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TheStreet Open House

Viasystems Discloses Estimated Fourth Quarter 2012 Sales

Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced estimates of sales for the fourth quarter ended December 31, 2012.

Highlights

  • Estimated net sales were $273.6 million in the quarter ended December 31, 2012, a year-over-year increase of 1.7%, and a sequential decrease from the immediately preceding quarter of 16.4%.
  • Giving pro forma effect to the May 2012 acquisition of DDi Corp., estimated net sales declined 18.0% year-over-year.
  • Significant progress in restoring China printed circuit board production after fire
  • Management plans to make a presentation at the Stifel Nicolaus Technology Conference 2013 on February 7, 2013.

“Typical yearend seasonal decline in demand was exaggerated in our fourth quarter by a couple of factors,” stated David M. Sindelar, the company’s chief executive officer. “First, while we have made progress in restoring full operations following a fire in one of our Printed Circuit Boards segment factories in China in September, our recovery was not completed until January 2013. Second, unrelated to the fire and as we anticipated, demand for our wind energy products dropped steeply in our Assembly segment. I believe that incoming orders during the quarter were also adversely affected by these factors as our bookings were at parity with our estimated net sales in the quarter.”

“In terms of our end markets, our estimated fourth quarter net sales grew sequentially over the prior quarter in only our military and aerospace sector, which is served principally from our Printed Circuit Boards segment factories in the United States,” continued Sindelar. “Estimated net sales into each of our other sectors, including automotive, industrial & instrumentation, computer and datacommunications, and telecommunications in the fourth quarter declined both sequentially and year over year.”

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