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Viasystems Announces Fourth 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 fourth quarter ended December 31, 2013.

Highlights

  • Net sales were $303.4 million in the quarter ended December 31, 2013, a year-over-year increase of 10.9%, and a seasonal sequential decrease from the immediately preceding quarter of (1.9)%.
  • Operating income in the quarter ended December 31, 2013, was $11.7 million, or 3.9% of net sales.
  • Adjusted EBITDA in the quarter ended December 31, 2013, was $37.9 million, or 12.5% of net sales, compared with $29.1 million, or 10.6% of net sales, in the quarter ended December 31, 2012, and compared with $32.9 million, or 10.6% of net sales, in the immediately preceding quarter.
  • U.S. GAAP earnings per basic and diluted share were $0.24 and $0.23, respectively, for the quarter ended December 31, 2013, on approximately 20 million average shares outstanding.
  • Adjusted EPS was $0.00 for the quarter ended December 31, 2013, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarters ended December 31, 2012, and September 30, 2013, were losses of $(0.40) and $(0.19), respectively.

“I believe we finished the year with some positive momentum that sets us up to continue to make progress on our cost structure in 2014, but in many ways I am glad that 2013 is behind us,” commented David M. Sindelar, Chief Executive Officer of Viasystems. “During the past year, we have worked through a number of challenges, including factory relocations, recovery from a fire in one of our largest factories, and new project launches, not to mention the economic pressures from reduced government spending.”

“As I look ahead to 2014, our sales team will seek to convert opportunities into new project wins as a supplement to analysts’ modest projections for global demand improvement in each of our end markets,” continued Sindelar. “In addition, following a seasonally low first quarter due to the Chinese New Year holiday, our operations team will continue to implement improvements in our cost controls to draw our margins back up to our historical performance expectations.”

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