LDM Technologies Announces First Quarter Earnings
AUBURN HILLS, Mich., Jan. 27, 2004 -- LDM Technologies, Inc. reports net sales for its first quarter ended December 21, 2003 (first quarter 2004) were $105.7 million, a decrease of $2.6 million, or 2.4%, from the first quarter of fiscal year 2003. The decrease in net sales was the result of reduced requirements from the Company's customers.
Operating profit was $8.8 million, or 8.3% of net sales, for first quarter 2004 compared to $8.7 million, or 8.1% of net sales, for the same period in 2003. The improvement was due to continued process improvements and elimination of unused capacity at the Company's manufacturing facilities.
Interest expense was $3.4 million for first quarter 2004 compared to $3.5 million for the first quarter of fiscal year 2003. The decrease is due to scheduled term debt repayments and a decrease in average line of credit borrowings.
Net income for first quarter 2004 was $2.9 million, or 2.8% of net sales compared to $3.3 million, or 3.1% of net sales, for the first quarter of fiscal 2003. The slight decrease is the result on nonoperating items including a loss on disposal of equipment as unused capacity was eliminated and currency exchange losses.
EBITDA for first quarter 2004 was $13.7 million compared to $14.0 million for the first quarter of fiscal 2003. Stated as a percentage of net sales, EBITDA was 13.0% and 12.9% for first quarter 2003 and first quarter 2002, respectively. The improvement in EBITDA is due to factors discussed related to operating profit above.