|By Business Wire||
|February 5, 2013 07:31 AM EST||
Vishay Intertechnology, Inc. (NYSE: VSH), one of the world’s largest manufacturers of discrete semiconductors and passive components, today announced its results for the year and fiscal quarter ended December 31, 2012.
Revenues for the year ended December 31, 2012 were $2,230.1 million, compared to $2,594.0 million for the year ended December 31, 2011. The net earnings attributable to Vishay stockholders for the year ended December 31, 2012 were $122.7 million, or $0.79 per diluted share, compared to $238.8 million, or $1.42 per diluted share for the year ended December 31, 2011.
Revenues for the fiscal quarter ended December 31, 2012 were $530.6 million, compared to $551.4 million for the fiscal quarter ended December 31, 2011. The net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2012 were $21.0 million, or $0.14 per diluted share, compared to $31.0 million, or $0.19 per diluted share for the fiscal quarter ended December 31, 2011.
Net earnings attributable to Vishay stockholders for the fiscal quarters ended December 31, 2012 and December 31, 2011 include one-time tax benefits primarily related to the release of deferred tax valuation allowances in various jurisdictions. The years ended December 31, 2012 and 2011 include other items affecting comparability. These items are summarized on the attached reconciliation schedule. Adjusted net earnings per diluted share, which exclude these items, were $0.11 and $0.71 for the fiscal quarter and year ended December 31, 2012, respectively, and $0.15 and $1.46 for the fiscal quarter and year ended December 31, 2011, respectively.
Commenting on the results for the fourth quarter 2012, Dr. Gerald Paul, President and Chief Executive Officer, stated, “As expected the fourth quarter 2012 was the weakest quarter of the year. But the order intake in the fourth quarter 2012 was higher than in the third quarter 2012 or in the fourth quarter 2011. The normal levels of inventory in the supply chain and a higher degree of confidence at our distribution customers might indicate a potential turn-around of the business. This is supported by a strong book-to-bill ratio for January.”
Commenting on the results for the year 2012, Dr. Gerald Paul, stated, “Year 2012 was a rough year for Vishay and the electronics industry, as we were exposed to the economic fluctuations of the world economy. Yet Vishay generated cash flows from operations of $287 and invested $150 million in capital expenditures, while continuing to successfully pursue our goals – expanding manufacturing capacities in critical product lines; strengthening our research and development and design-in efforts; and expanding our sales presence in Asia. Cash flows from operations have been in excess of $200 million for each of the last 11 years, through both good and challenging economic conditions.”
Commenting on the outlook for the first quarter 2013 Dr. Paul stated, “Based on current order trends, we guide for revenues of $520 to $560 million at improved gross margins that benefit from higher volumes and efficiencies.”
A conference call to discuss fourth quarter and year ending financial results is scheduled for Tuesday, February 5, 2013 at 9:00 AM ET. The dial-in number for the conference call is 877-589-6174 (+1 706-643-1406 if calling from outside the United States or Canada) and the conference ID is 86063529.
There will be a replay of the conference call from 12:00 PM ET on Tuesday, February 5, 2013 through 11:59 PM ET on Monday, February 11, 2013. The telephone number for the replay is 800-585-8367 (+1 855-859-2056 or 404-537-3406 if calling from outside the United States or Canada) and the access code is 86063529.
There will also be a live audio webcast of the conference call. This can be accessed directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.
Vishay Intertechnology, Inc., a Fortune 1,000 Company listed on the NYSE (VSH), is one of the world's largest manufacturers of discrete semiconductors (diodes, MOSFETs, and infrared optoelectronics) and passive electronic components (resistors, inductors, and capacitors). These components are used in virtually all types of electronic devices and equipment, in the industrial, computing, automotive, consumer, telecommunications, military, aerospace, power supplies, and medical markets. Vishay’s product innovations, successful acquisition strategy, and "one-stop shop" service have made it a global industry leader. Vishay can be found on the Internet at http://www.vishay.com.
This press release includes certain financial measures which are not recognized in accordance with generally accepted accounting principles (“GAAP”), including adjusted net earnings and adjusted earnings per share, which are considered “non-GAAP financial measures” under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance and should not be viewed as an alternative to GAAP measures of performance. Non-GAAP measures such as adjusted net earnings and adjusted earnings per share do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that these measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to an understanding of the Company’s intrinsic operations. These reconciling items are indicated on the accompanying reconciliation schedule and are more fully described in the Company’s financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.
Statements contained herein that relate to the Company's future performance, including statements with respect to forecasted revenues, margins, cash generation, internal growth and acquisition activity, and the general state of the Company, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,” “should,” or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; difficulties in implementing our cost reduction strategies; changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; uncertainty related to the effects of changes in foreign currency exchange rates; and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. 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 INTERTECHNOLOGY, INC.|
|Summary of Operations|
|(Unaudited - In thousands, except per share amounts)|
Fiscal quarters ended
|Costs of products sold||421,779||439,227||425,735|
|Selling, general, and administrative expenses||87,277||89,095||92,091|
|Other income (expense):|
|Total other income (expense) - net||(4,839||)||(3,283||)||(2,751||)|
|Income before taxes||16,675||41,176||30,814|
|Less: net earnings attributable to noncontrolling interests||162||209||250|
|Net earnings attributable to Vishay stockholders||$||20,975||$||22,280||$||30,952|
|Basic earnings per share attributable to Vishay stockholders||$||0.15||$||0.16||$||0.20|
|Diluted earnings per share attributable to Vishay stockholders||$||0.14||$||0.15||$||0.19|
|Weighted average shares outstanding - basic||143,273||143,273||157,184|
|Weighted average shares outstanding - diluted||150,193||150,118||163,863|
|VISHAY INTERTECHNOLOGY, INC.|
|Summary of Operations|
|(In thousands, except per share amounts)|
|Costs of products sold||1,703,424||1,874,043|
|Selling, general, and administrative expenses||349,625||367,623|
|Gain on sale of property||(12,153||)||-|
|Executive compensation charges||-||5,762|
|Other income (expense):|
|Total other income (expense) - net||(19,164||)||(15,485||)|
|Income before taxes||170,037||331,116|
|Less: net earnings attributable to noncontrolling interests||793||1,176|
|Net earnings attributable to Vishay stockholders||$||122,738||$||238,821|
|Basic earnings per share attributable to Vishay stockholders||$||0.82||$||1.49|
|Diluted earnings per share attributable to Vishay stockholders||$||0.79||$||1.42|
|Weighted average shares outstanding - basic||149,020||160,094|
|Weighted average shares outstanding - diluted||155,844||168,514|
|VISHAY INTERTECHNOLOGY, INC.|
|Consolidated Condensed Balance Sheets|
|Cash and cash equivalents||$||697,595||$||749,088|
|Accounts receivable, net||247,035||270,970|
|Work in process||177,350||181,354|
|Deferred income taxes||24,385||24,632|
|Prepaid expenses and other current assets||119,656||119,220|
|Total current assets||1,791,263||1,830,676|
|Property and equipment, at cost:|
|Buildings and improvements||523,091||493,550|
|Machinery and equipment||2,163,182||2,079,395|
|Construction in progress||101,570||94,717|
|Allowance for depreciation||(1,965,639||)||(1,851,264||)|
|Other intangible assets, net||133,717||103,927|
|VISHAY INTERTECHNOLOGY, INC.|
|Consolidated Condensed Balance Sheets (continued)|
|Liabilities and stockholders' equity|
|Notes payable to banks||$||6||$||13|
|Trade accounts payable||147,936||154,942|
|Payroll and related expenses||108,353||109,833|
|Other accrued expenses||148,660||161,119|
|Total current liabilities||412,170||439,788|
|Long-term debt less current portion||392,931||399,054|
|Deferred income taxes||129,379||110,356|
|Accrued pension and other postretirement costs||344,961||319,136|
|Vishay stockholders' equity|
|Class B convertible common stock||1,213||1,345|
|Capital in excess of par value||1,999,901||2,086,925|
|Retained earnings (accumulated deficit)||(380,678||)||(503,416||)|
|Accumulated other comprehensive income (loss)||(10,222||)||3,778|
|Total Vishay stockholders' equity||1,623,328||1,603,006|
|Total liabilities and equity||$||3,016,277||$||2,993,730|
|VISHAY INTERTECHNOLOGY, INC.|
|Consolidated Condensed Statements of Cash Flows|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|Depreciation and amortization||168,555||179,706|
|(Gain) loss on disposal of property and equipment||(12,894||)||(930||)|
|Accretion of interest on convertible debentures||3,028||2,046|
|Inventory write-offs for obsolescence||20,865||21,118|
Changes in operating assets and liabilities, net of effects of businesses acquired
|Net cash provided by operating activities||287,489||376,037|
|Purchase of property and equipment||(150,291||)||(168,641||)|
|Proceeds from sale of property and equipment||10,241||2,162|
|Purchase of businesses, net of cash acquired or refunded||(85,493||)||(19,335||)|
|Purchase of short-term investments||(381,040||)||(497,258||)|
|Maturity of short-term investments||339,287||226,792|
|Sale of investments||-||2,167|
|Other investing activities||(1,828||)||1,350|
|Net cash used in investing activities||(269,124||)||(452,763||)|
|Proceeds of long-term borrowings||150,000||150,000|
|Common stock repurchase||(150,000||)||(150,000||)|
|Principal payments on long-term debt and capital lease obligations||(27||)||(681||)|
|Net proceeds (payments) on revolving credit lines||(66,000||)||(85,000||)|
|Net changes in short-term borrowings||(115||)||(10||)|
|Proceeds from stock options exercised||174||9,675|
|Excess tax benefit from stock options exercised||-||555|
|Distributions to noncontrolling interests||(1,040||)||(1,440||)|
|Net cash used in financing activities||(71,835||)||(81,330||)|
|Effect of exchange rate changes on cash and cash equivalents||1,977||9,806|
|Net decrease in cash and cash equivalents||(51,493||)||(148,250||)|
|Cash and cash equivalents at beginning of period||749,088||897,338|
|Cash and cash equivalents at end of period||$||697,595||$||749,088|
|VISHAY INTERTECHNOLOGY, INC.|
|Reconciliation of Adjusted Earnings Per Share|
|(Unaudited - In thousands, except per share amounts)|
|Fiscal quarters ended||Years ended|
|GAAP net earnings attributable to Vishay stockholders||$||20,975||$||22,280||$||30,952||$||122,738||$||238,821|
Reconciling items affecting operating margin:
|Gain on sale of property||$||-||$||-||$||-||$||(12,153||)||$||-|
|Executive compensation charges||-||-||-||-||5,762|
Reconciling items affecting tax expense (benefit):
|Tax effects of items above and other one-time tax expense (benefit)||$||(4,036||)||$||-||$||(6,538||)||$||95||$||1,383|
|Adjusted net earnings||$||16,939||$||22,280||$||24,414||$||110,680||$||245,966|
|Adjusted weighted average diluted shares outstanding||150,193||150,118||163,863||155,844||168,514|
|Adjusted earnings per diluted share*||$||0.11||$||0.15||$||0.15||$||0.71||$||1.46|
|* Includes add-back of interest on exchangeable notes in periods where the notes are dilutive.|
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
May. 25, 2015 11:00 PM EDT Reads: 6,121
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
May. 25, 2015 09:00 PM EDT Reads: 5,005
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
May. 25, 2015 08:00 PM EDT Reads: 2,281
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 25, 2015 07:00 PM EDT Reads: 2,130
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
May. 25, 2015 07:00 PM EDT Reads: 5,908
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th 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 an...
May. 25, 2015 04:00 PM EDT Reads: 3,031
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
May. 25, 2015 03:00 PM EDT Reads: 4,374
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps 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 opportunity. Submit your speaking proposal today!
May. 25, 2015 02:00 PM EDT Reads: 4,607
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
May. 25, 2015 02:00 PM EDT Reads: 5,016
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
May. 25, 2015 01:15 PM EDT Reads: 2,478
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
May. 25, 2015 01:00 PM EDT Reads: 6,474
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers is very hard. You have to learn five new and different technologies and best practices (libswarm, sy...
May. 25, 2015 12:00 PM EDT Reads: 2,323
SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
May. 25, 2015 12:00 PM EDT Reads: 2,134
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...
May. 25, 2015 10:00 AM EDT Reads: 4,339
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
May. 25, 2015 10:00 AM EDT Reads: 2,105
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
May. 25, 2015 09:45 AM EDT Reads: 1,795
The worldwide cellular network will be the backbone of the future IoT, and the telecom industry is clamoring to get on board as more than just a data pipe. In his session at @ThingsExpo, Evan McGee, CTO of Ring Plus, Inc., discussed what service operators can offer that would benefit IoT entrepreneurs, inventors, and consumers. Evan McGee is the CTO of RingPlus, a leading innovative U.S. MVNO and wireless enabler. His focus is on combining web technologies with traditional telecom to create a new breed of unified communication that is easily accessible to the general consumer. With over a de...
May. 25, 2015 06:00 AM EDT Reads: 4,839
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
May. 25, 2015 05:00 AM EDT Reads: 6,082
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
May. 25, 2015 04:45 AM EDT Reads: 3,296
SYS-CON Media announced today that 9 out of 10 " most read" DevOps articles are published by @DevOpsSummit Blog. Launched in October 2014, @DevOpsSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. 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 development cycles that produce softw...
May. 25, 2015 04:15 AM EDT Reads: 4,353