MALVERN, Pa.--(BUSINESS WIRE)--
Vishay Precision Group, Inc. (NYSE:VPG), a leading producer of precision
sensors and systems, today announced its results for the fourth quarter
and full year ended December 31, 2015.
Highlights:
-
Fourth quarter net revenues of $58.9 million.
-
Fourth quarter adjusted diluted earnings per share of $0.20.
-
Fourth quarter cash generated from operations was $8.6 million and
free cash flow was $6.1 million.*
-
Announced a global restructuring and cost reduction program.
-
Secured $25 million in term debt and $30 million available revolving
credit facility jointly with JPMorgan, Citizens Bank and Wells Fargo.
- Acquired Stress-Tek, Inc. on December 30, 2015, a designer and
manufacturer of state-of-the-art, strain gage-based load cells and
force measurement systems.
-
New products – advanced sensors’ revenue grew approximately 44% in
2015 from 2014.
Ziv Shoshani, VPG’s chief executive officer said, “I am pleased with our
quarterly results today, considering challenging global economic
conditions. Our adjusted diluted earnings per share was $0.20 and cash
generated from operations for the fourth quarter of 2015 was $8.6
million, with free cash flow of $6.1 million.”
Mr. Shoshani added, “We have continued our focus on increasing top-line
growth by developing new and innovative products, like our advanced
sensor and onboard weighing systems. Strategic acquisitions play an
important role in our growth strategy, as well. Our recent acquisition
of Stress-Tek provides an excellent fit for our onboard weighing product
line and we are excited to have them join our company. We are actively
engaged in pursuing acquisitions which, in addition to our new product
platforms, continue to be a priority to enhance value to our
shareholders.”
Net revenues for the fourth quarter of 2015 were $58.9 million,
representing a 2.2% decrease from $60.2 million of net revenues for the
comparable prior year period. Net revenues were negatively impacted by
the effect of foreign exchange rates of $3.6 million as compared to the
fourth quarter of 2014.
Net revenues for the year ended December 31, 2015 were $232.2 million,
representing a 7.1% decrease from the $250.0 million of net revenues for
prior year which is primarily from the impact of exchange rates. Net
revenues for the year were negatively impacted by the effect of foreign
exchange rates of $17.5 million as compared to the year ended December
31, 2014.
Comparing sequential results, net revenues for the fourth quarter of
2015 increased by $1.8 million, or 3.1%, from $57.1 million in the third
quarter of 2015.
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:
|
| |
| |
| |
| |
| | Fiscal quarter ended | | Years ended |
| | December 31,
2015 |
| December 31,
2014 | | December 31,
2015 |
| December 31,
2014 |
Net (loss) earnings attributable to VPG stockholders
| |
$
|
(13,401
|
)
| |
$
|
(4,907
|
)
| |
$
|
(13,008
|
)
| |
$
|
3,080
| |
| | | | | | | |
|
|
Reconciling items:
| | | | | | | | |
|
Purchase accounting adjustments
| | |
146
| | | |
19
| | | |
172
| | | |
75
| |
|
Acquisition costs
| | |
185
| | | |
-
| | | |
185
| | | |
-
| |
|
Intangibles impairment
| | |
-
| | | |
5,579
| | | |
4,942
| | | |
5,579
| |
|
Restructuring costs
| | |
3,620
| | | |
193
| | | |
4,461
| | | |
668
| |
| | | | | | | |
|
|
Less: Tax related items
| |
|
(12,118
|
)
|
|
|
(504
|
)
| |
|
(10,980
|
)
|
|
|
(356
|
)
|
| | | | | | | |
|
Adjusted net earnings attributable to VPG stockholders
| |
$
|
2,668
|
|
|
$
|
1,388
|
| |
$
|
7,732
|
|
|
$
|
9,758
|
|
| | | | | | | |
|
|
Weighted average shares outstanding - diluted
| | |
13,170
| | | |
13,755
| | | |
13,485
| | | |
13,977
| |
| | | | | | | |
|
|
Adjusted net earnings per diluted share
| |
$
|
0.20
| | |
$
|
0.10
| | |
$
|
0.57
| | |
$
|
0.70
| |
| | | | | | | | | | | | | | | |
|
Foreign currency exchange rates for the fourth quarter of 2015 as
compared to the prior year period had a negative impact on net income of
$1.0 million, or $0.07 per diluted share. Foreign currency exchange
rates for the year ended December 31, 2015 as compared to the prior year
period had a negative impact on net income of $2.0 million, or $0.15 per
diluted share.
Global Restructuring and Cost Reduction Plan
The company announced a global restructuring and cost reduction plan in
the fourth quarter of 2015. This action resulted in a restructuring
charge of $3.6 million which impacted the fourth fiscal quarter of 2015.
The cost reductions are expected to come from consolidation and
streamlining of product lines in the Foil Technology Products and Force
Sensors segments.
Non-Cash Income Tax Charge
The company recorded a $12.4 million non-cash income tax charge in the
fourth quarter of 2015 related to a valuation allowance recorded against
certain deferred tax assets. This valuation allowance was established
based on the uncertainty that the deferred tax assets will be realized.
Segments
The Foil Technology Products segment revenues were $26.2 million in the
fourth quarter of 2015, down 0.6% from $26.4 million in the fourth
quarter last year, and down 2.8% from $27.0 million in the third quarter
of 2015. The gross margin for the segment decreased to 36.5% for the
fourth quarter of 2015 compared to 37.3% in the fourth quarter last
year, and down from 42.0% in the third quarter of 2015. The gross margin
decreased from the comparable prior year period primarily due to
negative effects of exchange rates. The sequential gross margin decrease
was due to lower volume and additional costs for expansion of our
advanced sensor platform.
The Force Sensors segment revenues of $15.6 million in the fourth
quarter of 2015 were down 10.5% compared to $17.4 million in the fourth
quarter last year, but were up 6.9% from $14.6 million in the third
quarter of 2015. The gross margin for the segment was 20.2% in the
fourth quarter of 2015 versus 21.9% in the fourth quarter of 2014 and
21.0% in the third quarter of 2015. Decreased year-over-year revenues
are attributable primarily to lower volume. The increase in sequential
revenues is attributable to higher volume. The gross margin for the
quarter decreased from the comparable prior year period primarily due to
lower volume. Despite an increase in revenues, the sequential gross
margin decreased due to reduction of inventory.
The Weighing and Control Systems segment revenues were $17.1 million in
the fourth quarter of 2015, up 4.0% from $16.4 million in the fourth
quarter last year, and up 9.7% from $15.6 million in the third quarter
of 2015. Increased year-over-year and sequential revenues are
attributable primarily to higher volume for steel and process weighing
in Europe. The gross margin for the segment was 47.0% in the fourth
quarter of 2015 (47.8% excluding the KELK acquisition purchase
accounting adjustments of $0.1 million) versus 41.6% in the fourth
quarter of 2014 and 45.4% in the third quarter of 2015. The
year-over-year and sequential increases in gross margin are primarily
due to higher volume.
Outlook
Mr. Shoshani concluded, “In light of global economic forecasts and
continued strengthening of the U.S. dollar versus other currencies, we
expect net revenues in the range of $56 million to $61 million for the
first quarter of 2016. Our expectation for fiscal year 2016 is for
adjusted diluted earnings per share to be in the range of $0.80 to
$1.00, at constant exchange rates.”
* Note: Free cash flow is defined as the amount of cash generated from
operations ($8.6 million for the fourth quarter of 2015), in excess of
our capital expenditures ($2.5 million for the fourth quarter of 2015)
and net of proceeds, if any, from the sale of assets ($0.0 million in
the fourth quarter of 2015).
Conference Call and Webcast
A conference call will be held today (February 18) at 10:00 a.m. EST
(9:00 a.m. CST). To access the conference call, interested parties may
call 1-888-317-6003 or internationally 1-412-317-6061 and use passcode
0965168, 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: 10079715. 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, including if such recovery stalls or does not
continue as expected; difficulties or delays in completing acquisitions
and integrating acquired companies (including Stress-Tek); 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.
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Statements of Operations
|
| (Unaudited - In thousands, except per share amounts) |
|
|
| | |
| |
| | | Fiscal quarter ended |
| | | December 31, 2015 | | December 31, 2014 |
|
Net revenues
| | | $ | 58,913 | | | |
$
|
60,224
| |
|
Costs of products sold
| | |
| 38,148 |
| | |
|
39,739
|
|
|
Gross profit
| | | | 20,765 | | | | |
20,485
| |
|
Gross profit margin
| | | | 35.2 | % | | | |
34.0
|
%
|
| | | | | |
|
|
Selling, general, and administrative expenses
| | | | 16,378 | | | | |
18,327
| |
|
Acquisition costs
| | | | 185 | | | | |
—
| |
|
Impairment of goodwill and indefinite-lived intangibles
| | | | — | | | | |
5,579
| |
|
Restructuring costs
| | |
| 3,620 |
| | |
|
193
|
|
|
Operating income
| | | | 582 | | | | |
(3,614
|
)
|
|
Operating margin
| | | | 1.0 | % | | | |
(6.0
|
)%
|
| | | | | |
|
|
Other income (expense):
| | | | | | |
|
Interest expense
| | | | (253 | ) | | | |
(211
|
)
|
|
Other
| | |
| (352 | ) | | |
|
(180
|
)
|
|
Other (expense) income - net
| | |
| (605 | ) | | |
|
(391
|
)
|
| | | | | |
|
|
Income before taxes
| | | | (23 | ) | | | |
(4,005
|
)
|
| | | | | |
|
|
Income tax expense
| | |
| 13,326 |
| | |
|
813
|
|
| | | | | |
|
|
Net (loss) earnings
| | | | (13,349 | ) | | | |
(4,818
|
)
|
|
Less: net earnings attributable to noncontrolling interests
| | |
| 52 |
| | |
|
89
|
|
Net (loss) earnings attributable to VPG
stockholders
| | | $ | (13,401 | ) | | |
$
|
(4,907
|
)
|
| | | | | |
|
|
Basic (loss) earnings per share attributable to VPG stockholders
| | | $ | (1.02 | ) | | |
$
|
(0.36
|
)
|
|
Diluted (loss) earnings per share attributable to VPG stockholders
| | | $ | (1.02 | ) | | |
$
|
(0.36
|
)
|
| | | | | |
|
|
Weighted average shares outstanding - basic
| | | | 13,170 | | | | |
13,755
| |
|
Weighted average shares outstanding - diluted
| | | | 13,170 | | | | |
13,755
| |
| | | | | | | | | |
|
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Statements of Operations
|
| (Unaudited - In thousands, except per share amounts) |
|
|
| | |
| |
| | | Years ended |
| | | December 31, 2015 | | December 31, 2014 |
|
Net revenues
| | | $ | 232,178 | | | |
$
|
250,028
| |
|
Costs of products sold
| | |
| 147,949 |
| | |
|
159,254
|
|
|
Gross profit
| | | | 84,229 | | | | |
90,774
| |
|
Gross profit margin
| | | | 36.3 | % | | | |
36.3
|
%
|
| | | | | |
|
|
Selling, general, and administrative expenses
| | | | 71,282 | | | | |
77,034
| |
|
Acquisition costs
| | | | 185 | | | | |
—
| |
|
Impairment of goodwill and indefinite-lived intangibles
| | | | 4,942 | | | | |
5,579
| |
|
Restructuring costs
| | |
| 4,461 |
| | |
|
668
|
|
|
Operating income
| | | | 3,359 | | | | |
7,493
| |
|
Operating margin
| | | | 1.4 | % | | | |
3.0
|
%
|
| | | | | |
|
|
Other income (expense):
| | | | | | |
|
Interest expense
| | | | (771 | ) | | | |
(882
|
)
|
|
Other
| | |
| (2,082 | ) | | |
|
(740
|
)
|
|
Other (expense) income - net
| | |
| (2,853 | ) | | |
|
(1,622
|
)
|
| | | | | |
|
|
Income before taxes
| | | | 506 | | | | |
5,871
| |
| | | | | |
|
|
Income tax expense
| | |
| 13,500 |
| | |
|
2,613
|
|
| | | | | |
|
|
Net (loss) earnings
| | | | (12,994 | ) | | | |
3,258
| |
|
Less: net earnings attributable to noncontrolling interests
| | |
| 14 |
| | |
|
178
|
|
|
Net (loss) earnings attributable to VPG stockholders
| | | $ | (13,008 | ) | | |
$
|
3,080
|
|
| | | | | |
|
|
Basic (loss) earnings per share attributable to VPG stockholders
| | | $ | (0.96 | ) | | |
$
|
0.22
| |
|
Diluted (loss) earnings per share attributable to VPG stockholders
| | | $ | (0.96 | ) | | |
$
|
0.22
| |
| | | | | |
|
|
Weighted average shares outstanding - basic
| | | | 13,485 | | | | |
13,755
| |
|
Weighted average shares outstanding - diluted
| | | | 13,485 | | | | |
13,977
| |
| | | | | | | | | |
|
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Balance Sheets
|
| (In thousands) |
|
|
| | |
| |
| | | December 31, 2015 | | December 31, 2014 |
| | | (Unaudited) | | | |
| Assets | | | | | | |
|
Current assets:
| | | | | | |
|
Cash and cash equivalents
| | | $ | 62,641 | | | |
$
|
79,642
| |
|
Accounts receivable
| | | | 35,553 | | | | |
37,427
| |
|
Inventories:
| | | | | | |
|
Raw materials
| | | | 15,062 | | | | |
14,223
| |
|
Work in process
| | | | 20,046 | | | | |
19,813
| |
|
Finished goods
| | |
| 20,651 |
| | |
|
18,806
|
|
|
Inventories, net
| | | | 55,759 | | | | |
52,842
| |
|
Prepaid expenses and other current assets
| | |
| 7,814 |
| | |
|
10,361
|
|
|
Total current assets
| | | | 161,767 | | | | |
180,272
| |
| | | | | |
|
|
Property and equipment, at cost:
| | | | | | |
|
Land
| | | | 2,314 | | | | |
1,893
| |
|
Buildings and improvements
| | | | 53,052 | | | | |
49,909
| |
|
Machinery and equipment
| | | | 86,201 | | | | |
78,500
| |
|
Software
| | | | 7,284 | | | | |
6,837
| |
|
Construction in progress
| | | | 2,288 | | | | |
2,928
| |
|
Accumulated depreciation
| | |
| (99,148 | ) | | |
|
(89,374
|
)
|
|
Property and equipment, net
| | | | 51,991 | | | | |
50,693
| |
| | | | | |
|
| Goodwill | | | | 22,544 | | | | |
12,788
| |
| | | | | |
|
|
Intangible assets, net
| | | | 12,823 | | | | |
17,381
| |
| | | | | |
|
|
Other assets
| | |
| 15,937 |
| | |
|
26,029
|
|
|
Total assets
| | | $ | 265,062 |
| | |
$
|
287,163
|
|
| | | | | |
|
| Liabilities and equity | | | | | | |
|
Current liabilities:
| | | | | | |
|
Trade accounts payable
| | | $ | 8,004 | | | |
$
|
10,559
| |
|
Payroll and related expenses
| | | | 13,888 | | | | |
14,216
| |
|
Other accrued expenses
| | | | 16,604 | | | | |
16,770
| |
|
Income taxes
| | | | 527 | | | | |
2,133
| |
|
Current portion of long-term debt
| | |
| 2,120 |
| | |
|
5,120
|
|
|
Total current liabilities
| | | | 41,143 | | | | |
48,798
| |
| | | | | |
|
|
Long-term debt, less current portion
| | | | 31,591 | | | | |
17,713
| |
|
Deferred income taxes
| | | | 1,095 | | | | |
770
| |
|
Other liabilities
| | | | 7,195 | | | | |
7,644
| |
|
Accrued pension and other postretirement costs
| | |
| 11,597 |
| | |
|
12,353
|
|
|
Total liabilities
| | |
| 92,621 |
| | |
|
87,278
|
|
| | | | | |
|
|
Commitments and contingencies
| | | | | | |
| | | | | |
|
|
Equity:
| | | | | | |
|
Common stock
| | | | 1,276 | | | | |
1,273
| |
|
Class B convertible common stock
| | | | 103 | | | | |
103
| |
| Treasury stock
| | | | (8,765 | ) | | | |
(32
|
)
|
|
Capital in excess of par value
| | | | 190,436 | | | | |
189,532
| |
|
Retained earnings
| | | | 22,327 | | | | |
35,335
| |
|
Accumulated other comprehensive loss
| | |
| (33,121 | ) | | |
|
(26,560
|
)
|
|
Total Vishay Precision Group, Inc. stockholders' equity
| | | | 172,256 | | | | |
199,651
| |
|
Noncontrolling interests
| | |
| 185 |
| | |
|
234
|
|
|
Total equity
| | |
| 172,441 |
| | |
|
199,885
|
|
|
Total liabilities and equity
| | | $ | 265,062 |
| | |
$
|
287,163
|
|
| | | | | | | | | |
|
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Statements of Cash Flows
|
| (Unaudited - In thousands) |
|
|
| | |
| |
| | | Years ended |
| | | December 31, 2015 | | December 31, 2014 |
| Operating activities | | | | | | |
|
Net (loss) earnings
| | | $ | (12,994 | ) | | |
$
|
3,258
| |
Adjustments to reconcile net earnings to net cash provided by
operating
activities:
| | | | | | |
|
Impairment of goodwill and indefinite-lived intangibles
| | | | 4,942 | | | | |
5,579
| |
|
Depreciation and amortization
| | | | 11,097 | | | | |
11,736
| |
|
Loss on disposal of property and equipment
| | | | 15 | | | | |
63
| |
|
Share-based compensation expense
| | | | 1,083 | | | | |
1,008
| |
|
Inventory write-offs for obsolescence
| | | | 1,354 | | | | |
1,290
| |
|
Deferred income taxes
| | | | 10,108 | | | | |
(3,562
|
)
|
|
Other
| | | | 2,327 | | | | |
722
| |
Net changes in operating assets and liabilities, net of
acquisition:
| | | | | | | | | | |
|
Accounts receivable
| | | | 982 | | | | |
318
| |
|
Inventories
| | | | (3,961 | ) | | | |
(349
|
)
|
|
Prepaid expenses and other current assets
| | | | 2,561 | | | | |
266
| |
|
Trade accounts payable
| | | | (2,550 | ) | | | |
618
| |
|
Other current liabilities
| | |
| (1,036 | ) | | |
|
2,307
|
|
|
Net cash provided by operating activities
| | |
| 13,928 |
| | |
|
23,254
|
|
| | | | | |
|
| Investing activities | | | | | | |
|
Capital expenditures
| | | | (9,978 | ) | | | |
(9,091
|
)
|
|
Proceeds from sale of property and equipment
| | | | 117 | | | | |
82
| |
|
Purchase of business
| | |
| (20,022 | ) | | |
|
—
|
|
|
Net cash used in investing activities
| | |
| (29,883 | ) | | |
|
(9,009
|
)
|
| | | | | |
|
| Financing activities | | | | | | |
|
Proceeds from long-term debt
| | | | 15,000 | | | | |
—
| |
|
Principal payments on long-term debt
| | | | (4,119 | ) | | | |
(4,137
|
)
|
|
Debt issuance costs
| | | | (453 | ) | | | |
—
| |
|
Purchase of treasury stock
| | | | (8,733 | ) | | | |
(32
|
)
|
|
Distributions to noncontrolling interests
| | | | (63 | ) | | | |
(77
|
)
|
|
Excess tax benefit from share-based compensation plan
| | |
| — |
| | |
|
5
|
|
|
Net cash provided by (used in) financing activities
| | | | 1,632 | | | | |
(4,241
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
| | |
| (2,678 | ) | | |
|
(3,171
|
)
|
|
(Decrease) increase in cash and cash equivalents
| | | | (17,001 | ) | | | |
6,833
| |
| | | | | |
|
|
Cash and cash equivalents at beginning of year
| | |
| 79,642 |
| | |
|
72,809
|
|
|
Cash and cash equivalents at end of year
| | | $ | 62,641 |
| | |
$
|
79,642
|
|
| | | | | | | | | |
|
| VISHAY PRECISION GROUP, INC. |
|
Reconciliation of Consolidated Adjusted Gross Profit Margin
|
| (Unaudited - In thousands) |
| |
| | |
| | |
| | |
| |
| | | | | | | | | | | |
|
| | | Fiscal quarter ended | | | Years ended |
| | | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 |
|
Gross profit
| | | $ | 20,765 | | | |
$
|
20,485
| | | | $ | 84,229 | | | |
$
|
90,774
| |
|
Gross profit margin
| | | | 35.2 | % | | | |
34.0
|
%
| | | | 36.3 | % | | | |
36.3
|
%
|
| | | | | | | | | | | |
|
Reconciling items affecting gross profit
margin | | | | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | | 146 | | | | |
19
| | | | | 172 | | | | |
75
| |
| | |
| | |
| | |
| | |
|
|
Adjusted gross profit
| | | $ | 20,911 |
| | |
$
|
20,504
|
| | | $ | 84,401 |
| | |
$
|
90,849
|
|
|
Adjusted gross profit margin
| | | | 35.5 | % | | | |
34.0
|
%
| | | | 36.4 | % | | | |
36.3
|
%
|
| | | | | | | | | | | |
|
| | | | | | | | | | | |
|
| VISHAY PRECISION GROUP, INC. | | | | | | | | | | | | |
|
Reconciliation of Adjusted Earnings Per Share
| | | | | | | | | | | | |
| (Unaudited - In thousands, except per share data) | | | | | | | | | | | | |
| | | | | | | | | | | |
|
| | | Fiscal quarter ended | | | Years ended | | | |
| | | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 |
|
Net (loss) earnings attributable to VPG stockholders
| | | $ | (13,401 | ) | | |
$
|
(4,907
|
)
| | | $ | (13,008 | ) | | |
$
|
3,080
| |
| | | | | | | | | | | |
|
Reconciling items affecting operating margin | | | | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | | 146 | | | | |
19
| | | | | 172 | | | | |
75
| |
|
Acquisition costs
| | | | 185 | | | | |
—
| | | | | 185 | | | | |
—
| |
|
Impairment of goodwill and indefinite-lived intangibles
| | | | — | | | | |
5,579
| | | | | 4,942 | | | | |
5,579
| |
|
Restructuring costs
| | | | 3,620 | | | | |
193
| | | | | 4,461 | | | | |
668
| |
| | | | | | | | | | | |
|
Less: reconciling items affecting income tax
expense | | | | | | | | | | | | |
Tax effect of adjustments for purchase accounting, acquisition
costs,
impairment charges and restructuring costs, and
discrete tax items
| |
| (12,118 | ) | | |
|
(504
|
)
| | |
| (10,980 | ) | | |
|
(356
|
)
|
|
Adjusted net earnings attributable to VPG stockholders
| | | $ | 2,668 |
| | |
$
|
1,388
|
| | | $ | 7,732 |
| | |
$
|
9,758
|
|
| | | | | | | | | | | |
|
|
Weighted average shares outstanding - diluted
| | | | 13,170 | | | | |
13,755
| | | | | 13,485 | | | | |
13,977
| |
| | | | | | | | | | | |
|
|
Adjusted net earnings per diluted share
| | | $ | 0.20 | | | |
$
|
0.10
| | | | $ | 0.57 | | | |
$
|
0.70
| |
View source version on businesswire.com: http://www.businesswire.com/news/home/20160218005467/en/
VPG
Wendy Wilson
Senior Director Investor Relations and
Corporate Communications
919-374-5501
[email protected]
Source: VPG