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DDi Announces 2007 Q1 Results
Written by Tracy Heffner
Thursday, 03 May 2007
ANAHEIM, CA – DDi Corp. reported first quarter 2007 net sales of $43.4 million, adjusted EBITDA of $4 million, and net loss of $1 million. First quarter 2007 net sales of $43.4 million were sequentially flat from fourth quarter 2006 net sales of $43.3 million, and were down 1.6% compared to PCB sales of $44.2 million in the first quarter of 2006 due to a softening in the market. First quarter 2007 net sales decreased 14.7% over net sales of $51 million in the same period in 2006 due primarily to the sale of the assembly business in the third quarter of 2006 which accounted for $6.8 million in sales in the first quarter of 2006. Gross margin for the first quarter decreased to 18.4% of net sales from 19.6% of net sales in the fourth quarter of 2006, and was down from 20.2% of net sales including the assembly business and from 20.4% of PCB sales in the prior year first quarter. The year over year and sequential decrease in the PCB gross margin percentage was due to a combination of factors including a softening in bookings in the latter part of the fourth quarter which negatively impacted sales and operating performance in the early part of the first quarter, and higher material costs as a percentage of sales from price increases as well as a change in the technology mix.
Mikel Williams, president and CEO of DDi, said, "First quarter shipments started slower due to the softening in the market at the end of the fourth quarter which negatively impacted first quarter sales and operating performance. However, our first quarter bookings strengthened considerably on a sequential basis. We have expanded and strengthened our sales resources and customer focus by adding Jerry Barnes as SVP of Sales and several other PCB-experienced sales managers. Further, we have added six new sales rep firms and will continue to add to our sales distribution capabilities to pursue our goals of growth, increased market share and profitability."
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