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FOR IMMEDIATE RELEASE
VIASYSTEMS ANNOUNCES FOURTH QUARTER 2014 RESULTS
ST. LOUIS, February 12, 2015 Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced results for the fourth quarter ended December 31, 2014.
|||Net sales were $308.0 million in the quarter ended December 31, 2014, a year-over-year increase of 1.5%, and a sequential increase from the immediately preceding quarter of 2.9%.|
|||Operating income in the quarter ended December 31, 2014, was $34.6 million, or 11.2% of net sales, including (i) a net favorable impact of approximately $23.0 million related to the previously announced settlement of the business interruption insurance claim in connection with the companys 2012 factory fire in China (Fire Settlement), and (ii) a net unfavorable impact of $1.0 million related to costs incurred in connection with the previously announced agreement to merge with TTM Technologies, Inc. (TTM).|
|||Adjusted EBITDA in the quarter ended December 31, 2014, was $61.8 million, or 20.1% of net sales, including the net favorable impact of the Fire Settlement, compared with $37.9 million, or 12.5% of net sales, in the quarter ended December 31, 2013, and compared with $35.9 million, or 12.0% of net sales, in the immediately preceding quarter.|
|||U.S. GAAP earnings per basic and diluted share were $0.69 and $0.67, respectively, for the quarter ended December 30, 2014.|
|||Adjusted EPS was $0.05 for the quarter ended December 31, 2014, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarter ended December 31, 2013, was $0.00, and for the quarter ended September 30, 2014, was a loss of $(0.06).|
The settlement of our business interruption insurance claim certainly helped our reported profit for the period, noted David M. Sindelar, chief executive officer of Viasystems, but even without that favorable impact, we had a solid quarter, growing net sales both sequentially and year-over-year.
Use of Non-GAAP Financial Measures
In addition to the condensed consolidated financial statements presented in accordance with U.S. GAAP, management uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS.
Adjusted EBITDA is not a recognized financial measure under U.S. GAAP, and does not purport to be an alternative to operating income or an indicator of operating performance. Adjusted EBITDA is presented to enhance an understanding of operating results and is not intended to represent cash flows or results of operations. The Board of Directors, lenders and management use Adjusted EBITDA primarily as an additional measure of operating performance for matters including executive compensation and competitor comparisons. The use of this non-GAAP measure provides an indication of the companys ability to service debt, and management considers it an appropriate measure to use because of the companys leveraged position.
Adjusted EBITDA has certain material limitations, primarily due to the exclusion of certain amounts that are material to the companys consolidated results of operations, such as interest expense, income tax expense, and depreciation and amortization. In addition, Adjusted EBITDA may differ from the Adjusted EBITDA calculations reported by other companies in the industry, limiting its usefulness as a comparative measure.
The company uses Adjusted EBITDA to provide meaningful supplemental information regarding operating performance and profitability by excluding from Adjusted EBITDA certain items that the company believes are not indicative of its ongoing operating results or will not impact future operating cash flows, which include restructuring and impairment charges, loss on early extinguishment of debt, stock compensation, costs associated with acquisitions and equity registrations, and other, net.
The following information was filed by Viasystems Group Inc (VIAS) on Thursday, February 12, 2015 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.
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