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Vishay Reports Results for Fourth Quarter and Year 2012
By: Business Wire
Feb. 5, 2013 07:31 AM
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.
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