Form 10-Q expected to be filed before September
4, 2015
MALVERN, Pa.--(BUSINESS WIRE)--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150811005351/en/
VPG
Wendy Wilson
Senior Director Investor Relations and
Corporate Communications
919-374-5501
[email protected]
Source: VPG