Delaware
(State or other jurisdiction of incorporation)
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001-15755
(Commission File Number)
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75-2668620
(IRS Employer Identification Number)
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101 South Hanley Road, Suite 1800, St. Louis, MO
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63105
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(Address of principal executive offices)
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(Zip Code)
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 Results of Operations and Financial Condition.
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On May 3, 2011, Viasystems Group, Inc. (the "Registrant" or "Viasystems") issued a press release announcing Viasystems' first quarter 2011 earnings. Previously, on April 19, 2011, Viasystems issued a press release announcing Viasystems First Quarter 2011 Results Conference Call on May 3, 2011 at 1:00 p.m. Eastern Standard Time. A copy of May 3, 2011, the press release issued by the Registrant is attached as an exhibit hereto.
Item 7. Financial Statements and Exhibits.
SIGNATURES
|
KVB3H4D+HX![@G@U:\/6%QX@\765J%,LEQ<`L">3SD MUTWQAMTT[XCSV]N-B0P1*F.V!0!Z1\6/B,^D^';/P_I:Q\/:]XG2-FN1"T5N",AL M#/\`,"O'=9U[4O$&J/<:S>3R.TGSJS'$8SR`OM7T5+K\GPC^'.A*FE/>PRKF M<[MNQF&<'^5<%%XI^'?CK66CU[01H\LH)^VPRX!;W[4`9T?@KX>:II`&F>+G MCU,H"%NU"(6]#QQ71^`OAMXU\/:S9:IIFJV-U(96&01110!\L>.]"TNR\4W45M8PQ1^9]U%P.M>_?# M_1]-TGPI9M864-NTR!I&C3!<^YHHH`Z>1CY4IXRJG''M7R'?Z?:3:G?R20(S MFYDR2/\`:-%%`'4^,55O#OAC32!]B2!I%A'"[L]:VO@GI&GGQ+=3FSA,L<7R M,5R5SZ444`>\M;0;&_<1=/[@KY`OM.LVU&_8VT>?/?M_MFBB@#Z4\+:99:S\ M,M,M-2M8KJW:VP8Y5W#@FOFCQ[I5CIOBF]M;.UCA@0C:B#@444`)X,TJQO\` MQ*MO=6L EV4%I;@$^7$@`SZT44`<=\:#GX>R+_" M]S$K#U&37BW@C3;)?'VC$6T?%X.HSVHHH`^J'8A6QVZ<5C^*-#TO7-&GCU.P M@NEC4LGFIG:?8T44`?(&M65M;ZY<010HD2N0%`X%=9\+M!TK5O$20ZA8PW$> MX?+(,BBB@#ZCM[6WT^..ULX(H($7Y8XT``KQ[X\HL]UI$4H#1[&.T],YHHH` MR?@O86D'C65H[>-6%L2#CI7OMP[+;SD'!"$C\J**`/D>_L+6YUB_EF@1W:=L ML1UYJI'I5@ * M**`.+^%6G6<7CZRD2WC#JN0<=#4_Q>LK:X\>7#RP(S>2O)%%%`'<:!:V^G_` M^X-I"D)EB ->'M,LO[>TH_9H\F=2>/\`:%%%`'UG>V-KJ-N]G>V\ M4]LZX:*105/X5\D_$;1]/TKQ3<6UA:16\(DP$08`%%%`&9X4TZSO?$MO;W-N MDL+-@HPX/-?77A_1]-T33K>#3+&"TC8981(!GCN:**`/+M6BC&JW[B-0S7!R )0,9ZT444`?_9 ` end
·
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Net sales were $238.7 million in the quarter, a year-over-year organic increase of 4.4% and a sequential decline of 2.1%.
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·
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Operating income in the quarter was $11.2 million or 4.7% of net sales.
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·
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Adjusted EBITDA was $29.3 million or 12.2% of net sales, compared with $26.7 million or 14.3% of net sales in the quarter ended March 31, 2010.
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·
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GAAP earnings per basic and diluted share were $0.17 for the quarter ended March 31, 2011, on approximately 20 million average shares outstanding.
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·
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Adjusted EPS were $0.07 for the quarter, excluding certain non-cash and/or special income and expense items. On a comparable basis, Adjusted EPS for the quarter ended March 31, 2010, were $0.15.
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Three Months Ended
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March 31,
2011
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December 31,
2010
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March 31,
2010
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||||||||||
Net sales
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$ | 238,710 | $ | 243,874 | $ | 186,640 | ||||||
Operating expenses:
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||||||||||||
Cost of goods sold, exclusive of items shown separately
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193,188 | 191,500 | 146,139 | |||||||||
Selling, general and administrative
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18,170 | 17,636 | 18,695 | |||||||||
Depreciation
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15,860 | 14,879 | 12,630 | |||||||||
Amortization
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436 | 443 | 370 | |||||||||
Restructuring and impairment
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(134 | ) | (232 | ) | 6,309 | |||||||
Operating income
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11,190 | 19,648 | 2,497 | |||||||||
Other expense:
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Interest expense, net
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7,208 | 7,222 | 8,902 | |||||||||
Amortization of deferred financing costs
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504 | 503 | 466 | |||||||||
Loss on early extinguishment of debt
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– | – | 706 | |||||||||
Other, net
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289 | (205 | ) | 515 | ||||||||
Income (loss) before taxes
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3,189 | 12,128 | (8,092 | ) | ||||||||
Income taxes
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(589 | ) | 2,586 | 3,851 | ||||||||
Net income (loss)
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$ | 3,778 | $ | 9,542 | $ | (11,943 | ) | |||||
Less:
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Net income attributable to noncontrolling interest
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$ | 312 | $ | 661 | $ | 137 | ||||||
Accretion of Redeemable Class B Senior Convertible preferred stock
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– | – | 1,053 | |||||||||
Conversion of Mandatory Redeemable Class A Junior preferred stock
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– | – | 29,717 | |||||||||
Conversion of Redeemable Class B Senior Convertible preferred stock
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– | – | 105,021 | |||||||||
Net income (loss) attributable to common stockholders
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$ | 3,466 | $ | 8,881 | $ | (147,871 | ) | |||||
Basic earnings (loss) per share
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$ | 0.17 | $ | 0.44 | $ | (12.57 | ) | |||||
Diluted earnings (loss) per share
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$ | 0.17 | $ | 0.44 | $ | (12.57 | ) | |||||
Basic weighted average shares outstanding
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19,980,153 | 19,979,992 | 11,762,329 | |||||||||
Diluted weighted average shares outstanding
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20,100,961 | 20,022,994 | 11,762,329 |
March 31,
2011
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December 31,
2010
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ASSETS
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(unaudited)
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Current assets:
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Cash and cash equivalents
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$ | 80,414 | $ | 103,599 | ||||
Accounts receivable, net
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173,210 | 169,247 | ||||||
Inventories
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104,227 | 94,877 | ||||||
Prepaid expenses and other
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27,564 | 22,940 | ||||||
Total current assets
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385,415 | 390,663 | ||||||
Property, plant and equipment, net
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281,197 | 273,113 | ||||||
Goodwill and other noncurrent assets
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114,832 | 116,797 | ||||||
Total assets
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$ | 781,444 | $ | 780,573 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Current maturities of long-term debt
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$ | 10,182 | $ | 10,258 | ||||
Accounts payable
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180,873 | 162,322 | ||||||
Accrued and other liabilities
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64,294 | 83,798 | ||||||
Total current liabilities
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255,349 | 256,378 | ||||||
Long-term debt, less current maturities
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215,545 | 215,139 | ||||||
Other non-current liabilities
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47,422 | 51,951 | ||||||
Total liabilities
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518,316 | 523,468 | ||||||
Total stockholders’ equity
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263,128 | 257,105 | ||||||
Total liabilities and stockholders’ equity
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$ | 781,444 | $ | 780,573 |
Three Months
Ended
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Three Months
Ended
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March 31,
2011
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March 31,
2010
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Net cash provided by (used in) operating activities
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$ | 947 | $ | (4,384 | ) | |||
Cash flows from investing activities:
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Capital expenditures
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(24,028 | ) | (9,521 | ) | ||||
Proceeds from disposals of property
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43 | - | ||||||
Acquisition of Merix
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- | (35,326 | ) | |||||
Cash acquired in acquisition of Merix
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- | 13,667 | ||||||
Net cash used in investing activities
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(23,985 | ) | (31,180 | ) | ||||
Cash flows from financing activities:
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Repayments of capital lease obligations
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(76 | ) | (26 | ) | ||||
Distribution to noncontrolling interest
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(71 | ) | – | |||||
Repayment of 10.5% Senior Subordinated Notes
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- | (105,904 | ) | |||||
Change in restricted cash
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- | 105,734 | ||||||
Borrowings under credit facilities, net
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- | 10,000 | ||||||
Financing and other fees
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- | (2,159 | ) | |||||
Net cash (used in) provided by financing activities
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(147 | ) | 7,645 | |||||
Net change in cash and cash equivalents
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(23,185 | ) | (27,919 | ) | ||||
Beginning cash
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103,599 | 108,993 | ||||||
Ending cash
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$ | 80,414 | $ | 81,074 |
Three Months Ended
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March 31, 2011
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December 31, 2010
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March 31, 2010
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Net sales by segment
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`
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Printed Circuit Boards (a)
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$ | 192.7 | 81 | % | $ | 196.7 | 81 | % | $ | 150.6 | 81 | % | ||||||||||||
Assembly
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46.0 | 19 | % | 47.2 | 19 | % | 36.0 | 19 | % | |||||||||||||||
$ | 238.7 | 100 | % | $ | 243.9 | 100 | % | $ | 186.6 | 100 | % |
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(a) Excludes $42.0 million of net sales reported by Merix Corporation during the period from January 1, 2010 through February 16, 2010, the date of Viasystems’ acquisition of Merix.
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Percentage of Net Sales
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Net Sales Increase
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Three Months Ended
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Sequential:
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Year/Year:
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Mar. 31,
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Dec. 31,
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Mar. 31,
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1Q11 vs
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1Q11 vs
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2011
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2010
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2010 (b)
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4Q10 | 1Q10 | (b) | |||||||||||||||
Net sales by end market
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Automotive
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38 | % | 36 | % | 35 | % | 4 | % | 13 | % | ||||||||||
Telecommunications
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18 | % | 23 | % | 22 | % | (22 | %) | (14 | %) | ||||||||||
Industrial & Instrumentation
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26 | % | 24 | % | 24 | % | 7 | % | 15 | % | ||||||||||
Computer and Datacommunications
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13 | % | 13 | % | 14 | % | (3 | %) | (5 | %) | ||||||||||
Military and Aerospace
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5 | % | 4 | % | 5 | % | 4 | % | 8 | % | ||||||||||
100 | % | 100 | % | 100 | % | (2 | %) | 4 | % |
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(b) 1Q2010 is presented pro forma to include net sales reported by Merix Corporation during the period from January 1, 2010 through February 16, 2010, the date of Viasystems’ acquisition of Merix.
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1Q11 | 4Q10 | 3Q10 | 2Q10 | 1Q10 | ||||||||||||||||
Working capital metrics
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Days’ sales outstanding
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65.3 | 62.5 | 60.6 | 62.0 | 61.0 | |||||||||||||||
Inventory turns
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7.4 | 8.1 | 8.4 | 8.8 | 9.7 | |||||||||||||||
Days’ payables outstanding
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84.3 | 76.3 | 74.6 | 75.8 | 71.5 | |||||||||||||||
Cash cycle (days)
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29.6 | 30.8 | 28.8 | 27.5 | 26.7 |
Three Months Ended
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March 31,
2011
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December 31,
2010
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March 31,
2010
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Operating income
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$ | 11.2 | $ | 19.6 | $ | 2.5 | ||||||
Add-back:
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Depreciation and amortization
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16.3 | 15.3 | 13.0 | |||||||||
Restructuring and impairment
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(0.1 | ) | (0.2 | ) | 6.3 | |||||||
Non-cash stock compensation expense
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1.6 | 1.3 | 0.1 | |||||||||
Costs relating to acquisitions and equity registrations
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0.3 | – | 4.8 | |||||||||
Adjusted EBITDA
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$ | 29.3 | $ | 36.0 | $ | 26.7 | ||||||
Three Months Ended
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Mar. 31,
2011
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Dec. 31,
2010
|
Sep. 30,
2010
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Jun. 30,
2010
|
Mar. 31,
2010
|
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Net income (loss) attributable to common stockholders (GAAP)
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$ | 3,466 | $ | 8,881 | $ | 10,211 | $ | 6,540 | $ | (147,871 | ) | |||||||||
Adjustments:
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Non-cash stock compensation expense
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1,565 | 1,217 | 1,239 | 285 | 130 | |||||||||||||||
Amortization
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940 | 946 | 959 | 963 | 836 | |||||||||||||||
Non-cash interest
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399 | 399 | 399 | 399 | 399 | |||||||||||||||
Costs related to acquisitions and equity registrations
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312 | 25 | 37 | 788 | 7,353 | |||||||||||||||
Restructuring and impairment
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(134 | ) | (232 | ) | 26 | 2,415 | 6,309 | |||||||||||||
Preferred stock items
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– | – | – | – | 135,791 | |||||||||||||||
Special income tax items
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(5,260 | ) | (2,282 | ) | (13 | ) | (655 | ) | – | |||||||||||
Income tax effect of adjustments
|
27 | 78 | 1 | (490 | ) | (19 | ) | |||||||||||||
Adjusted net income attributable to common stockholders
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$ | 1,315 | $ | 9,032 | $ | 12,859 | $ | 10,245 | $ | 2,928 | ||||||||||
Diluted weighted average shares outstanding (GAAP)
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20,100,961 | 20,022,994 | 19,979,260 | 19,982,252 | 11,762,329 | |||||||||||||||
Diluted earnings per share (GAAP)
|
$ | 0.17 | $ | 0.44 | $ | 0.51 | $ | 0.33 | $ | (12.57 | ) | |||||||||
Adjusted EPS (a)
|
$ | 0.07 | $ | 0.45 | $ | 0.64 | $ | 0.51 | $ | 0.15 |
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