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Viasystems' Q1 Sales Fell 31.6%

Published: 20 May 2009
 by Administrator
ST. LOUIS -- Viasystems reported first-quarter sales dropped 31.6% from a year ago to $123.4 million as demand for automotive and telecom PCBs plunged.

For the period ended March 31, electronics manufacturing services revenue fell 11% to $45.6 million for the quarter. Bare PWB revenue dropped 39.9% to $80 million.

Assembly operating income was $900,000, up from a loss of $2.8 million in the first quarter of 2008. PWB operating income fell $18.5 million to a loss of $4.3 million.

The company reported an overall operating loss of $3.4 million for the quarter, a decrease of $14.8 million compared to operating income of $11.4 million in 2008. 

"Product demand by essentially all of our existing customer base has declined significantly in connection with the global economic turmoil that began during the second half of 2008. Our visibility to future demand trends remains limited," the company said in its 10-Q filing.

Automotive sales fell 43% year-over-year to $39.6 million, and telecom dropped 19% to $39.6 million. Computer and datacom sales fell in half, to $10.1 million, while other sectors (industrial, medical and consumer) dropped 16% to $34.1 million.

The company said the Chinese government's spending stimulus projects increased demand for telecommunications products late in the March quarter but this increase was not sufficient to offset declining demand in its other sectors.

The company, which is shuttering its Milwaukee manufacturing facility, has cut its direct labor headcount, including temporary workers, to 8,100 from 12,000 a year ago and 10,000 during the quarter ended Dec. 31.

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