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Vishay Reports Results for Fourth Quarter and Year 2012

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.

About Vishay

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

December 31,

2012

September 29,

2012

December 31,

2011

 
Net revenues $ 530,570 $ 572,781 $ 551,391
Costs of products sold   421,779     439,227     425,735  
Gross profit 108,791 133,554 125,656
Gross margin 20.5 % 23.3 % 22.8 %
 
Selling, general, and administrative expenses   87,277     89,095     92,091  
Operating income 21,514 44,459 33,565
Operating margin 4.1 % 7.8 % 6.1 %
 
Other income (expense):
Interest expense (6,339 ) (6,009 ) (5,288 )
Other   1,500     2,726     2,537  
Total other income (expense) - net   (4,839 )   (3,283 )   (2,751 )
 
Income before taxes 16,675 41,176 30,814
 
Income taxes   (4,462 )   18,687     (388 )
 
Net earnings 21,137 22,489 31,202
 
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)
 
       
Years ended
December 31,

2012

December 31,

2011

(unaudited)
 
Net revenues $ 2,230,097 $ 2,594,029
Costs of products sold   1,703,424     1,874,043  
Gross profit 526,673 719,986
Gross margin 23.6 % 27.8 %
 
Selling, general, and administrative expenses 349,625 367,623
Gain on sale of property (12,153 ) -
Executive compensation charges   -     5,762  
Operating income 189,201 346,601
Operating margin 8.5 % 13.4 %
 
Other income (expense):
Interest expense (22,604 ) (19,277 )
Other   3,440     3,792  
Total other income (expense) - net   (19,164 )   (15,485 )
 
Income before taxes 170,037 331,116
 
Income taxes   46,506     91,119  
 
Net earnings 123,531 239,997
 
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
(In thousands)
 
       
December 31,

2012

December 31,

2011

Assets (unaudited)
Current assets:
Cash and cash equivalents $ 697,595 $ 749,088
Short-term investments 294,943 249,139
Accounts receivable, net 247,035 270,970
Inventories:
Finished goods 109,571 104,478
Work in process 177,350 181,354
Raw materials   120,728     131,795  
Total inventories 407,649 417,627
 
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:
Land 92,348 91,507
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 )
914,552 907,905
 
Goodwill 34,866 9,051
 
Other intangible assets, net 133,717 103,927
 
Other assets   141,879     142,171  
Total assets $ 3,016,277   $ 2,993,730  
 
 
VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets (continued)
(In thousands)
 
       
December 31,

2012

December 31,

2011

(unaudited)
Liabilities and stockholders' equity
Current liabilities:
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
Income taxes   7,215     13,881  
Total current liabilities 412,170 439,788
 
Long-term debt less current portion 392,931 399,054
Deferred income taxes 129,379 110,356
Other liabilities 108,600 117,235
Accrued pension and other postretirement costs   344,961     319,136  
Total liabilities   1,388,041     1,385,569  
 
Equity:
Vishay stockholders' equity
Common stock 13,114 14,374
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  
Noncontrolling interests   4,908     5,155  
Total equity   1,628,236     1,608,161  
Total liabilities and equity $ 3,016,277   $ 2,993,730  
 
 
VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Cash Flows
(In thousands)
 
    Years ended
December 31,

2012

    December 31,

2011

(unaudited)
 
Operating activities
Net earnings $ 123,531 $ 239,997

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
Other (10,444 ) (13,397 )

Changes in operating assets and liabilities, net of effects of businesses acquired

  (5,152 )   (52,503 )
Net cash provided by operating activities 287,489 376,037
 
Investing activities
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 )
 
Financing activities
Proceeds of long-term borrowings 150,000 150,000
Issuance costs (4,827 ) (4,429 )
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
December 31,

2012

    September 29,

2012

    December 31,

2011

December 31,

2012

    December 31,

2011

 
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.

 

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