other expenses and restructuring costs related directly to the acquisition of DDi, and iii) approximately $1.8 million of restructuring costs related to the previously announced closures of two factories in China. Excluding such costs, operating income for the quarter ended June 30, 2012 would have been approximately $22.6 million, or 7.6% of net sales.Adjusted EBITDA, on a non-GAAP basis, was $44.7 million or 15.0% of net sales for the three months ended June 30, 2012, compared with $34.3 million or 12.7% of net sales for the second quarter of 2011, and compared with $33.1 million or 12.6% of net sales for the three months ended March 31, 2012. A reconciliation of operating income to Adjusted EBITDA is provided at the end of this news release.
Viasystems Announces Second Quarter 2012 Results
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