VPG Reports Progress of Financial Review
August 11 2015 - 7:30AM
Business Wire
Form 10-Q expected to be
filed before September 4, 2015
Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of
precision sensors and systems, today commented on the status of
completion of its second fiscal quarter financial statements. On
August 4, 2015, the company announced preliminary unaudited
financial results for the second quarter and six months ended June
27, 2015. At that time, the company indicated that it had
undertaken a review and analysis of its Indian subsidiary
functional currency accounting and that it had planned to file its
Form 10-Q for its second fiscal quarter by August 11, 2015, which
would be within the extension period permitted by SEC
regulations.
The company continues to work diligently to finalize its second
fiscal quarter Form 10-Q and currently expects to file the Form
10-Q and hold its earnings call by September 4, 2015. Because the
review is ongoing, no assurances can be given as to the definitive
date on which the Form 10-Q will be filed and the earnings call
will be held.
Although we are not yet in a position to estimate the amount of
any required adjustments, our current expectation is that the
principal line items impacted in the company’s Indian subsidiary’s
financial statements, and consequently in the company’s
consolidated financial statements, are: property and equipment,
net; cost of goods sold, including depreciation expense; foreign
currency re-measurement gains and losses; and foreign currency
translation gains and losses recorded as a component of accumulated
other comprehensive income within stockholders’ equity.
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 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: our inability to finalize the review and
analysis of our Indian subsidiary functional currency accounting in
time to permit our Form 10-Q for the second quarter of 2015 to be
filed by September 4, 2015, general business and economic
conditions, changes in the current pace of economic recovery,
including if such recovery stalls or does not continue as expected;
difficulties or delays in completing acquisitions and integrating
acquired companies; 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; difficulties
in implementing our ERP system and the associated impact on
manufacturing efficiencies and customer satisfaction; 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 lower-labor-cost countries; 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, 2014. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
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VPGWendy WilsonSenior Director Investor Relations and Corporate
Communications919-374-5501wendy.wilson@vpgsensors.com
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