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Vishay Intertechnology CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: VSH

For discussion of factors that could cause results to differ, please see today’s press release and Vishay’s from 10-K and form 10-Q filings with the Securities and Exchange Commission. In addition, during this call, we may refer to adjusted, or other financial measures that are not prepared according to generally accepted accounting principles.

We use non-GAAP measures because we believe they provide useful information about the operating performance of our businesses and should be considered by investors in conjunction with GAAP measures that we also provide.

This morning, we filed the form 8-K that outlines the various variables that impact the diluted earnings per share computation. We expect to file our form 10-Q for the third quarter this evening. On the investor relation section of our website, you can find a presentation of the Q3, 2011 financial information containing some of the operational metrics Dr. Paul will be discussing, as well as a presentation on Vishay’s growth plan.

Now, I turn the discussion over to Chief Financial Officer, Lori Lipcaman.

Lori Lipcaman

Thank you, Peter. Good morning everyone. I’m sure that most of you have had the chance to review our earning’s preface, as you have seen, revenues were significantly down, quarter-over-quarter, but in line with our revised guidance. Margins for the quarter reflected primarily the lower volume, but also higher metal prices and an inventory reduction. I will focus on some highlights and key metrics.

In the third quarter, we amended our credit agreement to permit up to $300 million of share repurchases. We are now well-positioned for quick execution should the board authorize another share repurchase. The cost was 5 basis points. Details are available in our 8K filed September 9, 2011. We also completed the acquisition of the registered businesses of Huntington Electric.

The purchase price for these businesses was approximately $19 million objective customary post closing assessment. This new acquisition is well into our recently announced growth plan. Dr. Paul would elaborate further in his discussion of the register segment.

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