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Vishay Reports Q4 Data

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 year and fiscal quarter ended December 31, 2011.

Revenues for the year ended December 31, 2011 were $2,594.0 million, compared to $2,725.1 million for the year ended December 31, 2010. The net earnings attributable to Vishay stockholders for the year ended December 31, 2011 were $238.8 million, or $1.42 per diluted share, compared to $359.1 million, or $1.89 per diluted share for the year ended December 31, 2010.

Revenues for the fiscal quarter ended December 31, 2011 were $551.4 million, compared to $688.6 million for the fiscal quarter ended December 31, 2010. The net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2011 were $31.0 million, or $0.19 per diluted share, compared to $147.2 million, or $0.81 per diluted share for the fiscal quarter ended December 31, 2010.

Net earnings attributable to Vishay stockholders for the fiscal quarter ended December 31, 2011 includes $6.5 million of one-time tax benefits primarily related to the release of deferred tax valuation allowances in various jurisdictions. Net earnings attributable to Vishay stockholders for 2011 periods and 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 $0.15 and $1.46, respectively, for the fiscal quarter and year ended December 31, 2011, compared to $0.48 and $1.58, respectively, for the fiscal quarter and year ended December 31, 2010.

Commenting on the results for the fourth quarter 2011, Dr. Gerald Paul, President and Chief Executive Officer, stated, “The fourth quarter was marked by the expected inventory reduction at distribution. The inventories of our components at distributors have been reduced by 4% in the quarter, even though the sales of our distributors to their end customers had dropped by 15% compared to the previous quarter. We expect the inventory reduction at distribution to continue during the current quarter. Due to the prompt adaptation of our manufacturing capacities, we reduced internal inventories by 10% quarter over quarter.”

Dr. Paul continued, “Our orders seem to have bottomed out and our book-to-bill is above 1 for January 2012. We anticipate a substantial recovery once the inventory correction in the supply chain is complete.”

Commenting on the results for the year 2011, Dr. Gerald Paul, stated, “2011 was, for Vishay, a year of many challenges mastered. For the Company as well as me personally, the year was overshadowed by the loss of our Founder and Executive Chairman, Dr. Felix Zandman. Both Marc Zandman, our Executive Chairman, and I are committed to carry on Dr. Zandman’s vision. In 2011, we also proved our doubled earnings potential after restructuring in 2008-09. We demonstrated again our fast reaction to a weakening demand with tight management of capacities, inventories, efficiencies and fixed costs. In 2011 we re-emphasized our commitment to increase stockholder value through increasing EPS as outlined in our growth plan.”

Commenting on the recent acquisition of HiRel Systems LLC, a leading supplier of high reliability transformers, inductors, coils, and power conversion products, Marc Zandman, Vishay’s Executive Chairman and Chief Business Development Officer, stated, “The HiRel Systems acquisition will further enhance our inductors portfolio, particularly in the field of custom magnetics. This acquisition fits well into our announced growth plan of intensified internal growth supplemented by niche acquisitions. We will continue on this route.” Commenting on the outlook for the first quarter 2012 Dr. Paul stated, “Based on current order trends, we anticipate similar revenues as in quarter four 2011 at a slightly improved gross margin.”

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 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 year ended December 31, 2010, presented on the accompanying tables. Net earnings of VPG, included in the results of Vishay Intertechnology, were $5.8 million for the year ended December 31, 2010.

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