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Viasystems Announces Second Quarter 2013 Results

Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced results for the second quarter ended June 30, 2013.

  • Net sales were $285.6 million in the quarter ended June 30, 2013, a year-over-year decrease of 3.8%, and a sequential increase over the immediately preceding quarter of 4.6%.
  • Giving pro forma effect to the May 2012 acquisition of DDi Corp., net sales for the quarter ended June 30, 2013, declined 16.2% year-over-year.
  • Operating income in the quarter ended June 30, 2013, was $4.5 million, or 1.6% of net sales.
  • Adjusted EBITDA in the quarter ended June 30, 2013, was $30.7 million, or 10.8% of net sales, compared with $44.7 million, or 15.0% of net sales, in the quarter ended June 30, 2012, and compared with $29.5 million, or 10.8% of net sales, in the immediately preceding quarter.
  • U.S. GAAP loss per basic and diluted share was $(0.52) for the quarter ended June 30, 2013, on approximately 20 million average shares outstanding.
  • Adjusted EPS was a loss of $(0.28) for the quarter, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarters ended June 30, 2012, and March 31, 2013, was $0.75 and $(0.39), respectively.

“While consolidated net sales for our second quarter were in line with analysts’ expectations, our earnings came in slightly below,” noted Viasystems’ Chief Executive Officer, David M. Sindelar. “However, I believe we gained momentum in the quarter and still expect to see sales and earnings improvements in the second half of the year. In particular, we have been awarded significant new projects in most of our end markets. These new project awards are a subset of a solid book-to-bill ratio in the second quarter. The new projects are also expected to complement our continued recovery from the setbacks we suffered in both our PCB and Assembly segments last year.”

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