LDM Technologies Announces Fiscal Year 1999 Financial Results
28 December 1999
LDM Technologies Announces Fiscal Year 1999 Financial Results
AUBURN HILLS, Mich., Dec. 27 -- LDM Technologies, Inc.
reported net sales for the year ended September 26, 1999 of $530.5 million, an
increase of $47.3 million or 9.8% from $483.2 million in 1998. The sales
growth was mainly attributable to realizing a full year of operations related
to acquisitions made during 1998; Kenco Plastics, Inc., Aeroquip-Vickers
International GmbH's Beienheim (Germany facility), and Huron Plastics, Inc.,
offset by the divestiture of the Company's blowmolding operations into the DBM
Technologies joint venture.
1999 operating profit increased $3.0 million to $25.6 million. 1999
operating profit expressed as a percentage of net sales was 4.8% versus 4.7%
in 1998.
Operating profit as a percentage of sales was 5.6% in 1997. The decrease
from 1997 during 1998 was attributable to a strike at General Motors, and poor
operating performance at the Company's blowmolding and German divisions.
Operating profit remained lower during 1999, due to continued poor operating
performance at the Company's German division.
Interest expense for the year ended September 26, 1999 was $21.1 million
versus $19.8 million for the year ended September 27, 1998. The increased
interest was mainly due to a full year's effect of the incurrence of
additional debt related to acquisitions during fiscal year 1998.
Net loss for 1999 was $.8 million compared to a net loss in 1998 of $7.1
million. The loss for 1999 was attributable to continued poor operating
performance at the Company's German division. The loss during fiscal 1998 is
attributed to the General Motors strike, the impairment charge related to the
Kenco business goodwill and lower margins achieved at the blowmolding and
German divisions.
EBITDA for 1999 was $45.1 million compared to $42.6 million for 1998. The
increase is due to operating improvements at the Company's North American
divisions.