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Vishay Intertechnology CEO Discusses Q3 2011 Results - Earnings Call Transcript

We expect to pay back of less then eight years.

Cash from operations for year-to-date September came in at $288 million. Capital expenditures were 90 million and proceeds from the sales of property and equipment were $2 million using a free cash generation of $200 million for the nine months. Backlog at the end of quarter three was 655 million worth 3.1 month of sales.

Looking at the PNL, revenues for the quarter were $638 million, down by 10.2% versus prior quarter and down by 8.2% compared to prior year. Gross margin was 26.3%, operating margin was 11.8%, adjusted operating margin was 12.1%, EPS was $0.31, and our adjusted EPS was $0.32.

I’d like to walkthrough our unusual items. Our adjusted operating margin excludes a pretext charge of $1.9 million related to cost incurred upon the resignation of our former Chief Financial Officer, Dr. Lior Yahalomi. Our adjusted EPS excludes the after tax for this charge.

In our press release, we’ve included a table which reconciles GAAP EPS with adjusted EPS. Let me reconcile the adjusted operating income for quarter three 2011 compared to prior quarter. Based on $72 million lower sales or $69 million lower exchange rate impacts, the adjusted operating income decreased by 42 million from 119 million in Q2 2011 to 77 million from Q3 2011.

The main elements were average selling prices had a negative impact of $7 million representing 1.1% AFP decline. Volumes decreased with a negative impact of 27 million. Cost increased for a negative impact of 6 million, 4 million of which related to a higher metal prices and our inventory reduction had a negative impact of $3 million.

Reconciling the adjusted operating income for quarter 3 2011 compared to prior year, based on 57 million lower sales or $75 million excluding exchange rate impacts, the adjusted operating income decreased by $54 million from 131 million quarter 3 2010 to $77 million in quarter 3 2011.

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