Viasystems Group, Inc. Updates Guidance; Company to Host Conference Call At 5 p.m. EST

    ST. LOUIS--March 28, 2001--Viasystems Group, Inc. today announced that the company anticipates revenue for the quarter ended March 31, 2001 to total approximately $385 million and cash earnings to total approximately $3.7 million, or $0.03 per share. The results do not reflect a previously announced restructuring charge of approximately $12 million, or $0.08 per share.
    "Today's updated guidance is driven by our core customers' frequent downward revisions of their business outlook. The approximately 15% sequential decline in Viasystems' first-quarter revenue is consistent with the overall weakness being experienced by the electronics industry and the telecommunications/networking segment in particular," said James N. Mills, chairman and chief executive officer. "In late January, we expressed our view that our core customers were experiencing a relatively short-term inventory correction and that business trends would resume in 2 to 4 months. That has not been the case. We remain committed to Viasystems' vertically integrated manufacturing model, and we are taking aggressive steps to improve our operational capabilities and financial flexibility during this challenging period."
    The company's reported results for the first quarter will include a restructuring charge of approximately $12 million. The charge reflects previously announced headcount reductions at the company's North American printed circuit board fabrication facilities.
    The company will host a conference call at 5 p.m. EST today to discuss the updated guidance. The call is available at 877/260-8900 and will be simulcast on the company's website at www.viasystems.com. Replays of the call are available for 48 hours at the website or by calling 800/475-6701 with access code 579693.
    This press release contains forward-looking statements as defined by the federal securities laws, and these statements are based upon Viasystems' current expectations and assumptions, which are inherently subject to various risks and uncertainties that could cause actual results to differ from those anticipated, projected, or implied. Certain factors that could cause actual results to differ include fluctuations in operating results and customer orders, unexpected decreases in demand or increases in inventory levels, a competitive environment, reliance on large customers, risks associated with international operations, ability to protect patents and trade secrets, environmental laws and regulations, relationship with unionized employees, risks associated with acquisitions, substantial indebtedness, control by large stockholders and other factors described in Viasystems' filings with the Securities and Exchange Commission.
    Viasystems Group, Inc. is a leading global EMS provider with 24,000 employees and 34 manufacturing facilities in nine countries, supplying customers in the telecommunications, networking, automotive and consumer electronics industries. Viasystems is listed on the New York Stock Exchange, trading under the symbol "VG."