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Vishay Post Q4 Returns

MALVERN, Pa. — Dr. Felix Zandman, Executive Chairman of the Board, and Dr. Gerald Paul, President and Chief Executive Officer of Vishay Intertechnology, Inc. (NYSE: VSH), announced today that revenues for the year ended December 31, 2010 were $2,725.1 million, compared to $2,042.0 million for the year ended December 31, 2009. The net earnings attributable to Vishay stockholders for the year ended December 31, 2010 were $359.1 million, or $1.89 per diluted share, compared to a net loss attributable to Vishay stockholders of $(57.2) million, or $(0.31) per share for the year ended December 31, 2009.

Revenues for the fiscal quarter ended December 31, 2010 were $688.6 million, compared to $607.0 million for the fiscal quarter ended December 31, 2009. The net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2010 were $147.2 million, or $0.81 per diluted share, compared to $28.5 million, or $0.15 per diluted share for the fiscal quarter ended December 31, 2009.

The fiscal quarter and year ended December 31, 2010 include $59.5 million of one-time tax benefits, primarily related to the reversal of deferred tax valuation allowances in the United States and Israel. Net earnings (loss) from continuing operations attributable to Vishay stockholders for the prior year periods include various items affecting comparability, as listed on the attached reconciliation schedule. Adjusted net earnings per diluted share, which excludes these items, was $1.58 and $0.48, respectively for the year and fiscal quarter ended December 31, 2010, compared to $0.02 and $0.16, respectively for the year and fiscal quarter ended December 31, 2009.

In January 2011, a new tax law was enacted in Israel which effectively lowers the corporate income tax rate on certain types of income earned after December 31, 2010. Accordingly, the Company's deferred tax assets in Israel will be written down to reflect the lower tax rate, and the Company anticipates a one-time tax expense in the first quarter of 2011 of approximately $10 million.

On July 6, 2010, Vishay Intertechnology successfully completed the spin-off of Vishay Precision Group, Inc. (“VPG”) to its stockholders as an independent, publicly-traded company. Until July 6, 2010, VPG was part of Vishay Intertechnology and its assets, liabilities, results of operations, and cash flows are included in the amounts reported in the consolidated financial statements through the date of the spin-off, presented on the accompanying tables. Net earnings of VPG, included in the results of Vishay Intertechnology, were $5.8 million for the year-to-date period.

Commenting on the results for the fourth quarter 2010, Dr. Paul stated, “Due to strong demand at our automotive customers in Europe for passive components, we achieved sales in the upper range of our guidance. The book-to-bill ratio of 0.83 confirms the normalization of our business with a return to typical lead times and especially distribution adjusting their backlog. Despite this reduction our backlog is, for the current sales level, still substantially higher than the historical norm. The book-to-bill for Original Equipment Manufacturers (OEMs) of 0.97 demonstrates their continued positive business outlook.”

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