Commenting on the results for the second quarter of 2012, Dr. Gerald Paul, President and Chief Executive Officer, stated, “In the second quarter, we experienced a substantial revenue increase versus the first quarter of 2012, though not quite to the degree anticipated. During the second quarter most end markets seem to be increasingly influenced by macro uncertainties. As announced, due to the volume increase our temporary fixed cost reductions implemented in the first quarter could not be sustained, which negatively impacted our incremental performance quarter over quarter. We continue to pursue our growth plan through investing in capacities for strategic product lines, and through increasing our resources for R&D, for technical marketing and for field application engineering; all of which is supplemented by opportunistic acquisitions of specialty businesses.”
Dr. Paul continued, “In the second quarter, Vishay demonstrated again its earnings power by achieving an adjusted operating margin of 10% at the comparably low revenue level of under $600 million. Thanks to Vishay’s business model of being a broad-line manufacturer with a global presence selling into all end markets as well as to our low breakeven point, Vishay is very well positioned to face any erratic developments of the macro economy or to benefit from an economic upturn.”
Commenting on the outlook for the third quarter of 2012, Dr. Paul stated, “We currently anticipate revenues between $570 and $610 million at margins similar to the second quarter of 2012.”
The Company expects to file its Quarterly Report on Form 10-Q for the second fiscal quarter of 2012 with the Securities and Exchange Commission after the close of the market on Tuesday, July 31, 2012. This financial report will be available at ir.vishay.com.A conference call to discuss second quarter financial results is scheduled for Tuesday, July 31, 2012 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 89023734.