Anaheim, CA -- DDi Corp. reported first quarter 2005 sales of $44.9 million, up 2% sequentially but down 7% year-on-year.
 
The decrease is related to a reduction in the number of PCB layers shipped, reflecting a softer market. Partially offsetting the decline in PCB sales was a $1.8 million increase in net sales from the quick-turn assembly operation.
 
Despide the limited PCB growth, president and CEO Bruce McMaster added that March PCB bookings were at their highest level since October 2003.
 
Gross profit for the quarter was $8 million, up from $5.6 million for the first quarter 2004, due to a $6 million decrease in non-cash compensation charges and intangibles from the prior year. Excluding non-cash charges, adjusted gross profit increased sequentially by $0.5 million on the $0.9 million increase in sequential net sales.
 
The company 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.
 
DDi announced that it will close its Arizona plant to shift production of mass lamination cores back to its four North American PCB plants. It is also closing is Corporate Support Center in Colorado Springs to streamline operations from its Anaheim headquarters.

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