VISHAY REPORTS THIRD QUARTER AND NINE MONTHS' RESULTS
VISHAY REPORTS THIRD QUARTER AND NINE MONTHS' RESULTS MALVERN, Pa., Nov. 6 /PRNewswire/ -- Dr. Felix Zandman, chairman and
chief executive officer, announced today that Vishay Intertechnology, Inc. (NYSE: VSH) reported an increase in net earnings for the third quarter and nine months of calendar 1991.
In the three months ended Sept. 30, 1991, sales were $103,299,000 as compared with $106,023,000 in the year earlier period. However, net earnings increased to $4,801,000 or $.32 per share as compared, with $4,543,000 or $.31 per share in the previous year's third quarter. In the nine months ended Sept. 30, 1991, sales were $339,413,000 as compared with $335,405,000 in the year earlier period. Net earnings were $18,469,000 or $1.20 per share as compared with $17,426,000 or $1.26 per share in the year earlier period. In spite of the increase in net earnings, earnings per share decreased due to the dilutive effect of the issuance of 2 million shares of common stock on Aug. 1, 1990, the proceeds of which ($35 million), were used to reduce debt. As a result, the company's debt to equity ratio as of Sept. 30, 1991 is .68 to 1. The results for the three and nine months ended Sept. 30, 1990, included an unusual charge of $1,819,000 for a U.S. government-related settlement and a currency option gain. Commenting on the third quarter results, Zandman stated, "The reduction in sales for the quarter continues to reflect the recessionary conditions in the U.S. and European markets served by Vishay and the strength of the U.S. dollar. The company continues to focus its attention on cost reduction, cash generation and growth through acquisitions. On September 16, 1991, Vishay announced its intention to buy the tantalum capacitor and thick film network businesses of Sprague Technologies, Inc. (NYSE: SPG). The businesses to be acquired have annual sales of approximately $240,000,000. Sprague's solid tantalum capacitor business has a worldwide leadership position and a reputation for excellence which, when combined with Vishay's poi?on in the resistor market, will provide an excellent strategic fit." 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 Sept. 30 1991 1990 Sales $103,299,000 $106,023,000 Earnings before income taxes 6,668,000 6,581,000 Income taxes 1,867,000 2,038,000 Net earnings 4,801,000 4,543,000 Net earnings per share (A) $.32 $.31 Average shares outstanding (A) 15,108,000 14,405,000 Nine months ended Sept. 30 1991 1990 Sales $339,413,000 $335,405,000 Earnings before income taxes 26,274,000 25,704,000 Income taxes 7,805,000 8,278,000 Net earnings 18,469,000 17,426,000 Net earnings per share (A) $1.20 $1.26 Average shares outstanding (A) 17,513,000 15,882,000 (A) Earnings per share is based on the weighted average number of common shares and dilutive common equivalent shares (from the assumed conversion of the convertible subordinated debentures) outstanding during the 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 reflect 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 also reflect a 5 percent stock dividend paid on June 11, 1991. /delval/ -0- 11/6/91 /CONTACT: Robert A. Freece, vp-treasurer of Vishay Intertechnology, 215-644-1300/ (VSH) CO: Vishay Intertechnology, Inc. ST: Pennsylvania IN: CPR SU: ERN CC-JS -- PH006 -- 1551 11/06/91 09:04 EST
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|Date:||Nov 6, 1991|
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