Viasystems Group, Inc. Reports Record Third-Quarter 2000 Earnings
24 October 2000
Viasystems Group, Inc. Reports Record Third-Quarter 2000 Earnings; Revenue Increases 72% From 1999
ST. LOUIS--Oct. 24, 2000--Viasystems Group, Inc. today announced that the company's earnings for the quarter ended September 30, 2000, after adjustments for goodwill amortization ("EBG"), totaled $0.15 per fully diluted share, exceeding the First Call(R) consensus of seven analysts by 15% and a 36% improvement over the quarter ended June 30, 2000 results.Other highlights of the quarter's results were:
| -- | Revenue for the quarter increased 72% from the same period in 1999 and 13% from the quarter ended June 30, 2000 as a result of strong organic growth and the impact of acquisitions; |
| -- | Earnings before interest, taxes, depreciation and amortization (EBITDA) of $69.2 million increased 69% and 13% over the same period in 1999 and the quarter ended June 30, 2000, respectively; and |
The company will host a conference call to discuss the earnings at 10 a.m. CST today. The conference call is available at the following numbers:
-- United States: (800) 547-5077
-- International: (612) 332-0718
VIASYSTEMS GROUP, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- ---------------------
1999 2000 1999 2000
--------- --------- --------- ----------
Net sales $ 236,347 $ 406,504 $ 672,832 $1,053,710
Operating expenses:
Cost of goods sold 175,999 308,855 489,707 796,318
Selling, general
and administrative 19,381 28,489 49,656 78,178
Depreciation 20,461 23,114 51,686 67,476
Amortization 8,820 11,259 15,952 34,263
Write-off acquired
in-process R&D 17,600 - 17,600 -
--------- --------- --------- ----------
Operating income $ (5,914) $ 34,787 $ 48,231 $ 77,475
Other expense (income):
Interest expense 30,220 23,082 79,491 78,729
Amortization of
deferred financing
fees 1,620 885 5,503 3,510
Other 1,488 (379) 2,107 (129)
---------- --------- --------- ----------
Income (loss) before income
taxes and cumulative
effect of a change
in accounting $ (39,242) $ 11,199 $ (38,870) $ (4,635)
Provision (benefit) for
income taxes (13,005) 1,680 (14,263) (690)
---------- --------- --------- ----------
Income (loss) before
cumulative effect of
a change in accounting (26,237) 9,519 (24,607) (3,945)
Cumulative effect of a
change of accounting
- write-off of start-up
costs (net of tax benefit
of $1,780) - - 3,580 -
--------- --------- --------- ----------
Net income (loss) $ (26,237) $ 9,519 $ (28,187) $ (3,945)
========= ========= ========= ==========
Net income (loss)
per share:
Basic $ (0.34) $ 0.06 $ (0.48) $ (0.06)
Diluted $ (0.39) $ 0.06 $ (0.55) $ (0.06)
Weighted average shares
outstanding:
Basic 69,384 133,824 56,874 116,438
Diluted 69,518 136,229 57,016 118,644
VIASYSTEMS GROUP, INC.
SUPPLEMENTAL PRO FORMA INFORMATION
(In thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
1999 2000 1999 2000
-------- -------- -------- --------
Earnings before interest,
taxes, depreciation
and amortization ("EBITDA") $ 40,967 $ 69,160 $133,469 $179,214
Depreciation 20,461 23,114 51,686 67,476
Amortization 8,820 11,259 15,952 34,263
Write-off of
acquired
in-process R&D 17,600 - 17,600 -
Interest expense 30,220 23,082 79,491 78,729
Amortization of
deferred financing
fees 1,620 885 5,503 3,510
Other expense (income) 1,488 (379) 2,107 (129)
Provision (benefit)
for income taxes (13,005) 1,680 (14,263) (690)
Cumulative effect of
a change in accounting - - 3,580 -
--------- -------- --------- ---------
Net income (loss) $(26,237) $ 9,519 $(28,187) $ (3,945)
========= ========= ========= =========
Amortization, net
of income tax effect 11,209 34,013
Amortization of
deferred financing fees 885 3,510
Paid-in-kind dividend
and accretion on
preferred stock (1,226) (3,561)
--------- ---------
Adjusted earnings ("EBG") $ 20,387 $ 30,017
========= =========
Income per share:
Basic - EBG $ 0.15 $ 0.25
Diluted - EBG $ 0.15 $ 0.25
Weighted average shares outstanding:
Basic 133,824 116,438
Diluted 136,229 120,572
VIASYSTEMS GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- ---------------------
1999 2000 1999 2000
--------- --------- --------- ----------
Net sales $316,396 $406,504 $938,921 $1,149,373
Operating expenses:
Cost of goods sold 245,695 308,855 709,482 881,554
Selling, general and
administrative
(including $104,351
of one-time non-cash
charges in March 2000) 31,315 28,489 85,507 194,960
Depreciation and
amortization 48,830 34,373 126,482 110,446
Write-off of acquired
in-process R&D 17,600 - 17,600 -
------- ------- ------- -------
Operating income
(loss) (27,044) 34,787 (150) (37,587)
Other expense (income):
Interest expense 32,675 23,082 85,858 82,345
Amortization of deferred
financing fees 1,658 885 4,741 3,534
Other 2,164 (379) 3,730 268
------- ------- ------- -------
Income (loss) before
income taxes and
cumulative effect of a
change in accounting and
extraordinary item (63,541) 11,199 (94,479) (123,734)
Provision (benefit) for
income taxes (16,836) 1,680 (24,572) (5,328)
------- ------- ------- -------
Net income (loss) before
cumulative effect of a
change in accounting and
extraordinary item (46,705) 9,519 (69,907) (118,406)
Cumulative effect of a
change of accounting -
write-off of start-up
costs (net of income
tax benefit of $6,734) - - 18,443 -
Extraordinary item -
loss on early
extinguishment of debt
(net of income tax
benefit of $0) - - - 31,196
--------- ------- --------- ---------
Net income (loss) $ (46,705) $ 9,519 $ (88,350) $(149,602)
========= ======= ========= =========
Net income (loss) per share:
Basic $ (0.60) $ 0.06 $ (1.40) $ (1.28)
Diluted $ (0.69) $ 0.06 $ (1.60) $ (1.29)
Weighted average shares
outstanding
Basic 69,384 133,824 56,874 116,438
Diluted 69,518 136,229 57,016 118,644
VIASYSTEMS GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, September 30,
1999 2000
------------- -------------
(unaudited)
Current assets:
Cash and cash equivalents $ 22,839 $ 51,453
Accounts receivable, net 236,455 273,787
Inventories 176,125 202,950
Prepaid and other 51,010 88,359
------------ ------------
Total current assets 486,429 616,549
Property, plant and equipment 482,144 427,067
Intangibles and other assets 340,653 360,993
------------ ------------
Total assets $ 1,309,226 $ 1,404,609
============ ============
Current liabilities:
Current maturities of
long-term obligations $ 27,851 $ 17,533
Accounts payable and
accrued liabilities 321,195 331,216
Income taxes payable 25,163 21,114
------------ ------------
Total current liabilities 374,209 369,863
Long-term obligations 1,334,672 984,689
Other long-term liabilities 96,319 31,571
Preferred stock 41,273 44,834
Stockholder's deficit (537,247) (26,348)
------------ ------------
Total liabilities and
stockholder's deficit $ 1,309,226 $ 1,404,609
============ ============