MALVERN, Pa.--(BUSINESS WIRE)--
Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of
precision sensors and systems, today announced its results for its
fiscal 2016 second quarter and six months ended July 2, 2016.
Highlights:
-
Second quarter net revenues of $58.0 million.
-
Second quarter earnings per diluted share of $0.14.
-
Adjusted earnings per diluted share of $0.15.
-
Gross profit margin of 37.1 % reflecting the impact of restructuring
actions.
-
Force Sensors segment achieved gross profit margins of 29% in the
second quarter of 2016 as compared to 19% in the second quarter of
2015.
-
Fiscal year 2016 adjusted diluted earnings per share guidance updated
–in the range of $0.70 to $0.80 – at constant exchange rates as of the
second quarter of 2016.
“Despite the decline in sales in this quarter compared to the second
quarter of 2015, our adjusted gross profit margin increased to 37.4% as
compared to 35.4% in the second quarter of 2015 validating the
effectiveness of our restructuring and cost reduction efforts,” stated
Ziv Shoshani, VPG’s chief executive officer. “While global economic
conditions remain soft, we are encouraged that our consolidated
book-to-bill and backlog remain stable.”
Net revenues for the second quarter of 2016 were $58.0 million, down
$1.5 million, or 2.5% compared with $59.5 million of net revenues for
the prior year period. Net revenues for the six months ended July 2,
2016 were $114.6 million, representing a 1.3% decrease from the $116.2
million of net revenues for the comparable prior year period. Comparing
sequential results, net revenues for the second quarter of 2016
increased by $1.4 million, or 2.4%, from $56.6 million in the first
quarter of 2016.
Net earnings attributable to VPG stockholders for the second quarter of
2016 were $1.9 million, or $0.14 per diluted share, compared to net
earnings attributable to VPG stockholders for the second quarter of 2015
of $1.5 million, or $0.11 per diluted share. Net earnings attributable
to VPG stockholders for the six months ended July 2, 2016 were $2.3
million, or $0.18 per diluted share, compared to net earnings
attributable to VPG stockholders of $2.3 million, or $0.17 per diluted
share, for the comparable prior year period.
The following table reconciles the company's non-U.S. GAAP measures
included in the press release, which are provided for comparison with
other results, and the most directly comparable U.S. GAAP measures:
|
|
| |
| |
| |
| |
|
Reconciliation of Adjusted Earnings Per Share
|
|
(Unaudited - In thousands, except per share data)
|
| | | Fiscal quarter ended | | Six fiscal months ended |
| | | July 2, 2016 | | June 27, 2015 | | July 2, 2016 | | June 27, 2015 |
Net earnings attributable to VPG stockholders
| | |
$
|
1,868
| |
$
|
1,476
| |
$
|
2,348
| |
$
|
2,336
|
| | | | | | | | |
|
Reconciling items affecting operating margin | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | |
195
| | |
26
| | |
491
| | |
26
|
|
Acquisition costs
| | | |
352
| | |
—
| | |
414
| | |
—
|
|
Restructuring costs
| | | |
1,011
| | |
304
| | |
1,686
| | |
382
|
| | | | | | | | |
|
Reconciling items affecting income tax
expense | | | | | | | | | |
|
Less tax effect of adjustments for purchase accounting, acquisition
costs, restructuring costs, and discrete tax items
| | |
|
1,469
| |
|
41
| |
|
1,290
| |
|
57
|
|
Adjusted net earnings attributable to VPG stockholders
| | |
$
|
1,957
| |
$
|
1,765
| |
$
|
3,649
| |
$
|
2,687
|
| | | | | | | | |
|
|
Adjusted net earnings per diluted share
| | |
$
|
0.15
| |
$
|
0.13
| |
$
|
0.27
| |
$
|
0.19
|
| | | | | | | | |
|
|
Weighted average shares outstanding - diluted
| | | |
13,405
| | |
13,790
| | |
13,402
| | |
13,875
|
| | | | | | | | |
|
Segments
The Foil Technology Products segment revenues were $25.4 million in the
second quarter of 2016, down 3.0% from $26.2 million in the second
quarter last year, and down 3.6% from $26.3 million in the first quarter
of 2016. Decreased year-over-year revenues and sequential revenues
primarily were attributable to lower volume, partially offset by the
additional volume from the Pacific Instruments acquisition and $0.3
million in positive exchange rate impact. The gross profit margin for
the segment was 36.8% for the second quarter of 2016 (37.0% excluding
the Pacific Instruments acquisition purchase accounting adjustments of
$0.1 million) compared to 39.6% in the second quarter of 2015 and 42.3%
in the first quarter of 2016. The gross profit margin for the quarter
compared to the comparable prior year period and the first quarter of
2016 decreased primarily due to lower volume and labor inefficiencies
mainly related to the closure of the Costa Rica facility and transition
of manufacturing to other facilities.
The Force Sensors segment revenues were $15.4 million in the second
quarter of 2016, down 1.6% from $15.6 million in the second quarter last
year, and up 3.8% from $14.8 million in the first quarter of 2016.
Decreased year-over-year revenues were attributable to lower volume. The
sequential increase in revenues was attributable primarily to higher
volumes. The gross profit margin for the segment was 29.0% in the second
quarter of 2016, compared to 19.0% in the second quarter of 2015 and
18.4% in the first quarter of 2016. The gross profit margin for the
quarter increased from the comparable prior year period primarily due to
the realization of cost savings from our previously announced cost
reduction programs. The sequential gross profit margin increase was due
to an increase in volume, the realization of cost savings from our
previously announced cost reduction programs and an inventory increase
to support ongoing manufacturing of our consolidation plan.
The Weighing and Control Systems segment revenues were $17.2 million in
the second quarter of 2016, down 2.6% from $17.7 million in the second
quarter last year, and up 11.4% from $15.5 million in the first quarter
of 2016. Decreased year-over-year revenues were attributable to a
decrease in volume, partially offset by the acquisition of Stress-Tek.
In addition, $0.3 million of the decrease was due to negative effects of
foreign exchange rates. The sequential increase in revenues was
attributable to an increase in volume and $0.4 million in positive
effects of foreign currency. The gross profit margin for the segment was
44.7% in the second quarter of 2016 (45.6% excluding the Stress-Tek
acquisition purchase accounting adjustments of $0.1 million) compared to
43.6% in the second quarter of 2015 (43.7% excluding the KELK
acquisition purchase accounting adjustment of $0.1 million) and 38.3% in
the first quarter of 2016 (40.2% excluding the Stress-Tek acquisition
purchase accounting adjustment of $0.3 million). The gross profit margin
for the quarter increased from the comparable prior year period
primarily due to the realization of our previously announced cost
reduction programs. The sequential gross profit margin increase was due
to an increase in volume in our steel business.
Outlook
“In light of global economic conditions, the continued strength of the
U.S. dollar compared to other currencies and the normal seasonality of
our business, we expect net revenues in the range of $55 million to $60
million for the third quarter of 2016,” concluded Mr. Shoshani. “We are
updating our expectation for fiscal year 2016 adjusted diluted earnings
per share to be in the range of $0.70 to $0.80, at constant exchange
rates as of the second quarter of 2016.”
Conference Call and Webcast
A conference call will be held today (August 9) at 10:00 a.m. EDT (9:00
a.m. CDT). To access the conference call, interested parties may call
1-888-317-6003 or internationally 1-412-317-6061 and use passcode
9820655, 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: 10089144. 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 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; changes in the current pace of
economic recovery; difficulties or delays in completing acquisitions and
integrating acquired companies (including the acquisitions of Stress-Tek
and Pacific Instruments); 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-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,
2015. We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
|
|
| |
| |
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Condensed Statements of Operations
|
|
(Unaudited - In thousands, except per share amounts)
|
| | | | |
|
| | | Fiscal quarter ended |
| | | July 2, 2016 | | June 27, 2015 |
|
Net revenues
| | | $ | 57,996 | | |
$
|
59,508
| |
|
Costs of products sold
| | |
| 36,501 |
| |
|
38,473
|
|
|
Gross profit
| | | | 21,495 | | | |
21,035
| |
|
Gross profit margin
| | | | 37.1 | % | | |
35.3
|
%
|
| | | | |
|
|
Selling, general, and administrative expenses
| | | | 18,444 | | | |
18,396
| |
|
Acquisition costs
| | | | 352 | | | |
—
| |
|
Restructuring costs
| | |
| 1,011 |
| |
|
304
|
|
|
Operating income
| | | | 1,688 | | | |
2,335
| |
|
Operating margin
| | | | 2.9 | % | | |
3.9
|
%
|
| | | | |
|
|
Other income (expense):
| | | | | |
|
Interest expense
| | | | (371 | ) | | |
(173
|
)
|
|
Other
| | |
| (30 | ) | |
|
(414
|
)
|
|
Other income (expense) - net
| | | | (401 | ) | | |
(587
|
)
|
| | | | |
|
|
Income before taxes
| | | | 1,287 | | | |
1,748
| |
| | | | |
|
|
Income tax (benefit) expense
| | |
| (562 | ) | |
|
288
|
|
| | | | |
|
|
Net earnings
| | | | 1,849 | | | |
1,460
| |
|
Less: net loss attributable to noncontrolling interests
| | |
| (19 | ) | |
|
(16
|
)
|
|
Net earnings attributable to VPG stockholders
| | | $ | 1,868 |
| |
$
|
1,476
|
|
| | | | |
|
|
Basic earnings per share attributable to VPG stockholders
| | | $ | 0.14 | | |
$
|
0.11
| |
|
Diluted earnings per share attributable to VPG stockholders
| | | $ | 0.14 | | |
$
|
0.11
| |
| | | | |
|
|
Weighted average shares outstanding - basic
| | | | 13,184 | | | |
13,580
| |
|
Weighted average shares outstanding - diluted
| | | | 13,405 | | | |
13,790
| |
| | | | |
|
|
|
| |
| |
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Condensed Statements of Operations
|
|
(Unaudited - In thousands, except per share amounts)
|
| | | | |
|
| | | Six fiscal months ended |
| | | July 2, 2016 | | June 27, 2015 |
|
Net revenues
| | | $ | 114,625 | | |
$
|
116,116
| |
|
Costs of products sold
| | |
| 73,355 |
| |
|
74,102
|
|
|
Gross profit
| | | | 41,270 | | | |
42,014
| |
|
Gross profit margin
| | | | 36.0 | % | | |
36.2
|
%
|
| | | | |
|
|
Selling, general, and administrative expenses
| | | | 36,492 | | | |
37,144
| |
|
Acquisition costs
| | | | 414 | | | |
-
| |
|
Restructuring costs
| | |
| 1,686 |
| |
|
382
|
|
|
Operating income
| | | | 2,678 | | | | 4,488 | |
|
Operating margin
| | | | 2.3 | % | | |
3.9
|
%
|
| | | | |
|
|
Other income (expense):
| | | | | |
|
Interest expense
| | | | (699 | ) | | |
(360
|
)
|
|
Other
| | |
| 395 |
| |
|
(1,343
|
)
|
|
Other income (expense) - net
| | | | (304 | ) | | |
(1,703
|
)
|
| | | | |
|
|
Income before taxes
| | | | 2,374 | | | |
2,785
| |
| | | | |
|
|
Income tax expense
| | |
| 29 |
| |
|
478
|
|
| | | | |
|
|
Net earnings
| | | | 2,345 | | | |
2,307
| |
|
Less: net loss attributable to noncontrolling interests
| | |
| (3 | ) | |
|
(29
|
)
|
|
Net earnings attributable to VPG stockholders
| | | $ | 2,348 |
| |
$
|
2,336
|
|
| | | | |
|
|
Basic earnings per share attributable to VPG stockholders
| | | $ | 0.18 | | |
$
|
0.17
| |
|
Diluted earnings per share attributable to VPG stockholders
| | | $ | 0.18 | | |
$
|
0.17
| |
| | | | |
|
|
Weighted average shares outstanding - basic
| | | | 13,181 | | | |
13,663
| |
|
Weighted average shares outstanding - diluted
| | | | 13,402 | | | |
13,875
| |
| | | | |
|
|
|
| |
| |
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Condensed Balance Sheets
|
|
(In thousands)
|
| | | July 2, 2016 | | December 31, 2015 |
| | | (Unaudited) | | |
| Assets | | | | | |
|
Current assets:
| | | | | |
|
Cash and cash equivalents
| | | $ | 52,223 | | |
$
|
62,641
| |
|
Accounts receivable, net
| | | | 36,020 | | | |
35,553
| |
|
Inventories:
| | | | | |
|
Raw materials
| | | | 15,927 | | | |
15,062
| |
|
Work in process
| | | | 21,645 | | | |
20,289
| |
|
Finished goods
| | |
| 20,244 |
| |
|
20,849
|
|
|
Inventories, net
| | | | 57,816 | | | |
56,200
| |
| | | | |
|
|
Prepaid expenses and other current assets
| | | | 8,700 | | | |
7,814
| |
|
Assets held for sale
| | |
| 2,043 |
| |
|
-
|
|
|
Total current assets
| | | | 156,802 | | | |
162,208
| |
| | | | |
|
|
Property and equipment, at cost:
| | | | | |
|
Land
| | | | 3,516 | | | |
3,639
| |
|
Buildings and improvements
| | | | 45,872 | | | |
55,003
| |
|
Machinery and equipment
| | | | 88,285 | | | |
84,409
| |
|
Software
| | | | 7,349 | | | |
7,284
| |
|
Construction in progress
| | | | 2,697 | | | |
2,288
| |
|
Accumulated depreciation
| | |
| (92,756 | ) | |
|
(95,992
|
)
|
|
Property and equipment, net
| | | | 54,963 | | | |
56,631
| |
| | | | |
|
| Goodwill | | | | 19,422 | | | |
12,603
| |
| | | | |
|
|
Intangible assets, net
| | | | 23,038 | | | |
17,683
| |
| | | | |
|
|
Other assets
| | |
| 14,614 |
| |
|
14,622
|
|
|
Total assets
| | | $ | 268,839 |
| |
$
|
263,747
|
|
| | | | |
|
| | | | |
|
| | | | |
|
| Liabilities and equity | | | | | |
|
Current liabilities:
| | | | | |
|
Trade accounts payable
| | | $ | 8,319 | | |
$
|
8,004
| |
|
Payroll and related expenses
| | | | 10,770 | | | |
13,888
| |
|
Other accrued expenses
| | | | 15,066 | | | |
16,604
| |
|
Income taxes
| | | | 1,317 | | | |
527
| |
|
Current portion of long-term debt
| | |
| 2,230 |
| |
|
2,120
|
|
|
Total current liabilities
| | | | 37,702 | | | |
41,143
| |
| | | | |
|
|
Long-term debt, less current portion
| | | | 35,019 | | | |
31,037
| |
|
Deferred income taxes
| | | | 661 | | | |
334
| |
|
Other liabilities
| | | | 7,760 | | | |
7,195
| |
|
Accrued pension and other postretirement costs
| | |
| 11,434 |
| |
|
11,597
|
|
|
Total liabilities
| | | | 92,576 | | | |
91,306
| |
| | | | |
|
|
Commitments and contingencies
| | | | | |
| | | | |
|
|
Equity:
| | | | | |
|
Common stock
| | | | 1,278 | | | |
1,276
| |
|
Class B convertible common stock
| | | | 103 | | | |
103
| |
| Treasury stock
| | | | (8,765 | ) | | |
(8,765
|
)
|
|
Capital in excess of par value
| | | | 190,883 | | | |
190,436
| |
|
Retained earnings
| | | | 24,675 | | | |
22,327
| |
|
Accumulated other comprehensive loss
| | |
| (32,085 | ) | |
|
(33,121
|
)
|
|
Total Vishay Precision Group, Inc. stockholders' equity
| | | | 176,089 | | | |
172,256
| |
|
Noncontrolling interests
| | |
| 174 |
| |
|
185
|
|
|
Total equity
| | |
| 176,263 |
| |
|
172,441
|
|
|
Total liabilities and equity
| | | $ | 268,839 |
| |
$
|
263,747
|
|
| | | | |
|
|
|
| |
| |
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Condensed Statements of Cash Flows
|
|
(Unaudited - In thousands)
|
| | | | |
|
| | | Six fiscal months ended |
| | | July 2, 2016 | | June 27, 2015 |
| Operating activities | | | | | |
|
Net earnings
| | | $ | 2,345 | | |
$
|
2,307
| |
|
Adjustments to reconcile net earnings to net cash provided by (used
in) operating activities:
| | | | | |
|
Depreciation and amortization
| | | | 5,640 | | | |
5,524
| |
|
Gain on disposal of property and equipment
| | | | (31 | ) | | |
(1
|
)
|
|
Share-based compensation expense
| | | | 547 | | | |
416
| |
|
Inventory write-offs for obsolescence
| | | | 865 | | | |
916
| |
|
Deferred income taxes
| | | | (1,540 | ) | | |
(98
|
)
|
|
Other
| | | | (804 | ) | | |
1,219
| |
|
Net changes in operating assets and liabilities:
| | | | | |
|
Accounts receivable, net
| | | | 991 | | | |
(1,671
|
)
|
|
Inventories, net
| | | | (1,681 | ) | | |
(4,345
|
)
|
|
Prepaid expenses and other current assets
| | | | (879 | ) | | |
943
| |
|
Trade accounts payable
| | | | 91 | | | |
(1,670
|
)
|
|
Other current liabilities
| | |
| (5,356 | ) | |
|
(3,589
|
)
|
|
Net cash provided by (used in) operating activities
| | | | 188 | | | |
(49
|
)
|
| | | | |
|
| Investing activities | | | | | |
|
Capital expenditures
| | | | (4,434 | ) | | |
(5,037
|
)
|
|
Proceeds from sale of property and equipment
| | | | 250 | | | |
65
| |
|
Purchase of business
| | |
| (10,727 | ) | |
|
-
|
|
|
Net cash used in investing activities
| | | | (14,911 | ) | | |
(4,972
|
)
|
| | | | |
|
| Financing activities | | | | | |
|
Principal payments on long-term debt and capital leases
| | | | (1,064 | ) | | |
(1,810
|
)
|
|
Proceeds from revolving facility
| | | | 11,000 | | | |
—
| |
|
Payments on revolving facility
| | | | (6,000 | ) | | |
—
| |
|
Purchase of treasury stock
| | | | — | | | |
(6,137
|
)
|
|
Distributions to noncontrolling interests
| | |
| (8 | ) | |
|
(45
|
)
|
|
Net cash provided by (used in) financing activities
| | | | 3,928 | | | |
(7,992
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
| | |
| 377 |
| |
|
(1,173
|
)
|
|
Decrease in cash and cash equivalents
| | | | (10,418 | ) | | |
(14,186
|
)
|
| | | | |
|
|
Cash and cash equivalents at beginning of period
| | |
| 62,641 |
| |
|
79,642
|
|
|
Cash and cash equivalents at end of period
| | | $ | 52,223 |
| |
$
|
65,456
|
|
| | | | |
|
|
|
| |
| |
| |
| |
| VISHAY PRECISION GROUP, INC. |
|
Reconciliation of Consolidated Adjusted Gross Profit Margin
|
|
(Unaudited - In thousands)
|
| | | Fiscal quarter ended | | Six fiscal months ended |
| | | July 2, 2016 | | June 27, 2015 | | July 2, 2016 | | June 27, 2015 |
|
Gross profit
| | | $ | 21,495 | | |
$
|
21,035
| | | $ | 41,270 | | |
$
|
42,014
| |
|
Gross profit margin
| | | | 37.1 | % | | |
35.3
|
%
| | | 36.0 | % | | |
36.2
|
%
|
| | | | | | | | |
|
Reconciling items affecting gross profit
margin | | | | | | | | | |
Acquisition purchase accounting adjustments
| | | | 195 | | | |
26
| | | | 491 | | | |
26
| |
| | |
| |
| |
| |
|
|
Adjusted gross profit
| | | $ | 21,690 |
| |
$
|
21,061
|
| | $ | 41,761 |
| |
$
|
42,040
|
|
|
Adjusted gross profit margin
| | | | 37.4 | % | | |
35.4
|
%
| | | 36.4 | % | | |
36.2
|
%
|
| | | | | | | | |
|
| | | | | | | | |
|
| | | | | | | | |
|
| | | | | | | | |
|
| | | | | | | | |
|
| | | | | | | | |
|
| VISHAY PRECISION GROUP, INC. | | | | | | | | | |
|
Reconciliation of Adjusted Earnings Per Share
| | | | | | | | | |
|
(Unaudited - In thousands, except per share data)
| | | | | | | | | |
| | | Fiscal quarter ended | | Six fiscal months ended |
| | | July 2, 2016 | | June 27, 2015 | | July 2, 2016 | | June 27, 2015 |
|
Net earnings attributable to VPG stockholders
| | | $ | 1,868 | | |
$
|
1,476
| | | $ | 2,348 | | |
$
|
2,336
| |
| | | | | | | | |
|
Reconciling items affecting operating margin | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | | 195 | | | |
26
| | | | 491 | | | |
26
| |
|
Acquisition costs
| | | | 352 | | | |
—
| | | | 414 | | | |
—
| |
|
Restructuring costs
| | | | 1,011 | | | |
304
| | | | 1,686 | | | |
382
| |
| | | | | | | | |
|
Reconciling items affecting income tax
expense | | | | | | | | | |
|
Less tax effect of adjustments for purchase accounting, acquisition
costs, restructuring costs, and discrete tax items
| | |
| 1,469 |
| |
|
41
|
| |
| 1,290 |
| |
|
57
|
|
|
Adjusted net earnings attributable to VPG stockholders
| | | $ | 1,957 |
| |
$
|
1,765
|
| | $ | 3,649 |
| |
$
|
2,687
|
|
| | | | | | | | |
|
|
Adjusted net earnings per diluted share
| | | $ | 0.15 | | |
$
|
0.13
| | | $ | 0.27 | | |
$
|
0.19
| |
| | | | | | | | |
|
|
Weighted average shares outstanding - diluted
| | | | 13,405 | | | |
13,790
| | | | 13,402 | | | |
13,875
| |
| | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160809005414/en/
VPG
William M. Clancy
Executive Vice President and Chief
Financial Officer
484-321-5306
[email protected]
Source: VPG