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Vishay Reports Q3

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 fiscal quarter ended October 2, 2010 were $694.4 million, compared to $525.3 million for the fiscal quarter ended September 26, 2009. The net earnings attributable to Vishay stockholders for the fiscal quarter ended October 2, 2010 were $89.8 million, or $0.47 per diluted share, compared to $2.3 million, or $0.01 per diluted share for the fiscal quarter ended September 26, 2009.

“Based on our backlog and a lower number of working days, we anticipate revenues of between $650 to $690 million at performance levels close to those of the third quarter.”

Revenues for the nine fiscal months ended October 2, 2010 were $2,036.5 million, compared to $1,435.1 million for the nine fiscal months ended September 26, 2009. The net earnings attributable to Vishay stockholders for the nine fiscal months ended October 2, 2010 were $211.9 million, or $1.10 per diluted share, compared to a net loss attributable to Vishay stockholders of $(85.7) million, or $(0.46) per share for the nine fiscal months ended September 26, 2009.

Net earnings (loss) attributable to Vishay stockholders include various items affecting comparability, as listed on the attached reconciliation schedule. There were no such items for the fiscal quarter or nine fiscal months ended October 2, 2010. Adjusted net earnings (loss) per share, which excludes these items, was $0.03 and $(0.15) respectively for the fiscal quarter and nine fiscal months ended September 26, 2009.

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, including the fiscal periods ended July 3, 2010, 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 third quarter 2010, Dr. Paul stated, “In the third quarter 2010, based on pre-crisis volume, a favorable pricing environment and continued low fixed costs, Vishay achieved its best performance in 10 years. During the quarter we still experienced supply constraints for MOSFETs as well as for some passive component products. As manufacturing capacities are catching up to demand and lead times are starting to come in, we expect a normalization of the backlog. Most end markets continue to be strong, especially automotive, industrial and fixed telecom with some slow down for computing and consumer. While inventories of our products at distributors increased, so did the sales of our distributors to the end customers. The inventory turns for our products at distribution are still at historically high levels. Our OEM customers are widely optimistic.”

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