Printer Friendly

VISHAY ANNOUNCES A RECORD THIRD QUARTER; A 54 PERCENT INCREASE IN NET EARNINGS

 VISHAY ANNOUNCES A RECORD THIRD QUARTER;
 A 54 PERCENT INCREASE IN NET EARNINGS
 MALVERN, Pa., Nov. 5 /PRNewswire/ -- Dr. Felix Zandman, chairman and chief executive officer of Vishay Intertechnology, Inc. (NYSE: VSH) announced today that Vishay reported a 54 percent increase in net earnings on a 60 percent increase in net sales for the third quarter of calendar 1992 due mainly to the acquisition of certain businesses of STI Group, Inc., formerly Sprague Technologies, Inc.
 In the three months ended Sept. 30, 1992, sales were $164,879,000 as compared with $103,299,000 in the year earlier period. Net earnings were $7,408,000 or $.45 per share as compared with $4,801,000 or $.30 per share in the previous year's third quarter.
 In the nine months ended Sept. 30, 1992, sales were $506,643,000 as compared with $339,413,000 in the year earlier period. Net earnings were $23,018,000 or $1.40 per share as compared with $18,469,000 or $1.14 per share in the year earlier period.
 Commenting on the results for the third quarter, Zandman stated: "In spite of the recession in the U.S. and Europe, we are pleased to report earnings increases for the third successive quarter as a result of improved operating income primarily due to the reduction of sales and administrative expenses resulting from cost saving measures implemented for the Sprague businesses following the acquisition. We anticipate that we will achieve additional reductions in manufacturing costs by shifting some jobs to lower labor cost locations which we have begun to implement. We anticipate that the current operating income levels and future cost reductions at Sprague will continue to impact favorably upon Vishay's results."
 Zandman also noted: "We are continuing to pursue our option to acquire the remaining 81 percent of Roederstein GmbH by assisting in its restructuring. The results for the quarter and nine months ended Sept. 30, 1992, include consulting fees of $740,000 and $1,516,000, respectively from Roederstein. The company, which is located in Landshut, Germany, is a leading European manufacturer of passive electronic components including resistors and capacitors. Should Vishay elect to exercise its option, we believe Roederstein and Vishay should be able to further reduce selling, general and administrative expenses through consolidations, and improve manufacturing costs by streamlining Roederstein's manufacturing in Germany and Portugal and by shifting some of its production to Israel and Czechoslovakia."
 The company also announced that in response to its call for redemption of the $50 million outstanding aggregate principal amount of its 4-3/4 percent Convertible Subordinated Debentures due 2003, all of the debentures were surrendered for conversion into 2,536,783 shares of the company's common stock. This transaction, which was completed on Oct. 23, 1992, has not been reflected on the financial statements for the three months and nine months ended Sept. 30, 1992. Giving pro-forma effect to the conversion, the debt-to-equity ratio of Vishay at Sept. 30, 1992, would be reduced from 1.1 to 1 to 0.71 to 1, providing a much stronger balance sheet for the company.
 Vishay Intertechnology, Inc. is a leading U.S. and European producer of a wide range of electronic resistors, resistive sensors and tantalum capacitors. 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 Sept. 30 1992 1991
 Sales $164,879,000 $103,299,000
 Earnings before income taxes 9,522,000 6,668,000
 Income taxes 2,114,000 1,867,000
 Net earnings 7,408,000 4,801,000
 Net earnings per share (A) $.45 $.30
 Average shares outstanding (A) 18,402,000 15,863,000
 Nine months ended Sept. 30 1992 1991
 Sales $506,643,000 $339,413,000
 Earnings before income taxes 29,927,000 26,274,000
 Income taxes 6,909,000 7,805,000
 Net earnings 23,018,000 18,469,000
 Net earnings per share (A) $1.40 $1.14
 Average shares outstanding (A) 18,400,000 18,389,000
 (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 interim period. For 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 amounts for all periods presented reflect a 5 percent stock dividend paid on June 16, 1992.
 /delval/
 -0- 11/5/92
 /CONTACT: Robert A. Freece, vice president and treasurer of Vishay Intertechnology, 215-644-1300/
 (VSH) CO: Vishay Intertechnology, Inc. ST: Pennsylvania IN: CPR SU: ERN


MP-LJ -- PH015 -- 2963 11/05/92 10:22 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 5, 1992
Words:806
Previous Article:NEC BUILDS 'VIRTUAL REALITY' SKI TRAINING SYSTEM; SKIERS EXPERIENCE MOGULS, STRESS & ICE PATCHES, BUT NO SNOW
Next Article:BANC ONE MANAGEMENT AND CONSULTING CORP. RATED 'SUPERIOR' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
VISHAY INTERTECHNOLOGY ANNOUNCES SPRAGUE TECHNOLOGIES ACQUISITION CONTRIBUTES TO $.46 PER SHARE FIRST QUARTER EARNINGS
VISHAY ANNOUNCES A RECORD $.57 PER SHARE AND A 42 PERCENT INCREASE IN NET EARNINGS FOR SECOND QUARTER
VISHAY ANNOUNCES A 44-PERCENT INCREASE IN NET EARNINGS FOR THE THIRD QUARTER
VISHAY INTERTECHNOLOGY ANNOUNCES RECORD EARNINGS OF $.60 PER SHARE FOR THE FIRST QUARTER VS. $.52 PER SHARE BEFORE ACCOUNTING CHANGE
VISHAY INTERTECHNOLOGY REPORTS RECORD $.84 EARNINGS PER SHARE FOR THE FIRST QUARTER ENDED MARCH 31, 1995
VISHAY REPORTS RECORD NET EARNINGS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 1995, A 53% INCREASE IN NET EARNINGS
VISHAY REPORTS RECORD EARNINGS FOR THE FIRST QUARTER ENDED MARCH 31, 1996
Vishay Reports Earnings For The Third Quarter Ended September 30, 1996
Vishay Reports Earnings Per Share of $.30 for Its Third Quarter; A 114% Increase.
Vishay Reports Record Fourth Quarter Earnings of $.42 Per Share.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters