LDM Technologies Announces First Quarter
Earnings
AUBURN HILLS, Mich., Jan. 31 LDM Technologies, Inc.
reports net sales for its first quarter ended December 17, 2000 (first quarter
2001) were $110.1 million, a decrease of $15.3 million, or 12.2%, from the
first quarter of FY2000. First quarter 2001 net sales were comprised of $99.8
million of automotive product sales and $10.3 million of mold sales. The
decline in net sales was primarily the result of softening automotive builds.
Operating profit was $5.3 million, or 4.8% of net sales, for the first
quarter 2001 compared to $7.6 million, or 6.1% of net sales, for the same
period in 2000. The decrease was due to a softening in automotive builds.
Interest expense was $4.1 million for the first quarter 2001 compared to
$4.7 million for the first quarter 2000. The decrease is due to debt
repayments made over the last twelve months.
Net income for the first quarter 2001 was $0.1 million, or 0.0% of net
sales compared to $1.3 million, or 1.0% of net sales, in the first quarter
2000.
EBITDA for the first quarter 2001 was $11.6 million compared to $13.4
million for the first quarter 2000. Stated as a percentage of net sales
EBITDA was 10.5% and 10.7% for first quarter 2001 and first quarter 2000,
respectively.
The decrease in net income and EBITDA was likewise due to softening
automotive builds as previously mentioned.