VPG Reports Fiscal 2019 Fourth Quarter and Twelve Month Results

MALVERN, Pa.--()--Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of precision sensors and sensors-based systems, today announced its results for its fiscal 2019 fourth quarter and twelve fiscal months ended December 31, 2019.

Fourth Quarter Highlights:

  • Revenues of $69.1 million declined 10.2% from a year ago
  • Earnings per diluted share of $0.28 per diluted share, compared to $0.25 reported a year ago
  • Adjusted diluted EPS* was $0.27 compared $0.54 reported a year ago
  • Operating margin was 2.5%, as compared to 9.2% reported a year ago
  • Adjusted operating margin* was 7.5%, as compared to 12.9% reported a year ago
  • Cash from operating activities was $6.3 million with adjusted free cash flow* of $4.1 million
  • Book to bill ratio was 1.15 as compared to 0.93 from a year ago.

2019 Full Year Highlights:

  • Revenues of $284.0 million declined 5.3% year-over-year
  • Earnings per diluted share of $1.63 compared to $1.75 reported last year
  • Adjusted diluted EPS* was $1.69 compared to prior year $2.05
  • Operating margin was 10.1%, as compared to 12.4% reported last year
  • Adjusted operating margin* was 11.7% as compared to 13.5% reported last year
  • Cash from operating activities was $30.9 million with adjusted free cash flow* of $20.4 million

Ziv Shoshani, Chief Executive Officer of VPG, commented, "We achieved sales at the high end of our expectations in fourth quarter, which capped a year that began with a record first quarter and then moderated through the year as trends in many of our end markets slowed. We recorded strong fourth-quarter orders of $79.8 million and a book-to-bill of 1.15, reflecting order strength in all three segments.

"Our operating results for the fourth quarter of 2019, compared to the third quarter of 2019, were primarily impacted by inventory reductions and the negative impact of foreign exchange rates, which was partially offset by the higher sales volume. In addition, we recorded $1.7 million of purchase accounting adjustments and other costs related to the acquisition of Dynamic Systems Inc., or DSI. We also incurred a restructuring charge of $1.7 million primarily related to the closing and downsizing of facilities as part of manufacturing transitions of our force sensor products to facilities in India and China, which marked key milestones in our ongoing strategic initiatives to align and consolidate our manufacturing footprint."

Mr. Shoshani said: "We look forward to what lies ahead for VPG, as we reap the benefit of our growth and cost initiatives. The acquisition of DSI, which we completed in November of 2019, is already showing positive results and demonstrates the kind of value-creating opportunities we believe will add to the core strengths of VPG."

The Company's fourth fiscal quarter 2019 net earnings attributable to VPG stockholders were $3.9 million, or $0.28 per diluted share, compared to $3.4 million, or $0.25 per diluted share, in the fourth fiscal quarter of 2018. Foreign currency exchange rates for the fourth quarter of 2019 decreased net income by $0.9 million, or $0.07 per diluted share, relative to the prior year period. Included in the fourth fiscal quarter 2019 were tax benefits of approximately $3.4 million primarily related to the acquisition of DSI and other discrete tax items.

In the twelve fiscal months ended December 31, 2019, net earnings attributable to VPG stockholders were $22.2 million, or $1.63 per diluted share, compared to $23.6 million, or $1.75 per diluted share, in the twelve fiscal months ended December 31, 2018. Foreign currency exchange rates for the twelve fiscal months ended December 31, 2019 decreased net income by $1.3 million or $0.10 per diluted share relative to the prior year period. Included in the twelve fiscal months ended December 31, 2019 were tax benefits of approximately $3.4 million primarily related to the acquisition of DSI and other discrete tax items.

The fourth fiscal quarter 2019 adjusted net earnings* attributable to VPG stockholders were $3.7 million, or $0.27 per diluted share, compared to adjusted net earnings* attributable to VPG stockholders of $7.3 million, or $0.54 per diluted share, for the comparable prior year period.

In the twelve fiscal months ended December 31, 2019, adjusted net earnings* attributable to VPG stockholders were $23.0 million, or $1.69 per diluted share, compared to adjusted net earnings* attributable to VPG stockholders of $27.8 million, or $2.05 per diluted share, for the comparable prior year period.

Segments

Foil Technology Products segment revenues declined 19.3% to $29.6 million in the fourth fiscal quarter of 2019 from $36.7 million in the fourth fiscal quarter of 2018, and sequentially decreased 7.7% from $32.1 million in the third quarter of 2019. The year-over-year decline in revenues was primarily attributable to precision resistor products in all regions for distribution, OEM and EMS customers, primarily in the test and measurement and avionics, military and space markets. The sequential decline in revenue was attributable to precision resistor products in the test and measurement market.

Gross profit margin for the Foil Technology Products segment of 34.9% for the fourth fiscal quarter of 2019, was lower compared to 42.0% in the fourth fiscal quarter of 2018, and a decrease compared to 37.3% in the third fiscal quarter of 2019. The year-over-year decline in gross profit margin was primarily due to lower volume and the negative impact of foreign exchange rates. Sequentially, gross profit margin decreased primarily due to lower volume, product mix, and one-time inventory reductions.

Force Sensors segment revenues decreased 11.4% to $15.1 million in the fourth fiscal quarter of 2019, from $17.0 million in the fourth fiscal quarter of 2018. Sequentially, revenue decreased 7.1%, from $16.2 million in the third quarter of 2019. The year-over-year decrease in revenues was mainly attributable to distribution customers in the precision weighing market across all regions. The sequential decrease in revenue was mainly attributable to OEM customers in the precision weighing and force measurement markets in the Americas and Europe.

Gross profit margin for the Force Sensors segment was 24.2% for the fourth fiscal quarter of 2019, a decrease compared to 26.6% in the fourth fiscal quarter of 2018, and a decrease compared to 30.4% in the third fiscal quarter of 2019. The year-over-year decrease in gross profit margin was primarily due to lower volume and one-time inventory reductions, which was partially offset by higher export grants. Sequentially, gross profit margin declined due to lower volume and a reduction in inventory.

Weighing and Control Systems segment revenues grew by 5.2% to $24.4 million in the fourth fiscal quarter of 2019, up from $23.2 million in the fourth fiscal quarter of 2018. Sequentially, revenue increased 28.1% from $19.1 million in the third fiscal quarter of 2019. The increase in revenues year-over-year was primarily attributable to the addition of DSI in November 2019, which offset lower sales of steel, process weighing, and U.S.-based onboard weighing products. The sequential increase in revenues was primarily attributable to the addition of DSI, with an increase in our European process weighing product line along with an increase in the steel product line.

Gross profit margin for the Weighing and Control Systems segment was 41.6% (46.8% excluding the purchase accounting adjustments of $1.3 million related to the DSI acquisition) for the fourth fiscal quarter of 2019, compared to 46.8% from the fourth fiscal quarter of 2018, and compared to 46.6% from the third fiscal quarter of 2019. The year-over-year adjusted gross profit margin is similar due to higher volume attributable to the addition of DSI. The sequential increase in adjusted gross profit margin was primarily due to higher volume attributable to the DSI acquisition.

Near-Term Outlook

“At constant fourth fiscal quarter 2019 exchange rates, we expect net revenues in the range of $63 million to $70 million for the first fiscal quarter of 2020, which reflect the portions of our customers' project-driven and longer-lead-time orders that are expected to ship in the quarter. This projected revenue range excludes any potential impact of the coronavirus outbreak on our business, which we are continuing to monitor closely,” concluded Mr. Shoshani.

*Use of Non-GAAP Financial Information

We define “adjusted gross profit margin" as gross profit margin before purchase accounting adjustments related to the Dynamic Systems, Inc. acquisition. We define "adjusted operating margin" as operating margin before purchase accounting adjustments, acquisition costs, restructuring costs, executive severance costs, and impairment of goodwill and indefinite-lived intangibles. We define "adjusted net earnings” and "adjusted net earnings per share" as net earnings attributable to VPG stockholders before purchase accounting adjustments, acquisition costs, restructuring costs, executive severance costs, impairment of goodwill and indefinite-lived intangibles, pension settlement, and associated tax effects. "Adjusted free cash flow" for the fourth fiscal quarter of 2019 is defined as the amount of cash generated from operating activities ($6.3 million), in excess of our capital expenditures ($2.6 million), net of proceeds, if any, from the sale of assets ($0.4 million). "Adjusted free cash flow" for the fiscal year of 2019 is defined as the amount of cash generated from operating activities ($30.9 million) in excess of our capital expenditures ($11.2 million), net of proceeds, if any, from the sale of assets ($0.6 million). Management believes that these non-GAAP measures are useful to investors because each presents what management views as our core operating performance for the relevant period. The adjustments to the applicable GAAP measures relate to occurrences or events that are outside of our core operations, and management believes that the use of these non-GAAP measures provides a consistent basis to evaluate our operating profitability and performance trends across comparable periods. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in VPG’s financial statements presented in our Annual Report on Form 10-K and its Quarterly Reports on Forms 10-Q.

Conference Call and Webcast

A conference call will be held today (February 19) at 10:00 a.m. ET (9:00 a.m. CT). To access the conference call, interested parties may call 1-888-317-6003 or internationally 1-412-317-6061 and use passcode 4903504, or log on to the investor relations page of the VPG website at www.vpgsensors.com.

A replay will be available approximately one hour after the completion of the call by calling toll-free 1-877-344-7529 or internationally 1-412-317-0088 and by using the passcode 10137960. The replay will also be available on the investor relations page of the VPG website at www.vpgsensors.com for a limited time.

About VPG

Vishay Precision Group, Inc. (VPG) is an internationally recognized designer, manufacturer and marketer of: components based on its resistive foil technology; sensors; and sensor-based measurement systems specializing in the growing markets of stress, force, weight, pressure, and current measurements. VPG is a market leader of foil technology products, providing ongoing technology innovations in precision foil resistors and foil strain gages, which are the foundation of the company's force sensors products and its weighing and control systems. The product portfolio consists of a variety of well-established brand names recognized for precision and quality in the marketplace. To learn more, visit VPG at www.vpgsensors.com.

Forward-Looking Statements

From time to time, information provided by us, including but not limited to statements in this report, or other statements made by or on our behalf, may contain "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from those anticipated.

Such statements are based on current expectations only, and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, expected, estimated, or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; difficulties or delays in identifying, negotiating and completing acquisitions and integrating acquired companies (including Dynamic Systems, Inc.); the inability to realize anticipated synergies and expansion possibilities; difficulties in new product development; changes in competition and technology in the markets that we serve and the mix of our products required to address these changes; changes in foreign currency exchange rates; political, economic, health (including the COVID-19 "coronavirus") and military instability in the countries in which we operate; difficulties in implementing our cost reduction strategies, such as underutilization of production facilities, labor unrest or legal challenges to our lay-off or termination plans, operation of redundant facilities due to difficulties in transferring production to achieve efficiencies; significant developments from the recent and potential changes in tariffs and trade regulation; and other factors affecting our operations, markets, products, services, and prices that are set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

VISHAY PRECISION GROUP, INC.

 

 

 

 

Consolidated Statements of Operations

 

 

 

 

(Unaudited - In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Fiscal quarter ended

 

 

December 31,
2019

 

December 31,
2018

Net revenues

 

$

69,142

 

 

$

76,982

 

Costs of products sold

 

44,975

 

 

46,166

 

Gross profit

 

24,167

 

 

30,816

 

Gross profit margin

 

35.0

%

 

40.0

%

 

 

 

 

 

Selling, general, and administrative expenses

 

20,221

 

 

20,905

 

Acquisition costs

 

443

 

 

 

Impairment of goodwill and indefinite-lived intangibles

 

 

 

2,820

 

Restructuring costs

 

1,746

 

 

 

Operating income

 

1,757

 

 

7,091

 

Operating margin

 

2.5

%

 

9.2

%

 

 

 

 

 

Other income (expense):

 

 

 

 

Interest expense

 

(436

)

 

(405

)

Other

 

(316

)

 

(403

)

Other (expense) income - net

 

(752

)

 

(808

)

 

 

 

 

 

Income before taxes

 

1,005

 

 

6,283

 

 

 

 

 

 

Income tax (benefit) expense

 

(2,854

)

 

2,846

 

 

 

 

 

 

Net earnings

 

3,859

 

 

3,437

 

Less: net earnings (loss) attributable to noncontrolling interests

 

(12

)

 

19

 

Net earnings attributable to VPG stockholders

 

$

3,871

 

 

$

3,418

 

 

 

 

 

 

Basic earnings per share attributable to VPG stockholders

 

$

0.29

 

 

$

0.25

 

Diluted earnings per share attributable to VPG stockholders

 

$

0.28

 

 

$

0.25

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

13,523

 

 

13,474

 

Weighted average shares outstanding - diluted

 

13,623

 

 

13,595

 

 

VISHAY PRECISION GROUP, INC.

 

 

 

 

Consolidated Statements of Operations

 

 

 

 

(Unaudited - In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Years ended

 

 

December 31,
2019

 

December 31,
2018

Net revenues

 

$

283,958

 

 

$

299,794

 

Costs of products sold

 

172,341

 

 

178,527

 

Gross profit

 

111,617

 

 

121,267

 

Gross profit margin

 

39.3

%

 

40.5

%

 

 

 

 

 

Selling, general, and administrative expenses

 

79,622

 

 

80,935

 

Acquisition costs

 

443

 

 

 

Impairment of goodwill and indefinite-lived intangibles

 

 

 

2,820

 

Executive severance costs

 

611

 

 

 

Restructuring costs

 

2,293

 

 

289

 

Operating income

 

28,648

 

 

37,223

 

Operating margin

 

10.1

%

 

12.4

%

 

 

 

 

 

Other income (expense):

 

 

 

 

Interest expense

 

(1,507

)

 

(1,738

)

Other

 

(701

)

 

(1,496

)

Other (expense) income - net

 

(2,208

)

 

(3,234

)

 

 

 

 

 

Income before taxes

 

26,440

 

 

33,989

 

 

 

 

 

 

Income tax expense

 

4,145

 

 

10,344

 

 

 

 

 

 

Net earnings

 

22,295

 

 

23,645

 

Less: net earnings (loss) attributable to noncontrolling interests

 

107

 

 

(1

)

Net earnings attributable to VPG stockholders

 

$

22,188

 

 

$

23,646

 

 

 

 

 

 

Basic earnings per share attributable to VPG stockholders

 

$

1.64

 

 

$

1.76

 

Diluted earnings per share attributable to VPG stockholders

 

$

1.63

 

 

$

1.75

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

13,515

 

 

13,439

 

Weighted average shares outstanding - diluted

 

13,597

 

 

13,535

  

 

VISHAY PRECISION GROUP, INC.

 

 

 

 

Consolidated Balance Sheets

 

 

 

 

(In thousands, except per share amounts)

 

 

 

 

 

 

December 31,
2019

 

December 31,
2018

 

 

(Unaudited)

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

86,910

 

 

$

90,159

 

Accounts receivable, net of allowances for doubtful accounts

 

41,704

 

 

53,156

 

Inventories:

 

 

 

 

Raw materials

 

21,701

 

 

18,052

 

Work in process

 

23,128

 

 

22,007

 

Finished goods

 

22,066

 

 

22,182

 

Inventories, net

 

66,895

 

 

62,241

 

Prepaid expenses and other current assets

 

16,859

 

 

9,314

 

Total current assets

 

212,368

 

 

214,870

 

 

 

 

 

 

Property and equipment, at cost:

 

 

 

 

Land

 

4,243

 

 

3,390

 

Buildings and improvements

 

52,708

 

 

51,055

 

Machinery and equipment

 

111,492

 

 

105,840

 

Software

 

9,384

 

 

8,532

 

Construction in progress

 

2,485

 

 

2,157

 

Accumulated depreciation

 

(119,042

)

 

(111,555

)

Property and equipment, net

 

61,270

 

 

59,419

 

 

 

 

 

 

Goodwill

 

35,018

 

 

16,141

 

 

 

 

 

 

Intangible assets, net

 

34,198

 

 

17,656

 

 

 

 

 

 

Other assets

 

27,366

 

 

18,297

 

Total assets

 

$

370,220

 

 

$

326,383

 

 

 

 

 

 

VISHAY PRECISION GROUP, INC.

 

 

 

 

Consolidated Balance Sheets

 

 

 

 

(In thousands, except per share amounts)

 

 

 

 

 

 

December 31,
2019

 

December 31,
2018

 

 

(Unaudited)

 

 

Liabilities and equity

 

 

 

 

Current liabilities:

 

 

 

 

Trade accounts payable

 

$

8,676

 

 

$

11,461

 

Payroll and related expenses

 

16,312

 

 

17,757

 

Other accrued expenses

 

18,953

 

 

17,031

 

Income taxes

 

261

 

 

3,879

 

Current portion of long-term debt

 

44,516

 

 

4,654

 

Total current liabilities

 

88,718

 

 

54,782

 

 

 

 

 

 

Long-term debt, less current portion

 

17

 

 

22,421

 

Deferred income taxes

 

3,478

 

 

2,200

 

Other liabilities

 

20,586

 

 

13,545

 

Accrued pension and other postretirement costs

 

15,669

 

 

14,982

 

Total liabilities

 

128,468

 

 

107,930

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

Common stock

 

1,312

 

 

1,307

 

Class B convertible common stock

 

103

 

 

103

 

Treasury stock

 

(8,765

)

 

(8,765

)

Capital in excess of par value

 

197,125

 

 

196,666

 

Retained earnings

 

89,288

 

 

66,569

 

Accumulated other comprehensive loss

 

(37,703

)

 

(37,465

)

Total Vishay Precision Group, Inc. stockholders' equity

 

241,360

 

 

218,415

 

Noncontrolling interests

 

392

 

 

38

 

Total equity

 

241,752

 

 

218,453

 

Total liabilities and equity

 

$

370,220

 

 

$

326,383

 

 

 

 

 

 

VISHAY PRECISION GROUP, INC.

 

 

 

 

Consolidated Statements of Cash Flows

 

 

 

 

(Unaudited - In thousands)

 

 

 

 

Years ended

 

 

December 31,
2019

 

December 31,
2018

Operating activities

 

 

 

 

Net earnings

 

$

22,295

 

 

$

23,645

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

Impairment of goodwill and indefinite-lived intangibles

 

 

 

2,820

 

Depreciation and amortization

 

11,795

 

 

10,631

 

(Gain) loss on disposal of property and equipment

 

34

 

 

(120

)

Share-based compensation expense

 

1,336

 

 

1,799

 

Inventory write-offs for obsolescence

 

2,588

 

 

1,876

 

Deferred income taxes

 

(2,724

)

 

1,011

 

Other

 

(301

)

 

819

 

Net changes in operating assets and liabilities

 

 

 

 

Accounts receivable

 

12,863

 

 

(7,757

)

Inventories

 

(619

)

 

(5,095

)

Prepaid expenses and other current assets

 

(6,388

)

 

588

 

Trade accounts payable

 

(2,466

)

 

(819

)

Other current liabilities

 

(7,481

)

 

5,981

 

Net cash provided by operating activities

 

30,932

 

 

35,379

 

 

 

 

 

 

Investing activities

 

 

 

 

Capital expenditures

 

(11,196

)

 

(14,521

)

Proceeds from sale of property and equipment

 

615

 

 

132

 

Purchase of business

 

(40,481

)

 

 

Net cash used in investing activities

 

(51,062

)

 

(14,389

)

 

 

 

 

 

Financing activities

 

 

 

 

Principal payments on long-term debt

 

(4,618

)

 

(5,603

)

Proceeds from revolving facility

 

22,000

 

 

22,000

 

Payments on revolving facility

 

 

 

(19,000

)

Distributions to noncontrolling interests

 

(52

)

 

(109

)

Payments of employee taxes on certain share-based arrangements

 

(854

)

 

(801

)

Net cash provided by (used in) financing activities

 

16,476

 

 

(3,513

)

Effect of exchange rate changes on cash and cash equivalents

 

405

 

 

(1,610

)

(Decrease) increase in cash and cash equivalents

 

(3,249

)

 

15,867

 

 

 

 

 

 

Cash and cash equivalents at beginning of year

 

90,159

 

 

74,292

 

Cash and cash equivalents at end of year

 

$

86,910

 

 

$

90,159

 

 

 

 

 

 

Supplemental disclosure of investing transactions:

 

 

 

 

Capital expenditures purchased

 

$

(10,529

)

 

$

(13,239

)

Supplemental disclosure of non-cash financing transactions:

 

 

 

 

Conversion of exchangeable notes to common stock

 

$

 

 

$

(2,794

)

 

 

 

 

 

Capital expenditures accrued but not yet paid as of December 31, 2019 were $1,183

 

 

 

 

VISHAY PRECISION GROUP, INC.

 

 

 

 

 

 

 

 

 

 

Reconciliation of Consolidated Adjusted Gross Profit, Operating Income, Net
Earnings Attributable to VPG Stockholders and Diluted Earnings Per Share

 

 

 

 

 

 

 

(Unaudited - In thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

Operating Income

 

Net Earnings
Attributable to VPG
Stockholders

 

Diluted Earnings Per
share

Fiscal Year Ended December 31,

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

As reported - GAAP

 

$

111,617

 

 

$

121,267

 

 

$

28,648

 

 

$

37,223

 

 

$

22,188

 

 

$

23,646

 

 

$

1.63

 

 

$

1.75

 

Acquisition purchase accounting adjustments

 

1,254

 

 

 

 

1,254

 

 

 

 

1,254

 

 

 

 

0.09

 

 

 

Acquisition costs

 

 

 

 

 

443

 

 

 

 

443

 

 

 

 

0.03

 

 

 

Executive Severance costs

 

 

 

 

 

611

 

 

 

 

611

 

 

 

 

0.04

 

 

 

Impairment of goodwill and indefinite-lived intangibles

 

 

 

 

 

 

 

2,820

 

 

 

 

2,820

 

 

 

 

0.21

 

Restructuring costs

 

 

 

 

 

2,293

 

 

289

 

 

2,293

 

 

289

 

 

0.17

 

 

0.02

 

UK pension settlement

 

 

 

 

 

 

 

 

 

 

 

673

 

 

 

 

0.05

 

Less: Tax effect of reconciling items and discrete tax items

 

 

 

 

 

 

 

 

 

3,743

 

 

(333

)

 

0.27

 

 

(0.02

)

As Adjusted - Non GAAP

 

$

112,871

 

 

$

121,267

 

 

$

33,249

 

 

$

40,332

 

 

$

23,046

 

 

$

27,761

 

 

$

1.69

 

 

$

2.05

 

As Adjusted - Non GAAP Margins

 

39.7

%

 

40.5

%

 

11.7

%

 

13.5

%

 

 

 

 

 

 

 

 

   
 

 

 

Gross Profit

 

Operating Income

 

Net Earnings
Attributable to VPG
Stockholders

 

Diluted Earnings Per
share

Fiscal Quarter Ended December 31,

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

As reported - GAAP

 

$

24,167

 

 

$

30,816

 

 

$

1,757

 

 

$

7,091

 

 

$

3,871

 

 

$

3,418

 

 

$

0.28

 

 

$

0.25

 

Acquisition purchase accounting adjustments

 

1,254

 

 

 

 

1,254

 

 

 

 

1,254

 

 

 

 

0.09

 

 

 

Acquisition costs

 

 

 

 

 

443

 

 

 

 

443

 

 

 

 

0.03

 

 

 

Impairment of goodwill and indefinite-lived intangibles

 

 

 

 

 

 

 

2,820

 

 

 

 

2,820

 

 

 

 

0.21

 

Restructuring costs

 

 

 

 

 

1,746

 

 

 

 

1,746

 

 

 

 

0.13

 

 

 

UK pension settlement

 

 

 

 

 

 

 

 

 

 

 

673

 

 

 

 

0.05

 

Less: Tax effect of reconciling items and discrete tax items

 

 

 

 

 

 

 

 

 

3,663

 

 

(377

)

 

0.26

 

 

(0.03

)

As Adjusted - Non GAAP

 

$

25,421

 

 

$

30,816

 

 

$

5,200

 

 

$

9,911

 

 

$

3,651

 

 

$

7,288

 

 

$

0.27

 

 

$

0.54

 

As Adjusted - Non GAAP Margins

 

36.8

%

 

40.0

%

 

7.5

%

 

12.9

%

 

 

 

 

 

 

 

 

 

Contacts

Steve Cantor
Vishay Precision Group, Inc.
781-222-3516
steve.cantor@vpgsensors.com

$Cashtags

Contacts

Steve Cantor
Vishay Precision Group, Inc.
781-222-3516
steve.cantor@vpgsensors.com