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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 fiscal quarter ended October 1, 2011. VPG was spun-off from Vishay Intertechnology, Inc. (NYSE: VSH) as an independent publicly traded company in July 2010.
Net revenues for the third fiscal quarter of 2011 were $60.0 million, representing a 16.3% increase, over the $51.6 million of net revenues for the comparable prior year period. Net earnings for the third fiscal quarter of 2011 were $3.3 million or $0.24 per diluted share, versus net earnings of $2.6 million, or $0.19 per diluted share for the comparable prior year period.
Net revenues for the nine fiscal months ended October 1, 2011 were $181.7 million, representing a 19.0% increase over the $152.7 million of net revenues for the comparable prior year period. Net earnings for the nine fiscal months ended October 1, 2011 were $9.6 million, or $0.69 per diluted share, versus net earnings of $8.4 million, or $0.61 per diluted share for the comparable prior year period (see Note below).
Comparing the results of the third fiscal quarter of 2011 to the second fiscal quarter of 2011, net revenues decreased by 3.4%, from $62.1 million. These comparisons provide a perspective of the reduction in revenues the Company forecasted, which was primarily due to the annual European slowdown. Net earnings increased by $0.3 million from $3.0 million in the second quarter of 2011.
Commenting on the results, Ziv Shoshani, Chief Executive Officer of VPG, said, "Sales were stronger than expected in September, after the anticipated decline in August, resulting in third quarter revenues near the high end of our guidance for the third quarter. Our Foil Technology Products (FTP) segment revenues decreased from the prior quarter to $28.4 million in the third quarter, coming from declines in the precision instruments and scales manufacturing markets. The FTP gross margin was 43.1% for the third quarter. The Weighing Modules and Control Systems (WMCS) segment revenues decreased from the prior quarter to $31.6 million in the third quarter, coming in part, from declines in process weighing and on-board weighing markets. The gross margin for the segment was 28.3% for the third quarter.”