LDM Technologies Announces Second Quarter Earnings
AUBURN HILLS, Mich., May 9 LDM Technologies, Inc. reports
net sales for its second quarter ended March 25, 2001 (second quarter 2001)
were $108.6 million, a decrease of $29.1 million, or 21.1%, from the second
quarter of FY 2000. Second quarter 2001 net sales were comprised of $94.2
million of automotive product sales and $14.4 million of mold sales compared
to automotive product and mold sales in second quarter 2000 of $123.5 million
and $14.2 million, respectively.
Product sales decreased due to softening automotive builds as OEMs
corrected on hand inventories during the current year fiscal quarter. Mold
sales increased slightly year over year.
Operating loss was $0.6 million, or 0.1% of net sales, for second quarter
2001, compared to operating profit of $6.6 million, or 4.8% of net sales, for
the same period in 2000. The decrease was primarily the result of softening
sales which affected the Company's ability to absorb fixed overhead costs.
Interest expense was $4.9 million for the second quarter 2001 compared to
$5.7 million for second quarter 2000.
Net loss for second quarter 2001 was $4.6 million compared to a net loss
of $0.5 million for second quarter 2000. The increased loss was the result of
reduced sales as explained above.
EBITDA for second quarter 2001 was $5.6 million compared to $12.1 million
for second quarter 2000. The decrease was once again a result of reduced
sales volumes as explained above.