VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTAL
INFORMATION
NET SALES AND BALANCE SHEET STATISTICS
(dollars
in millions)
(Unaudited)
| Three Months Ended | ||||||||||||||||||||||||
| June 30, 2013 | March 31, 2013 | June 30, 2012(a) | ||||||||||||||||||||||
| Net sales by segment | ||||||||||||||||||||||||
| Printed Circuit Boards (a) | $ | 240.7 | 84 | % | $ | 241.0 | 88 | % | $ | 240.4 | 81 | % | ||||||||||||
| Assembly | 44.9 | 16 | % | 31.9 | 12 | % | 56.5 | 19 | % | |||||||||||||||
| $ | 285.6 | 100 | % | $ | 272.9 | 100 | % | $ | 296.9 | 100 | % | |||||||||||||
|
(a) Excludes $44.1 net sales by DDi Corp. during the three months ended June 30, 2012 prior to its acquisition. |
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| Percentage of Net Sales | Net Sales Change | ||||||||||||||
| Three Months Ended | Sequential: | Year/Year: | |||||||||||||
| June 30, | March 31, | June 30, | 2Q13 vs | 2Q13 vs | |||||||||||
| 2013 | 2013 | 2012 PF (b) | 1Q13 | 2Q12 PF (b) | |||||||||||
|
Net sales by end market |
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| Automotive | 30% | 29% | 30% | 8% | (18)% | ||||||||||
| Industrial & Instrumentation | 26% | 25% | 29% | 11% | (23)% | ||||||||||
| Telecommunications | 17% | 16% | 17% | 9% | (5)% | ||||||||||
| Computer and Datacommunications | 16% | 18% | 15% | (9)% | (20)% | ||||||||||
| Military and Aerospace | 11% | 12% | 9% | (2)% | (1)% | ||||||||||
| 100% | 100% | 100% | 5% | (16)% | |||||||||||
|
(b) Includes the effects of $44.1 net sales by DDi Corp. during the three months ended June 30, 2012 prior to its acquisition. |
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| 2Q13 | 1Q13 | 4Q12 | 3Q12 | 2Q12(c) | |||||||||||
| Working capital metrics | |||||||||||||||
| Days’ sales outstanding | 58.9 | 59.1 | 60.2 | 59.0 | 58.8 | ||||||||||
| Inventory turns | 8.1 | 8.0 | 7.9 | 8.8 | 8.0 | ||||||||||
| Days’ payables outstanding | 68.5 | 68.0 | 66.7 | 66.1 | 70.0 | ||||||||||
| Cash cycle (days) | 34.7 | 35.9 | 39.3 | 33.7 | 33.8 | ||||||||||
|
(c) Adjusted for the effects of working capital acquired from DDi Corp. |
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|
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES SUPPLEMENTAL INFORMATION RECONCILIATION OF OPERATING INCOME TO ADJUSTED EBITDA ( dollars in millions) (Unaudited) |
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| Three Months Ended | ||||||||||||
|
June 30,
2013 |
March 31,
2013 |
June 30,
2012 |
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| Operating income | $ | 4.5 | $ | 2.6 | $ | 8.7 | ||||||
| Add-back: | ||||||||||||
| Depreciation and amortization | 23.6 | 23.6 | 19.4 | |||||||||
| Non-cash stock compensation expense | 2.6 | 3.2 | 2.7 | |||||||||
| Restructuring and impairment | – | – | 2.0 | |||||||||
| Costs relating to acquisitions and equity registrations | – | 0.1 | 11.9 | |||||||||
| Adjusted EBITDA | $ | 30.7 | $ | 29.5 | $ | 44.7 | ||||||
|
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES SUPPLEMENTAL INFORMATION RECONCILIATION OF DILUTED EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE (dollars in thousands, except per share amounts) (Unaudited) |
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| Three Months Ended | ||||||||||||||||
|
June 30,
|
March 31,
|
June 30,
|
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|
Net loss attributable to common stockholders (GAAP) |
$ |
(10,369 |
) |
|
$ |
(13,455 |
) |
|
$ |
(33,309 |
) |
|||||
| Adjustments: | ||||||||||||||||
| Non-cash stock compensation expense | 2,597 | 3,207 | 2,669 | |||||||||||||
| Amortization | 2,403 | 2,403 | 1,568 | |||||||||||||
| Loss on early extinguishment of debt | – | – | 24,234 | |||||||||||||
| Restructuring and impairment | – | – | 1,958 | |||||||||||||
| Costs related to acquisitions and equity registrations | 31 | 124 | 11,925 | (a) | ||||||||||||
| Transition period interest | – | – | 4,169 | (b) | ||||||||||||
| Non-cash interest | – | – | 266 | |||||||||||||
| Special income taxes | (183 | ) | (29 | ) | 1,716 | |||||||||||
| Income tax effects of adjustments | (39 | ) | (43 | ) | (44 | ) | ||||||||||
| Adjusted net (loss) income attributable to common stockholders |
$ |
(5,560 |
) |
$ |
(7,793 |
) |
$ |
15,152 |
|
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| Diluted weighted average shares outstanding | 20,010,029 | 19,994,820 | 20,252,446 | |||||||||||||
| Diluted loss per share (GAAP) | $ | (0.52 | ) | $ | (0.67 | ) | $ | (1.67 | ) | |||||||
| Adjusted EPS | $ | (0.28 | ) | $ | (0.39 | ) | $ | 0.75 | ||||||||
|
(a) Includes i) approximately $7,978 fees and expenses related to the acquisition of DDi, plus ii) $3,947 representing the fair value write-up of inventories purchased in connection with the DDi acquisition. |
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|
(b) Represents i) approximately $2,200 cash interest expense on the 12.0% 2015 Notes incurred during the "call period" between the April 30, 2012 issuance date of the 7.875% 2019 Notes and the May 30, 2012 final termination date of the 12.0% 2015 Notes, plus ii) approximately $1,969 cash interest expense on the 7.875% 2019 Notes between the April 30, 2012 issuance of the 2019 Notes and the May 31, 2012 acquisition date of DDi. |
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