| Plant Closings Push Viasystems into Red | | Print | |
| Written by Mike Buetow | |||
| Wednesday, 09 May 2012 13:55 | |||
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ST. LOUIS -- Viasystems Group reported a first-quarter net loss of $5.1 million, down from a profit of $3.8 million a year ago, as restructuring and acquisition charges eroded the bottom line. For the period ended March 31, net sales rose 9.8% year-over-year and fell 2.6% sequentially to $262.1 million on higher demand for automotive, industrial & instrumentation, computer and datacom, and military and aerospace, partially offset by declines in telecommunications. Operating income was $5.2 million, net of $7 million in restructuring costs in connection with the previously announced closures of two factories in China, and $1 million in costs incurred in connection with the of DDi Corp. Adjusted EBITDA was $33.1 million, up from $29.3 million a year ago and down from $44.1 million last quarter. The company's printed circuit boards segment had sales of $213.1 million, up from $192.7 million last year. Operating income fell 30% from last year to $7 million. The segment had sales and operating income of $224 million and $22.3 million, respectively, for the December quarter. Viasystems took $6.4 million in charges realated to the closure of the company's Huizhou, China, PCB fabrication plant. The unit saw increased net sales automotive, computer and datacom, and military and aerospace customers, partly offset by weaker telecom and industrial & instrumentation sales. The company's acquisition of fellow PCB fab DDi is expected to close during the current quarter. The company's Assembly segment had sales of $49 million for the quarter, up from $46 million last year. The operating loss was $800,000, down from income of $1.5 million in 2011. The firm took $600,000 in charges related to the closure of its Qingdao, China electromechanical assembly facility. In a press release, chief executive David Sindelar said, "Excluding the first-quarter expense effects of special items including acquisitions and factory consolidations, we generated year-over-year growth both in net sales and in earnings. Strong overall bookings in our first quarter have us positioned for sequential and year-over-year net sales growth in the coming quarter as well." "I am very excited about the prospects of expanding the scope of our product and service offerings to U.S. and global customers through the combination of DDi's business with ours," Sindelar said. He said the annual interest expense savings from refinancing previous senior secured notes should be approximately $8.3 million, and DDi's adjusted net income in 2011 would have exceeded interests cost of funds borrowed to finance the acquisition by approximately $1 million. ------------------------------- 圣路易 - 惠亚集团报告第一季度的净亏损510万美元,从一年前的380万美元的利润,作为重组费用及收购,蚕食的底线。
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