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Vishay Reports Results For Fourth Quarter And Year 2011

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, 2011.

Revenues for the year ended December 31, 2011 were $2,594.0 million, compared to $2,725.1 million for the year ended December 31, 2010. The net earnings attributable to Vishay stockholders for the year ended December 31, 2011 were $238.8 million, or $1.42 per diluted share, compared to $359.1 million, or $1.89 per diluted share for the year ended December 31, 2010.

Revenues for the fiscal quarter ended December 31, 2011 were $551.4 million, compared to $688.6 million for the fiscal quarter ended December 31, 2010. The net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2011 were $31.0 million, or $0.19 per diluted share, compared to $147.2 million, or $0.81 per diluted share for the fiscal quarter ended December 31, 2010.

Net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2011 includes $6.5 million of one-time tax benefits primarily related to the release of deferred tax valuation allowances in various jurisdictions. Net earnings attributable to Vishay stockholders for 2011 periods and prior year periods include various items affecting comparability, as listed on the attached reconciliation schedule. Adjusted net earnings per diluted share, which excludes these items, was $0.15 and $1.46, respectively, for the fiscal quarter and year ended December 31, 2011, compared to $0.48 and $1.58, respectively, for the fiscal quarter and year ended December 31, 2010.

Commenting on the results for the fourth quarter 2011, Dr. Gerald Paul, President and Chief Executive Officer, stated, “The fourth quarter was marked by the expected inventory reduction at distribution. The inventories of our components at distributors have been reduced by 4% in the quarter, even though the sales of our distributors to their end customers had dropped by 15% compared to the previous quarter. We expect the inventory reduction at distribution to continue during the current quarter. Due to the prompt adaptation of our manufacturing capacities, we reduced internal inventories by 10% quarter over quarter.”

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