LDM Technologies Announces Third Quarter Earnings
10 August 2000
LDM Technologies Announces Third Quarter EarningsAUBURN HILLS, Mich. - LDM Technologies, Inc. reports net sales for its third quarter ended June 25, 2000 (third quarter 2000) were $121.9 million, a decrease of $21.3 million, or 14.9%, from the third quarter of FY 1999. Third quarter 2000 net sales were comprised of $113.7 million of automotive product sales and $8.2 million of mold sales compared to automotive product and mold sales of $120.1 million and $23.1 million, in third quarter 1999, respectively. The automotive product sales decrease of $6.4 million is the result of programs balancing out in North America and Germany, as well as softening automotive builds. The mold sales decrease of $14.9 million is due to the high volume of product launches during the third and fourth quarters of fiscal 1999. Operating profit was $6.8 million, or 5.6% of net sales, for the third quarter of 2000 compared to $10.2 million, or 7.1% of net sales, for the same period in 1999. Interest expense was $4.8 million for the third quarter 2000 compared to $5.1 million for the third quarter 1999. Net income for the third quarter 2000 was $0.6 million compared to a net income of $2.6 million for third quarter 1999. The decreased income was the result of (i) lower operating profit, (ii) higher currency exchange losses, and (iii) an increase in the effective tax rate as compared to third quarter 1999, offset by improved results at an equity affiliate.