Viasystems Group, Inc. Reports Record Quarterly Revenues; First Quarter Revenues Up 37% From Same Quarter Last Year.Business Editors/High Tech Writers ST. LOUIS--(BUSINESS WIRE)--April 25, 2000 Viasystems Group, Inc. ("Viasystems" or the "Company") today announced financial results for the first quarter ended March 31, 2000. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the three months ended March 31, 2000 were $288.9 million, which met or exceeded all analysts' expectations and represents a 37% increase over the same period in 1999. This increase was primarily the result of volume growth of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 24%, which was offset by price reductions of approximately 8%. The remaining year over year increase was due to the acquisitions of PAGG PAGG Process Aggregates and Kalex in April and August 1999, respectively. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become in the first quarter 2000 was $49.0 million compared to $41.8 million in the first quarter of 1999, or a 17.2% increase. This growth in EBITDA was the result of the revenue growth discussed above, partially offset by anticipated costs associated with the ramp-up of higher technology printed circuit boards and backpanels in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). as well as the costs
associated with the start-up Start-upThe earliest stage of a new business venture. of the Chinese Chinese, subfamily of the Sino-Tibetan family of languages (see Sino-Tibetan languages), which is also sometimes grouped with the Tai, or Thai, languages in a Sinitic subfamily of the Sino-Tibetan language stock. capacity expansion. Adjusted earnings (EBG EBG Electromagnetic Band Gap EBG Ernst-Barlach-Gymnasium (German high school name; several cities) EBG European Board of Gastroenterology EBG EuroBonus Gold EBG Electron Beam Gun EBG Electronic Book G EBG Extended Boolean Graphs ) for the quarter ended March 31, 2000 was a $4.8 million loss, or a loss per share on a basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. -- EBG basis of $(0.06). This included all of the interest costs associated with the Company prior to the transfer of certain operations and prior to the debt repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan . Interest charges for the quarter totaled $34.2 million. EBG compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the average loss of $8.2 million expected by the analysts for the first quarter of 2000. Consistent with the analysts' models for the first quarter, the preceding discussion on financial results reflects the pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma results of operations of Viasystems Group, Inc. as though the March 29, 2000 transfer of nine European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. manufacturing facilities had occurred on January January: see month. 1, 1999, which more appropriately reflects the results of Viasystems as a public company. The pro forma results of operations also exclude the impact of one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. totaling $104.4 million recorded in the first fiscal quarter of 2000 as well as the elimination of the extraordinary loss on early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt totaling $31.2 million. For more detail on the transactions described above please refer to our Form S-1 filed with the Securities and Exchange Commission on March 23, 2000 in connection with the Company's initial public offering. Attached herein is an unaudited pro forma condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statements of operations for the three months ended March 31, 1999 and 2000 giving effect to the transactions described above. Additionally, attached is the Company's historical condensed consolidated statements of operations for the three months ended March 31, 1999 and 2000 and the historical condensed consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. at December December: see month. 31, 1999 and March 31, 2000. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. N. Mills, Chairman, said, "The first quarter has been very active and we are pleased with our first quarter. We are extremely confident that our business model, which includes the high growth EMS Ems, town, Germany Ems or Bad Ems (bät ĕms), town (1994 pop. 10,130), Rhineland-Palatinate, W Germany, on the Lahn River. product line, will continue to yield positive results. We remain focused on pursuing new business opportunities for growth organically as well as through strategic acquisitions primarily in the EMS product offering." P. Based in St. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. , Mo., Viasystems Group, Inc. is a leading global EMS provider with 20,000 employees and 27 manufacturing facilities in eight countries, supplying customers in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , networking, automotive and consumer electronics industries. Viasystems is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , trading under the symbol "VG." This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined by the federal securities laws, and these statements are based upon Viasystems Group, Inc.'s current expectations and assumptions, which are inherently subject to various risks and uncertainties that could cause actual results to differ from those anticipated, projected, or implied. Certain factors that could cause actual results to differ are indicated in Viasystems Group, Inc.'s filings with the Securities and Exchange Commission.
VIASYSTEMS GROUP, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
-----------------------
1999 2000
-------- --------
Net Sales $210,955 $288,921
Operating expenses:
Cost of goods sold 152,131 218,038
Selling, general
and administrative 17,036 21,834
Depreciation 14,958 20,902
Amortization 3,415 11,058
-------- --------
Operating Income 23,415 17,089
Other expense:
Interest Expense 24,284 34,153
Amortization of
deferred financing fees 2,330 1,769
Other 470 277
-------- --------
Loss before income tax
provision and cumulative
effect of a change in
accounting (3,669) (19,110)
Benefit for income taxes (2,553) (2,862)
-------- --------
Loss before cumulative effect
of a change in accounting (1,116) (16,248)
Cumulative effect of a change
of accounting - write-off
of start-up costs (net of
tax benefit of $693) 3,580 -
-------- --------
Net Loss $ (4,696) $(16,248)
======== ========
Net loss per share:
Basic $ (0.10) $ (0.21)
Diluted $ (0.11) $ (0.21)
Weighted average shares outstanding:
Basic 50,416 82,769
Diluted 50,778 82,769
Supplemental Pro Forma Information:
Earnings before interest,
taxes, depreciation and
amortization ("EBITDA") $ 41,788 $ 49,049
Depreciation 14,958 20,902
Amortization 3,415 11,058
Interest expense 24,284 34,153
Amortization of deferred
financing fees 2,330 1,769
Other expense 470 277
Benefit for income taxes (2,553) (2,862)
Cumulative effect of a change
in accounting 3,580 -
-------- --------
Net loss $ (4,696) $(16,248)
======== --------
Amortization, net of income tax
effect (10,858)
Amortization of deferred financing
fees (1,769)
Paid-in-kind dividend and accretion
on preferred stock 1,148
--------
Adjusted earnings ("EBG") $ (4,769)
========
Loss per share:
Basic-EBG $ (0.06)
Diluted-EBG $ (0.06)
VIASYSTEMS GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
------------------
1999 2000
------ ------
Net Sales $ 309,643 $ 384,584
Operating expenses:
Cost of goods sold 233,882 303,274
Selling, general and administrative
(including $104,400 of one-time
non-cash charges in 2000) 29,582 138,616
Depreciation and amortization 36,420 40,667
-------- --------
Operating income (loss) 9,759 (97,973)
Other expense:
Interest expense 25,975 37,769
Amortization of deferred financing fees 2,405 1,793
Other 1,199 674
-------- --------
Loss before income tax provision, cumulative
effect of a change in accounting and
extraordinary item (19,820) (138,209)
Benefit for income taxes (5,232) (7,500)
-------- --------
Net loss before cumulative effect of a
change in accounting and extraordinary item (14,588) (130,709)
Cumulative effect of a change in accounting -
write-off of start-up costs, net of income
tax benefit of $5,647 18,443 -
Extraordinary item - loss on early
extinguishment of debt, net of income tax
benefit of $0 - 31,196
-------- --------
Net loss $ (33,031) $(161,905)
======== ========
Net loss per share:
Basic $ (0.58) $ (1.97)
Diluted $ (0.67) $ (1.97)
Weighted average shares outstanding:
Basic 50,416 82,769
Diluted 50,778 82,769
VIASYSTEMS GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, March 31,
1999 2000
------ ------
(unaudited)
Current assets:
Cash and cash equivalents $ 22,839 $ 84,395
Accounts receivable, net 236,455 228,253
Inventories 176,125 157,170
Prepaid and other 51,010 49,876
-------- --------
Total current assets 486,429 519,694
Property, plant and equipment 482,144 394,379
Intangibles and other assets 340,653 351,240
-------- --------
Total assets $1,309,226 $1,265,313
Current liabilities:
Current maturities of long-term obligations $ 27,851 $ 8,732
Accounts payable and accrued liabilities 316,024 254,521
Income taxes payable 25,163 17,776
-------- --------
Total current liabilities 369,038 281,029
Long-term obligations 1,334,672 939,675
Other long-term liabilities 97,121 43,792
Preferred stock 41,273 42,421
Stockholder's deficit (532,878) (41,604)
-------- --------
Total liabilities and stockholder's
deficit $1,309,226 $1,265,313
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