ANAHEIM, CA --
DDi Corp. reported net sales of $39.3 million for the first quarter of 2009 ending March 31, down 17.1% year-over-year and 8.6% sequentially. The decline in sales is attributed to lower demand from commercial market customers.
On a high note, military/aerospace sales (32% of total sales for Q1) grew by 7% sequentially.
First quarter 2009 delivered a gross margin of 18.5% with an adjusted EBITDA of $3.6 million (9.2% of sales) and net income of $513,000, or $0.03 per diluted share.
Mikel Williams, president and CEO of DDi Corp., stated, “While we see the challenging demand in the commercial markets reflected in the first quarter’s performance, I am really pleased with our continued growth in the military/aerospace market... I am also pleased with the management of our cost structure given the softer commercial demand, and our ability to protect the bottom line despite the softer commercial market net sales.”
Williams commented that the company was also working with semiconductor customers to provide printed circuit boards that support the validation and testing of semiconductor products, a move that supports the company’s focus on “high-technology capabilities.”
DDi Corp. invested $1.3 million on capital expenditures in the first quarter of 2009.