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Vishay Reports Results For Second Quarter 2013

Stocks in this article: VSH

Vishay Intertechnology, Inc. (NYSE: VSH), one of the world’s largest manufacturers of discrete semiconductors and passive components, today announced its results for the fiscal quarter and six fiscal months ended June 29, 2013.

Revenues for the fiscal quarter ended June 29, 2013 were $597.7 million, compared to $588.2 million for the fiscal quarter ended June 30, 2012. The net earnings attributable to Vishay stockholders for the fiscal quarter ended June 29, 2013 were $31.3 million, or $0.21 per diluted share, compared to $45.7 million, or $0.29 per diluted share for the fiscal quarter ended June 30, 2012.

Net earnings attributable to Vishay stockholders for the fiscal quarter ended June 29, 2013 include an adjustment of $1.8 million related to performance-based stock compensation for certain former executives, following a determination that achievement of the three-year performance targets was no longer probable. These costs had been originally reported as a separate line item upon cessation of employment of these executives in 2011, and accordingly, this adjustment is also reported as a separate line item. Net earnings for the fiscal quarter ended June 30, 2012 include a pretax gain of $12.2 million on the sale of a vacated property in Belgium. These items are summarized on the attached reconciliation schedule. Adjusted net earnings per diluted share, which exclude these items, were $0.20 for the fiscal quarter ended June 29, 2013, compared to $0.24 for the fiscal quarter ended June 30, 2012.

Commenting on the results for the second quarter 2013, Dr. Gerald Paul, President and Chief Executive Officer, stated, “In the second quarter the revenues of Vishay Intertechnology, Inc. benefited from the general economic recovery. As forecasted, both manufacturing and operational fixed costs increased due to the end of the temporary cost savings measures. The fixed costs continue to be well under control and we expect them to stay at approximately the current level for the remainder of the year. In the second quarter operational results were impacted by a few adverse and temporary effects. The contributive margin suffered from start-up inefficiencies at a major foundry, valuation effects and unfavorable product mix shifts. For the third quarter we anticipate a return of the contributive margin to its traditional range.”

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