UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 12, 2015
VIASYSTEMS GROUP, INC.
(Exact Name Of Registrant As Specified In Charter)
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|
|
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|
Delaware |
|
001-15755 |
|
75-2668620 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
101 South Hanley Road
St. Louis, MO 63105
(Address of Principal Executive Offices) (Zip Code)
Registrants telephone number, including area code: (314) 727-2087
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
|
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02: |
Results of Operations and Financial Condition. |
On February 12, 2015, the Company issued a press
release announcing the Companys fourth quarter 2014 results, a copy which is attached as an exhibit hereto.
Item 9.01. Financial Statements
and Exhibits.
The following exhibit is furnished pursuant to Item 2.02 hereof, and the information contained
in this report and such exhibit shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, or incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly stated therein.
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Exhibit Number |
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Description |
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99.1 |
|
Press Release issued by the Company on February 12, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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VIASYSTEMS GROUP, INC. |
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By: |
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/s/ Christopher R. Isaak |
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Christopher R. Isaak |
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|
Vice President, Corporate Controller and Chief
Accounting Officer |
Date: February 12, 2015
INDEX TO EXHIBITS
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Exhibit Number |
|
Description |
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|
99.1 |
|
Press Release issued by Viasystems Group, Inc. on February 12, 2015. |
Exhibit 99.1
NEWS COPY
FOR
IMMEDIATE RELEASE
VIASYSTEMS ANNOUNCES FOURTH QUARTER 2014 RESULTS
ST. LOUIS, February 12, 2015 Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and
electro-mechanical solutions, today announced results for the fourth quarter ended December 31, 2014.
Highlights
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|
Net sales were $308.0 million in the quarter ended December 31, 2014, a year-over-year increase of 1.5%, and a sequential increase from the immediately preceding quarter of 2.9%. |
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|
Operating income in the quarter ended December 31, 2014, was $34.6 million, or 11.2% of net sales, including (i) a net favorable impact of approximately $23.0 million related to the previously
announced settlement of the business interruption insurance claim in connection with the companys 2012 factory fire in China (Fire Settlement), and (ii) a net unfavorable impact of $1.0 million related to costs incurred
in connection with the previously announced agreement to merge with TTM Technologies, Inc. (TTM). |
|
|
|
Adjusted EBITDA in the quarter ended December 31, 2014, was $61.8 million, or 20.1% of net sales, including the net favorable impact of the Fire Settlement, compared with $37.9 million, or 12.5% of net
sales, in the quarter ended December 31, 2013, and compared with $35.9 million, or 12.0% of net sales, in the immediately preceding quarter. |
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|
|
U.S. GAAP earnings per basic and diluted share were $0.69 and $0.67, respectively, for the quarter ended December 30, 2014. |
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|
|
Adjusted EPS was $0.05 for the quarter ended December 31, 2014, excluding certain non-cash and special income and expense items. Adjusted EPS for the quarter ended December 31, 2013, was $0.00, and for the
quarter ended September 30, 2014, was a loss of $(0.06). |
The settlement of our business interruption insurance claim certainly
helped our reported profit for the period, noted David M. Sindelar, chief executive officer of Viasystems, but even without that favorable impact, we had a solid quarter, growing net sales both sequentially and year-over-year.
Use of Non-GAAP Financial Measures
In addition to
the condensed consolidated financial statements presented in accordance with U.S. GAAP, management uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS.
Adjusted EBITDA is not a recognized financial measure under U.S. GAAP, and does not purport to be an alternative to operating income or an indicator of
operating performance. Adjusted EBITDA is presented to enhance an understanding of operating results and is not intended to represent cash flows or results of operations. The Board of Directors, lenders and management use Adjusted EBITDA primarily
as an additional measure of operating performance for matters including executive compensation and competitor comparisons. The use of this non-GAAP measure provides an indication of the companys ability to service debt, and management
considers it an appropriate measure to use because of the companys leveraged position.
Adjusted EBITDA has certain material limitations, primarily
due to the exclusion of certain amounts that are material to the companys consolidated results of operations, such as interest expense, income tax expense, and depreciation and amortization. In addition, Adjusted EBITDA may differ from the
Adjusted EBITDA calculations reported by other companies in the industry, limiting its usefulness as a comparative measure.
The company uses Adjusted
EBITDA to provide meaningful supplemental information regarding operating performance and profitability by excluding from Adjusted EBITDA certain items that the company believes are not indicative of its ongoing operating results or will not impact
future operating cash flows, which include restructuring and impairment charges, loss on early extinguishment of debt, stock compensation, costs associated with acquisitions and equity registrations, and other, net.
Adjusted EPS is not a recognized financial measure under U.S. GAAP, does not purport to be an indicator of the
companys financial performance, and might not be consistent with measures used by other companies. The companys management believes this supplemental measure is useful in understanding underlying trends of the business and analyzing the
effects of certain events that are infrequent or unusual for the company.
Adjusted EPS has certain material limitations, primarily due to the exclusion
of certain amounts from earnings that are material to the companys consolidated results of operations, such as costs associated with acquisitions and equity registrations, restructuring and impairment charges, certain interest and other
expenses, and certain adjustments to net income to arrive at net income available to common stockholders. As a result, Adjusted EPS differs materially from the earnings per share calculations reported by other companies in the industry, limiting its
usefulness as a comparative measure.
Forward Looking Statements
Certain statements in this communication constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are made on the basis of the current beliefs, expectations and assumptions of the management of Viasystems regarding future events and are subject to significant risks and uncertainty. Statements regarding our expected
performance in the future are forward-looking statements. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Viasystems undertakes no obligation to update or
revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by law. Actual results may differ materially from those expressed or implied. Such differences may result from a variety of
factors, including but not limited to: legal or regulatory proceedings; the ability of Viasystems to successfully complete the proposed merger with TTM and the timing of the proposed merger; any actions taken by the company, including but not
limited to, restructuring or strategic initiatives (including capital investments or asset acquisitions or dispositions); or developments beyond the companys control, including but not limited to, changes in domestic or global economic
conditions, competitive conditions and consumer preferences, adverse weather conditions or natural disasters, health concerns, international, political or military developments and technological developments. Additional factors that may cause
results to differ materially from those described in the forward-looking statements are set forth under the headings Item 1A. Risk Factors, in the Annual Report on Form 10-K filed by Viasystems with the SEC on February 14, 2014,
Part II Item 1A: Risk Factors in each Quarterly Report on Form 10-Q filed by Viasystems with the SEC on May 8, 2014, August 7, 2014 and November 10, 2014, and in Viasystems other filings made from time to time
with the SEC and available at the SECs website, www.sec.gov.
About Viasystems
Viasystems Group, Inc. is a technology leader and a worldwide provider of complex multi-layer printed circuit boards (PCBs) and electro-mechanical solutions
(E-M Solutions). Its PCBs serve as the electronic backbone of almost all electronic equipment, and its E-M Solutions products and services include integration of PCBs and other components into finished or semi-finished electronic
equipment, for which it also provides custom and standard metal enclosures, cabinets, racks and sub-racks, backplanes and busbars. Viasystems approximately 14,850 employees around the world serve over 1,000 customers in the automotive,
industrial & instrumentation, computer and datacommunications, telecommunications, and military and aerospace end markets. For additional information about Viasystems, please visit the companys website at www.viasystems.com.
Contacts
Kelly Wetzler
SVP Corporate Development
314-746-2217
kelly.wetzler@viasystems.com
Erica Mannion
Investor Relations
Sapphire Investor Relations, LLC
415-471-2703
emannion@sapphireir.com
2
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)
(Unaudited)
|
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|
|
|
|
|
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|
|
|
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Three Months Ended |
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December 31, 2014 |
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September 30, 2014 |
|
|
December 31, 2013 |
|
|
|
|
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Net sales |
|
$ |
308,009 |
|
|
$ |
299,252 |
|
|
$ |
303,381 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold, exclusive of items shown separately (a) |
|
|
220,196 |
|
|
|
239,883 |
|
|
|
244,253 |
|
Selling, general and administrative |
|
|
29,551 |
|
|
|
30,051 |
|
|
|
22,619 |
|
Depreciation |
|
|
22,087 |
|
|
|
22,137 |
|
|
|
22,367 |
|
Amortization |
|
|
1,378 |
|
|
|
1,453 |
|
|
|
1,679 |
|
Restructuring and impairment |
|
|
216 |
|
|
|
6,794 |
|
|
|
726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
34,581 |
|
|
|
(1,066 |
) |
|
|
11,737 |
|
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
12,084 |
|
|
|
12,149 |
|
|
|
11,180 |
|
Amortization of deferred financing costs |
|
|
749 |
|
|
|
763 |
|
|
|
724 |
|
Other, net |
|
|
(218 |
) |
|
|
(620 |
) |
|
|
(8,647 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
21,966 |
|
|
|
(13,358 |
) |
|
|
8,840 |
|
Income taxes (b) |
|
|
7,806 |
|
|
|
3,001 |
|
|
|
3,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
14,160 |
|
|
$ |
(16,359 |
) |
|
$ |
4,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interest |
|
|
180 |
|
|
|
205 |
|
|
|
215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders |
|
$ |
13,980 |
|
|
$ |
(16,564 |
) |
|
$ |
4,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
|
$ |
0.69 |
|
|
$ |
(0.82 |
) |
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share |
|
$ |
0.67 |
|
|
$ |
(0.82 |
) |
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding |
|
|
20,297,657 |
|
|
|
20,290,384 |
|
|
|
20,179,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding |
|
|
20,820,186 |
|
|
|
20,290,384 |
|
|
|
20,464,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This information is intended to be reviewed in conjunction with the companys filings with the Securities
and Exchange Commission.
(a) |
Cost of goods sold, exclusive of items shown separately for the three months ended December 31, 2014 includes a gain from the settlement of a business interruption claim. The gross amount of the gain was
approximately $26,459, before considering consequential expenses. |
(b) |
Income taxes for the three months ended December 31, 2014 includes estimated income taxes and withholding taxes of approximately $4,210 related to the settlement of a business interruption insurance claim
gain. |
3
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
|
|
December 31, 2013 |
|
|
|
(unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
71,964 |
|
|
$ |
54,738 |
|
Accounts receivable, net |
|
|
215,784 |
|
|
|
196,126 |
|
Inventories |
|
|
138,195 |
|
|
|
122,182 |
|
Prepaid expenses and other |
|
|
38,694 |
|
|
|
38,131 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
464,637 |
|
|
|
411,177 |
|
Property, plant and equipment, net |
|
|
415,607 |
|
|
|
446,488 |
|
Goodwill and other noncurrent assets |
|
|
255,261 |
|
|
|
260,752 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,135,505 |
|
|
$ |
1,118,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
$ |
1,093 |
|
|
$ |
11,387 |
|
Accounts payable |
|
|
175,346 |
|
|
|
203,122 |
|
Accrued and other liabilities |
|
|
99,757 |
|
|
|
88,220 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
276,196 |
|
|
|
302,729 |
|
Long-term debt, less current maturities |
|
|
612,915 |
|
|
|
561,508 |
|
Other non-current liabilities |
|
|
43,730 |
|
|
|
41,592 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
932,841 |
|
|
|
905,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders equity |
|
|
202,664 |
|
|
|
212,588 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders equity |
|
$ |
1,135,505 |
|
|
$ |
1,118,417 |
|
|
|
|
|
|
|
|
|
|
This information is intended to be reviewed in conjunctions with the companys filings with the Securities
and Exchange Commission.
4
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2014 |
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
38,378 |
|
|
$ |
89,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(64,742 |
) |
|
|
(108,521 |
) |
Proceeds from disposals of property, and property-related insurance proceeds |
|
|
5,616 |
|
|
|
1,956 |
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(59,126 |
) |
|
|
(106,565 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of 2019 Notes |
|
|
53,500 |
|
|
|
|
|
Repayments under mortgages and credit facilities, net |
|
|
(11,609 |
) |
|
|
(1,636 |
) |
Financing and other fees |
|
|
(3,404 |
) |
|
|
(187 |
) |
Withholding related to stock awards, net of proceeds from stock options |
|
|
(513 |
) |
|
|
(666 |
) |
Repayment of Senior Subordinated Convertible Notes due 2013 |
|
|
|
|
|
|
(895 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
|
37,974 |
|
|
|
(3,384 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
17,226 |
|
|
|
(20,078 |
) |
|
|
|
Beginning cash |
|
|
54,738 |
|
|
|
74,816 |
|
|
|
|
|
|
|
|
|
|
Ending cash |
|
$ |
71,964 |
|
|
$ |
54,738 |
|
|
|
|
|
|
|
|
|
|
This information is intended to be reviewed in conjunction with the companys filings with the Securities
and Exchange Commission.
5
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
NET SALES AND BALANCE SHEET STATISTICS
(dollars in millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
December 31, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2013 |
|
Net external sales by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Printed Circuit Boards |
|
$ |
265.7 |
|
|
|
86 |
% |
|
$ |
256.5 |
|
|
|
86 |
% |
|
$ |
258.0 |
|
|
|
85 |
% |
Assembly |
|
|
42.3 |
|
|
|
14 |
% |
|
|
42.8 |
|
|
|
14 |
% |
|
|
45.4 |
|
|
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
308.0 |
|
|
|
100 |
% |
|
$ |
299.3 |
|
|
|
100 |
% |
|
$ |
303.4 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Net Sales |
|
|
Net Sales Change |
|
|
|
Three Months Ended |
|
|
Sequential: 4Q14 vs 3Q14 |
|
|
Year/Year: 4Q14 vs 4Q13 |
|
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
|
|
|
2014 |
|
|
2014 |
|
|
2013 |
|
|
|
Net sales by end market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive |
|
|
32 |
% |
|
|
33 |
% |
|
|
31 |
% |
|
|
1 |
% |
|
|
5 |
% |
Industrial & Instrumentation |
|
|
23 |
% |
|
|
24 |
% |
|
|
24 |
% |
|
|
(1 |
)% |
|
|
(2 |
)% |
Telecommunications |
|
|
17 |
% |
|
|
17 |
% |
|
|
18 |
% |
|
|
3 |
% |
|
|
(3 |
)% |
Computer and Datacommunications |
|
|
16 |
% |
|
|
15 |
% |
|
|
17 |
% |
|
|
9 |
% |
|
|
(6 |
)% |
Military and Aerospace |
|
|
12 |
% |
|
|
11 |
% |
|
|
10 |
% |
|
|
11 |
% |
|
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 |
% |
|
|
100 |
% |
|
|
100 |
% |
|
|
3 |
% |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q14 |
|
|
3Q14 |
|
|
2Q14 |
|
|
1Q14 |
|
|
4Q13 |
|
Working capital metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days sales outstanding |
|
|
63.1 |
|
|
|
63.5 |
|
|
|
63.4 |
|
|
|
62.8 |
|
|
|
58.2 |
|
Inventory turns |
|
|
7.1 |
|
|
|
7.1 |
|
|
|
7.2 |
|
|
|
7.6 |
|
|
|
8.0 |
|
Days payables outstanding |
|
|
64.0 |
|
|
|
61.5 |
|
|
|
64.9 |
|
|
|
66.2 |
|
|
|
74.9 |
|
Cash cycle (days) |
|
|
49.6 |
|
|
|
52.6 |
|
|
|
48.6 |
|
|
|
43.7 |
|
|
|
28.3 |
|
6
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
RECONCILIATION OF OPERATING INCOME
TO ADJUSTED EBITDA
(dollars in millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
December 31, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2013 |
|
|
|
|
|
Operating income (loss) (a) |
|
$ |
34.6 |
|
|
$ |
(1.1 |
) |
|
$ |
11.7 |
|
Add-back: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
23.5 |
|
|
|
23.7 |
|
|
|
24.1 |
|
Non-cash stock compensation expense |
|
|
2.5 |
|
|
|
1.5 |
|
|
|
1.2 |
|
Costs relating to acquisitions and equity registrations |
|
|
1.0 |
|
|
|
5.0 |
|
|
|
0.2 |
|
Restructuring and impairment charges |
|
|
0.2 |
|
|
|
6.8 |
|
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (a) |
|
$ |
61.8 |
|
|
$ |
35.9 |
|
|
$ |
37.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Operating income and Adjusted EBITDA for the three months ended December 31, 2014 includes the net favorable impact of approximately $23.0 related to a settlement of a business interruption insurance claim.
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
December 31, 2014 |
|
|
September 30, 2014 |
|
|
December 31, 2013 |
|
|
|
|
|
Net income (loss) attributable to common stockholders (GAAP) |
|
$ |
13,980 |
|
|
$ |
(16,564 |
) |
|
$ |
4,757 |
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock compensation expense |
|
|
2,521 |
|
|
|
1,524 |
|
|
|
1,179 |
|
Amortization |
|
|
2,127 |
|
|
|
2,216 |
|
|
|
2,403 |
|
Costs related to acquisitions and equity registrations |
|
|
1,035 |
|
|
|
5,025 |
|
|
|
201 |
|
Restructuring and impairment charges |
|
|
216 |
|
|
|
6,794 |
|
|
|
726 |
|
Non-cash interest |
|
|
(138 |
) |
|
|
(138 |
) |
|
|
|
|
Other special items (a) (b) |
|
|
(23,000 |
) |
|
|
|
|
|
|
(8,978 |
) |
Special income taxes |
|
|
(128 |
) |
|
|
(91 |
) |
|
|
(267 |
) |
Income tax effects of adjustments (c) |
|
|
4,343 |
|
|
|
(18 |
) |
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income (loss) attributable to common stockholders |
|
$ |
956 |
|
|
$ |
(1,252 |
) |
|
$ |
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding |
|
|
20,820,186 |
|
|
|
20,290,384 |
|
|
|
20,464,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share (GAAP) |
|
$ |
0.67 |
|
|
$ |
(0.82 |
) |
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS |
|
$ |
0.05 |
|
|
$ |
(0.06 |
) |
|
$ |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Other special items for the three months ended December 31, 2014 represents the net favorable effect of the gain from a business interruption insurance claim, after considering consequential expenses.
|
(b) |
Other special items for the three months ended December 31, 2013 represents a non-cash lapse of a contingency formerly reported as a long-term liability. |
(c) |
Income tax effect of adjustments for the three months ended December 31, 2014 includes income taxes and withholding taxes of approximately $4,210 related to the settlement of a business interruption
insurance claim gain. |
8
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