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 third quarter and nine months ended October 1, 2016.
Highlights:
-
Third quarter earnings per diluted share of $0.08.
-
Adjusted earnings per diluted share of $0.21.*
-
Cash generated from operations for the third quarter of 2016 was $6.3
million and free cash flow was $4.5 million.*
-
Force Sensors segment achieved gross profit margins of 31.0% in the
third quarter of 2016 as compared to 21.0% in the third quarter of
2015.
“Our adjusted earnings per diluted share performance was $0.21 for the
third quarter of 2016 as compared to adjusted earnings per diluted share
of $0.18 in the third quarter of 2015, in spite of softer sales this
quarter compared to the third quarter of 2015,” said Ziv Shoshani, VPG
chief executive officer. “We also generated cash from operations of $6.3
million, with free cash flow of $4.5 million in the third quarter of
2016, which validates the effectiveness of our restructuring and cost
reduction programs.”
Net earnings attributable to VPG stockholders for the third fiscal
quarter of 2016 were $1.1 million, or $0.08 per diluted share, compared
to net loss attributable to VPG stockholders for the third fiscal
quarter of 2015 of ($1.9) million, or ($0.15) per diluted share. Net
earnings attributable to VPG stockholders for the fiscal nine months
ended October 1, 2016 were $3.4 million, or $0.25 per diluted share,
compared to net earnings attributable to VPG stockholders of $0.4
million, or $0.03 per diluted share, for the comparable prior year
period.
Adjusted net earnings attributable to VPG stockholders for the third
fiscal quarter of 2016 were $2.9 million, or $0.21 per diluted share,
compared to adjusted net earnings attributable to VPG stockholders of
$2.4 million, or $0.18 per diluted share, for the comparable prior year
period. Adjusted net earnings attributable to VPG stockholders for the
fiscal nine months ended October 1, 2016 were $6.5 million, or $0.49 per
diluted share, compared to adjusted net earnings attributable to VPG
stockholders of $5.1 million, or $0.37 per diluted share, for the
comparable prior year period. Adjusted net earnings for the fiscal
quarter and fiscal nine months ended October 1, 2016 exclude, among
other costs, $1.1 million of costs associated with the Company’s
evaluation of strategic alternatives to enhance stockholder value. There
are no assurances that the evaluation will result in any particular
strategic alternative. The Company does not intend to comment on or
disclose developments regarding the evaluation process unless it deems
further disclosure is appropriate or required.
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 | | Nine fiscal months ended |
| | October 1, 2016 | | September 26, 2015 | | October 1, 2016 | | September 26, 2015 |
|
Net earnings (loss) attributable to VPG stockholders
| | $ | 1,051 | | |
$
|
(1,943
|
)
| | $ | 3,399 | | |
$
|
393
| |
| | | | | | | |
|
Reconciling items affecting operating margin | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | 46 | | | |
-
| | | | 537 | | | |
26
| |
|
Acquisition costs
| | | - | | | |
-
| | | | 414 | | | |
-
| |
|
Strategic alternative evaluation costs
| | | 1,079 | | | |
-
| | | | 1,079 | | | |
-
| |
|
Impairment of goodwill and indefinite-lived intangibles
| | | - | | | |
4,942
| | | | — | | | |
4,942
| |
|
Restructuring costs
| | | 709 | | | |
459
| | | | 2,395 | | | |
841
| |
| | | | | | | |
|
Reconciling items affecting income tax
expense | | | | | | | | |
|
Less tax effect of reconciling items and discrete tax items
| |
| (27 | ) | |
|
(1,081
|
)
| |
| (1,317 | ) | |
|
(1,137
|
)
|
|
Adjusted net earnings attributable to VPG stockholders
| | $ | 2,858 |
| |
$
|
2,377
|
| | $ | 6,507 |
| |
$
|
5,065
|
|
| | | | | | | |
|
|
Adjusted net earnings per diluted share
| | $ | 0.21 | | |
$
|
0.18
| | | $ | 0.49 | | |
$
|
0.37
| |
| | | | | | | |
|
|
Weighted average shares outstanding - diluted
| | | 13,422 | | | |
13,347
| | | | 13,409 | | | |
13,772
| |
| | | | | | | | | | | | | | | |
|
Segments
The Foil Technology Products segment revenues were $23.9 million in the
third quarter of 2016, down 11.7% from $27.0 million in the third
quarter of 2015, and down 5.9% from $25.4 million in the second quarter
of 2016. Decreased year-over-year revenues were attributable to lower
volume, partially offset by the additional volume from Pacific
Instruments of $0.7 million and positive exchange rate impact of $0.3
million. The decrease in sequential revenues was also attributable to
lower volumes. The gross profit margin for the segment was 36.2% for the
third quarter of 2016 compared to 42.0% in the third quarter of 2015 and
36.8% in the second quarter of 2016. The gross profit margin for the
quarter compared to the comparable prior year period and the second
quarter of 2016 decreased primarily due to lower volume.
The Force Sensors segment revenues were $15.2 million in the third
quarter of 2016, up 4.5% from $14.6 million in the third quarter of
2015, and down 1.1% from $15.4 million in the second quarter of 2016.
The increase in year-over-year revenues was attributable to an increase
in volume offset by negative exchange rate impact of $0.3 million.
Excluding the effects of foreign currency, the sequential revenues were
flat. The gross profit margin for the segment was 31.0% in the third
quarter of 2016, compared to 21.0% in the third quarter of 2015 and
29.0% in the second quarter of 2016. The gross profit margin for the
quarter increased from the comparable prior year period primarily due to
the increase in volume and the realization of cost savings from our
previously announced cost reduction programs. The sequential gross
profit margin increase was due to favorable product mix.
The Weighing and Control Systems segment revenues were $15.4 million in
the third quarter of 2016, down 1.0% from $15.6 million in the third
quarter of 2015, and down 10.6% from $17.2 million in the second quarter
of 2016. Decreased year-over-year revenues were attributable to a
negative exchange rate impact of $0.5 million and decrease in volumes,
offset by the acquisition of Stress-Tek. The sequential decrease in
revenues was attributable to a decrease in volume coupled with negative
exchange rate impact of $0.4 million. The gross profit margin for the
segment was 44.9% in the third quarter of 2016 compared to 45.4% in the
third quarter of 2015 and 44.7% in the second quarter of 2016 (45.6%
excluding the Stress-Tek acquisition purchase accounting adjustment of
$0.1 million). Excluding foreign currency, the gross profit margin for
the quarter was flat compared to the prior year period. The sequential
gross profit margin decrease was due to the decrease in volume.
Outlook
“In light of global economic conditions and the continued strength of
the U.S. dollar compared to other currencies, we expect net revenues in
the range of $55 million to $60 million for the fourth 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
$0.75, at constant exchange rates as of the third quarter of 2016.”
*Editor’s Note
We define adjusted net earnings as net earnings attributable to VPG
stockholders before acquisition purchase accounting adjustments,
acquisition costs, restructuring costs, strategic alternative evaluation
costs, impairment of goodwill and indefinite-lived intangibles and
associated tax effects. Free cash flow is defined as the amount of cash
generated from operations ($6.3 million for the third quarter of 2016),
in excess of our capital expenditures ($1.8 million for the third
quarter of 2016) and net of proceeds, if any, for the sale of assets
(none in the third quarter of 2016). For a reconciliation of GAAP to
non-GAAP financial information, refer to the quarterly financial tables.
Conference Call and Webcast
A conference call will be held today (November 8) at 10:00 a.m. ET (9:00
a.m. CT). To access the conference call, interested parties may call
1-888-317-6003 or internationally 1-412-317-6061 and use passcode
7373887, 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: 10094433. 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; resources expended in connection
with evaluation of strategic alternatives to enhance stockholder value ;
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 |
| | October 1, 2016 | | September 26, 2015 |
|
Net revenues
| | $ | 54,490 | | |
$
|
57,149
| |
|
Costs of products sold
| |
| 34,225 |
| |
|
35,699
|
|
|
Gross profit
| | | 20,265 | | | |
21,450
| |
|
Gross profit margin
| | | 37.2 | % | | |
37.5
|
%
|
| | | |
|
|
Selling, general, and administrative expenses
| | | 16,917 | | | |
17,760
| |
|
Impairment of goodwill and indefinite-lived intangibles
| | | - | | | |
4,942
| |
|
Restructuring costs
| |
| 709 |
| |
|
459
|
|
|
Operating income (loss)
| | | 2,639 | | | |
(1,711
|
)
|
|
Operating margin
| | | 4.8 | % | | |
-3.0
|
%
|
| | | |
|
|
Other income (expense):
| | | | |
|
Interest expense
| | | (377 | ) | | |
(158
|
)
|
|
Other
| |
| (44 | ) | |
|
(387
|
)
|
|
Other income (expense) - net
| | | (421 | ) | | |
(545
|
)
|
| | | |
|
|
Income (loss) before taxes
| | | 2,218 | | | |
(2,256
|
)
|
| | | |
|
|
Income tax expense (benefit)
| |
| 1,135 |
| |
|
(304
|
)
|
| | | |
|
|
Net earnings (loss)
| | | 1,083 | | | |
(1,952
|
)
|
|
Less: net earnings (loss) attributable to noncontrolling interests
| |
| 32 |
| |
|
(9
|
)
|
|
Net earnings (loss) attributable to VPG stockholders
| | $ | 1,051 |
| |
$
|
(1,943
|
)
|
| | | |
|
|
Basic earnings (loss) per share attributable to VPG stockholders
| | $ | 0.08 | | |
$
|
(0.15
|
)
|
|
Diluted earnings (loss) per share attributable to VPG stockholders
| | $ | 0.08 | | |
$
|
(0.15
|
)
|
| | | |
|
|
Weighted average shares outstanding - basic
| | | 13,192 | | | |
13,347
| |
|
Weighted average shares outstanding - diluted
| | | 13,422 | | | |
13,347
| |
|
| |
| |
| VISHAY PRECISION GROUP, INC. | | | | |
|
Consolidated Condensed Statements of Operations
| | | | |
|
(Unaudited - In thousands, except per share amounts)
| | | | |
| | | |
|
| | Nine fiscal months ended |
| | October 1, 2016 | | September 26, 2015 |
|
Net revenues
| | $ | 169,115 | | |
$
|
173,265
| |
|
Costs of products sold
| |
| 107,580 |
| |
|
109,801
|
|
|
Gross profit
| | | 61,535 | | | |
63,464
| |
|
Gross profit margin
| | | 36.4 | % | | |
36.6
|
%
|
| | | |
|
|
Selling, general, and administrative expenses
| | | 53,409 | | | |
54,904
| |
|
Acquisition costs
| | | 414 | | | |
-
| |
|
Impairment of goodwill and indefinite-lived intangibles
| | | — | | | |
4,942
| |
|
Restructuring costs
| |
| 2,395 |
| |
|
841
|
|
|
Operating income
| | | 5,317 | | | | 2,777 | |
|
Operating margin
| | | 3.1 | % | | |
1.6
|
%
|
| | | |
|
|
Other income (expense):
| | | | |
|
Interest expense
| | | (1,076 | ) | | |
(518
|
)
|
|
Other
| |
| 351 |
| |
|
(1,730
|
)
|
|
Other income (expense) - net
| | | (725 | ) | | |
(2,248
|
)
|
| | | |
|
|
Income before taxes
| | | 4,592 | | | |
529
| |
| | | |
|
|
Income tax expense
| |
| 1,164 |
| |
|
174
|
|
| | | |
|
|
Net earnings
| | | 3,428 | | | |
355
| |
|
Less: net earnings (loss) attributable to noncontrolling interests
| |
| 29 |
| |
|
(38
|
)
|
|
Net earnings attributable to VPG stockholders
| | $ | 3,399 |
| |
$
|
393
|
|
| | | |
|
|
Basic earnings per share attributable to VPG stockholders
| | $ | 0.26 | | |
$
|
0.03
| |
|
Diluted earnings per share attributable to VPG stockholders
| | $ | 0.25 | | |
$
|
0.03
| |
| | | |
|
|
Weighted average shares outstanding - basic
| | | 13,185 | | | |
13,558
| |
|
Weighted average shares outstanding - diluted
| | | 13,409 | | | |
13,772
| |
|
| |
| |
| VISHAY PRECISION GROUP, INC. | | | | |
|
Consolidated Condensed Balance Sheets
| | | | |
|
(In thousands)
| | | | |
| | | |
|
| | October 1, 2016 | | December 31, 2015 |
| | (Unaudited) | | |
| Assets | | | | |
|
Current assets:
| | | | |
|
Cash and cash equivalents
| | $ | 56,133 | | |
$
|
62,641
| |
|
Accounts receivable, net
| | | 34,889 | | | |
35,553
| |
|
Inventories:
| | | | |
|
Raw materials
| | | 16,119 | | | |
15,062
| |
|
Work in process
| | | 21,913 | | | |
20,289
| |
|
Finished goods
| |
| 20,300 |
| |
|
20,849
|
|
|
Inventories, net
| | | 58,332 | | | |
56,200
| |
| | | |
|
|
Prepaid expenses and other current assets
| | | 9,678 | | | |
7,814
| |
|
Assets held for sale
| |
| 2,043 |
| |
|
-
|
|
|
Total current assets
| | | 161,075 | | | |
162,208
| |
| | | |
|
|
Property and equipment, at cost:
| | | | |
|
Land
| | | 3,498 | | | |
3,639
| |
|
Buildings and improvements
| | | 46,128 | | | |
55,003
| |
|
Machinery and equipment
| | | 88,697 | | | |
84,409
| |
|
Software
| | | 7,379 | | | |
7,284
| |
|
Construction in progress
| | | 3,199 | | | |
2,288
| |
|
Accumulated depreciation
| |
| (94,521 | ) | |
|
(95,992
|
)
|
|
Property and equipment, net
| | | 54,380 | | | |
56,631
| |
| | | |
|
| Goodwill | | | 19,305 | | | |
12,603
| |
| | | |
|
|
Intangible assets, net
| | | 22,438 | | | |
17,683
| |
| | | |
|
|
Other assets
| |
| 14,789 |
| |
|
14,622
|
|
|
Total assets
| | $ | 271,987 |
| |
$
|
263,747
|
|
| | | |
|
| | | |
|
| | | |
|
| Liabilities and equity | | | | |
|
Current liabilities:
| | | | |
|
Trade accounts payable
| | $ | 8,687 | | |
$
|
8,004
| |
|
Payroll and related expenses
| | | 12,854 | | | |
13,888
| |
|
Other accrued expenses
| | | 15,607 | | | |
16,604
| |
|
Income taxes
| | | 1,387 | | | |
527
| |
|
Current portion of long-term debt
| |
| 2,277 |
| |
|
2,120
|
|
|
Total current liabilities
| | | 40,812 | | | |
41,143
| |
| | | |
|
|
Long-term debt, less current portion
| | | 34,457 | | | |
31,037
| |
|
Deferred income taxes
| | | 623 | | | |
334
| |
|
Other liabilities
| | | 7,892 | | | |
7,195
| |
|
Accrued pension and other postretirement costs
| |
| 11,309 |
| |
|
11,597
|
|
|
Total liabilities
| | | 95,093 | | | |
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
| | | 190,801 | | | |
190,436
| |
|
Retained earnings
| | | 25,726 | | | |
22,327
| |
|
Accumulated other comprehensive loss
| |
| (32,451 | ) | |
|
(33,121
|
)
|
| Total Vishay Precision Group, Inc. stockholders' equity
| | | 176,692 | | | |
172,256
| |
|
Noncontrolling interests
| |
| 202 |
| |
|
185
|
|
|
Total equity
| |
| 176,894 |
| |
|
172,441
|
|
|
Total liabilities and equity
| | $ | 271,987 |
| |
$
|
263,747
|
|
|
| |
| |
| VISHAY PRECISION GROUP, INC. | | | | |
|
Consolidated Condensed Statements of Cash Flows
| | | | |
|
(Unaudited - In thousands)
| | | | |
| | | |
|
| | Nine fiscal months ended |
| | October 1, 2016 | | September 26, 2015 |
| Operating activities | | | | |
|
Net earnings
| | $ | 3,428 | | |
$
|
355
| |
|
Adjustments to reconcile net earnings to net cash provided by
operating activities:
| | | | |
|
Impairment of goodwill and indefinite-lived intangibles
| | | - | | | |
4,942
| |
|
Depreciation and amortization
| | | 8,416 | | | |
8,142
| |
|
(Gain) loss on disposal of property and equipment
| | | (24 | ) | | |
14
| |
|
Share-based compensation expense
| | | 465 | | | |
796
| |
|
Inventory write-offs for obsolescence
| | | 1,410 | | | |
1,190
| |
|
Deferred income taxes
| | | (1,537 | ) | | |
(914
|
)
|
|
Other
| | | (862 | ) | | |
2,190
| |
|
Net changes in operating assets and liabilities:
| | | | |
|
Accounts receivable, net
| | | 2,139 | | | |
(1,182
|
)
|
|
Inventories, net
| | | (2,891 | ) | | |
(5,159
|
)
|
|
Prepaid expenses and other current assets
| | | (1,848 | ) | | |
290
| |
|
Trade accounts payable
| | | 453 | | | |
(2,256
|
)
|
|
Other current liabilities
| |
| (2,657 | ) | |
|
(3,104
|
)
|
|
Net cash provided by operating activities
| | | 6,492 | | | |
5,304
| |
| | | |
|
| Investing activities | | | | |
|
Capital expenditures
| | | (6,266 | ) | | |
(7,508
|
)
|
|
Proceeds from sale of property and equipment
| | | 316 | | | |
117
| |
|
Purchase of business
| |
| (10,727 | ) | |
|
-
|
|
|
Net cash used in investing activities
| | | (16,677 | ) | | |
(7,391
|
)
|
| | | |
|
| Financing activities | | | | |
|
Principal payments on long-term debt and capital leases
| | | (1,599 | ) | | |
(3,839
|
)
|
|
Proceeds from revolving facility
| | | 17,000 | | | |
-
| |
|
Payments on revolving facility
| | | (12,000 | ) | | |
-
| |
|
Purchase of treasury stock
| | | - | | | |
(8,733
|
)
|
|
Distributions to noncontrolling interests
| |
| (12 | ) | |
|
(58
|
)
|
|
Net cash provided by (used in) financing activities
| | | 3,389 | | | |
(12,630
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
| |
| 288 |
| |
|
(1,751
|
)
|
|
Decrease in cash and cash equivalents
| | | (6,508 | ) | | |
(16,468
|
)
|
| | | |
|
|
Cash and cash equivalents at beginning of period
| |
| 62,641 |
| |
|
79,642
|
|
|
Cash and cash equivalents at end of period
| | $ | 56,133 |
| |
$
|
63,174
|
|
|
| |
| |
| |
| |
| VISHAY PRECISION GROUP, INC. | | | | | | | | |
|
Reconciliation of Consolidated Adjusted Gross Profit Margin
| | | | | | | | |
|
(Unaudited - In thousands)
| | | | | | | | |
| | Fiscal quarter ended | | Nine fiscal months ended |
| | October 1, 2016 | | September 26, 2015 | | October 1, 2016 | | September 26, 2015 |
|
Gross profit
| | $ | 20,265 | | |
$
|
21,450
| | | $ | 61,535 | | |
$
|
63,464
| |
Gross profit margin
| | | 37.2 | % | | |
37.5
|
%
| | | 36.4 | % | | |
36.6
|
%
|
| | | | | | | |
|
Reconciling items affecting gross profit
margin | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | 46 | | | |
-
| | | | 537 | | | |
26
| |
| |
| |
| |
| |
|
|
Adjusted gross profit
| | $ | 20,311 |
| |
$
|
21,450
|
| | $ | 62,072 |
| |
$
|
63,490
|
|
|
Adjusted gross profit margin
| | | 37.3 | % | | |
37.5
|
%
| | | 36.7 | % | | |
36.6
|
%
|
| | | | | | | |
|
| | | | | | | |
|
| | | | | | | |
|
| VISHAY PRECISION GROUP, INC. | | | | | | | | |
|
Reconciliation of Adjusted Earnings Per Share
| | | | | | | | |
|
(Unaudited - In thousands, except per share data)
| | | | | | | | |
| | Fiscal quarter ended | | Nine fiscal months ended |
| | October 1, 2016 | | September 26, 2015 | | October 1, 2016 | | September 26, 2015 |
|
Net earnings (loss) attributable to VPG stockholders
| | $ | 1,051 | | |
$
|
(1,943
|
)
| | $ | 3,399 | | |
$
|
393
| |
| | | | | | | |
|
Reconciling items affecting operating margin | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | 46 | | | |
-
| | | | 537 | | | |
26
| |
|
Acquisition costs
| | | - | | | |
-
| | | | 414 | | | |
-
| |
|
Strategic alternative evaluation costs
| | | 1,079 | | | |
-
| | | | 1,079 | | | |
-
| |
|
Impairment of goodwill and indefinite-lived intangibles
| | | - | | | |
4,942
| | | | — | | | |
4,942
| |
|
Restructuring costs
| | | 709 | | | |
459
| | | | 2,395 | | | |
841
| |
| | | | | | | |
|
Reconciling items affecting income tax
expense | | | | | | | | |
|
Less tax effect of reconciling items and discrete tax items
| |
| (27 | ) | |
|
(1,081
|
)
| |
| (1,317 | ) | |
|
(1,137
|
)
|
|
Adjusted net earnings attributable to VPG stockholders
| | $ | 2,858 |
| |
$
|
2,377
|
| | $ | 6,507 |
| |
$
|
5,065
|
|
| | | | | | | |
|
|
Adjusted net earnings per diluted share
| | $ | 0.21 | | |
$
|
0.18
| | | $ | 0.49 | | |
$
|
0.37
| |
| | | | | | | |
|
|
Weighted average shares outstanding - diluted
| | | 13,422 | | | |
13,347
| | | | 13,409 | | | |
13,772
| |
View source version on businesswire.com: http://www.businesswire.com/news/home/20161108005252/en/
VPG
William M. Clancy
Executive Vice President and Chief
Financial Officer
484-321-5306
[email protected]
Source: VPG