Operating income was $21.4 million or 7.7% of net sales for the three months ended September 30, 2011, compared with $25.8 million or 9.9% of net sales for the third quarter of 2010, and compared with $15.1 million or 5.6% of net sales for the three months ended June 30, 2011. The year-over-year decrease is primarily the result of higher cost of goods sold relative to net sales and increased depreciation costs. Sequentially, in addition to the improved costs of goods sold as a percentage of net sales, depreciation expenses also declined as a percentage of net sales. These sequential improvements were partially offset by increased costs of selling, general and administrative resources, reflecting general cost inflation as well as increased incentive compensation expenses.

Adjusted EBITDA was $40.3 million or 14.5% of net sales for the three months ended September 30, 2011, compared with $41.9 million or 16.2% of net sales for the third quarter of 2010, and compared with $34.3 million or 12.7% of net sales for the three months ended June 30, 2011. The year-over-year decrease is primarily the result of higher cost of goods sold relative to net sales. A reconciliation of operating income to Adjusted EBITDA is provided at the end of this news release.

For the three months ended September 30, 2011, net income was $7.4 million, of which $6.9 million was attributable to common stockholders, and resulted in $0.34 earnings per basic and diluted share. Adjusted EPS for the three months ended September 30, 2011 were $0.50. A reconciliation of GAAP diluted earnings per share to Adjusted EPS is provided at the end of this news release.

Segment Information

Net sales and operating income in the Company’s Printed Circuit Boards segment for the third quarter of 2011 were $224.4 million and $20.8 million, respectively, compared with Printed Circuit Boards segment net sales and operating income of $208.9 million and $23.6 million, respectively, for the third quarter of 2010 and compared with Printed Circuit Boards segment net sales and operating income of $215.1 million and $12.3 million, respectively, for the quarter ended June 30, 2011. Printed Circuit Boards segment net sales increased both year-over-year and sequentially to customers in both the automotive and the computer and datacommunications end markets. Those increases were partially offset by declines in Printed Circuit Boards segment net sales to customers in the telecommunications and the industrial & instrumentation end markets.

If you liked this article you might like

Stock Market Today: Stocks End Lower but Top Not Yet In Sight, Analysts Say

Stock Market Today: Stocks Fall as China Dampens Stimulus Hopes

TTM Technologies Buys Viasystems for $927M to Combine Circuit Board Makers

Viasystems Group Inc. Stock Downgraded (VIAS)

Viasystems Group Inc. Stock Upgraded (VIAS)