LDM Technologies Announces First Quarter Earnings
AUBURN HILLS, Mich., Feb. 4 -- LDM Technologies, Inc. reports net sales for its first quarter ended December 22, 2002 (first quarter 2003) were $108.3 million, an increase of $12.9 million, or 13.6%, from the first quarter of fiscal year 2002. The increase in net sales was the result of product launched from the Company's Romulus facility in March and August of 2002. Operating profit was $8.7 million, or 8.0% of net sales, for first quarter 2003 compared to $4.3 million, or 4.5% of net sales, for the same period in 2002. The improvement was due to the launch of product from the Company's Romulus facility which assisted in absorbing fixed costs. Interest expense was $3.5 million for first quarter 2003 compared to $3.8 million for the first quarter of fiscal year 2002. The decrease is due to scheduled debt repayments and a decrease in variable borrowing rates. Net income for first quarter 2003 was $3.3 million, or 3.0% of net sales compared to $0.1 million, or 0.1% of net sales, for the first quarter of fiscal 2002. EBITDA for first quarter 2003 was $14.0 million compared to $8.8 million for the first quarter of fiscal 2002. Stated as a percentage of net sales, EBITDA was 12.9% and 9.2% for first quarter 2003 and first quarter 2002, respectively. The improvement in EBITDA is due to the improved absorption of fixed costs at the Company's Romulus facility, resulting from new product launched, as discussed above.