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Vishay Precision Group, Inc. (NYSE: VPG) ("VPG" or the “Company”), a
leading producer of precision sensors and systems, based on its
resistive foil technology, today announced results for the third quarter
ended September 29, 2012.
Net revenues for the third quarter of 2012 were $55.4 million,
representing a 7.7% decrease from the $60.0 million of net revenues for
the comparable prior year period. Net earnings for the third quarter of
2012 were $1.9 million or $0.14 per diluted share, versus net earnings
of $3.3 million, or $0.24 per diluted share for the comparable prior
year period.
Net revenues for the nine months ended September 29, 2012 were $166.6
million, representing an 8.3% decrease from the $181.7 million of net
revenues for the comparable prior year period. Net earnings for the nine
months ended September 29, 2012 were $6.5 million or $0.47 per diluted
share, versus net earnings of $9.6 million, or $0.69 per diluted share
for the comparable prior year period.
Commenting on the results, Ziv Shoshani, chief executive officer of VPG,
said, "The overall revenues in the third quarter of 2012 were comparable
to the revenue levels in the second quarter of 2012 due to projects
generating approximately two million dollars in the Weighing and Control
Systems segment. The demand for the third quarter of 2012 was lower
compared to the second quarter of 2012, across all regions.
Comparing the results of the third quarter of 2012 to the second quarter
of 2012, net revenues remained flat at $55.4 million. Net earnings for
the third quarter of 2012 decreased by $1.1 million to $1.9 million
compared to the second quarter of 2012.
Our Foil Technology Products (“FTP”) segment revenues decreased from
$26.6 million in the second quarter of 2012 to $26.3 million in the
third quarter of 2012. The gross margin for the FTP segment decreased to
38.9% for the third quarter of 2012 compared to 42.6% for the second
quarter of 2012, which is mainly due to an unfavorable product mix and
plant shutdown.
The Force Sensors segment revenues decreased from $17.2 million in the
second quarter of 2012 to $16.5 million for the third quarter of 2012.
The gross margin for the Force Sensors segment was 21.5% in the second
quarter of 2012 versus 20.2% in the third quarter of 2012. The decrease
in gross margin is mainly due to lower volume and unfavorable product
mix.
The Weighing and Control Systems segment revenues increased from $11.6
million in the second quarter of 2012 to $12.6 million for the third
quarter of 2012, due to an increase in Onboard Weighing revenues in
Europe. The gross margin for the Weighing and Control Systems segment
decreased from 41.7% for the second quarter of 2012 to 40.9% in the
third quarter of 2012 mainly due to an Onboard Weighing project which
resulted in an unfavorable product mix.”
Outlook
Mr. Shoshani concluded, “Inclusive of the impact of the seasonality,
overall demand of our business was reduced by approximately nine percent
as compared to the second quarter of 2012 as we continue to see a
further slowdown in all regions, and market segments. Due to the
macroeconomic conditions and uncertainties we anticipate the business
for the fourth quarter will result in overall revenues in the range of
$49 million to $54 million.”
Conference Call and Webcast
A conference call and simultaneous audio webcast will take place at
10:00 a.m. (ET) on November 6, 2012. To access the conference call,
interested parties may call 877-317-6789 or +1-412-317-6789 and enter
conference number: 1001-9476, or log on to the IR page of the VPG
website at http://ir.vishaypg.com
for listen-only mode.
A replay will be available approximately one hour after the completion
of the call by calling toll-free 877-344-7529 or internationally
+1-412-317-0088 and using the conference number: 1001-9476. The replay
will also be available on the IR page of the VPG website at http://ir.vishaypg.com.
It will be available via phone and website for a limited time.
About Vishay Precision Group
Vishay Precision Group (VPG) is an internationally recognized designer,
manufacturer and marketer of: components based on its resistive foil
technology; sensors; and sensor-based systems specializing in the
growing markets of stress, force, weight, pressure, and current
measurements. VPG is a market leader of Foil Technology Products,
providing ongoing technology innovations in precision foil resistors and
foil strain gages, which are the foundation of the Company's Force
Sensors Products and its Weighing and Control Systems. The product
portfolio consists of a variety of well-established brand names
recognized for precision and quality in the marketplace. To learn more,
visit VPG at www.vishaypg.com.
Forward-Looking Statements
From time to time, information provided by us, including but not limited
to statements in this report, or other statements made by or on our
behalf, may contain "forward-looking" information within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements
involve a number of risks, uncertainties, and contingencies, many of
which are beyond our control, which may cause actual results,
performance, or achievements to differ materially from those anticipated.
Such statements are based on current expectations only, and are subject
to certain risks, uncertainties, and assumptions. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those anticipated, expected, estimated, or projected. Among the factors
that could cause actual results to materially differ include: general
business and economic conditions, changes in the current pace of
economic recovery, including if such recovery stalls or does not
continue as expected; difficulties in integrating acquired companies,
the inability to realize anticipated synergies and expansion
possibilities, unexpected costs or difficulties related to our spinoff
and other unanticipated conditions adversely affecting the operation of
these companies; difficulties in new product development; changes in
competition and technology in the markets that we serve and the mix of
our products required to address these changes; changes in foreign
currency exchange rates; difficulties in implementing our cost reduction
strategies such as underutilization of production facilities, labor
unrest or legal challenges to our lay-off or termination plans,
operation of redundant facilities due to difficulties in transferring
production to lower-labor-cost countries; and other factors affecting
our operations, markets, products, services, and prices that are set
forth in our annual report on Form 10-K for the year ended December 31,
2011. We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
VISHAY PRECISION GROUP, INC.
Consolidated Condensed Summary of Operations
(Unaudited - In thousands, except per share data)
Fiscal quarter ended
September 29,
October 1,
2012
2011
Net revenues
$
55,430
$
60,037
Costs of products sold
36,691
38,845
Gross profit
18,739
21,192
Gross margin
33.8
%
35.3
%
Selling, general, and administrative expenses
15,646
16,482
Operating income
3,093
4,710
Operating margin
5.6
%
7.8
%
Other income (expense):
Interest expense
(75
)
(70
)
Other
(295
)
(763
)
Total other income (expense) - net
(370
)
(833
)
Income before taxes
2,723
3,877
Income tax expense
811
639
Net earnings
1,912
3,238
Less: net loss attributable to noncontrolling interests
(30
)
(62
)
Net earnings attributable to VPG stockholders
$
1,942
$
3,300
Basic earnings per share attributable to VPG stockholders
$
0.15
$
0.25
Diluted earnings per share attributable to VPG stockholders
$
0.14
$
0.24
Weighted average shares outstanding - basic
13,371
13,346
Weighted average shares outstanding - diluted
13,893
13,831
VISHAY PRECISION GROUP, INC.
Consolidated Condensed Summary of Operations
(Unaudited - In thousands, except per share data)
Nine fiscal months ended
September 29,
October 1,
2012
2011
Net revenues
$
166,606
$
181,695
Costs of products sold
109,136
117,403
Gross profit
57,470
64,292
Gross margin
34.5
%
35.4
%
Selling, general, and administrative expenses
47,923
49,898
Operating income
9,547
14,394
Operating margin
5.7
%
7.9
%
Other income (expense):
Interest expense
(216
)
(227
)
Other
15
(629
)
Total other income (expense) - net
(201
)
(856
)
Income before taxes
9,346
13,538
Income tax expense
2,796
3,911
Net earnings
6,550
9,627
Less: net earnings attributable to noncontrolling interests
24
51
Net earnings attributable to VPG stockholders
$
6,526
$
9,576
Basic earnings per share attributable to VPG stockholders
$
0.49
$
0.72
Diluted earnings per share attributable to VPG stockholders
$
0.47
$
0.69
Weighted average shares outstanding - basic
13,366
13,342
Weighted average shares outstanding - diluted
13,881
13,820
VISHAY PRECISION GROUP, INC.
Consolidated Condensed Balance Sheets
(In thousands)
September 29,
December 31,
2012
2011
Assets
(unaudited)
(audited)
Current assets:
Cash and cash equivalents
$
89,250
$
80,828
Accounts receivable, net
33,421
34,214
Net inventories
49,413
49,098
Deferred income taxes
4,570
4,638
Prepaid expenses and other current assets
10,142
8,964
Total current assets
186,796
177,742
Property and equipment, net
52,870
53,738
Intangible assets, net
9,008
11,102
Other assets
13,830
14,023
Total assets
$
262,504
$
256,605
Liabilities and equity
Current liabilities:
Trade accounts payable
$
10,150
$
11,458
Payroll and related expenses
12,390
12,741
Other accrued expenses
9,150
9,538
Income taxes
1,682
2,842
Current portion of long-term debt
185
185
Total current liabilities
33,557
36,764
Long-term debt less current portion
11,325
11,463
Deferred income taxes
2,892
2,873
Other liabilities
8,033
7,769
Accrued pension and other postretirement costs
12,840
12,798
Total liabilities
68,647
71,667
Commitments and contingencies
Equity:
Common stock
1,235
1,232
Class B common stock
103
103
Capital in excess of par value
181,553
180,758
Retained earnings
23,191
16,665
Accumulated other comprehensive income (loss)
(12,352
)
(13,973
)
Total Vishay Precision Group, Inc. stockholders' equity
193,730
184,785
Noncontrolling interests
127
153
Total equity
193,857
184,938
Total liabilities and equity
$
262,504
$
256,605
VISHAY PRECISION GROUP, INC.
Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
Nine fiscal months ended
September 29,
October 1,
2012
2011
Operating activities
Net earnings
$
6,550
$
9,627
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization
8,727
8,425
Loss on disposal of property and equipment
219
20
Inventory write-offs for obsolescence
996
718
Share based compensation expense
866
1,149
Other
(537
)
(3,084
)
Changes in operating assets and liabilities
(3,303
)
(7,155
)
Net cash provided by operating activities
13,518
9,700
Investing activities
Purchase of property and equipment
(5,805
)
(10,347
)
Proceeds from sale of property and equipment
271
143
Net cash used in investing activities
(5,534
)
(10,204
)
Financing activities
Principal payments on long-term debt and capital lease obligations
(136
)
(90
)
Net changes in short-term borrowings
-
1,326
Distributions to noncontrolling interests
(50
)
(15
)
Net cash (used in) provided by financing activities
(186
)
1,221
Effect of exchange rate changes on cash and cash equivalents
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