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Vishay Intertechnology, Inc. (NYSE: VSH), one of the world’s largest
manufacturers of discrete semiconductors and passive components, today
announced its results for the year and fiscal quarter ended December 31,
2012.
Revenues for the year ended December 31, 2012 were $2,230.1 million,
compared to $2,594.0 million for the year ended December 31, 2011. The
net earnings attributable to Vishay stockholders for the year ended
December 31, 2012 were $122.7 million, or $0.79 per diluted share,
compared to $238.8 million, or $1.42 per diluted share for the year
ended December 31, 2011.
Revenues for the fiscal quarter ended December 31, 2012 were $530.6
million, compared to $551.4 million for the fiscal quarter ended
December 31, 2011. The net earnings attributable to Vishay stockholders
for the fiscal quarter ended December 31, 2012 were $21.0 million, or
$0.14 per diluted share, compared to $31.0 million, or $0.19 per diluted
share for the fiscal quarter ended December 31, 2011.
Net earnings attributable to Vishay stockholders for the fiscal quarters
ended December 31, 2012 and December 31, 2011 include one-time tax
benefits primarily related to the release of deferred tax valuation
allowances in various jurisdictions. The years ended December 31, 2012
and 2011 include other items affecting comparability. These items are
summarized on the attached reconciliation schedule. Adjusted net
earnings per diluted share, which exclude these items, were $0.11 and
$0.71 for the fiscal quarter and year ended December 31, 2012,
respectively, and $0.15 and $1.46 for the fiscal quarter and year ended
December 31, 2011, respectively.
Commenting on the results for the fourth quarter 2012, Dr. Gerald Paul,
President and Chief Executive Officer, stated, “As expected the fourth
quarter 2012 was the weakest quarter of the year. But the order intake
in the fourth quarter 2012 was higher than in the third quarter 2012 or
in the fourth quarter 2011. The normal levels of inventory in the supply
chain and a higher degree of confidence at our distribution customers
might indicate a potential turn-around of the business. This is
supported by a strong book-to-bill ratio for January.”
Commenting on the results for the year 2012, Dr. Gerald Paul, stated,
“Year 2012 was a rough year for Vishay and the electronics industry, as
we were exposed to the economic fluctuations of the world economy. Yet
Vishay generated cash flows from operations of $287 and invested $150
million in capital expenditures, while continuing to successfully pursue
our goals – expanding manufacturing capacities in critical product
lines; strengthening our research and development and design-in efforts;
and expanding our sales presence in Asia. Cash flows from operations
have been in excess of $200 million for each of the last 11 years,
through both good and challenging economic conditions.”
Commenting on the outlook for the first quarter 2013 Dr. Paul stated,
“Based on current order trends, we guide for revenues of $520 to $560
million at improved gross margins that benefit from higher volumes and
efficiencies.”
A conference call to discuss fourth quarter and year ending financial
results is scheduled for Tuesday, February 5, 2013 at 9:00 AM ET. The
dial-in number for the conference call is 877-589-6174 (+1 706-643-1406
if calling from outside the United States or Canada) and the conference
ID is 86063529.
There will be a replay of the conference call from 12:00 PM ET on
Tuesday, February 5, 2013 through 11:59 PM ET on Monday, February 11,
2013. The telephone number for the replay is 800-585-8367 (+1
855-859-2056 or 404-537-3406 if calling from outside the United States
or Canada) and the access code is 86063529.
There will also be a live audio webcast of the conference call. This can
be accessed directly from the Investor Relations section of the Vishay
website at http://ir.vishay.com.
About Vishay
Vishay Intertechnology, Inc., a Fortune 1,000 Company listed on the NYSE
(VSH), is one of the world's largest manufacturers of discrete
semiconductors (diodes, MOSFETs, and infrared optoelectronics) and
passive electronic components (resistors, inductors, and capacitors).
These components are used in virtually all types of electronic devices
and equipment, in the industrial, computing, automotive, consumer,
telecommunications, military, aerospace, power supplies, and medical
markets. Vishay’s product innovations, successful acquisition strategy,
and "one-stop shop" service have made it a global industry leader.
Vishay can be found on the Internet at http://www.vishay.com.
This press release includes certain financial measures which are not
recognized in accordance with generally accepted accounting principles
(“GAAP”), including adjusted net earnings and adjusted earnings per
share, which are considered “non-GAAP financial measures” under the U.S.
Securities and Exchange Commission rules. These non-GAAP measures
supplement our GAAP measures of performance and should not be viewed as
an alternative to GAAP measures of performance. Non-GAAP measures such
as adjusted net earnings and adjusted earnings per share do not have
uniform definitions. These measures, as calculated by Vishay, may not be
comparable to similarly titled measures used by other companies.
Management believes that these measures are meaningful to investors
because they provide insight with respect to intrinsic operating results
of the Company. Reconciling items to arrive at adjusted net earnings
represent significant charges or credits that are important to an
understanding of the Company’s intrinsic operations. These reconciling
items are indicated on the accompanying reconciliation schedule and are
more fully described in the Company’s financial statements presented in
its annual report on Form 10-K and its quarterly reports presented on
Forms 10-Q.
Statements contained herein that relate to the Company's future
performance, including statements with respect to forecasted revenues,
margins, cash generation, internal growth and acquisition activity, and
the general state of the Company, are forward-looking statements within
the safe harbor provisions of Private Securities Litigation Reform Act
of 1995. Words such as “believe,” “estimate,” “will be,” “will,”
“would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,”
“should,” or other similar words or expressions often identify
forward-looking statements. Such statements are based on current
expectations only, and are subject to certain risks, uncertainties and
assumptions, many of which are beyond our control. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results, performance, or
achievements may vary materially from those anticipated, estimated or
projected. Among the factors that could cause actual results to
materially differ include: general business and economic conditions;
difficulties in implementing our cost reduction strategies; changes in
foreign currency exchange rates; competition and technological changes
in our industries; difficulties in new product development; difficulties
in identifying suitable acquisition candidates, consummating a
transaction on terms which we consider acceptable, and integration and
performance of acquired businesses; uncertainty related to the effects
of changes in foreign currency exchange rates; and other factors
affecting our operations that are set forth in our filings with the
Securities and Exchange Commission, including our annual reports on Form
10-K and our quarterly reports on Form 10-Q. 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 INTERTECHNOLOGY, INC.
Summary of Operations
(Unaudited - In thousands, except per share amounts)
Fiscal quarters ended
December 31,
2012
September 29,
2012
December 31,
2011
Net revenues
$
530,570
$
572,781
$
551,391
Costs of products sold
421,779
439,227
425,735
Gross profit
108,791
133,554
125,656
Gross margin
20.5
%
23.3
%
22.8
%
Selling, general, and administrative expenses
87,277
89,095
92,091
Operating income
21,514
44,459
33,565
Operating margin
4.1
%
7.8
%
6.1
%
Other income (expense):
Interest expense
(6,339
)
(6,009
)
(5,288
)
Other
1,500
2,726
2,537
Total other income (expense) - net
(4,839
)
(3,283
)
(2,751
)
Income before taxes
16,675
41,176
30,814
Income taxes
(4,462
)
18,687
(388
)
Net earnings
21,137
22,489
31,202
Less: net earnings attributable to noncontrolling interests
162
209
250
Net earnings attributable to Vishay stockholders
$
20,975
$
22,280
$
30,952
Basic earnings per share attributable to Vishay stockholders
$
0.15
$
0.16
$
0.20
Diluted earnings per share attributable to Vishay stockholders
$
0.14
$
0.15
$
0.19
Weighted average shares outstanding - basic
143,273
143,273
157,184
Weighted average shares outstanding - diluted
150,193
150,118
163,863
VISHAY INTERTECHNOLOGY, INC.
Summary of Operations
(In thousands, except per share amounts)
Years ended
December 31,
2012
December 31,
2011
(unaudited)
Net revenues
$
2,230,097
$
2,594,029
Costs of products sold
1,703,424
1,874,043
Gross profit
526,673
719,986
Gross margin
23.6
%
27.8
%
Selling, general, and administrative expenses
349,625
367,623
Gain on sale of property
(12,153
)
-
Executive compensation charges
-
5,762
Operating income
189,201
346,601
Operating margin
8.5
%
13.4
%
Other income (expense):
Interest expense
(22,604
)
(19,277
)
Other
3,440
3,792
Total other income (expense) - net
(19,164
)
(15,485
)
Income before taxes
170,037
331,116
Income taxes
46,506
91,119
Net earnings
123,531
239,997
Less: net earnings attributable to noncontrolling interests
793
1,176
Net earnings attributable to Vishay stockholders
$
122,738
$
238,821
Basic earnings per share attributable to Vishay stockholders
$
0.82
$
1.49
Diluted earnings per share attributable to Vishay stockholders
$
0.79
$
1.42
Weighted average shares outstanding - basic
149,020
160,094
Weighted average shares outstanding - diluted
155,844
168,514
VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets
(In thousands)
December 31,
2012
December 31,
2011
Assets
(unaudited)
Current assets:
Cash and cash equivalents
$
697,595
$
749,088
Short-term investments
294,943
249,139
Accounts receivable, net
247,035
270,970
Inventories:
Finished goods
109,571
104,478
Work in process
177,350
181,354
Raw materials
120,728
131,795
Total inventories
407,649
417,627
Deferred income taxes
24,385
24,632
Prepaid expenses and other current assets
119,656
119,220
Total current assets
1,791,263
1,830,676
Property and equipment, at cost:
Land
92,348
91,507
Buildings and improvements
523,091
493,550
Machinery and equipment
2,163,182
2,079,395
Construction in progress
101,570
94,717
Allowance for depreciation
(1,965,639
)
(1,851,264
)
914,552
907,905
Goodwill
34,866
9,051
Other intangible assets, net
133,717
103,927
Other assets
141,879
142,171
Total assets
$
3,016,277
$
2,993,730
VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets (continued)
(In thousands)
December 31,
2012
December 31,
2011
(unaudited)
Liabilities and stockholders' equity
Current liabilities:
Notes payable to banks
$
6
$
13
Trade accounts payable
147,936
154,942
Payroll and related expenses
108,353
109,833
Other accrued expenses
148,660
161,119
Income taxes
7,215
13,881
Total current liabilities
412,170
439,788
Long-term debt less current portion
392,931
399,054
Deferred income taxes
129,379
110,356
Other liabilities
108,600
117,235
Accrued pension and other postretirement costs
344,961
319,136
Total liabilities
1,388,041
1,385,569
Equity:
Vishay stockholders' equity
Common stock
13,114
14,374
Class B convertible common stock
1,213
1,345
Capital in excess of par value
1,999,901
2,086,925
Retained earnings (accumulated deficit)
(380,678
)
(503,416
)
Accumulated other comprehensive income (loss)
(10,222
)
3,778
Total Vishay stockholders' equity
1,623,328
1,603,006
Noncontrolling interests
4,908
5,155
Total equity
1,628,236
1,608,161
Total liabilities and equity
$
3,016,277
$
2,993,730
VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Cash Flows
(In thousands)
Years ended
December 31,
2012
December 31,
2011
(unaudited)
Operating activities
Net earnings
$
123,531
$
239,997
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization
168,555
179,706
(Gain) loss on disposal of property and equipment
(12,894
)
(930
)
Accretion of interest on convertible debentures
3,028
2,046
Inventory write-offs for obsolescence
20,865
21,118
Other
(10,444
)
(13,397
)
Changes in operating assets and liabilities, net of effects of
businesses acquired
(5,152
)
(52,503
)
Net cash provided by operating activities
287,489
376,037
Investing activities
Purchase of property and equipment
(150,291
)
(168,641
)
Proceeds from sale of property and equipment
10,241
2,162
Purchase of businesses, net of cash acquired or refunded
(85,493
)
(19,335
)
Purchase of short-term investments
(381,040
)
(497,258
)
Maturity of short-term investments
339,287
226,792
Sale of investments
-
2,167
Other investing activities
(1,828
)
1,350
Net cash used in investing activities
(269,124
)
(452,763
)
Financing activities
Proceeds of long-term borrowings
150,000
150,000
Issuance costs
(4,827
)
(4,429
)
Common stock repurchase
(150,000
)
(150,000
)
Principal payments on long-term debt and capital lease obligations
(27
)
(681
)
Net proceeds (payments) on revolving credit lines
(66,000
)
(85,000
)
Net changes in short-term borrowings
(115
)
(10
)
Proceeds from stock options exercised
174
9,675
Excess tax benefit from stock options exercised
-
555
Distributions to noncontrolling interests
(1,040
)
(1,440
)
Net cash used in financing activities
(71,835
)
(81,330
)
Effect of exchange rate changes on cash and cash equivalents
1,977
9,806
Net decrease in cash and cash equivalents
(51,493
)
(148,250
)
Cash and cash equivalents at beginning of period
749,088
897,338
Cash and cash equivalents at end of period
$
697,595
$
749,088
VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Adjusted Earnings Per Share
(Unaudited - In thousands, except per share amounts)
Fiscal quarters ended
Years ended
December 31,
2012
September 29,
2012
December 31,
2011
December 31,
2012
December 31,
2011
GAAP net earnings attributable to Vishay stockholders
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