Pro Forma Information
The company’s net sales of $327.4 million for the quarter ended September 30, 2012 declined by approximately 5.1% compared to approximately $345.0 million pro forma combined net sales of Viasystems and DDi for the three months ended September 30, 2011, which included approximately $66.2 million of net sales by DDi. Similarly, net sales in the third quarter of 2012 declined by approximately 4.0% sequentially compared to the $341.0 million pro forma combined net sales of Viasystems and DDi for the three months ended June 30, 2012, which included approximately $44.1 million net sales by DDi. Year-over-year, decreased pro forma net sales into automotive, telecommunications, and military and aerospace end markets were partly offset by increased pro forma net sales into to customers in the industrial & instrumentation, and the computer and datacommunications end markets. Sequentially, pro forma net sales decreased into the automotive, industrial & instrumentation and telecommunications end markets, which were partially offset by increased pro forma net sales to customers in the computer and datacommunications end market, while pro forma net sales in the military and aerospace end market remained flat.
Cash and Working Capital
Cash and cash equivalents at September 30, 2012 were $94.4 million, compared with $71.3 million at December 31, 2011. Cash provided by operating activities during the nine months ended September 30, 2012 was $70.7 million, of which $38.5 million was provided during the third quarter. The company’s cash cycle metric of 33.7 days at September 30, 2012 was consistent with the pro forma result for that metric during the preceding quarter.During the nine months ended September 30, 2012, the company used a net $344.7 million of cash for investing activities, of which $28.7 million was spent during the third quarter. In particular, capital expenditures during the nine months ended September 30, 2012 were $81.5 million, of which $29.0 million was spent during the third quarter, including approximately $4.1 million spent at locations acquired from DDi. During the quarter ended September 30, 2012, approximately $17.9 million of capital expenditures were incurred in connection with capacity expansion, relocation of facilities, replacement of fire-damaged equipment and other special projects.
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