- 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.
Viasystems Announces Fourth Quarter 2012 Results
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