Adjusted EPS has certain material limitations, primarily due to the exclusion of certain amounts from earnings that are material to the company’s consolidated results of operations, such as costs associated with acquisitions and equity registrations, restructuring and impairment charges, certain interest and other expenses, and certain adjustments to net income to arrive at net income available to common stockholders. As a result, Adjusted EPS differs materially from the earnings per share calculations reported by other companies in the industry, limiting its usefulness as a comparative measure.
Investor Conference Call
Viasystems will broadcast live via internet an investor conference call at 3:30 p.m. Eastern Time today, August 6, 2013. The live listen-only audio of the conference call will be available at http://investor.viasystems.com. The live conference call will be available by telephone for professional investors and analysts by dialing 877-640-9867 (toll-free) or 914-495-8546.
A telephonic replay of the conference call will be available for one week at 855-859-2056 or 404-537-3406. Replay listeners should enter the conference ID 23478079. The webcast replay will be available at http://investor.viasystems.com for an indefinite period.
Forward Looking Statements
Certain statements in this communication constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of the current beliefs, expectations and assumptions of the management of Viasystems regarding future events and are subject to significant risks and uncertainty. Statements regarding our expected performance in the future are forward-looking statements. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Viasystems undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by law. Actual results may differ materially from those expressed or implied. Such differences may result from a variety of factors, including but not limited to: legal or regulatory proceedings; the ability of Viasystems to successfully integrate DDi’s operations, product lines and technology and to realize additional opportunities for growth; any actions taken by the company, including but not limited to, restructuring or strategic initiatives (including capital investments or asset acquisitions or dispositions); or developments beyond the company’s control, including but not limited to, changes in domestic or global economic conditions, competitive conditions and consumer preferences, adverse weather conditions or natural disasters, health concerns, international, political or military developments and technological developments. Additional factors that may cause results to differ materially from those described in the forward-looking statements are set forth under the heading “Item 1A. Risk Factors,” in the Annual Report on Form 10-K filed by Viasystems with the SEC on February 15, 2013, and in Viasystems’ other filings made from time to time with the SEC and available at the SEC’s website, www.sec.gov.
About Viasystems
Viasystems Group, Inc. is a technology leader and a worldwide provider of complex multi-layer printed circuit boards (PCBs) and electro-mechanical solutions (E-M Solutions). Its PCBs serve as the “electronic backbone” of almost all electronic equipment, and its E-M Solutions products and services include integration of PCBs and other components into finished or semi-finished electronic equipment, for which it also provides custom and standard metal enclosures, cabinets, racks and sub-racks, backplanes and busbars. Viasystems’ approximately 15,300 employees around the world serve over 1,000 customers in the automotive, industrial & instrumentation, computer and datacommunications, telecommunications, and military and aerospace end markets. For additional information about Viasystems, please visit the company’s website at www.viasystems.com.
|
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share amounts) (Unaudited) |
|||||||||||||||
| Three Months Ended | |||||||||||||||
|
June 30,
2013 |
March 31,
2013 |
June 30,
2012 |
|||||||||||||
| Net sales | $ | 285,553 | $ | 272,940 | $ | 296,861 | |||||||||
| Operating expenses: | |||||||||||||||
| Cost of goods sold, exclusive of items shown separately |
232,448 |
219,058 |
235,556 |
||||||||||||
| Selling, general and administrative | 25,001 | 27,693 | 31,228 | ||||||||||||
| Depreciation | 21,878 | 21,958 | 18,579 | ||||||||||||
| Amortization | 1,678 | 1,678 | 802 | ||||||||||||
| Restructuring and impairment | – | – | 1,958 | ||||||||||||
| Operating income | 4,548 | 2,553 | 8,738 | ||||||||||||
| Other expense (income): | |||||||||||||||
| Interest expense, net | 11,259 | 11,199 | 12,144 | ||||||||||||
| Amortization of deferred financing costs | 724 | 725 | 766 | ||||||||||||
| Loss on early extinguishment of debt | – | – | 24,234 | ||||||||||||
| Other, net | 941 | 748 | (710 | ) | |||||||||||
| Loss before income taxes | (8,376 | ) | (10,119 | ) | (27,696 | ) | |||||||||
| Income taxes | 1,892 | 3,163 | 5,342 | ||||||||||||
| Net loss | $ | (10,268 | ) | $ | (13,282 | ) | $ | (33,038 | ) | ||||||
| Less: | |||||||||||||||
| Net income attributable to noncontrolling interest | 101 | 173 | 271 | ||||||||||||
| Net loss attributable to common stockholders | $ | (10,369 | ) | $ | (13,455 | ) | $ | (33,309 | ) | ||||||
| Basic loss per share | $ | (0.52 | ) | $ | (0.67 | ) | $ | (1.67 | ) | ||||||
| Diluted loss per share | $ | (0.52 | ) | $ | (0.67 | ) | $ | (1.67 | ) | ||||||
| Basic weighted average shares outstanding | 20,010,029 | 19,994,820 | 19,990,628 | ||||||||||||
| Diluted weighted average shares outstanding | 20,010,029 | 19,994,820 | 19,990,628 | ||||||||||||
This information is intended to be reviewed in conjunction with the
company’s filings with the Securities and Exchange Commission.
