Welcome!

Microsoft Cloud Authors: Janakiram MSV, Pat Romanski, Steven Mandel, John Basso, Liz McMillan

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
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...
DevOps at Cloud Expo, taking place Nov 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 widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
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 Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
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....
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
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...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit 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. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...