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Vishay Precision Group Reports Fiscal 2013 Second Quarter And Six Month Results

Stocks in this article: VPG

Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of precision sensors and systems, based on its resistive foil technology, today announced its second quarter and six month results ended June 29, 2013.

Ziv Shoshani, chief executive officer of VPG, said, “Net revenues came in as expected in the quarter, and at the same time, consolidated adjusted gross margin improved. I was encouraged that sales were strong sequentially and on a year-over-year basis. We also experienced a very strong quarter for cash generated from operations and free cash flow.”*

Mr. Shoshani added, “The KELK integration continues to run smoothly as we work towards completion this year. We remain focused on our long term goal of achieving growth by expanding our current product portfolio, acquiring complementary products and optimizing our core operations.”

Net revenues for the second quarter of 2013 were $62.8 million, representing a 13.6% increase from $55.3 million of net revenues for the comparable prior year period. Net revenues for the six months ended June 29, 2013 were $120.3 million, representing an 8.2% increase from the $111.2 million of net revenues for the comparable prior year period. Comparing the results of the second quarter of 2013 to the first quarter of 2013, net revenues for the second quarter of 2013 increased by $5.4 million, or 9.4%, from $57.5 million.

GAAP net earnings attributable to VPG stockholders for the second quarter of 2013 were $1.3 million, or $0.09 per diluted share, compared to net earnings attributable to VPG stockholders for the second quarter of 2012 of $3.0 million, or $0.21 per diluted share. GAAP net earnings attributable to VPG stockholders for the six months of 2013 were $1.7 million, or $0.12 per diluted share compared to $4.6 million, or $0.33 per diluted share for the prior year six month period.

GAAP net earnings attributable to VPG stockholders for the second quarter of 2013 include approximately $2.3 million of KELK acquisition purchase accounting adjustments which impacted costs of products sold, and $0.2 million of acquisition costs which affect comparability, as listed on the attached reconciliation table. Adjusted net earnings attributable to VPG stockholders for the second quarter of 2013 were $3.1 million or $0.22 per diluted share, versus net earnings attributable to VPG stockholders of $3.0 million, or $0.21 per diluted share for the comparable prior year period. The overall impact of foreign exchange rates for the second quarter of 2013 as compared to the prior year period had a negative impact to pretax income of $1.5 million, or $0.08 per diluted share.

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