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Viasystems Announces Second Quarter 2012 Results

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.

For the three months ended June 30, 2012, net loss was $(33.0) million, of which $(33.3) million was attributable to common stockholders, and resulted in $(1.67) of loss per basic and diluted share. Adjusted EPS, on a non-GAAP basis, for the three months ended June 30, 2012 was $0.75. A reconciliation of GAAP diluted earnings per share to Adjusted EPS is provided at the end of this news release.

Segment Information

Net sales and operating income in the company’s Printed Circuit Boards segment for the second quarter of 2012 were $240.4 million and $15.1 million, respectively, compared with Printed Circuit Boards segment net sales and operating income of $215.2 million and $12.4 million, respectively, for the second quarter of 2011 and compared with Printed Circuit Boards segment net sales and operating income of $213.1 million and $7.0 million, respectively, for the quarter ended March 31, 2012. Included in the reported expenses of the Printed Circuit Boards segment in the quarter ended June 30, 2012 are i) approximately $3.9 million of costs of goods sold related to the purchase accounting write-up of acquired DDi inventories, ii) approximately $0.2 million of restructuring costs related to the DDi transaction, and iii) approximately $1.8 million of restructuring costs related to the previously announced closure of the company’s Huizhou, China printed circuit board manufacturing facility. Excluding such costs, operating income in the Printed Circuit Boards segment for the quarter ended June 30, 2012 would have been approximately $21.0 million.

Stock quotes in this article: VIAS 

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