Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of
precision sensors and sensor-based systems, today announced its
results for its fiscal 2020 second quarter ended June 27,
2020.
Second Quarter Highlights:
- Revenues of $59.1 million declined
16.5% from a year ago.
- Gross profit margin was 39.1% as
compared to 40.4% reported a year ago.
- Adjusted gross profit margin* was
40.1% as compared to 40.4% reported a year ago.
- Operating margin was 6.7% as compared
to 11.4% reported a year ago.
- Adjusted operating margin* was 8.4%,
as compared to 12.3% reported a year ago.
- Diluted earnings per share of $0.13 as
compared to $0.41 reported a year ago.
- Adjusted diluted earnings per share*
of $0.19, as compared to $0.45 reported a year ago.
- Cash from operating activities was
$10.4 million with adjusted free cash flow* of $3.1 million
Ziv Shoshani, Chief Executive Officer of VPG, commented, "In the
second quarter, our businesses and teams around the world responded
effectively to the challenges and disruptions due to the COVID-19
pandemic. Despite lower revenue due to COVID-19 impacts, we
achieved solid margins and earnings per share due to cost controls
and manufacturing efficiencies. Our Foil Technology Products
segment performed well driven by sales strength in our advanced
sensors and precision foil resistors product lines. In the Force
Sensors segment, a government-mandated shutdown in India negatively
impacted our sales of these products, while sales in our Weighing
and Control Systems segment were softer. We generated positive
adjusted free cash flow* while continuing our investments to expand
our production capacity for our advanced sensors business.
Mr. Shoshani said: "As the world contends with the global
pandemic, there continues to be limited visibility and uncertainty
in our markets. Nonetheless, we believe our strong balance sheet
and business model, combined with our focus on key long-term growth
and cost-savings initiatives, provides us with the foundation to
deliver long-term value to our shareholders."
Second Quarter and Six Month Financial
Trends:
The Company's second fiscal quarter 2020 net earnings
attributable to VPG stockholders were $1.8 million, or $0.13 per
diluted share, compared to $5.6 million, or $0.41 per diluted
share, in the second fiscal quarter of 2019. Foreign currency
exchange rates for the second quarter of 2020 decreased net income
by $1.2 million, or $0.09 per diluted share, relative to the prior
year period.
In the six fiscal months ended June 27, 2020 net earnings
attributable to VPG stockholders were $5.1 million, or $0.37 per
diluted share, compared to $13.8 million, or $1.02 per diluted
share, in the six fiscal months ended June 29, 2019. Foreign
currency exchange rates for the six fiscal months ended June 27,
2020 decreased net income by $0.7 million, or $0.05 per diluted
share, relative to the prior year period.
The second fiscal quarter 2020 adjusted net earnings*
attributable to VPG stockholders were $2.6 million, or $0.19 per
diluted share, compared to $6.2 million, or $0.45 per diluted share
in the second fiscal quarter of 2019.
In the six fiscal months ended June 27, 2020 adjusted net
earnings* attributable to VPG stockholders were $6.6 million, or
$0.48 per diluted share, compared to $14.4 million, or $1.06 per
diluted share in the in the six fiscal months ended June 29,
2019.
Segments
Foil Technology Products segment revenues decreased 3.7% to
$31.8 million in the second fiscal quarter of 2020, down from $33.0
million in the second fiscal quarter of 2019; sequential revenue
increased 4.3% compared to $30.5 million in the first quarter of
2020. The year-over-year decrease in revenues was primarily
attributable to lower precision resistor sales in the test and
measurement market, which was partially offset by an increase in
the avionics, military and space market. The decrease was also
reflected for distributors and OEM customers in the industrial
weighing market, which was mostly offset by an increase in our
advance sensors product line in our other markets. The sequential
increase in revenue was attributable to precision resistor products
for OEM customers, primarily in the avionics, military and space
market and an increase in the advance sensors product line in our
other markets.
Gross profit margin for the Foil Technology Products segment was
41.8% (41.7% excluding the impact of COVID-19) for the second
fiscal quarter of 2020, a decrease compared to 43.6% in the second
fiscal quarter of 2019, and an increase compared to 36.7% in the
first fiscal quarter of 2020. The year-over-year decrease in
adjusted gross profit margin was primarily due to lower volume and
a negative impact from exchange rates, which was partially offset
by cost controls and manufacturing efficiencies. The sequential
increase in gross profit margin was primarily due to higher volume
and manufacturing efficiencies.
Force Sensors segment revenues declined 45.5% to $8.9 million in
the second fiscal quarter of 2020, compared to $16.3 million in the
second fiscal quarter of 2019; sequential revenue declined 39.3%,
compared to $14.7 million in the first quarter of 2020. The
year-over-year and sequential decrease in revenues was attributable
to a significant limitation in production at our India operations
during the second quarter of 2020 as a result of COVID-19
mitigation orders by the Indian government.
Gross profit margin for the Force Sensors segment was 11.6%
(19.6% excluding the impact of COVID-19) for the second fiscal
quarter of 2020, which was a decrease compared to 26.9% in the
second fiscal quarter of 2019, and 24.3% in the first fiscal
quarter of 2020. The year-over-year decrease in adjusted gross
profit margin was primarily due to lower volume due to the COVID-19
impacts mentioned above, a reduction in export grants, and a
negative impact of foreign exchange, which was partially offset by
cost controls. Sequentially, adjusted gross profit margin decreased
due to lower volume due to COVID-19 impacts, which was partially
offset by cost controls.
Weighing and Control Systems segment revenues declined 14.3%
year over year to $18.4 million in the second fiscal quarter of
2020, down from $21.5 million in the second fiscal quarter of 2019.
Sequentially, revenue decreased 18.1% from $22.5 million in the
first fiscal quarter of 2020. The year-over-year decrease in
revenues was primarily attributable to the onboard weighing product
line in the transportation market, which was partially offset with
the additional revenues of Dynamic Systems Inc. ("DSI") acquired in
November 2019. The sequential decrease in revenue was primarily
attributable to a reduction in sales of onboard weighing products
for the transportation market and of DSI, which was partially
offset by higher steel-related sales.
The second fiscal quarter 2020 gross profit margin for the
Weighing and Control Systems segment was 47.6% (47.3% excluding the
purchasing accounting adjustments related to the DSI acquisition
and the impact of COVID-19), compared to 45.6% from the second
fiscal quarter of 2019, and 45.7% (48.0% excluding the purchase
accounting adjustment of $0.5 million related to the DSI
acquisition) in the first fiscal quarter of 2020. The
year-over-year increase in adjusted gross profit margin was mostly
due to favorable product mix and the addition of DSI. The
sequential decrease in adjusted gross profit margin was due to
lower volume, which was partially offset by cost controls.
Impacts From the Global COVID-19 Pandemic:
As the COVID-19 pandemic began to unfold around the world, the
Company took measures to protect its employees and customers. Those
measures included suspending business travel, enabling certain
employees to work from home, implementing workplace distancing, and
adjusting work shifts to minimize employees’ contact with other
employees. While the majority of the Company’s operations have been
able to operate despite the impacts from the COVID-19 pandemic, the
Company’s Force Sensors manufacturing facility in India operated at
partial capacity through the second quarter of 2020 as a result of
government-mandated restrictions. These restrictions significantly
impacted the Company’s financial results in the second quarter,
reducing Force Sensors revenue by approximately $6 million from
pre-COVID runrate levels and reducing its operating profit by
approximately $2.5 million due to the lower revenue. After the
Company received approval from the Indian government to operate its
facility without limitation on July 1, 2020, the Company
accelerated the ramp of production. Given the timing of these
efforts, for the third quarter the Company expects Force Sensor
revenues to be adversely impacted by approximately $3 million to $4
million from pre-COVID runrate levels, and its operating profit to
be impacted by approximately $1.0 million to $1.5 million due to
the lower revenue.
As of July 1, 2020, all of the Company’s facilities are
operating without limitations with some employees working remotely
where possible. Nonetheless, given the impacts to date and the
ongoing uncertainty concerning the magnitude of the impact and
duration of the COVID-19 pandemic, the ongoing economic disruption
may continue to adversely affect the Company’s business and
financial results.
Near-Term Outlook“Given our order rates and the
ongoing uncertainties and economic impacts of the global pandemic,
we expect net revenues to grow sequentially and be in the range of
$59 million to $65 million for the third fiscal quarter of 2020, at
constant second fiscal quarter 2020 exchange rates,” 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 and the impacts of COVID-19 costs. We
define "adjusted operating margin" as operating margin before
purchase accounting adjustments, COVID-19 costs, restructuring
costs, and executive severance costs. We define "adjusted net
earnings” and "adjusted net earnings per share" as net earnings
attributable to VPG stockholders before purchase accounting
adjustments, COVID-19 costs, restructuring costs, executive
severance costs, and associated tax effects. "Adjusted free cash
flow" for the second fiscal quarter of 2020 is defined as the
amount of cash generated from operating activities ($10.4 million),
in excess of our capital expenditures ($7.7 million), net of
proceeds, if any, from the sale of assets ($0.4 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 (August 4) at 10:00 a.m. ET
(9:00 a.m. CT). To access the conference call, interested parties
may call 1-888-317-6011 or internationally 1-412-317-6061 and use
passcode 9737941, 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 10145602.
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; our efforts
and efforts by governmental authorities to mitigate the COVID-19
pandemic, such as travel bans, shelter-in-place orders and business
closures and the related impact on resource allocations,
manufacturing and supply chains; the Company’s status as a
“critical”, “essential” or “life-sustaining” business in light of
COVID-19 business closure laws, orders and guidance being
challenged by a governmental body or other applicable authority;
the Company’s ability to execute its business continuity,
operational and budget plans in light of the COVID-19 outbreak; 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, 2019 and Quarterly
Report on Form 10-Q for the fiscal quarter ended March 28, 2020. We
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contact:Steve CantorVishay Precision Group,
Inc.781-222-3516steve.cantor@vpgsensors.com
|
|
|
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Statements of Operations |
|
|
|
(Unaudited - In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
Fiscal quarter ended |
|
June 27, 2020 |
|
June 29, 2019 |
Net revenues |
$ |
59,146 |
|
|
|
$ |
70,870 |
|
|
Costs of products sold |
36,036 |
|
|
|
42,261 |
|
|
Gross profit |
23,110 |
|
|
|
28,609 |
|
|
Gross profit margin |
39.1 |
|
% |
|
40.4 |
|
% |
|
|
|
|
Selling, general, and
administrative expenses |
18,640 |
|
|
|
19,896 |
|
|
Executive severance costs |
— |
|
|
|
611 |
|
|
Restructuring costs |
499 |
|
|
|
— |
|
|
Operating income |
3,971 |
|
|
|
8,102 |
|
|
Operating margin |
6.7 |
|
% |
|
11.4 |
|
% |
|
|
|
|
Other income (expense): |
|
|
|
Interest expense |
(267 |
) |
|
|
(359 |
) |
|
Other |
(1,273 |
) |
|
|
(160 |
) |
|
Other income (expense) |
(1,540 |
) |
|
|
(519 |
) |
|
|
|
|
|
Income before taxes |
2,431 |
|
|
|
7,583 |
|
|
|
|
|
|
Income tax expense |
684 |
|
|
|
2,003 |
|
|
|
|
|
|
Net earnings |
1,747 |
|
|
|
5,580 |
|
|
Less: net (loss) earnings attributable to noncontrolling
interests |
(12 |
) |
|
|
15 |
|
|
Net earnings attributable to
VPG stockholders |
$ |
1,759 |
|
|
|
$ |
5,565 |
|
|
|
|
|
|
Basic earnings per share
attributable to VPG stockholders |
$ |
0.13 |
|
|
|
$ |
0.41 |
|
|
Diluted earnings per share
attributable to VPG stockholders |
$ |
0.13 |
|
|
|
$ |
0.41 |
|
|
|
|
|
|
Weighted average shares
outstanding - basic |
13,571 |
|
|
|
13,518 |
|
|
Weighted average shares
outstanding - diluted |
13,609 |
|
|
|
13,595 |
|
|
|
|
|
|
|
|
|
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Statements of Operations |
|
|
|
(Unaudited - In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
Six fiscal months ended |
|
June 27, 2020 |
|
June 29, 2019 |
Net revenues |
$ |
126,842 |
|
|
|
$ |
147,395 |
|
|
Costs of products sold |
78,667 |
|
|
|
85,735 |
|
|
Gross profit |
48,175 |
|
|
|
61,660 |
|
|
Gross profit margin |
38.0 |
|
% |
|
41.8 |
|
% |
|
|
|
|
Selling, general, and
administrative expenses |
38,931 |
|
|
|
40,344 |
|
|
Executive severance costs |
— |
|
|
|
611 |
|
|
Restructuring costs |
629 |
|
|
|
— |
|
|
Operating income |
8,615 |
|
|
|
20,705 |
|
|
Operating margin |
6.8 |
|
% |
|
14.0 |
|
% |
|
|
|
|
Other income (expense): |
|
|
|
Interest expense |
(728 |
) |
|
|
(747 |
) |
|
Other |
(590 |
) |
|
|
(932 |
) |
|
Other income (expense) |
(1,318 |
) |
|
|
(1,679 |
) |
|
|
|
|
|
Income before taxes |
7,297 |
|
|
|
19,026 |
|
|
|
|
|
|
Income tax expense |
2,258 |
|
|
|
5,120 |
|
|
|
|
|
|
Net earnings |
5,039 |
|
|
|
13,906 |
|
|
Less: net (loss) earnings attributable to noncontrolling
interests |
(32 |
) |
|
|
98 |
|
|
Net earnings attributable to
VPG stockholders |
$ |
5,071 |
|
|
|
$ |
13,808 |
|
|
|
|
|
|
Basic earnings per share
attributable to VPG stockholders |
$ |
0.37 |
|
|
|
$ |
1.02 |
|
|
Diluted earnings per share
attributable to VPG stockholders |
$ |
0.37 |
|
|
|
$ |
1.02 |
|
|
|
|
|
|
Weighted average shares
outstanding - basic |
13,556 |
|
|
|
13,506 |
|
|
Weighted average shares
outstanding - diluted |
13,598 |
|
|
|
13,579 |
|
|
|
|
|
|
|
|
|
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Balance Sheets |
|
|
|
(In thousands) |
|
|
|
|
June 27, 2020 |
|
December 31, 2019 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
87,197 |
|
|
$ |
86,910 |
|
Accounts receivable, net |
40,743 |
|
|
43,198 |
|
Inventories: |
|
|
|
Raw materials |
22,899 |
|
|
21,701 |
|
Work in process |
25,315 |
|
|
23,128 |
|
Finished goods |
18,521 |
|
|
22,066 |
|
Inventories, net |
66,735 |
|
|
66,895 |
|
|
|
|
|
Prepaid expenses and other current assets |
16,046 |
|
|
15,558 |
|
Total current assets |
210,721 |
|
|
212,561 |
|
|
|
|
|
Property and equipment, at
cost: |
|
|
|
Land |
4,191 |
|
|
4,243 |
|
Buildings and improvements |
52,200 |
|
|
52,708 |
|
Machinery and equipment |
112,888 |
|
|
111,492 |
|
Software |
9,586 |
|
|
9,384 |
|
Construction in progress |
10,028 |
|
|
2,485 |
|
Accumulated depreciation |
(122,893 |
) |
|
(119,042 |
) |
Property and equipment,
net |
66,000 |
|
|
61,270 |
|
|
|
|
|
Goodwill |
34,588 |
|
|
35,018 |
|
Intangible assets, net |
32,611 |
|
|
34,198 |
|
Operating lease right-of-use
assets |
22,401 |
|
|
8,691 |
|
Other assets |
18,329 |
|
|
18,675 |
|
Total assets |
$ |
384,650 |
|
|
$ |
370,413 |
|
|
|
|
|
|
|
|
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Balance Sheets |
|
|
|
(In thousands) |
|
|
|
|
June 27, 2020 |
|
December 31, 2019 |
|
(Unaudited) |
|
|
Liabilities and
equity |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
$ |
9,350 |
|
|
$ |
8,869 |
|
Payroll and related expenses |
15,090 |
|
|
16,312 |
|
Other accrued expenses |
16,984 |
|
|
16,126 |
|
Income taxes |
1,766 |
|
|
261 |
|
Current portion of operating lease liabilities |
3,924 |
|
|
2,827 |
|
Current portion of long-term debt |
85 |
|
|
44,516 |
|
Total current liabilities |
47,199 |
|
|
88,911 |
|
|
|
|
|
Long-term debt, less current
portion |
40,592 |
|
|
17 |
|
Deferred income taxes |
3,477 |
|
|
3,478 |
|
Operating lease
liabilities |
19,032 |
|
|
5,811 |
|
Other liabilities |
14,409 |
|
|
14,775 |
|
Accrued pension and other
postretirement costs |
15,701 |
|
|
15,669 |
|
Total liabilities |
140,410 |
|
|
128,661 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Equity: |
|
|
|
Common stock |
1,317 |
|
|
1,312 |
|
Class B convertible common stock |
103 |
|
|
103 |
|
Treasury stock |
(8,765 |
) |
|
(8,765 |
) |
Capital in excess of par value |
197,134 |
|
|
197,125 |
|
Retained earnings |
94,359 |
|
|
89,288 |
|
Accumulated other comprehensive loss |
(40,084 |
) |
|
(37,703 |
) |
Total Vishay Precision Group,
Inc. stockholders' equity |
244,064 |
|
|
241,360 |
|
Noncontrolling interests |
176 |
|
|
392 |
|
Total equity |
244,240 |
|
|
241,752 |
|
Total liabilities and
equity |
$ |
384,650 |
|
|
$ |
370,413 |
|
|
|
|
|
|
|
|
|
VISHAY PRECISION GROUP, INC. |
|
|
|
Consolidated Condensed Statements of Cash Flows |
|
|
|
(Unaudited - In thousands) |
|
|
|
|
|
|
|
|
Six Fiscal Months Ended |
|
June 27, 2020 |
|
June 29, 2019 |
Operating
activities |
|
|
|
Net earnings |
$ |
5,039 |
|
|
$ |
13,906 |
|
Adjustments to reconcile net
earnings to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
6,312 |
|
|
5,619 |
|
Loss from extinguishment of debt |
30 |
|
|
— |
|
Gain on disposal of property and equipment |
(143 |
) |
|
(50 |
) |
Share-based compensation expense |
757 |
|
|
1,086 |
|
Inventory write-offs for obsolescence |
1,302 |
|
|
1,389 |
|
Deferred income taxes |
(146 |
) |
|
379 |
|
Other |
25 |
|
|
(2,753 |
) |
Net changes in operating
assets and liabilities: |
|
|
|
Accounts receivable, net |
2,077 |
|
|
7,085 |
|
Inventories, net |
(1,383 |
) |
|
(3,288 |
) |
Prepaid expenses and other current assets |
(632 |
) |
|
(3,301 |
) |
Trade accounts payable |
1,228 |
|
|
(645 |
) |
Other current liabilities |
2,229 |
|
|
(2,396 |
) |
Net cash provided by operating
activities |
16,695 |
|
|
17,031 |
|
|
|
|
|
Investing
activities |
|
|
|
Capital expenditures |
(11,018 |
) |
|
(5,764 |
) |
Proceeds from sale of property
and equipment |
378 |
|
|
214 |
|
Adjustment to purchase price
of a business |
156 |
|
|
— |
|
Net cash used in investing
activities |
(10,484 |
) |
|
(5,550 |
) |
|
|
|
|
Financing
activities |
|
|
|
Principal payments on
long-term debt |
(66 |
) |
|
(2,311 |
) |
Repayments of principal upon
termination of long-term borrowings |
(3,352 |
) |
|
— |
|
Debt issuance costs |
(402 |
) |
|
— |
|
Purchase of noncontrolling
interest |
(253 |
) |
|
— |
|
Contributions from
noncontrolling interests |
117 |
|
|
2 |
|
Payments of employee taxes on
certain share-based arrangements |
(813 |
) |
|
(854 |
) |
Net cash used in financing
activities |
(4,769 |
) |
|
(3,163 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
(1,155 |
) |
|
228 |
|
Increase in cash and cash
equivalents |
287 |
|
|
8,546 |
|
|
|
|
|
Cash and cash equivalents at
beginning of period |
86,910 |
|
|
90,159 |
|
Cash and cash equivalents at
end of period |
$ |
87,197 |
|
|
$ |
98,705 |
|
|
|
|
|
Supplemental
disclosure of investing transactions: |
|
|
|
Capital expenditures
purchased |
$ |
(10,290 |
) |
|
$ |
(4,992 |
) |
Capital expenditures accrued
but not yet paid |
$ |
455 |
|
|
$ |
1,077 |
|
Supplemental
disclosure of financing transactions: |
|
|
|
Non-cash extinguishment of
long-term debt facility (see Note 7) |
$ |
(7,020 |
) |
|
$ |
— |
|
Non-cash refinancing of
revolving facility (see Note 7) |
$ |
7,020 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
Operating Income |
|
Net Earnings Attributable to VPG Stockholders |
|
Diluted Earnings Per share |
Three months
ended |
June 27, 2020 |
|
June 29, 2019 |
|
June 27, 2020 |
|
June 29, 2019 |
|
June 27, 2020 |
|
June 29, 2019 |
|
June 27, 2020 |
|
June 29, 2019 |
As reported - GAAP |
$ |
23,110 |
|
|
$ |
28,609 |
|
|
$ |
3,971 |
|
|
$ |
8,102 |
|
|
$ |
1,759 |
|
|
$ |
5,565 |
|
|
$ |
0.13 |
|
|
$ |
0.41 |
|
As reported - GAAP
Margins |
39.1 |
% |
|
40.4 |
% |
|
6.7 |
% |
|
11.4 |
% |
|
|
|
|
|
|
|
|
Acquisition purchase
accounting adjustments |
41 |
|
|
— |
|
|
41 |
|
|
— |
|
|
41 |
|
|
— |
|
|
— |
|
|
— |
|
COVID-19 impact |
558 |
|
|
|
|
443 |
|
|
|
|
443 |
|
|
|
|
0.03 |
|
|
|
Executive Severance costs |
|
|
— |
|
|
|
|
611 |
|
|
|
|
611 |
|
|
— |
|
|
0.04 |
|
Restructuring costs |
|
|
— |
|
|
499 |
|
|
— |
|
|
499 |
|
|
— |
|
|
0.04 |
|
|
— |
|
Less: Tax effect of
reconciling items and discrete tax items |
|
|
— |
|
|
|
|
— |
|
|
134 |
|
|
— |
|
|
0.01 |
|
|
— |
|
As Adjusted - Non GAAP |
$ |
23,709 |
|
|
$ |
28,609 |
|
|
$ |
4,954 |
|
|
$ |
8,713 |
|
|
$ |
2,608 |
|
|
$ |
6,176 |
|
|
$ |
0.19 |
|
|
$ |
0.45 |
|
As Adjusted - Non GAAP
Margins |
40.1 |
% |
|
40.4 |
% |
|
8.4 |
% |
|
12.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
Operating Income |
|
Net Earnings Attributable to VPG Stockholders |
|
Diluted Earnings Per share |
Six fiscal months
ended |
June 27, 2020 |
|
June 29, 2019 |
|
June 27, 2020 |
|
June 29, 2019 |
|
June 27, 2020 |
|
June 29, 2019 |
|
June 27, 2020 |
|
June 29, 2019 |
As reported - GAAP |
$ |
48,175 |
|
|
$ |
61,660 |
|
|
$ |
8,615 |
|
|
$ |
20,705 |
|
|
$ |
5,071 |
|
|
$ |
13,808 |
|
|
$ |
0.37 |
|
|
$ |
1.02 |
|
As reported - GAAP
Margins |
38.0 |
% |
|
41.8 |
% |
|
6.8 |
% |
|
14.0 |
% |
|
|
|
|
|
|
|
|
Acquisition purchase
accounting adjustments |
556 |
|
|
— |
|
|
556 |
|
|
— |
|
|
556 |
|
|
— |
|
|
0.04 |
|
|
— |
|
COVID-19 impact |
558 |
|
|
|
|
443 |
|
|
|
|
443 |
|
|
|
|
0.03 |
|
|
|
Executive Severance costs |
— |
|
|
— |
|
|
|
|
611 |
|
|
|
|
611 |
|
|
— |
|
|
0.04 |
|
Restructuring costs |
— |
|
|
— |
|
|
629 |
|
|
— |
|
|
629 |
|
|
— |
|
|
0.05 |
|
|
— |
|
Less: Tax effect of
reconciling items and discrete tax items |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
142 |
|
|
— |
|
|
0.01 |
|
|
— |
|
As Adjusted - Non GAAP |
$ |
49,289 |
|
|
$ |
61,660 |
|
|
$ |
10,243 |
|
|
$ |
21,316 |
|
|
$ |
6,557 |
|
|
$ |
14,419 |
|
|
0.48 |
|
|
$ |
1.06 |
|
As Adjusted - Non GAAP
Margins |
38.9 |
% |
|
41.8 |
% |
|
8.1 |
% |
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:Steve
CantorSenior Director, Investor
Relationsinfo@vpgsensors.com781-222-3516
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