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PCB | May 06, 2005

Stockholders gain on DDi Europe closure

DDi reported first quarter 2005 net sales of $44.9 million, an increase of 2% sequentially from the $44.0 million in net sales for the fourth quarter 2004. The increase primarily reflects a strengthening of PCB demand in the latter part of the first quarter, in addition to growth in the assembly operation.
First quarter 2005 net sales decreased 7% compared to net sales of $48.1 million for the first quarter 2004. The decrease is primarily attributable to a reduction in the number of printed circuit board (PCB) layers shipped, reflecting a softer PCB market in the first quarter 2005 than in the first quarter 2004. Partially offsetting the decline in PCB net sales was an increase of $1.8 million in net sales from the complementary quick-turn assembly operation, resulting from growth in the customer base.

The Company announced the discontinuation of its European business, and the placement into administration of DDi Europe, on February 9, 2005. DDi Europe has been accounted for as a discontinued operation. During the first quarter of 2005, DDi reported net income of $9.7 million from discontinued operations, primarily due to a $11.1 million non-cash gain on the disposition of DDi Europe, partially offset by net losses from those operations through the date of disposition. The comparable loss from discontinued operations for the first quarter of 2004 was $7.8 million. The gain from the disposition of DDi Europe represents DDi Corp.’s net investment in DDi Europe as of the date of disposition, net of foreign currency translation adjustments.

The Company reported net income available to common stockholders of $5.8 million for the first quarter 2005, or $0.23 per diluted share. For the corresponding period in 2004, the Company reported a net loss to common shareholders of $17.4 million, or $(0.70) per share. The primary reasons for the improvement are the 2005 gain on the disposition of DDi Europe and a reduction in non-cash compensation charges.

For the second quarter of 2005, DDi is estimating net sales in the range of $45 million to $48 million.

Read the full report here (www.ddiglobal.com).

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