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 nine fiscal months ended September 28, 2013.
Revenues for the fiscal quarter ended September 28, 2013 were $602.9 million, compared to $572.8 million for the fiscal quarter ended September 29, 2012. The net earnings attributable to Vishay stockholders for the fiscal quarter ended September 28, 2013 were $32.7 million, or $0.22 per diluted share, compared to $22.3 million, or $0.15 per diluted share for the fiscal quarter ended September 29, 2012.
Net earnings attributable to Vishay stockholders for the fiscal quarter ended September 28, 2013 include a one-time tax benefit of $2.9 million to adjust deferred tax assets subsequent to the enacting of a new tax law in Israel, which effectively increases the corporate income tax rate on certain types of income earned after January 1, 2014. Adjusted net earnings per diluted share, which excludes this item, were $0.20 for the fiscal quarter ended September 28, 2013, compared to $0.15 for the fiscal quarter ended September 29, 2012.
Commenting on the results for the third quarter 2013, Dr. Gerald Paul, President and Chief Executive Officer, stated, “Vishay’s operating margin improved compared to the previous quarter but we are disappointed about the lower than expected level of revenues. The anticipated seasonal pick up in the computing and consumer end markets during the third quarter did not materialize. Orders from distribution worldwide rapidly fell off after July.”Dr. Gerald Paul continued, “As we announced yesterday, we are in the process of establishing a comprehensive cost reduction effort consisting of several distinct programs in order to support profitability. When fully implemented by the end of the first quarter of 2016 we expect total annualized savings of $36 million at a total cash cost of $26 million. These restructuring programs do not jeopardize our Growth Plan, which we continue to pursue by expanding manufacturing capacities in strategic product lines, by increasing our R&D and design-in efforts, by expanding our sales presence in Asia, and by acquiring specialty businesses.”