Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

News Feed Item

Vishay Precision Group Reports Third Quarter 2012 Results

Vishay Precision Group, Inc. (NYSE: VPG) ("VPG" or the “Company”), a leading producer of precision sensors and systems, based on its resistive foil technology, today announced results for the third quarter ended September 29, 2012.

Net revenues for the third quarter of 2012 were $55.4 million, representing a 7.7% decrease from the $60.0 million of net revenues for the comparable prior year period. Net earnings for the third quarter of 2012 were $1.9 million or $0.14 per diluted share, versus net earnings of $3.3 million, or $0.24 per diluted share for the comparable prior year period.

Net revenues for the nine months ended September 29, 2012 were $166.6 million, representing an 8.3% decrease from the $181.7 million of net revenues for the comparable prior year period. Net earnings for the nine months ended September 29, 2012 were $6.5 million or $0.47 per diluted share, versus net earnings of $9.6 million, or $0.69 per diluted share for the comparable prior year period.

Commenting on the results, Ziv Shoshani, chief executive officer of VPG, said, "The overall revenues in the third quarter of 2012 were comparable to the revenue levels in the second quarter of 2012 due to projects generating approximately two million dollars in the Weighing and Control Systems segment. The demand for the third quarter of 2012 was lower compared to the second quarter of 2012, across all regions.

Comparing the results of the third quarter of 2012 to the second quarter of 2012, net revenues remained flat at $55.4 million. Net earnings for the third quarter of 2012 decreased by $1.1 million to $1.9 million compared to the second quarter of 2012.

Our Foil Technology Products (“FTP”) segment revenues decreased from $26.6 million in the second quarter of 2012 to $26.3 million in the third quarter of 2012. The gross margin for the FTP segment decreased to 38.9% for the third quarter of 2012 compared to 42.6% for the second quarter of 2012, which is mainly due to an unfavorable product mix and plant shutdown.

The Force Sensors segment revenues decreased from $17.2 million in the second quarter of 2012 to $16.5 million for the third quarter of 2012. The gross margin for the Force Sensors segment was 21.5% in the second quarter of 2012 versus 20.2% in the third quarter of 2012. The decrease in gross margin is mainly due to lower volume and unfavorable product mix.

The Weighing and Control Systems segment revenues increased from $11.6 million in the second quarter of 2012 to $12.6 million for the third quarter of 2012, due to an increase in Onboard Weighing revenues in Europe. The gross margin for the Weighing and Control Systems segment decreased from 41.7% for the second quarter of 2012 to 40.9% in the third quarter of 2012 mainly due to an Onboard Weighing project which resulted in an unfavorable product mix.”

Outlook

Mr. Shoshani concluded, “Inclusive of the impact of the seasonality, overall demand of our business was reduced by approximately nine percent as compared to the second quarter of 2012 as we continue to see a further slowdown in all regions, and market segments. Due to the macroeconomic conditions and uncertainties we anticipate the business for the fourth quarter will result in overall revenues in the range of $49 million to $54 million.”

Conference Call and Webcast

A conference call and simultaneous audio webcast will take place at 10:00 a.m. (ET) on November 6, 2012. To access the conference call, interested parties may call 877-317-6789 or +1-412-317-6789 and enter conference number: 1001-9476, or log on to the IR page of the VPG website at http://ir.vishaypg.com for listen-only mode.

A replay will be available approximately one hour after the completion of the call by calling toll-free 877-344-7529 or internationally +1-412-317-0088 and using the conference number: 1001-9476. The replay will also be available on the IR page of the VPG website at http://ir.vishaypg.com. It will be available via phone and website for a limited time.

About Vishay Precision Group

Vishay Precision Group (VPG) is an internationally recognized designer, manufacturer and marketer of: components based on its resistive foil technology; sensors; and sensor-based systems specializing in the growing markets of stress, force, weight, pressure, and current measurements. VPG is a market leader of Foil Technology Products, providing ongoing technology innovations in precision foil resistors and foil strain gages, which are the foundation of the Company's Force Sensors Products and its Weighing and Control Systems. The product portfolio consists of a variety of well-established brand names recognized for precision and quality in the marketplace. To learn more, visit VPG at www.vishaypg.com.

Forward-Looking Statements

From time to time, information provided by us, including but not limited to statements in this report, or other statements made by or on our behalf, may contain "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from those anticipated.

Such statements are based on current expectations only, and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, expected, estimated, or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions, changes in the current pace of economic recovery, including if such recovery stalls or does not continue as expected; difficulties in integrating acquired companies, the inability to realize anticipated synergies and expansion possibilities, unexpected costs or difficulties related to our spinoff and other unanticipated conditions adversely affecting the operation of these companies; difficulties in new product development; changes in competition and technology in the markets that we serve and the mix of our products required to address these changes; changes in foreign currency exchange rates; difficulties in implementing our cost reduction strategies such as underutilization of production facilities, labor unrest or legal challenges to our lay-off or termination plans, operation of redundant facilities due to difficulties in transferring production to lower-labor-cost countries; and other factors affecting our operations, markets, products, services, and prices that are set forth in our annual report on Form 10-K for the year ended December 31, 2011. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 
VISHAY PRECISION GROUP, INC.
Consolidated Condensed Summary of Operations
(Unaudited - In thousands, except per share data)
 
Fiscal quarter ended
September 29, October 1,
  2012     2011  
 
 
Net revenues $ 55,430 $ 60,037
Costs of products sold   36,691     38,845  
Gross profit 18,739 21,192
Gross margin 33.8 % 35.3 %
 
Selling, general, and administrative expenses   15,646     16,482  
Operating income 3,093 4,710
Operating margin 5.6 % 7.8 %
 
Other income (expense):
Interest expense (75 ) (70 )
Other   (295 )   (763 )
Total other income (expense) - net   (370 )   (833 )
 
Income before taxes 2,723 3,877
 
Income tax expense   811     639  
 
Net earnings 1,912 3,238
 
Less: net loss attributable to noncontrolling interests (30 ) (62 )
   
Net earnings attributable to VPG stockholders $ 1,942   $ 3,300  
 
 
Basic earnings per share attributable to VPG stockholders $ 0.15 $ 0.25
 
Diluted earnings per share attributable to VPG stockholders $ 0.14 $ 0.24
 
 
Weighted average shares outstanding - basic 13,371 13,346
 
Weighted average shares outstanding - diluted 13,893 13,831
 
 
VISHAY PRECISION GROUP, INC.
Consolidated Condensed Summary of Operations
(Unaudited - In thousands, except per share data)
 
Nine fiscal months ended
September 29, October 1,
  2012     2011  
 
 
Net revenues $ 166,606 $ 181,695
Costs of products sold   109,136     117,403  
Gross profit 57,470 64,292
Gross margin 34.5 % 35.4 %
 
Selling, general, and administrative expenses   47,923     49,898  
Operating income 9,547 14,394
Operating margin 5.7 % 7.9 %
 
Other income (expense):
Interest expense (216 ) (227 )
Other   15     (629 )
Total other income (expense) - net   (201 )   (856 )
 
Income before taxes 9,346 13,538
 
Income tax expense   2,796     3,911  
 
Net earnings 6,550 9,627
 
Less: net earnings attributable to noncontrolling interests 24 51
   
Net earnings attributable to VPG stockholders $ 6,526   $ 9,576  
 
 
Basic earnings per share attributable to VPG stockholders $ 0.49 $ 0.72
 
Diluted earnings per share attributable to VPG stockholders $ 0.47 $ 0.69
 
 
Weighted average shares outstanding - basic 13,366 13,342
 
Weighted average shares outstanding - diluted 13,881 13,820
 
 
VISHAY PRECISION GROUP, INC.
Consolidated Condensed Balance Sheets
(In thousands)
   
September 29, December 31,
  2012     2011  
Assets (unaudited) (audited)
Current assets:
Cash and cash equivalents $ 89,250 $ 80,828
Accounts receivable, net 33,421 34,214
Net inventories 49,413 49,098
Deferred income taxes 4,570 4,638
Prepaid expenses and other current assets   10,142     8,964  
Total current assets 186,796 177,742
 
Property and equipment, net 52,870 53,738
Intangible assets, net 9,008 11,102
Other assets   13,830     14,023  
Total assets $ 262,504   $ 256,605  
 
Liabilities and equity
Current liabilities:
Trade accounts payable $ 10,150 $ 11,458
Payroll and related expenses 12,390 12,741
Other accrued expenses 9,150 9,538
Income taxes 1,682 2,842
Current portion of long-term debt   185     185  
Total current liabilities 33,557 36,764
 
Long-term debt less current portion 11,325 11,463
Deferred income taxes 2,892 2,873
Other liabilities 8,033 7,769
Accrued pension and other postretirement costs   12,840     12,798  
Total liabilities   68,647     71,667  
 
Commitments and contingencies
 
Equity:
Common stock 1,235 1,232
Class B common stock 103 103
Capital in excess of par value 181,553 180,758
Retained earnings 23,191 16,665
Accumulated other comprehensive income (loss)   (12,352 )   (13,973 )
Total Vishay Precision Group, Inc. stockholders' equity 193,730 184,785
Noncontrolling interests   127     153  
Total equity   193,857     184,938  
Total liabilities and equity $ 262,504   $ 256,605  
 
 
VISHAY PRECISION GROUP, INC.
Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
  Nine fiscal months ended
September 29,   October 1,
2012 2011
 
Operating activities
Net earnings $ 6,550 $ 9,627

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization 8,727 8,425
Loss on disposal of property and equipment 219 20
Inventory write-offs for obsolescence 996 718
Share based compensation expense 866 1,149
Other (537 ) (3,084 )
Changes in operating assets and liabilities   (3,303 )   (7,155 )
Net cash provided by operating activities 13,518 9,700
 
Investing activities
Purchase of property and equipment (5,805 ) (10,347 )
Proceeds from sale of property and equipment   271     143  
Net cash used in investing activities (5,534 ) (10,204 )
 
Financing activities
Principal payments on long-term debt and capital lease obligations (136 ) (90 )
Net changes in short-term borrowings - 1,326
Distributions to noncontrolling interests   (50 )   (15 )
Net cash (used in) provided by financing activities (186 ) 1,221
Effect of exchange rate changes on cash and cash equivalents   624     356  
 
Increase in cash and cash equivalents   8,422     1,073  
 
Cash and cash equivalents at beginning of year   80,828     82,245  
Cash and cash equivalents at end of year $ 89,250   $ 83,318  
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
industrial company for a multi-year contract initially valued at over $4.0 million. In addition to DataV software, Bsquare will also provide comprehensive systems integration, support and maintenance services. DataV leverages advanced data analytics, predictive reasoning, data-driven diagnostics, and automated orchestration of remediation actions in order to improve asset uptime while reducing service and warranty costs.
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...