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Viasystems Announces Fourth 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 fourth quarter ended December 31, 2012.

Highlights

  • 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 over the immediately preceding quarter of 16.4%.
  • Giving pro forma effect to the May 2012 acquisition of DDi Corp., net sales for the quarter ended December 31, 2012, declined 18.0% year-over-year.
  • Operating income in the quarter ended December 31, 2012 was $1.0 million, or 0.4% of net sales, and includes special charges for i) approximately $7-to-$9 million of net costs related to manufacturing inefficiencies related to the previously announced Guangzhou fire incident (“Guangzhou Fire”), ii) $1.0 million of restructuring costs reported in connection with the previously announced workforce reductions and plant closures and iii) $0.5 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 $9.5-to-$11.5 million.
  • Adjusted EBITDA in the quarter ended December 31, 2012 was $29.1 million, or 10.6% of net sales, compared with $44.1 million, or 16.4% of net sales, in the quarter ended December 31, 2011, and compared with $41.2 million, or 12.6% of net sales, in the immediately preceding quarter. Adjusted EBITDA for the quarter ended December 31, 2012 has not been adjusted to exclude net expenses of approximately $7-to-$9 million for the Guangzhou Fire.
  • U.S. GAAP loss per basic and diluted share was $(0.73) for the quarter ended December 31, 2012, on approximately 20 million average shares outstanding.
  • Adjusted EPS was a loss of $(0.40) for the quarter, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarters ended December 31, 2011 and September 30, 2012, was $0.97 and $0.27, respectively. Adjusted EPS for the quarter ended December 31, 2012 has not been adjusted to exclude net expenses of approximately $7-to-$9 million for the Guangzhou Fire.

“As previously announced, our reported net sales of $273.6 million for the quarter were down sequentially and year-over-year due to seasonal decline in demand combined with the impact of the fire in our Guangzhou, China factory and an expected pull back in demand for our wind energy products,” stated Viasystems’ CEO David M. Sindelar. “Each of our end markets was down with the exception of our military and aerospace end market which was up slightly.”

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