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Viasystems Announces Third Quarter 2012 Results

Stocks in this article: VIAS

Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced results for the third quarter ended September 30, 2012.

Highlights

  • Net sales were $327.4 million in the quarter ended September 30, 2012, a year-over-year increase of 17.4%, and a sequential increase over the immediately preceding quarter of 10.3%.
  • Giving pro forma effect to the May 2012 acquisition of DDi Corp., net sales declined 5.1% year-over-year and 4.0% sequentially.
  • Operating income in the quarter ended September 30, 2012 was $4.4 million, or 1.3% of net sales, and operating income includes special charges for i) approximately $5.9 million of restructuring costs reported in connection with recently committed reductions of workforce in the company’s printed circuit board factories in China, ii) approximately $4.0 million of costs related to manufacturing inefficiencies and the insurance deductible portion of inventories damaged in the previously-announced Guangzhou fire incident (“Guangzhou Fire”), iii) approximately $2.5 million of restructuring costs in connection with the previously announced closures of two factories in China, and iv) $0.8 million of costs incurred in connection with mergers, acquisitions and related integration activities. Excluding the effects of the special charges, operating income would have been $17.6 million, or 5.4% of net sales.
  • Adjusted EBITDA in the quarter ended September 30, 2012 was $41.2 million or 12.6% of net sales, compared with $40.3 million or 14.5% of net sales in the quarter ended September 30, 2011, and compared with $44.7 million or 15.0% of net sales in the immediately preceding quarter ended June 30, 2012. Adjusted EBITDA for the quarter ended September 30, 2012 has not been adjusted to exclude expenses of approximately $3 million for inefficiencies related to the Guangzhou Fire.
  • U.S. GAAP loss per basic and diluted share was $(0.49) for the quarter ended September 30, 2012, on approximately 20 million average shares outstanding.
  • Adjusted EPS was $0.27 for the quarter, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarters ended September 30, 2011 and June 30, 2012, was $0.50 and $0.75, respectively. Adjusted EPS for the quarter ended September 30, 2012 has not been adjusted to exclude expenses of approximately $3 million for inefficiencies related to the Guangzhou Fire.

“Our reported net sales of $327.4 million for the quarter were within our projected range of $325-335 million,” noted Viasystems’ CEO David M. Sindelar. “The previously-reported fire in our Guangzhou factory late in the quarter had only an estimated $5-7 million adverse impact on the quarter’s billings, thanks in large part to the facts that, first, we hold finished-product inventories for the benefit of many of our customers and, second, we were able to utilize our other factories to meet customers’ demand. While we are not yet back to full capacity as a result of lead times for certain replacement equipment, we have worked diligently with customers to re-source affected products from our other factories, or from customers’ other suppliers.”

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