Vishay Precision Group, Inc. (NYSE: VPG) (“VPG” or the “Company”), a leading producer of sensors based on resistive foil technology and sensor-based systems, today announced results for the second quarter ended June 30, 2012.
Net revenues for the second quarter of 2012 were $55.3 million, representing an 11% decrease from $62.1 million of net revenues for the comparable prior year period. Net earnings for the second quarter of 2012 were $3.0 million, or $0.21 per diluted share, versus net earnings of $3.0 million, or $0.22 per diluted share, for the comparable prior year period.
Comparing the results of the second quarter of 2012 to the first quarter of 2012, net revenues decreased by 1% from $55.8 million. Net earnings for the second quarter increased by $1.4 million to $3.0 million compared to the first quarter of 2012.
Net revenues for the six months ended June 30, 2012 were $111.2 million, a decrease of 8.6% from $121.7 million of net revenues for the comparable prior year period. Net earnings for the six months ended June 30, 2012 were $4.6 million or $0.33 per diluted share, versus net earnings of $6.3 million, or $0.46 per diluted share for the comparable prior year period.Commenting on the results, Ziv Shoshani, chief executive officer of VPG, said, “The overall demand remained stable for the second quarter of 2012 compared to the first quarter of 2012, while we see improvements in both the Americas and Asia, and a decrease in Europe. Our Foil Technology Products (“FTP”) segment revenues decreased from $27.8 million in the first quarter of 2012 to $26.6 million in the second quarter of 2012. The gross margin for the FTP segment increased to 42.6% for the second quarter of 2012 compared to 40.7% for the first quarter of 2012, which reflects improvement in manufacturing efficiencies. We can expect to see stable gross margin at this current revenue level and product mix.
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