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
fourth quarter and twelve months ended December 31, 2016.
Fourth Quarter Highlights:
-
Fourth quarter earnings per diluted share of $0.22.
-
Fourth quarter adjusted earnings per diluted share of $0.26.*
-
Cash generated from operations for the fourth quarter was $4.9 million
and free cash flow was $4.7 million.*
-
Book-to-bill was 1.16 for the fourth quarter of 2016.
“Our adjusted earnings per diluted share performance was $0.26 for the
fourth quarter of 2016 as compared to adjusted earnings per diluted
share of $0.20 in the fourth quarter of 2015, in spite of softer sales
this quarter compared to the fourth quarter of 2015,” said Ziv Shoshani,
VPG chief executive officer. “We also generated cash from operations of
$4.9 million, with free cash flow of $4.7 million, which reflects our
restructuring and cost reduction programs.”
Net earnings attributable to VPG stockholders for the fourth fiscal
quarter of 2016 were $3.0 million, or $0.22 per diluted share, compared
to a net loss attributable to VPG stockholders for the fourth fiscal
quarter of 2015 of ($13.4) million, or ($1.02) per diluted share. Net
earnings attributable to VPG stockholders for the fiscal twelve months
ended December 31, 2016 were $6.4 million, or $0.48 per diluted share,
compared to a net loss attributable to VPG stockholders of ($13.0)
million, or ($0.96) per diluted share, for the comparable prior year
period. The prior year results include a $12.4 million non-cash income
tax charge recorded in the fourth quarter of 2015 related to a valuation
allowance recorded against certain deferred tax assets and a $4.9
million non-cash write down for impairment of goodwill related to the
steel business recorded in the third quarter of 2015.
Adjusted net earnings attributable to VPG stockholders for the fourth
fiscal quarter of 2016 were $3.4 million, or $0.26 per diluted share,
compared to adjusted net earnings attributable to VPG stockholders of
$2.7 million, or $0.20 per diluted share, for the comparable prior year
period. Adjusted net earnings attributable to VPG stockholders for the
fiscal twelve months ended December 31, 2016 were $9.9 million, or $0.74
per diluted share, compared to adjusted net earnings attributable to VPG
stockholders of $7.7 million, or $0.57 per diluted share, for the
comparable prior year period. Adjusted net earnings for the fiscal
quarter and fiscal twelve months ended December 31, 2016 exclude, among
other costs, $0.3 million and $1.3 million respectively, of costs
associated with the Company’s evaluation of strategic alternatives. The
evaluation process did not result in the adoption of any particular
strategic alternative other than the Company’s continued execution of
its business plan. It is not expected that the costs associated with the
evaluation, which consisted principally of professional fees, will be
continuing at this time.
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 | | | Years ended |
| | | December 31, 2016 | | | December 31, 2015 | | | December 31, 2016 | | | December 31, 2015 |
|
Net earnings (loss) attributable to VPG stockholders
| | |
$
|
3,005
| | |
$
|
(13,401)
| | |
$
|
6,404
| | |
$
|
(13,008)
|
| | | | | | | | | | | |
|
Reconciling items affecting operating margin | | | | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | |
49
| | | |
146
| | | |
586
| | | |
172
|
|
Acquisition costs
| | | |
80
| | | |
185
| | | |
494
| | | |
185
|
|
Strategic alternative evaluation costs
| | | |
265
| | | |
—
| | | |
1,344
| | | |
—
|
|
Gain on sale of building
| | | |
(837)
| | | |
—
| | | |
(837)
| | | |
—
|
|
Impairment of goodwill and indefinite-lived intangibles
| | | |
—
| | | |
—
| | | |
—
| | | |
4,942
|
|
Restructuring costs
| | | |
271
| | | |
3,620
| | | |
2,666
| | | |
4,461
|
| | | | | | | | | | | |
|
Less reconciling items affecting income tax
expense | | | | | | | | | | |
|
Tax effect of reconciling items and discrete tax items
| | |
|
(597)
| | |
|
(12,118)
| | |
|
719
| | |
|
(10,980)
|
|
Adjusted net earnings attributable to VPG stockholders
| | |
$
|
3,430
| | |
$
|
2,668
| | |
$
|
9,938
| | |
$
|
7,732
|
| | | | | | | | | | | |
|
|
Weighted average shares outstanding - diluted
| | | |
13,450
| | | |
13,170
| | | |
13,419
| | | |
13,485
|
| | | | | | | | | | | |
|
|
Adjusted net earnings per diluted share
| | |
$
|
0.26
| | |
$
|
0.20
| | |
$
|
0.74
| | |
$
|
0.57
|
| | | | | | | | | | | | | | | |
|
Included in the discrete tax items for the fiscal 2016 fourth quarter
and twelve months ended December 31, 2016 is a $0.9 million tax benefit
recorded related to a favorable fourth quarter 2016 settlement of an
Israeli tax audit, offset by a series of correcting adjustments totaling
$0.8 million to certain deferred tax accounts in various tax
jurisdictions related to prior period balances.
Sale of Building
The Company recorded a $0.8 million gain on the sale of its property in
Karmiel, Israel. The proceeds of $3.7 million were received in the
fourth quarter of 2016.
Segments
The Foil Technology Products segment revenues were $25.4 million in the
fourth quarter of 2016, down 3.2% from $26.2 million in the fourth
quarter of 2015, and up 6.5% from $23.9 million in the third quarter of
2016. Decreased year-over-year revenues were attributable to lower
volume, partially offset by the additional volume from Pacific
Instruments of $2.2 million. The increase in sequential revenues was
attributable to higher volumes. The gross profit margin for the segment
was 40.6% for the fourth quarter of 2016 (40.8% excluding the Pacific
acquisition purchase accounting adjustment of $0.1 million) compared to
36.5% in the fourth quarter of 2015 and 36.2% in the third quarter of
2016 (36.4% excluding the Pacific acquisition purchase accounting
adjustment of $0.1 million). The gross profit margin for the quarter
increased from the comparable prior year period due to variable cost
savings from operating efficiencies and the cost savings from our
previously announced cost reduction programs, offset by a decrease in
volume. The sequential gross profit margin increase is due to the
increase in volume and variable cost savings from operating efficiencies.
The Force Sensors segment revenues were $14.8 million in the fourth
quarter of 2016, down 5.2% from $15.6 million in the fourth quarter of
2015, and down 3.0% from $15.2 million in the third quarter of 2016. The
decrease in year-over-year revenues was attributable to lower volume and
negative exchange rate impact of $0.3 million. The decrease in
sequential revenues was also attributable to lower volumes and negative
exchange rate impact of $0.1 million. The gross profit margin for the
segment was 25.3% in the fourth quarter of 2016, compared to 20.2% in
the fourth quarter of 2015 and 31.0% in the third quarter of 2016. The
gross profit margin for the quarter increased from the comparable prior
year period primarily due to variable cost savings from operating
efficiencies and the cost savings from our previously announced cost
reduction programs. The sequential gross profit margin decrease was due
to the decrease in volume, product mix and a reduction in inventory.
The Weighing and Control Systems segment revenues were $15.6 million in
the fourth quarter of 2016, down 8.5% from $17.1 million in the fourth
quarter of 2015, and up 1.5% from $15.4 million in the third quarter of
2016. Decreased year-over-year revenues were attributable to a negative
exchange rate impact of $0.7 million and a decrease in volume, offset by
the impact of additional volume from the acquisition of Stress-Tek of
$1.9 million. The sequential increase in revenues was primarily
attributable to an increase in volume, despite the negative exchange
rate impact of $0.4 million. The gross profit margin for the segment was
46.5% in the fourth quarter of 2016 compared to 47.0% in the fourth
quarter of 2015 (47.8% excluding the Kelk acquisition purchase
accounting adjustment of $0.2 million) and 44.9% in the third quarter of
2016. The decline in the gross profit margin for the quarter compared to
the prior year period was due to the decline in volume. The sequential
gross profit margin increase was due to volume and product mix.
Outlook
“In light of global economic conditions and at a constant fourth quarter
2016 exchange rates, we expect net revenues in the range of $55 million
to $60 million for the first quarter of 2017,” concluded Mr. Shoshani.
*Editor’s Note
We define “adjusted net earnings” as net earnings attributable to VPG
stockholders before acquisition purchase accounting adjustments,
restructuring costs, strategic alternative evaluation costs, gain on
sale of building, impairment of goodwill and indefinite-lived
intangibles and associated tax effects. “Free cash flow” is defined as
the amount of cash generated from operations ($4.9 million for the
fourth quarter of 2016), in excess of our capital expenditures ($4.1
million for the fourth quarter of 2016) net of proceeds, if any, for the
sale of assets ($3.9 million in the fourth 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 (February 21) 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
8102218, 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: 10098939. The replay will also
be available on the investor relations page of the VPG website at www.vpgsensors.com
for a limited time.
|
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| |
|
| |
| VISHAY PRECISION GROUP, INC. | | | | | | |
|
Consolidated Statements of Operations
| | | | | | |
|
(Unaudited - In thousands, except per share amounts)
| | | | | | |
| | | | | |
|
| | | Fiscal quarter ended |
| | | December 31, 2016 | | | December 31, 2015 |
|
Net revenues
| | | $ | 55,814 | | |
$
|
58,913
|
|
Costs of products sold
| | |
| 34,540 | | |
|
38,148
|
|
Gross profit
| | | | 21,274 | | | |
20,765
|
|
Gross profit margin
| | | | 38.1% | | | |
35.2%
|
| | | | | |
|
|
Selling, general, and administrative expenses
| | | | 15,529 | | | |
16,378
|
|
Acquisition costs
| | | | 80 | | | |
185
|
|
Restructuring costs
| | |
| 271 | | |
|
3,620
|
|
Operating income
| | | | 5,394 | | | |
582
|
|
Operating margin
| | | | 9.7% | | | |
1.0%
|
| | | | | |
|
|
Other income (expense):
| | | | | | |
|
Interest expense
| | | | (410) | | | |
(253)
|
|
Other
| | |
| 31 | | |
|
(352)
|
|
Other (expense) income - net
| | |
| (379) | | |
|
(605)
|
| | | | | |
|
|
Income (loss) before taxes
| | | | 5,015 | | | |
(23)
|
| | | | | |
|
|
Income tax expense
| | |
| 2,035 | | |
|
13,326
|
| | | | | |
|
|
Net earnings (loss)
| | | | 2,980 | | | |
(13,349)
|
|
Less: net (loss) earnings attributable to noncontrolling interests
| | |
| (25) | | |
|
52
|
|
Net earnings (loss) attributable to VPG stockholders
| | | $ | 3,005 | | |
$
|
(13,401)
|
| | | | | |
|
|
Basic earnings (loss) per share attributable to VPG stockholders
| | | $ | 0.23 | | |
$
|
(1.02)
|
|
Diluted earnings (loss) per share attributable to VPG stockholders
| | | $ | 0.22 | | |
$
|
(1.02)
|
| | | | | |
|
|
Weighted average shares outstanding - basic
| | | | 13,192 | | | |
13,170
|
|
Weighted average shares outstanding - diluted
| | | | 13,450 | | | |
13,170
|
| | | | | | | |
|
|
|
| |
|
| |
VISHAY PRECISION GROUP, INC. | | | | | | |
Consolidated Statements of Operations
| | | | | | |
(Unaudited - In thousands, except per share amounts)
| | | | | | |
| | | | | |
|
| | | Years ended |
| | | December 31, 2016 | | | December 31, 2015 |
|
Net revenues
| | | $ | 224,929 | | |
$
|
232,178
|
|
Costs of products sold
| | |
| 142,120 | | |
|
147,949
|
|
Gross profit
| | | | 82,809 | | | |
84,229
|
|
Gross profit margin
| | | | 36.8% | | | |
36.3%
|
| | | | | |
|
|
Selling, general, and administrative expenses
| | | | 68,938 | | | |
71,282
|
|
Acquisition costs
| | | | 494 | | | |
185
|
|
Impairment of goodwill and indefinite-lived intangibles
| | | | — | | | |
4,942
|
|
Restructuring costs
| | |
| 2,666 | | |
|
4,461
|
|
Operating income
| | | | 10,711 | | | |
3,359
|
|
Operating margin
| | | | 4.8% | | | |
1.4%
|
| | | | | |
|
|
Other income (expense):
| | | | | | |
|
Interest expense
| | | | (1,486) | | | |
(771)
|
|
Other
| | |
| 382 | | |
|
(2,082)
|
|
Other (expense) income - net
| | |
| (1,104) | | |
|
(2,853)
|
| | | | | |
|
|
Income before taxes
| | | | 9,607 | | | |
506
|
| | | | | |
|
|
Income tax expense
| | |
| 3,199 | | |
|
13,500
|
| | | | | |
|
|
Net earnings (loss)
| | | | 6,408 | | | |
(12,994)
|
|
Less: net earnings attributable to noncontrolling interests
| | |
| 4 | | |
|
14
|
|
Net earnings (loss) attributable to VPG stockholders
| | | $ | 6,404 | | |
$
|
(13,008)
|
| | | | | |
|
|
Basic earnings (loss) per share attributable to VPG stockholders
| | | $ | 0.49 | | |
$
|
(0.96)
|
|
Diluted earnings (loss) per share attributable to VPG stockholders
| | | $ | 0.48 | | |
$
|
(0.96)
|
| | | | | |
|
|
Weighted average shares outstanding - basic
| | | | 13,187 | | | |
13,485
|
|
Weighted average shares outstanding - diluted
| | | | 13,419 | | | |
13,485
|
| | | | | | | |
|
|
|
| |
|
| |
| VISHAY PRECISION GROUP, INC. | | | | | | |
|
Consolidated Balance Sheets
| | | | | | |
|
(In thousands, except per share amounts)
| | | | | | |
| | | December 31, 2016 | | | December 31, 2015 |
| | | (Unaudited) | | | |
| Assets | | | | | | |
|
Current assets:
| | | | | | |
|
Cash and cash equivalents
| | | $ | 58,452 | | |
$
|
62,641
|
|
Accounts receivable, net of allowances for doubtful accounts
| | | | 34,270 | | | |
35,553
|
|
Inventories:
| | | | | | |
|
Raw materials
| | | | 15,647 | | | |
15,062
|
|
Work in process
| | | | 21,115 | | | |
20,289
|
|
Finished goods
| | |
| 19,559 | | |
|
20,849
|
|
Inventories, net
| | | | 56,321 | | | |
56,200
|
|
Prepaid expenses and other current assets
| | |
| 6,831 | | |
|
7,814
|
|
Total current assets
| | | | 155,874 | | | |
162,208
|
| | | | | |
|
|
Property and equipment, at cost:
| | | | | | |
|
Land
| | | | 3,344 | | | |
3,639
|
|
Buildings and improvements
| | | | 48,454 | | | |
55,003
|
|
Machinery and equipment
| | | | 89,080 | | | |
84,409
|
|
Software
| | | | 7,441 | | | |
7,284
|
|
Construction in progress
| | | | 4,340 | | | |
2,288
|
|
Accumulated depreciation
| | |
| (97,374) | | |
|
(95,992)
|
|
Property and equipment, net
| | | | 55,285 | | | |
56,631
|
| | | | | |
|
| Goodwill | | | | 18,717 | | | |
12,603
|
| | | | | |
|
|
Intangible assets, net
| | | | 21,585 | | | |
17,683
|
| | | | | |
|
|
Other assets
| | |
| 19,049 | | |
|
14,622
|
|
Total assets
| | | $ | 270,510 | | |
$
|
263,747
|
| | | | | |
|
| | | | | |
|
| Liabilities and equity | | | | | | |
|
Current liabilities:
| | | | | | |
|
Trade accounts payable
| | | $ | 8,264 | | |
$
|
8,004
|
|
Payroll and related expenses
| | | | 11,978 | | | |
13,888
|
|
Other accrued expenses
| | | | 13,285 | | | |
16,604
|
|
Income taxes
| | | | 772 | | | |
527
|
|
Current portion of long-term debt
| | |
| 2,623 | | |
|
2,120
|
|
Total current liabilities
| | | | 36,922 | | | |
41,143
|
| | | | | |
|
|
Long-term debt, less current portion
| | | | 33,529 | | | |
31,037
|
|
Deferred income taxes
| | | | 735 | | | |
334
|
|
Other liabilities
| | | | 13,054 | | | |
7,195
|
|
Accrued pension and other postretirement costs
| | |
| 14,713 | | |
|
11,597
|
|
Total liabilities
| | |
| 98,953 | | |
|
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
| | | | 190,373 | | | |
190,436
|
|
Retained earnings
| | | | 28,731 | | | |
22,327
|
|
Accumulated other comprehensive loss
| | |
| (40,337) | | |
|
(33,121)
|
| Total Vishay Precision Group, Inc. stockholders' equity
| | | | 171,383 | | | |
172,256
|
|
Noncontrolling interests
| | |
| 174 | | |
|
185
|
|
Total equity
| | |
| 171,557 | | |
|
172,441
|
|
Total liabilities and equity
| | | $ | 270,510 | | |
$
|
263,747
|
| | | | | | | |
|
|
|
| |
|
| |
| VISHAY PRECISION GROUP, INC. | | | | | | |
|
Consolidated Statements of Cash Flows
| | | | | | |
|
(Unaudited - In thousands)
| | | | | | |
| | | | | |
|
| | | Years ended |
| | | December 31, 2016 | | | December 31, 2015 |
| Operating activities | | | | | | |
|
Net earnings (loss)
| | | $ | 6,408 | | |
$
|
(12,994)
|
|
Adjustments to reconcile net earnings to net cash provided by
operating activities:
| | | | |
|
Impairment of goodwill and indefinite-lived intangibles
| | | | — | | | |
4,942
|
|
Depreciation and amortization
| | | | 11,149 | | | |
11,097
|
|
(Gain) loss on disposal of property and equipment
| | | | (823) | | | |
15
|
|
Share-based compensation expense
| | | | 37 | | | |
1,083
|
|
Inventory write-offs for obsolescence
| | | | 1,755 | | | |
1,354
|
|
Deferred income taxes
| | | | (612) | | | |
10,013
|
|
Other
| | | | (1,216) | | | |
2,182
|
|
Net changes in operating assets and liabilities, net of acquisition:
| | | | | | |
|
Accounts receivable
| | | | 1,322 | | | |
982
|
|
Inventories
| | | | (1,968) | | | |
(3,961)
|
|
Prepaid expenses and other current assets
| | | | 955 | | | |
2,799
|
|
Trade accounts payable
| | | | 237 | | | |
(2,550)
|
|
Other current liabilities
| | |
| (5,824) | | |
|
(1,034)
|
|
Net cash provided by operating activities
| | |
| 11,420 | | |
|
13,928
|
| | | | | |
|
| Investing activities | | | | | | |
|
Capital expenditures
| | | | (10,425) | | | |
(9,978)
|
|
Proceeds from sale of property and equipment
| | | | 4,203 | | | |
117
|
|
Purchase of business
| | |
| (10,626) | | |
|
(20,022)
|
|
Net cash used in investing activities
| | |
| (16,848) | | |
|
(29,883)
|
| | | | | |
|
| Financing activities | | | | | | |
|
Proceeds from long-term debt
| | | | — | | | |
29,000
|
|
Repayments of principal upon termination of long-term debt
| | | | — | | | |
(14,000)
|
|
Principal payments on long-term debt
| | | | (2,133) | | | |
(4,119)
|
|
Debt issuance costs
| | | | — | | | |
(453)
|
|
Proceeds from revolving facility
| | | | 25,000 | | | |
—
|
|
Payments on revolving facility
| | | | (20,000) | | | |
—
|
|
Purchase of treasury stock
| | | | — | | | |
(8,733)
|
|
Distributions to noncontrolling interests
| | |
| (15) | | |
|
(63)
|
|
Net cash provided by financing activities
| | | | 2,852 | | | |
1,632
|
|
Effect of exchange rate changes on cash and cash equivalents
| | |
| (1,613) | | |
|
(2,678)
|
|
Decrease in cash and cash equivalents
| | | | (4,189) | | | |
(17,001)
|
| | | | | |
|
|
Cash and cash equivalents at beginning of year
| | |
| 62,641 | | |
|
79,642
|
|
Cash and cash equivalents at end of year
| | | $ | 58,452 | | |
$
|
62,641
|
| | | | | |
|
|
|
| |
|
| |
|
| |
|
| |
| VISHAY PRECISION GROUP, INC. | | | | | | | | | | | | |
|
Reconciliation of Consolidated Adjusted Gross Profit Margin
|
|
(Unaudited - In thousands)
| | | | | | | | | | | | |
| | | | | | | | | | | |
|
| | | Fiscal quarter ended | | | Years ended |
| | | December 31, 2016 | | | December 31, 2015 | | | December 31, 2016 | | | December 31, 2015 |
|
Gross profit
| | |
$
|
21,274
| | |
$
|
20,765
| | |
$
|
82,809
| | |
$
|
84,229
|
|
Gross profit margin
| | | |
38.1%
| | | |
35.2%
| | | |
36.8%
| | | |
36.3%
|
| | | | | | | | | | | |
|
Reconciling items affecting gross profit
margin | | | | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | |
49
| | | |
146
| | | |
586
| | | |
172
|
| | |
| | |
| | |
| | |
|
|
Adjusted gross profit
| | |
$
|
21,323
| | |
$
|
20,911
| | |
$
|
83,395
| | |
$
|
84,401
|
|
Adjusted gross profit margin
| | | |
38.2%
| | | |
35.5%
| | | |
37.1%
| | | |
36.4%
|
| | | | | | | | | | | |
|
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170221005576/en/
VPG
William M. Clancy, 484-321-5306
Executive Vice President
and Chief Financial Officer
[email protected]
Source: VPG