Viasystems Announces Second Quarter 2014 Results

An audio replay of the conference call will be available for one week by dialing 1-855-859-2056 or 1-404-537-3406 and entering conference ID 78186351. A webcast replay will be available at http://investor.viasystems.com for approximately two hours after the conclusion of the call.

Separately, Viasystems expects to participate in the 34th Annual Canaccord Genuity Growth Conference 2014 at the InterContinental Hotel in Boston, Massachusetts, on August 13, 2014. Mr. Jerry Sax, Chief Financial Officer, will present to conference attendees at approximately 10:30 a.m. Eastern Time.

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 14, 2014, 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 14,800 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,
2014
    March 31,
2014
    June 30,
2013
 
Net sales $ 300,929 $ 295,912 $ 285,553
Operating expenses:
Cost of goods sold, exclusive of items shown separately

242,245

239,803

232,448

Selling, general and administrative 25,442 26,849 25,001
Depreciation 21,868 21,812 21,878
Amortization 1,656 1,680 1,678
Restructuring and impairment   68     273      
Operating income 9,650 5,495 4,548
Other expense (income):
Interest expense, net 11,848 11,253 11,259
Amortization of deferred financing costs 734 655 724
Other, net   (1,364 )   (1,233 )   941  
Loss before income taxes (1,568 ) (5,180 ) (8,376 )
Income taxes   2,052     4,177     1,892  
Net loss $ (3,620 ) $ (9,357 ) $ (10,268 )
 
Less:
Net income attributable to noncontrolling interest   239     190     101  
Net loss attributable to common stockholders $ (3,859 ) $ (9,547 ) $ (10,369 )
 
Basic loss per share $ (0.19 ) $ (0.47 ) $ (0.52 )
Diluted loss per share $ (0.19 ) $ (0.47 ) $ (0.52 )
Basic weighted average shares outstanding   20,289,645     20,268,717     20,010,029  
Diluted weighted average shares outstanding   20,289,645     20,268,717     20,010,029  
 

This information is intended to be reviewed in conjunction with the company’s filings with the Securities and Exchange Commission.

 
       

VIASYSTEMS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

 
June 30,
2014
December 31,
2013
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 76,461 $ 54,738
Accounts receivable, net 211,983 196,126
Inventories 134,837 122,182
Prepaid expenses and other   35,269   38,131
Total current assets 458,550 411,177
Property, plant and equipment, net 429,386 446,488
Goodwill and other noncurrent assets   259,601   260,752
Total assets $ 1,147,537 $ 1,118,417
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt $ 21,167 $ 11,387
Accounts payable 174,615 203,122
Accrued and other liabilities   97,054   88,220
Total current liabilities 292,836 302,729
Long-term debt, less current maturities 614,078 561,508
Other non-current liabilities   41,539   41,592
Total liabilities   948,453   905,829
 
Total stockholders’ equity   199,084   212,588
Total liabilities and stockholders’ equity $ 1,147,537 $ 1,118,417
 

This information is intended to be reviewed in conjunctions with the company’s filings with the Securities and Exchange Commission.

 
   

VIASYSTEMS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

(Unaudited)

 
Six Months Ended
June 30,
2014     2013
   
Net cash (used in) provided by operating activities $ (13,312 ) $ 40,430  
 
Cash flows from investing activities:
Capital expenditures (27,713 ) (39,496 )
Proceeds from disposals of property and insurance claims   4,181     297  
Net cash used in investing activities   (23,532 )   (39,199 )
 
Cash flows from financing activities:
Proceeds from issuance of 2019 Notes 53,500
Borrowings (repayments) under mortgages and credit facilities, net 8,996 (670 )
Financing and other fees (3,344 )
Withholding related to stock awards (585 ) (612 )
Repayment of Senior Subordinated Convertible Notes due 2013       (895 )
Net cash provided by (used in) financing activities   58,567     (2,177 )
 
Net change in cash and cash equivalents 21,723 (946 )
 
Beginning cash   54,738     74,816  
Ending cash $ 76,461   $ 73,870  
 

This information is intended to be reviewed in conjunction with the company’s filings with the Securities and Exchange Commission.

 
     

VIASYSTEMS GROUP, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

NET SALES AND BALANCE SHEET STATISTICS

(dollars in millions)

(Unaudited)

 
Three Months Ended
June 30, 2014       March 31, 2104       June 30, 2013
Net external sales by segment            
Printed Circuit Boards $ 262.3 87 % $ 253.3 86 % $ 240.7 84 %
Assembly   38.6     13 %   42.6     14 %   44.9     16 %
$ 300.9     100 % $ 295.9     100 % $ 285.6     100 %
 
     
Percentage of Net Sales Net Sales Change
Three Months Ended Sequential:     Year/Year:
June 30,     March 31,     June 30, 2Q14 vs 2Q14 vs
2014 2014 2013 1Q14 2Q13
Net sales by end market
Automotive 34 % 31 % 30 % 8

%

19

%

Industrial & Instrumentation 23 % 25 % 26 % (6 )% (10 )%
Telecommunications 18 % 18 % 17 % 9

%

17

%

Computer and Datacommunications 13 % 16 % 16 % (14 )% (10 )%
Military and Aerospace 12 % 10 % 11 % 13

%

13

%

100 % 100 % 100 % 2

%

5

%

 
                                         
2Q14 1Q14 4Q13 3Q13 2Q13
Working capital metrics
Days’ sales outstanding 63.4 62.8 58.2 59.6 58.9
Inventory turns 7.2 7.6 8.0 8.4 8.1
Days’ payables outstanding 64.9 66.2 74.9 66.4 68.5
Cash cycle (days) 48.6 43.7 28.3 36.0 34.7
 
   

VIASYSTEMS GROUP, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

RECONCILIATION OF OPERATING INCOME

TO ADJUSTED EBITDA

(dollars in millions)

(Unaudited)

 
Three Months Ended
June 30,
2014
    March 31,
2014
    June 30,
2013
 
Operating income $ 9.6 $ 5.5 $ 4.5
Add-back:
Depreciation and amortization 23.5 23.5 23.6
Non-cash stock compensation expense 2.0 1.7 2.6
Restructuring and impairment   0.1   0.3   .–
Adjusted EBITDA $ 35.2 $ 31.0 $ 30.7
 
   

VIASYSTEMS GROUP, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

RECONCILIATION OF DILUTED EARNINGS PER SHARE

TO ADJUSTED EARNINGS PER SHARE

(dollars in thousands, except per share amounts)

(Unaudited)

 
Three Months Ended
June 30,
2014
    March 31,
2014
    June 30,
2013
 
Net loss attributable to common stockholders (GAAP) $ (3,859 ) $ (9,547 ) $ (10,369 )
 
Adjustments:
Non-cash stock compensation expense 1,977 1,729 2,597
Amortization 2,390 2,335 2,403
Restructuring and impairment 68 273
Non-cash interest (109 )
Costs related to acquisitions and equity registrations 31
Special income taxes (416 ) (183 )
Income tax effects of adjustments   (38 )   (44 )   (39 )
 

Adjusted net income (loss) attributable to common stockholders

$

13

 

$

(5,254

)

$

(5,560

)

 
Diluted weighted average shares outstanding   20,463,520     20,268,717     20,010,029  
 
Diluted loss per share (GAAP) $ (0.19 ) $ (0.47 ) $ (0.52 )
Adjusted EPS $ 0.00   $ (0.26 ) $ (0.28 )
 

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