ViaSystems: Thailand floods helped Q4 sales

The company reported net sales of $269 US million for the three months ended December 31, 2011, a 10.3% year-over-year increase compared with net sales during the fourth quarter of 2010.  Compared with the three months ended September 30, 2011, net sales declined by 3.5% for the quarter ended December 31, 2011. Sequentially, net sales increased in both computer and datacommunications, and military and aerospace end markets, but declined in automotive, telecommunications and industrial & instrumentation end markets. Thailand improves sales "In addition to a relatively stable cost environment in our fourth quarter, the combination of a couple of favorable factors resulted in a record earnings quarter for Viasystems,” said David M. Sindelar, Chief Executive Officer .” As I highlighted in my comments last week, sales resulting from the effects of the Thailand flooding improved demand and sales mix in our fourth quarter. During the quarter, we also generated premium pricing on other PCB production orders, and we took advantage of an increase in our PCB capacity due to reduced PRC governmental energy rationing during the period." Last week Sindelar estimated that $6 million of the company's fourth-quarter net sales were derived from orders previously placed with printed circuit board manufacturers in Thailand. Highlights -- Net sales were $269.0 million in the quarter ended December 31, 2011, a year-over-year increase of 10.3%, and a seasonal sequential decrease from the immediately preceding quarter of 3.5%. -- Operating income in the quarter was $23.1 million or 8.6% of net sales. -- Adjusted EBITDA was $44.1 million or 16.4% of net sales, compared with $36.0 million or 14.8% of net sales in the quarter ended December 31, 2010, and compared with $40.3 million or 14.5% of net sales in the immediately preceding quarter ended September 30, 2011. -- GAAP earnings per basic and diluted share were $0.75 and $0.74, respectively, for the quarter ended December 31, 2011, on approximately 20 million average shares outstanding.