MALVERN, Pa. Vishay Intertechnology, Inc. (NYSE: VSH), one of the world’s largest manufacturers of discrete semiconductors and passive components, today announced its results for the fiscal quarter ended March 31, 2012.
Revenues for the fiscal quarter ended March 31, 2012 were $538.5 million, compared to $695.2 million for the fiscal quarter ended April 2, 2011. The net earnings attributable to Vishay stockholders for the fiscal quarter ended March 31, 2012 were $33.8 million, or $0.21 per diluted share, compared to $75.3 million, or $0.43 per diluted share for the fiscal quarter ended April 2, 2011.
As listed on the attached reconciliation schedule, net earnings attributable to Vishay stockholders for the prior year period include $10.0 million of one-time tax expense. Adjusted net earnings per diluted share, which exclude this item, were $0.49 for the fiscal quarter ended April 2, 2011. There were no such reconciling items for the fiscal quarter ended March 31, 2012.
Commenting on the results for the first quarter of 2012, Dr. Gerald Paul, President and Chief Executive Officer, stated, “During the first quarter we experienced a positive development of orders from all end markets and sales channels. Book-to-bill overall was 1.11, for orders from our distributors 1.12 and from direct customers 1.10. Inventories of our products at our distributors were reduced by $41 million during the quarter. Revenues for the first quarter seem to have marked the bottom of the current cycle. As a result of temporary fixed cost reductions and manufacturing efficiencies, our results showed improvement over those of the previous quarter.”
Dr. Paul continued, “We were able to demonstrate our substantially improved earnings potential, even at the low revenue levels at the bottom of this cycle. With revenues trending upward again, we are confident of returning to the high profitability levels during the past two years. We have positioned Vishay for expansion by: maintaining sufficient manufacturing capacities in the critical lines anticipating a recovery of revenues; increased investment in R&D and marketing, including during the recent downturn; and by pursuing our strategy of niche business acquisitions.”
Commenting on the outlook for the second quarter of 2012, Dr. Paul stated, “We anticipate revenues between $580 and $620 million at improved margins.”
The Company expects to file its Quarterly Report on Form 10-Q for the first fiscal quarter of 2012 with the Securities and Exchange Commission after the close of the market on Wednesday, May 2, 2012. This financial report will be available at ir.vishay.com.
A conference call to discuss the 2012 first quarter financial results is scheduled for Wednesday, May 2, 2012 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 66875640.
There will be a replay of the conference call from 10:30 AM ET on Wednesday, May 2, 2012 through 11:59 PM ET on Tuesday, May 8, 2012. 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 66875640.
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. (NYSE: VSH)