Please wait while we load the requested 10-Q report or click the link below:
FOR IMMEDIATE RELEASE
VIASYSTEMS ANNOUNCES SECOND QUARTER 2014 RESULTS
ST. LOUIS, August 5, 2014 Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced results for the second quarter ended June 30, 2014.
|||Net sales were $300.9 million in the quarter ended June 30, 2014, a year-over-year increase of 5.4%, and a sequential increase over the immediately preceding quarter of 1.7%, resulting from increased PCB sales of 9.0% year-over-year and 3.6% sequentially.|
|||Operating income in the quarter ended June 30, 2014, was $9.6 million, or 3.2% of net sales.|
|||Adjusted EBITDA in the quarter ended June 30, 2014, was $35.2 million, or 11.7% of net sales, compared with $30.7 million, or 10.8% of net sales, in the quarter ended June 30, 2013, and compared with $31.0 million, or 10.5% of net sales, in the immediately preceding quarter.|
|||U.S. GAAP loss per basic and diluted share was $(0.19) for the quarter ended June 30, 2014, on approximately 20 million average shares outstanding.|
|||Adjusted EPS was $0.00 for the quarter ended June 30, 2014, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarters ended June 30, 2013, and March 31, 2014, were losses of $(0.28) and $(0.26), respectively.|
Second quarter results in our Printed Circuit Boards segment reflect improvement in most of our end markets, both sequentially and year-over-year, noted Viasystems CEO David M. Sindelar. However, we are still facing inconsistent customer project demand for our electro-mechanical solutions product offerings, which is included in our Assembly segment.
The automotive end market demand continues to drive our growth, continued Mr. Sindelar, but sequential and year-over-year our improvements also received notable contributions from both our telecommunications and our military and aerospace end markets.
Looking forward, continued Mr. Sindelar, I expect continued modest sequential growth, with an overall sales level similar to what we achieved in our third quarter last year.
The company reported net sales of $300.9 million for the three months ended June 30, 2014. The year-over-year increase of 5.4% and sequential increase of 1.7% were primarily the result of solid demand from customers in the automotive, telecommunications and military and aerospace end markets, partially offset by weaker demand from customers in the industrial & instrumentation, and computer and datacommunications end markets. The company attributes the sequential improvement in part to increases in the companys printed circuit board capacity as well as seasonal and customer-specific demand drivers.
Cost of goods sold (excluding items shown separately in the statement of operations) as a percent of net sales was 80.5% for the quarter ended June 30, 2014, compared to 81.4% in the corresponding quarter a year ago, and compared to 81.0% in the immediately preceding quarter ended March 31, 2014. The primary contributors to the sequential improvement were increased production volume, improved product mix and reduced incentive compensation expense.
The following information was filed by Viasystems Group Inc (VIAS) on Tuesday, August 5, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Viasystems Group Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Viasystems Group Inc.