Viasystems Announces Third Quarter 2012 Results
ST. LOUIS--(BUSINESS WIRE)--
Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex
multi-layer printed circuit boards and electro-mechanical solutions,
today announced results for the third quarter ended September 30, 2012.
Highlights
-
Net sales were $327.4 million in the quarter ended September 30, 2012,
a year-over-year increase of 17.4%, and a sequential increase over the
immediately preceding quarter of 10.3%.
-
Giving pro forma effect to the May 2012 acquisition of DDi Corp., net
sales declined 5.1% year-over-year and 4.0% sequentially.
-
Operating income in the quarter ended September 30, 2012 was
$4.4 million, or 1.3% of net sales, and operating income includes
special charges for i) approximately $5.9 million of restructuring
costs reported in connection with recently committed reductions of
workforce in the company's printed circuit board factories in China,
ii) approximately $4.0 million of costs related to manufacturing
inefficiencies and the insurance deductible portion of inventories
damaged in the previously-announced Guangzhou fire incident
("Guangzhou Fire"), iii) approximately $2.5 million of restructuring
costs in connection with the previously announced closures of two
factories in China, and iv) $0.8 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 $17.6 million, or 5.4% of net sales.
-
Adjusted EBITDA in the quarter ended September 30, 2012 was
$41.2 million or 12.6% of net sales, compared with $40.3 million or
14.5% of net sales in the quarter ended September 30, 2011, and
compared with $44.7 million or 15.0% of net sales in the immediately
preceding quarter ended June 30, 2012. Adjusted EBITDA for the quarter
ended September 30, 2012 has not been adjusted to exclude expenses of
approximately $3 million for inefficiencies related to the Guangzhou
Fire.
-
U.S. GAAP loss per basic and diluted share was $(0.49) for the quarter
ended September 30, 2012, on approximately 20 million average shares
outstanding.
-
Adjusted EPS was $0.27 for the quarter, excluding certain non-cash and
special income and expense items. Adjusted EPS for the quarters ended
September 30, 2011 and June 30, 2012, was $0.50 and $0.75,
respectively. Adjusted EPS for the quarter ended September 30, 2012
has not been adjusted to exclude expenses of approximately $3 million
for inefficiencies related to the Guangzhou Fire.
"Our reported net sales of $327.4 million for the quarter were within
our projected range of $325-335 million," noted Viasystems' CEO David M.
Sindelar. "The previously-reported fire in our Guangzhou factory late in
the quarter had only an estimated $5-7 million adverse impact on the
quarter's billings, thanks in large part to the facts that, first, we
hold finished-product inventories for the benefit of many of our
customers and, second, we were able to utilize our other factories to
meet customers' demand. While we are not yet back to full capacity as a
result of lead times for certain replacement equipment, we have worked
diligently with customers to re-source affected products from our other
factories, or from customers' other suppliers."
"Our actions to integrate the operations of our most recent acquisition
are running at, or ahead of, our planned pace," continued Mr. Sindelar.
"While an integration of this magnitude is always a continuing
challenge, I am happy with the progress our team has so far made to
streamline the combined cost environment and to achieve the anticipated
economies of scale."
"As I look forward," commented Sindelar, "similar to reports by many of
our customers, suppliers and competitors, we are seeing signs of soft
demand as we enter the final quarter of 2012. Further, I believe the
effects of reduced demand for our company are being exaggerated by the
required closure of our Huizhou, China factory and the production
interruption caused by the fire in our Guangzhou, China factory. I
expect a more significant fire-related impact in our fourth quarter than
we experienced in our third quarter. Taken together with seasonally
lower fourth quarter expectations, our book-to-bill ratio was less than
one-to-one for the third quarter."
"While each of our end markets is feeling some effect of declining
general market conditions," added Sindelar, "the most significant
impacts were experienced in our automotive business. In automotive, the
overall slowing was exaggerated by the fire in Guangzhou, by certain
customers' reactions to our selling price increases last year, and by
the re-introduction of a competitor's capacity in Thailand after last
year's flood."
Financial Results
The company reported net sales of $327.4 million for the three months
ended September 30, 2012. Year-over-year and sequential increases of
17.4% and 10.3%, respectively, were primarily the result of the
company's acquisition of DDi on May 31, 2012. Giving pro forma effect to
the May 2012 acquisition of DDi Corp., net sales declined 5.1%
year-over-year and 4.0% sequentially. The pro forma decline was driven
primarily by reduced demand for the company's automotive products, which
the company attributes to the effects of i) softening global economic
conditions, ii) the company's announced closure of its Huizhou, China
printed circuit board factory that served primarily automotive
customers, and iii) certain customers' adverse reaction to the company's
selling price increases implemented in the second half of 2011.
Cost of goods sold (excluding items shown separately in the income
statement) as a percent of net sales deteriorated to 80.0% for the
quarter ended September 30, 2012, compared to 78.6% in the corresponding
quarter a year ago, and compared to 79.3% in the immediately preceding
quarter ended June 30, 2012. Included in cost of goods sold for the
three months ended September 30, 2012 were i) approximately $3 million
of costs for idle manufacturing resources incurred following the
Guangzhou Fire, and ii) approximately $0.5 million restructuring charges
related to process inventories made obsolete by the company's closure of
its Huizhou, China factory.
Operating income was $4.4 million or 1.3% of net sales in the three
months ended September 30, 2012, compared with $21.4 million or 7.7% of
net sales for the third quarter of 2011, and compared with $8.7 million
or 2.9% of net sales for the three months ended June 30, 2012. Included
in operating costs during the three months ended September 30, 2012 were
i) approximately $10.0 million of restructuring costs related to a) the
previously announced closures of two factories in China, b) the
integration of the business acquired from DDi Corp., c) a reduction of
workforce to streamline continuing operating costs in China, and d) the
insurance deductible for inventories damaged in the Guangzhou Fire,
ii) approximately $3 million of manufacturing inefficiencies related to
the Guangzhou Fire, and iii) approximately $0.2 million travel and other
expenses related to acquisitions. Excluding such costs, operating income
for the quarter ended September 30, 2012 would have been approximately
$17.6 million, or 5.4% of net sales.
Adjusted EBITDA, on a non-GAAP basis, was $41.2 million or 12.6% of net
sales for the three months ended September 30, 2012, compared with
$40.3 million or 14.5% of net sales for the third quarter of 2011, and
compared with $44.7 million or 15.0% of net sales for the three months
ended June 30, 2012. A reconciliation of operating income to Adjusted
EBITDA is provided at the end of this news release.
For the three months ended September 30, 2012, net loss was
$(9.5) million, of which $(9.8) million was attributable to common
stockholders, and resulted in $(0.49) of loss per basic and diluted
share. Adjusted EPS, on a non-GAAP basis, for the three months ended
September 30, 2012 was $0.27. 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 2012 were $269.5 million and
$3.0 million, respectively, compared with Printed Circuit Boards segment
net sales and operating income of $224.4 million and $20.8 million,
respectively, for the third quarter of 2011 and compared with Printed
Circuit Boards segment net sales and operating income of $240.4 million
and $15.1 million, respectively, for the quarter ended June 30, 2012.
Included in the reported expenses of the Printed Circuit Boards segment
in the quarter ended September 30, 2012 are i) approximately
$6.1 million restructuring costs for employment terminations in China,
ii) approximately $3 million costs of goods sold related to idle
manufacturing resources incurred following the Guangzhou Fire,
iii) approximately $2.4 million non-employment costs related to the
closure of the company's Huizhou, China factory, iv) approximately
$0.9 million restructuring costs for the insurance deductible portion of
inventories damaged in the Guangzhou Fire , and v) approximately
$0.5 million restructuring costs for employment terminations and other
activities related to the integration of acquired companies. Excluding
such costs, operating income in the Printed Circuit Boards segment for
the quarter ended September 30, 2012 would have been approximately
$15.9 million.
Net sales and operating income in the company's Assembly segment for the
third quarter of 2012 were $57.9 million and $1.6 million, respectively,
compared with Assembly segment net sales and operating income of
$54.4 million and $0.7 million, respectively, for the third quarter of
2011 and compared with Assembly segment net sales and operating income
of $56.5 million and $1.6 million, respectively, for the quarter ended
June 30, 2012. Compared to the third quarter of 2011, Assembly segment
net sales increased in the industrial & instrumentation, automotive and
telecommunications end markets, but declined in the computer and
datacommunications end market. Compared to the immediately preceding
three months ended June 30, 2012, increased Assembly segment net sales
to customers in the telecommunications end market were responsible for
substantially all of the segment's sequential growth.
Pro Forma Information
The company's net sales of $327.4 million for the quarter ended
September 30, 2012 declined by approximately 5.1% compared to
approximately $345.0 million pro forma combined net sales of Viasystems
and DDi for the three months ended September 30, 2011, which included
approximately $66.2 million of net sales by DDi. Similarly, net sales in
the third quarter of 2012 declined by approximately 4.0% sequentially
compared to the $341.0 million pro forma combined net sales of
Viasystems and DDi for the three months ended June 30, 2012, which
included approximately $44.1 million net sales by DDi. Year-over-year,
decreased pro forma net sales into automotive, telecommunications, and
military and aerospace end markets were partly offset by increased pro
forma net sales into to customers in the industrial & instrumentation,
and the computer and datacommunications end markets. Sequentially, pro
forma net sales decreased into the automotive, industrial &
instrumentation and telecommunications end markets, which were partially
offset by increased pro forma net sales to customers in the computer and
datacommunications end market, while pro forma net sales in the military
and aerospace end market remained flat.
Cash and Working Capital
Cash and cash equivalents at September 30, 2012 were $94.4 million,
compared with $71.3 million at December 31, 2011. Cash provided by
operating activities during the nine months ended September 30, 2012 was
$70.7 million, of which $38.5 million was provided during the third
quarter. The company's cash cycle metric of 33.7 days at September 30,
2012 was consistent with the pro forma result for that metric during the
preceding quarter.
During the nine months ended September 30, 2012, the company used a net
$344.7 million of cash for investing activities, of which $28.7 million
was spent during the third quarter. In particular, capital expenditures
during the nine months ended September 30, 2012 were $81.5 million, of
which $29.0 million was spent during the third quarter, including
approximately $4.1 million spent at locations acquired from DDi. During
the quarter ended September 30, 2012, approximately $17.9 million of
capital expenditures were incurred in connection with capacity
expansion, relocation of facilities, replacement of fire-damaged
equipment and other special projects.
During the first three quarters of 2012, financing activities provided a
net $297.1 million cash proceeds for the company. Financing activities
during the quarter ended September 30, 2012 used approximately
$0.3 million cash to make scheduled mortgage payments and approximately
$0.2 million cash to fund costs of the financing instruments entered in
connection with the DDi acquisition in the preceding quarter.
Year-to-date through September, the company has used a net of
approximately $24.1 million cash for interest payments, of which
$0.4 million was paid during the third quarter, and has used a net of
approximately $11.3 million cash for payment of income taxes, of which
$2.7 million was paid during the three months ended September 30, 2012.
After the end of the quarter, on the November 1, 2012 scheduled payment
date, the company paid approximately $21.7 million for interest on the
2019 Notes.
Use of Non-GAAP Financial Measures
In addition to the condensed consolidated financial statements presented
in accordance with U.S. GAAP, management uses certain non-GAAP financial
measures, including "Adjusted EBITDA" and "Adjusted EPS".
Adjusted EBITDA is not a recognized financial measure under U.S. GAAP,
and does not purport to be an alternative to operating income or an
indicator of operating performance. Adjusted EBITDA is presented to
enhance an understanding of operating results and is not intended to
represent cash flows or results of operations. The Board of Directors,
lenders and management use Adjusted EBITDA primarily as an additional
measure of operating performance for matters including executive
compensation and competitor comparisons. The use of this non-GAAP
measure provides an indication of the company's ability to service debt,
and management considers it an appropriate measure to use because of the
company's leveraged position.
Adjusted EBITDA has certain material limitations, primarily due to the
exclusion of certain amounts that are material to the company's
consolidated results of operations, such as interest expense, income tax
expense, and depreciation and amortization. In addition, Adjusted EBITDA
may differ from the Adjusted EBITDA calculations reported by other
companies in the industry, limiting its usefulness as a comparative
measure.
The company uses Adjusted EBITDA to provide meaningful supplemental
information regarding operating performance and profitability by
excluding from EBITDA certain items that the company believes are not
indicative of its ongoing operating results or will not impact future
operating cash flows, which include restructuring and impairment
charges, loss on early extinguishment of debt, stock compensation, costs
associated with acquisitions and equity registrations, and other, net.
Adjusted EPS is not a recognized financial measure under U.S. GAAP, does
not purport to be an indicator of the company's financial performance,
and might not be consistent with measures used by other companies. The
company's management believes this supplemental measure is useful in
understanding underlying trends of the business and analyzing the
effects of certain events that are infrequent or unusual for the company.
Adjusted EPS has certain material limitations, primarily due to the
exclusion of certain amounts from earnings that are material to the
company's consolidated results of operations, such as costs associated
with acquisitions and equity registrations, restructuring and impairment
charges, certain interest and other expenses, and certain adjustments to
net income to arrive at net income available to common stockholders. As
a result, Adjusted EPS differs materially from the earnings per share
calculations reported by other companies in the industry, limiting its
usefulness as a comparative measure.
Investor Conference Call
Viasystems will broadcast live via internet an investor conference call
at 11:00 a.m. Eastern Time today, November 7, 2012. The live listen-only
audio of the conference call will be available at http://investor.viasystems.com.
The live conference call will be available by telephone for professional
investors and analysts by dialing 877-640-9867 (toll-free) or
914-495-8546.
A telephonic replay of the conference call will be available for one
week at 855-859-2056 or 404-537-3406. Replay listeners should enter the
conference ID 52106503. The webcast replay will be available at http://investor.viasystems.com
for an indefinite period.
Forward Looking Statements
Certain statements in this communication constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are made on the basis of the
current beliefs, expectations and assumptions of the management of
Viasystems regarding future events and are subject to significant risks
and uncertainty. Statements regarding our expected performance in the
future are forward-looking statements. Investors are cautioned not to
place undue reliance on any such forward-looking statements, which speak
only as of the date they are made. Viasystems undertakes no obligation
to update or revise these statements, whether as a result of new
information, future events or otherwise, except to the extent required
by law. Actual results may differ materially from those expressed or
implied. Such differences may result from a variety of factors,
including but not limited to: legal or regulatory proceedings; the
ability of Viasystems to successfully integrate DDi's operations,
product lines and technology and to realize additional opportunities for
growth; any actions taken by the company, including but not limited to,
restructuring or strategic initiatives (including capital investments or
asset acquisitions or dispositions); or developments beyond the
company's control, including but not limited to, changes in domestic or
global economic conditions, competitive conditions and consumer
preferences, adverse weather conditions or natural disasters, health
concerns, international, political or military developments and
technological developments. Additional factors that may cause results to
differ materially from those described in the forward-looking statements
are set forth under the heading "Item 1A. Risk Factors," in the Annual
Report on Form 10-K filed by Viasystems with the SEC on February 15,
2012, Item 1A. Risk Factors," in the Quarterly Report on Form 10-Q filed
by Viasystems with the SEC on May 9, 2012 and in Viasystems' other
filings made from time to time with the SEC and available at the SEC's
website, www.sec.gov.
About Viasystems
Viasystems Group, Inc. is a technology leader and a worldwide provider
of complex multi-layer printed circuit boards (PCBs) and
electro-mechanical solutions (E-M Solutions). Its PCBs serve as the
"electronic backbone" of almost all electronic equipment, and its E-M
Solutions products and services include integration of PCBs and other
components into finished or semi-finished electronic equipment, for
which it also provides custom and standard metal enclosures, cabinets,
racks and sub-racks, backplanes and busbars. Viasystems' approximately
14,400 employees around the world serve over 1,000 customers in the
automotive, telecommunications, industrial & instrumentation, computer
and datacommunications, and military and aerospace end markets. For
additional information about Viasystems, please visit the company's
website at www.viasystems.com.
|
|
|
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
September 30,
2012
|
|
|
June 30,
2012
|
|
|
September 30,
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
327,352
|
|
|
|
$
|
296,861
|
|
|
|
$
|
278,818
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold, exclusive of items shown separately
|
|
|
|
261,953
|
|
|
|
|
235,556
|
|
|
|
|
219,233
|
|
Selling, general and administrative
|
|
|
|
27,635
|
|
|
|
|
31,228
|
|
|
|
|
21,216
|
|
Depreciation
|
|
|
|
22,246
|
|
|
|
|
18,579
|
|
|
|
|
16,508
|
|
Amortization
|
|
|
|
1,679
|
|
|
|
|
802
|
|
|
|
|
428
|
|
Restructuring and impairment
|
|
|
|
9,480
|
|
|
|
|
1,958
|
|
|
|
|
—
|
|
Operating income
|
|
|
|
4,359
|
|
|
|
|
8,738
|
|
|
|
|
21,433
|
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
11,257
|
|
|
|
|
12,144
|
|
|
|
|
7,235
|
|
Amortization of deferred financing costs
|
|
|
|
730
|
|
|
|
|
766
|
|
|
|
|
503
|
|
Loss on early extinguishment of debt
|
|
|
|
—
|
|
|
|
|
24,234
|
|
|
|
|
—
|
|
Other, net
|
|
|
|
(272
|
)
|
|
|
|
(710
|
)
|
|
|
|
439
|
|
(Loss) income before income taxes
|
|
|
|
(7,356
|
)
|
|
|
|
(27,696
|
)
|
|
|
|
13,256
|
|
Income taxes
|
|
|
|
2,189
|
|
|
|
|
5,342
|
|
|
|
|
5,871
|
|
Net (loss) income
|
|
|
$
|
(9,545
|
)
|
|
|
$
|
(33,038
|
)
|
|
|
$
|
7,385
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interest
|
|
|
|
243
|
|
|
|
|
271
|
|
|
|
|
524
|
|
Net (loss) income attributable to common stockholders
|
|
|
$
|
(9,788
|
)
|
|
|
$
|
(33,309
|
)
|
|
|
$
|
6,861
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings per share
|
|
|
$
|
(0.49
|
)
|
|
|
$
|
(1.67
|
)
|
|
|
$
|
0.34
|
|
Diluted (loss) earnings per share
|
|
|
$
|
(0.49
|
)
|
|
|
$
|
(1.67
|
)
|
|
|
$
|
0.34
|
|
Basic weighted average shares outstanding
|
|
|
|
19,994,820
|
|
|
|
|
19,990,628
|
|
|
|
|
19,980,792
|
|
Diluted weighted average shares outstanding
|
|
|
|
19,994,820
|
|
|
|
|
19,990,628
|
|
|
|
|
20,131,738
|
|
|
|
This information is intended to be reviewed in conjunction with
the company's filings with the Securities and Exchange Commission.
|
|
|
|
|
|
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
|
|
|
|
|
|
|
September 30,
2012
|
|
|
December 31,
2011
|
|
ASSETS
|
|
|
(unaudited)
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
94,387
|
|
|
$
|
71,281
|
|
Restricted cash
|
|
|
|
6,830
|
|
|
|
—
|
|
Accounts receivable, net
|
|
|
|
214,430
|
|
|
|
196,065
|
|
Inventories
|
|
|
|
118,780
|
|
|
|
116,457
|
|
Prepaid expenses and other
|
|
|
|
35,724
|
|
|
|
34,280
|
|
Total current assets
|
|
|
|
470,151
|
|
|
|
418,083
|
|
Property, plant and equipment, net
|
|
|
|
421,909
|
|
|
|
307,290
|
|
Goodwill and other noncurrent assets
|
|
|
|
276,065
|
|
|
|
113,876
|
|
Total assets
|
|
|
$
|
1,168,125
|
|
|
$
|
839,249
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
|
$
|
12,225
|
|
|
$
|
10,054
|
|
Accounts payable
|
|
|
|
192,154
|
|
|
|
195,908
|
|
Accrued and other liabilities
|
|
|
|
107,777
|
|
|
|
75,388
|
|
Total current liabilities
|
|
|
|
312,156
|
|
|
|
281,350
|
|
Long-term debt, less current maturities
|
|
|
|
563,906
|
|
|
|
216,716
|
|
Other non-current liabilities
|
|
|
|
50,107
|
|
|
|
48,111
|
|
Total liabilities
|
|
|
|
926,169
|
|
|
|
546,177
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
|
241,956
|
|
|
|
293,072
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
1,168,125
|
|
|
$
|
839,249
|
|
|
|
This information is intended to be reviewed in conjunctions with
the company's filings with the Securities and Exchange Commission.
|
|
|
|
|
|
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(unaudited)
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
|
September 30,
2012
|
|
|
September 30,
2011
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
$
|
70,687
|
|
|
|
$
|
39,978
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Acquisition of DDi, net of cash acquired
|
|
|
|
(253,464
|
)
|
|
|
|
—
|
|
|
Capital expenditures
|
|
|
|
(81,497
|
)
|
|
|
|
(75,134
|
)
|
|
Acquisition of remaining interest in joint venture
|
|
|
|
(10,106
|
)
|
|
|
|
—
|
|
|
Proceeds from disposals of property
|
|
|
|
390
|
|
|
|
|
516
|
|
|
Net cash used in investing activities
|
|
|
|
(344,677
|
)
|
|
|
|
(74,618
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Proceeds from 7.875% Senior Secured Notes
|
|
|
|
550,000
|
|
|
|
|
—
|
|
|
Repayment of 12.0% Senior Secured Notes
|
|
|
|
(236,295
|
)
|
|
|
|
—
|
|
|
Financing and other fees
|
|
|
|
(16,213
|
)
|
|
|
|
—
|
|
|
Repayments of mortgages and credit facilities, net of borrowings
|
|
|
|
(396
|
)
|
|
|
|
—
|
|
|
Proceeds from exercise of stock options
|
|
|
|
—
|
|
|
|
|
18
|
|
|
Repayments of capital lease obligations
|
|
|
|
—
|
|
|
|
|
(208
|
)
|
|
Distributions to noncontrolling interest
|
|
|
|
—
|
|
|
|
|
(229
|
)
|
|
Net cash provided by (used in) financing activities
|
|
|
|
297,096
|
|
|
|
|
(419
|
)
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
23,106
|
|
|
|
|
(35,059
|
)
|
|
|
|
|
|
|
|
|
|
Beginning cash
|
|
|
|
71,281
|
|
|
|
|
103,599
|
|
|
Ending cash
|
|
|
$
|
94,387
|
|
|
|
$
|
68,540
|
|
|
|
|
This information is intended to be reviewed in conjunction with
the company's filings with the Securities and Exchange Commission.
|
|
|
|
|
|
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
NET SALES AND BALANCE SHEET STATISTICS
(dollars in millions)
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
September 30, 2012
|
|
|
June 30, 2012 (a)
|
|
|
September 30, 2011(a)
|
|
Net sales by segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Printed Circuit Boards (a)
|
|
|
$
|
269.5
|
|
|
82
|
%
|
|
|
$
|
240.4
|
|
|
81
|
%
|
|
|
$
|
224.4
|
|
|
80
|
%
|
|
Assembly
|
|
|
|
57.9
|
|
|
18
|
%
|
|
|
|
56.5
|
|
|
19
|
%
|
|
|
|
54.4
|
|
|
20
|
%
|
|
|
|
|
$
|
327.4
|
|
|
100
|
%
|
|
|
$
|
296.9
|
|
|
100
|
%
|
|
|
$
|
278.8
|
|
|
100
|
%
|
|
|
|
(a) Excludes $44.1 and $66.2 net sales by DDi Corp.
during the three months ended June 30, 2012 and September 30,
2011, respectively.
|
|
|
|
|
|
|
|
|
Percentage of Pro Forma(b) Net Sales
|
|
|
PF(b) Net Sales Increase
|
|
|
|
|
Three Months Ended
|
|
|
Sequential:
|
|
|
Year/Year:
|
|
|
|
|
Sep. 30,
|
|
|
Jun. 30,
|
|
|
Sep. 30,
|
|
|
3Q12 vs
|
|
|
3Q12 vs
|
|
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
|
2Q12
|
|
|
3Q11
|
|
Pro forma(b) net sales by end market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive
|
|
|
28
|
%
|
|
|
30
|
%
|
|
|
33
|
%
|
|
|
(10
|
%)
|
|
|
(19
|
%)
|
|
Industrial & Instrumentation
|
|
|
29
|
%
|
|
|
29
|
%
|
|
|
25
|
%
|
|
|
(4
|
%)
|
|
|
9
|
%
|
|
Computer and Datacommunications
|
|
|
18
|
%
|
|
|
17
|
%
|
|
|
16
|
%
|
|
|
3
|
%
|
|
|
7
|
%
|
|
Telecommunications
|
|
|
15
|
%
|
|
|
15
|
%
|
|
|
16
|
%
|
|
|
(1
|
%)
|
|
|
(10
|
%)
|
|
Military and Aerospace
|
|
|
10
|
%
|
|
|
9
|
%
|
|
|
10
|
%
|
|
|
0
|
%
|
|
|
(6
|
%)
|
|
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
(4
|
%)
|
|
|
(5
|
%)
|
|
|
|
(b) Includes the effects of $44.1 and $66.2 net sales
by DDi Corp. during the three months ended June 30, 2012 and
September 30, 2011, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q12
|
|
|
2Q12(c)
|
|
|
1Q12
|
|
|
4Q11
|
|
|
3Q11
|
|
Working capital metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days' sales outstanding
|
|
|
59.0
|
|
|
58.8
|
|
|
63.4
|
|
|
65.6
|
|
|
63.9
|
|
Inventory turns
|
|
|
8.8
|
|
|
8.0
|
|
|
7.5
|
|
|
7.1
|
|
|
7.9
|
|
Days' payables outstanding
|
|
|
66.1
|
|
|
70.0
|
|
|
79.7
|
|
|
85.8
|
|
|
80.0
|
|
Cash cycle (days)
|
|
|
33.7
|
|
|
33.8
|
|
|
32.0
|
|
|
30.8
|
|
|
29.4
|
|
|
|
(c) Adjusted for the effects of working capital acquired
from DDi Corp.
|
|
|
|
|
|
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
RECONCILIATION OF OPERATING INCOME
TO ADJUSTED EBITDA
(dollars in millions)
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
September 30,
2012
|
|
|
June 30,
2012
|
|
|
September 30,
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
$
|
4.4
|
|
|
$
|
8.7
|
|
|
$
|
21.4
|
|
Add-back:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
23.9
|
|
|
|
19.4
|
|
|
|
16.9
|
|
Restructuring and impairment
|
|
|
|
10.0
|
|
|
|
2.0
|
|
|
|
—
|
|
Non-cash stock compensation expense
|
|
|
|
2.7
|
|
|
|
2.7
|
|
|
|
1.9
|
|
Costs relating to acquisitions and equity registrations
|
|
|
|
0.2
|
|
|
|
11.9
|
|
|
|
0.1
|
|
Adjusted EBITDA
|
|
|
$
|
41.2
|
|
|
$
|
44.7
|
|
|
$
|
40.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
RECONCILIATION OF DILUTED EARNINGS PER SHARE
TO ADJUSTED EARNINGS PER SHARE
(dollars in thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
September 30,
2012
|
|
|
|
|
June 30,
2012
|
|
|
|
September 30,
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to common stockholders (GAAP)
|
|
|
$
|
(9,788
|
)
|
|
|
|
|
$
|
(33,309
|
)
|
|
|
|
$
|
6,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock compensation expense
|
|
|
|
2,700
|
|
|
|
|
|
|
2,669
|
|
|
|
|
|
1,850
|
|
|
Amortization
|
|
|
|
2,409
|
|
|
|
|
|
|
1,568
|
|
|
|
|
|
931
|
|
|
Restructuring and impairment
|
|
|
|
9,970
|
|
|
|
|
|
|
1,958
|
|
|
|
|
|
—
|
|
|
Costs related to acquisitions and equity registrations
|
|
|
|
225
|
|
|
|
|
|
|
11,925
|
|
(a)
|
|
|
|
95
|
|
|
Loss on early extinguishment of debt
|
|
|
|
—
|
|
|
|
|
|
|
24,234
|
|
|
|
|
|
—
|
|
|
Transition period interest
|
|
|
|
—
|
|
|
|
|
|
|
4,169
|
|
(b)
|
|
|
|
—
|
|
|
Special income tax items
|
|
|
|
—
|
|
|
|
|
|
|
1,716
|
|
|
|
|
|
(11
|
)
|
|
Non-cash interest
|
|
|
|
—
|
|
|
|
|
|
|
266
|
|
|
|
|
|
399
|
|
|
Income tax effects of adjustments
|
|
|
|
43
|
|
|
|
|
|
|
(44
|
)
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income attributable to common stockholders
|
|
|
$
|
5,559
|
|
|
|
|
|
$
|
15,152
|
|
|
|
|
$
|
10,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding
|
|
|
|
20,233,612
|
|
|
|
|
|
|
20,252,446
|
|
|
|
|
|
20,131,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) earnings per share (GAAP)
|
|
|
$
|
(0.49
|
)
|
|
|
|
|
$
|
(1.67
|
)
|
|
|
|
$
|
0.34
|
|
|
Adjusted EPS
|
|
|
$
|
0.27
|
|
|
|
|
|
$
|
0.75
|
|
|
|
|
$
|
0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Includes i) approximately $7,978 fees and expenses related to the
acquisition of DDi, plus ii) $3,947 representing the fair value
write-up of inventories purchased in connection with the DDi
acquisition.
|
|
|
|
|
|
(b)
|
|
Represents i) approximately $2,200 cash interest expense on the
12.0% 2015 Notes incurred during the "call period" between the April
30, 2012 issuance date of the 7.875% 2019 Notes and the May 30, 2012
final termination date of the 12.0% 2015 Notes, plus ii)
approximately $1,969 cash interest expense on the 7.875% 2019 Notes
between the April 30, 2012 issuance of the 2019 Notes and the May
31, 2012 acquisition date of DDi.
|
Viasystems Group, Inc.
Kelly Wetzler, 314-746-2217
Source: Viasystems Group, Inc.
News Provided by Acquire Media
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