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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

Form 10-Q


[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2005


[ ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the transition period from ___________________to_____________________

333-114467
(Commission File Number)

Viasystems, Inc.
(Exact name of Registrant as specified in charter)

Delaware
(State or other jurisdiction of incorporation or organization)

43-177252
(I.R.S. Employer Identification No.)

101 South Hanley Road
St. Louis, MO 63105
(314) 727-2087
(Address, including zip code, and telephone number, including
area code, of registrant’s principal executive offices)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

YES [X] NO [ ]

As of March 31, 2005, there were 1,000 shares of Viasystems, Inc.’s Common Stock outstanding.
 

 
 
 
VIASYSTEMS, INC. & SUBSIDIARIES
INDEX TO FINANCIAL STATEMENTS

 
PAGE
   
PART I - FINANCIAL INFORMATION
  
   
Item 1.     Financial Statements (unaudited)
  
   
Viasystems, Inc. & Subsidiaries
  
   
   
   
   
PART II - OTHER INFORMATION
  
   
   




VIASYSTEMS, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)


 
 
    
December 31,
2004 
    
March 31,
2005
  
ASSETS
              
               
Current assets:
              
Cash and cash equivalents
  
$
112,891
  
$
65,038
  
Accounts receivable, net
    
140,618
    
157,730
  
Inventories
    
103,904
    
101,768
  
Prepaid expenses and other
    
14,807
    
21,340
  
Total current assets
    
372,220
    
345,876
  
Property, plant and equipment, net
    
233,764
    
243,534
  
Deferred financing costs, net
    
8,931
    
8,874
  
Goodwill
    
109,980
    
109,769
  
Intangible assets, net
    
9,985
    
9,727
  
Other assets, net
    
15,529
    
15,131
  
Total assets
  
$
750,409
  
$
732,911
  

LIABILITIES AND STOCKHOLDER’S EQUITY
              
               
Current liabilities:
              
Accounts payable
  
$
151,247
  
$
158,246
  
Accrued and other liabilities
    
68,542
    
61,191
  
Income taxes payable
    
4,937
    
8,126
  
Current maturities of long-term debt
    
2,929
    
2,906
  
Total current liabilities
    
227,655
    
230,469
  
Deferred taxes
    
2,321
    
2,452
  
Long-term debt, less current maturities
    
462,626
    
461,909
  
Other non-current liabilities
    
1,273
    
1,395
  
Total liabilities
    
693,875
    
696,225
  
               
Commitments and contingencies
              
               
Stockholder’s equity:
              
Common stock, par value $.01 per share, 1,000 shares authorized,
issued and outstanding
    
—
    
—
  
Paid-in capital
    
2,426,794
    
2,428,187
  
Accumulated deficit
    
(2,356,426
)
  
(2,377,941
)
Accumulated other comprehensive loss
    
(13,834
)
  
(13,560
)
Total stockholder’s equity
    
56,534
    
36,686
  
Total liabilities and stockholder’s equity
  
$
750,409
  
$
732,911
  

See accompanying notes to consolidated financial statements.

 
2

VIASYSTEMS, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
(Unaudited)

 

 
  
Three Months Ended
March 31, 
     
2004
    
2005
  
               
Net sales
  
$
226,062
  
$
230,190
  
Operating expenses:
              
Cost of goods sold
    
180,858
    
191,323
  
Selling, general and administrative
    
20,020
    
22,468
  
Stock compensation expense
    
846
    
1,393
  
Depreciation
    
11,761
    
12,835
  
Amortization
    
407
    
366
  
Restructuring and impairment charges
    
—
    
7,886
  
Gain on dispositions of assets, net
    
(465
)
  
—
  
Operating income (loss)
    
12,635
    
(6,081
)
Other expenses:
              
Interest expense, net
    
9,405
    
9,320
  
Amortization of deferred financing costs
    
318
    
406
  
Other expense, net
    
950
    
1,611
  
Income (loss) before income taxes
    
1,962
    
(17,418
)
Income taxes
    
—
    
4,098
  
Net income (loss)
  
$
1,962
  
$
(21,516
)
 
 
See accompanying notes to consolidated financial statements.

 
3


VIASYSTEMS, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)

 
 
  
Three Months Ended
March 31, 
     
2004
   
2005
 
Cash flows from operating activities:
              
Net income (loss)
  
$
1,962
  
$
(21,516
)
Adjustments to reconcile net income (loss) to net cash used in
operating activities:
              
Impairment of assets
    
—
    
833
  
Non-cash stock compensation expense charges
    
846
    
1,393
  
Gain on disposition of assets, net
    
(465