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VISHAY INTERTECHNOLOGY ANNOUNCES FISCAL 1991 RESULTS

 VISHAY INTERTECHNOLOGY ANNOUNCES FISCAL 1991 RESULTS
 MALVERN, Pa., Feb. 13 /PRNewswire/ -- Dr. Felix Zandman, chairman


and chief executive officer of Vishay Intertechnology, Inc. (NYSE: VSH), announced today that the continuing recession, particularly in Europe, caused a slight decline in sales and net earnings for the year ended Dec. 31, 1991.
 In the 12 months ended Dec. 31, 1991, sales were $442,283,000 compared with $445,596,000 in the previous year. Net earnings were $20,890,000 or $1.38 per share compared with $23,201,000 or $1.63 per share in the previous year.
 In the three months ended Dec. 31, 1991, sales were $102,870,000 compared with $110,191,000 in the previous year's quarter. Net earnings were $2,422,000 or $.16 per share compared with $5,775,000 or $.37 per share in the previous year's quarter.
 Zandman stated, "Although the company had increased earnings for the first nine months of the year, the recession, particularly in France, had a negative effect on the profitability of the fourth quarter. In addition, the year's results have been negatively affected by restructuring costs of approximately $3.7 million primarily due to costs associated with layoffs in France, as well as additional manufacturing costs of approximately $2.0 million in the United States primarily due to production problems which have subsequently been corrected. Fourth quarter earnings include a tax benefit of $1.7 million, which resulted from a retroactive change arising in the fourth quarter in the tax rate applicable to certain operations in Israel, and from a greater than anticipated proportion of the company's earnings from Israel."
 Zandman added, "We are excited about the upcoming acquisition of the worldwide tantalum capacitor and U.S. resistor network businesses of Sprague Technologies, Inc. (NYSE: SPG) for approximately $120 million. These businesses have annual sales of approximately $220 million and provide Vishay with an excellent strategic fit because of the position Vishay holds in the U.S. and Europe for fixed resistors and other passive components. Sprague shareholders will vote on the acquisition at a special shareholders meeting on February 14, 1992. We are poised now, together with Sprague, to resume our earnings growth."
 Vishay Intertechnology, Inc. is a leading U.S. and European producer of a wide range of electronic resistors and resistive sensors. It also is a major producer of other types of passive electronic components. The company's products are used in a broad range of industries.
 VISHAY INTERTECHNOLOGY, INC.
 (Unaudited)
 Three months ended Dec. 31 1991 1990
 Sales $102,870,000 $110,191,000
 Net earnings 2,422,000 5,775,000
 Net earnings per share (A) $.16 $.37
 Average shares
 outstanding (A) 15,108,000 17,502,000
 12 months ended Dec. 31 1991 1990
 Sales $442,283,000 $445,596,000
 Net earnings 20,890,000 23,201,000
 Net earnings per share (A) $1.38 $1.63
 Average shares
 outstanding (A) 15,101,000 16,291,000
 (A) Earnings per share is based on the weighted average number of common shares and dilutive common equivalent shares (from the assumed conversion of convertible subordinated debentures) outstanding during the period. For the periods where the assumed conversion of the debentures has a dilutive effect, net earnings used in these computations are adjusted for interest expense, net of income taxes, on the convertible subordinated debentures. Earnings per share reflects the dilutive effect of the issuance of 2 million shares of common stock on Aug. 1, 1990, the net proceeds of which ($35 million) were used to reduce debt. Earnings per share amounts reflect a 5 percent stock dividend paid on June 11, 1991.
 /delval/
 -0- 2/13/92
 /CONTACT: Robert A. Freece, vice president and treasurer of Vishay Intertechnology, 215-644-1300/
 (VSH SPG) CO: Vishay Intertechnology, Inc.; Sprague Technologies, Inc. ST: Pennsylvania IN: CPR SU: ERN


CC-MP -- PH002 -- 9558 02/13/92 08:46 EST
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Date:Feb 13, 1992
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