Viasystems' Sales Spike, Cuts Net Loss
ST. LOUIS -- Viasystems announced first-quarter sales of $186.6 million, up 51.2% from 2009.
For the period ended March 31, net sales increased 42% sequentially.The net loss was $11.9 million, up from a loss of $14.5 million last year.
Assembly sales were $36 million, up 16.9% sequentially, mainly from industrial and instrumentation demand. The results do not include $10.2 million in sales attributable to the company’s former Milwaukee, WI, facility, which was closed last year. Including those results, assembly sales were down 21.3%.
On a pro forma combined basis, overall organic revenue growth was 12.8% sequentially and 24.1% year-over-year. Pro forma combined net sales were $228.6 million in the March quarter.
The sequential increase is attributable to the acquisition and to stronger demand for printed circuit boards. "Recovery in our markets continued, especially among our customers in the automotive market," said chief executive David Sindelar. Automotive makes up 35% of the company sales.
Reported operating income in the quarter was $2.5 million. Adjusted EBITDA increased to $26.7 million, up 154.3% from 2009. The book-to-bill ratio for the quarter was 1.09.
The company's merger with Merix was completed Feb. 16. “We have made excellent progress on merger integration having announced substantially all the organizational changes we have planned," said Sindelar. "We took actions in the first several weeks after the merger to capture the cost synergies, although the full benefits will not be realized until late in the year.”
Net PCB sales were $150.6 million, up 49.7% from the fourth quarter on the Merix acquisition and from stronger demand in the computer/datacom and automotive markets.
