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 2017 third quarter and nine fiscal months ended September 30,
2017.
Third Quarter Highlights:
-
Growth in revenues to $62.8 million, up 15.3% year-over- year
-
Earnings increased to $0.32 per diluted share, compared to $0.08
reported last year
-
Adjusted diluted EPS* increased 29% to $0.27 compared to prior year
$0.21
-
Gross margin for the quarter is 38.6% as compared to 37.2% in the
prior year’s third quarter
-
Operating margin for the quarter is 8.5%, adjusted operating margin*
for the quarter is 9.2%
-
Cash from operations was $7.5 million with free cash flow* of $6.4
million
-
Book-to-bill remains strong at 1.12, continues to reflect broadly
improving end-markets
Ziv Shoshani, Chief Executive Officer of VPG, commented, “Our operating
performance in the third quarter reveals our ability to capitalize on an
improved business climate across our end markets. We had good margins,
solid cash generation and continued to capture opportunity, reflected in
our steady, strong book-to-bill. We are remaining focused and working
hard to ensure we deliver sustained progress.”
The Company grew third fiscal quarter 2017 net earnings attributable to
VPG stockholders to $4.3 million, or $0.32 per diluted share, compared
to $1.1 million, or $0.08 per diluted share, in the third fiscal quarter
of 2016. This growth was achieved despite a foreign currency exchange
rates headwind that reduced net income by $0.4 million, or $0.03 per
diluted share relative to the third quarter of last year.
In the nine fiscal months ended September 30, 2017, net earnings
attributable to VPG stockholders grew to $9.9 million, or $0.73 per
diluted share, compared to $3.4 million, or $0.25 per diluted share, in
the nine fiscal months ended 2016. This growth was achieved despite a
negative impact from foreign currency exchange rates of $2.1 million, or
$0.16 per diluted share as compared to the prior year’s nine-month
period.
Included within Other Income (Expense) Other, for the fiscal quarter
ended September 30, 2017, is net proceeds of $1.5 million related to a
one time lease termination payment at the Company’s Tianjin, People's
Republic of China location. The relocation of operations in Tianjin has
been completed.
Third fiscal quarter 2017 adjusted net earnings attributable to VPG
stockholders grew 29% to $3.6 million, or $0.27 per diluted share,
compared to adjusted net earnings attributable to VPG stockholders of
$2.9 million, or $0.21 per diluted share, for the comparable prior year
period.
Nine fiscal months ended September 30, 2017 adjusted net earnings
attributable to VPG stockholders grew by 54% to $10.0 million, or $0.74
per diluted share, compared to adjusted net earnings attributable to VPG
stockholders of $6.5 million, or $0.49 per diluted share, for the
comparable prior year period.
The reconciliation table within this release reconciles the Company's
non-GAAP measures, which are provided for comparison with other results,
to the most directly comparable U.S. GAAP measures.
Segments
Foil Technology Products segment revenues grew 22.9% to $29.3 million in
the third fiscal quarter of 2017, up from $23.9 million in the third
fiscal quarter of 2016 and approximately even sequentially with the
second fiscal quarter of 2017. The year-over-year increase in revenues
was attributable to precision resistors growth in all regions within the
test and measurement market. The increase was also attributable to the
advance sensors products for the force measurement market in Asia and
Pacific Instruments products for avionics, military and space end
markets in the Americas.
Gross profit margin for the segment was 41.7% for the third fiscal
quarter of 2017 (41.9% excluding a purchase accounting adjustment of
$0.1 million for the Pacific Instruments acquisition), up 5.5 percentage
points from 36.2% (36.4% excluding a purchase accounting adjustment of
$0.1 million for the Pacific Instruments acquisition) in the third
fiscal quarter of 2016. The year-over-year improvement in gross margin
mainly reflects higher volume and manufacturing efficiencies. Excluding
the purchase accounting adjustments, the third fiscal quarter gross
profit margin was consistent with the 41.9% reported in the second
fiscal quarter of 2017.
Force Sensors segment revenues grew 9.0% to $16.6 million in the third
fiscal quarter of 2017, up from $15.2 million in the third fiscal
quarter of 2016; sequential revenue increased 6.0% up from $15.7 million
in the second quarter of 2017. The year-over-year increase in revenues
was attributable to OEM customers in the precision weighing end market
in Europe. The increase in sequential revenue was attributable to OEM
customers in the force measurement market and distribution customers for
precision weighing in the Americas and a positive exchange rate impact.
Gross profit margin for Force Sensors was 28.6% for the third fiscal
quarter of 2017, a decrease compared to 31.0% in the third fiscal
quarter of 2016 and 28.9% in the second fiscal quarter of 2017. Gross
margins were down compared to the prior year period due to manufacturing
inefficiencies related to increased production at our facility in India
and the negative impact of foreign exchange rates offset by an increase
in volume. The third fiscal quarter gross margin of 28.6% is consistent
with the second fiscal quarter of 2017.
Weighing and Control Systems segment revenues grew by 9.7% to $16.9
million in the third fiscal quarter of 2017, up from $15.4 million in
the third fiscal quarter of 2016; sequential revenue decreased 2.7% from
$17.4 million in the second fiscal quarter of 2017. The increased sales
year-over-year are primarily attributable to on-board weighing products
in Europe and the Americas. The sequential decrease in revenue is
primarily due to the steel market in Asia and process weighing in the
Americas, partially offset by a positive exchange rate impact.
Third fiscal quarter 2017 gross profit margin for the segment was 43.1%,
a decline from the third fiscal quarter of 2016 of 44.9% and 45.8%
reported in the second fiscal quarter of 2017. The year-over-year
decrease in gross margin was primarily due to product mix while
sequential gross margin declined due to a decrease in volume and product
mix.
Near-Term Outlook
“In light of an improved business environment, at constant third fiscal
quarter 2017 exchange rates, we expect net revenues in the range of
$61.5 million to $66.5 million for the fourth fiscal quarter of 2017,”
concluded Mr. Shoshani.
*Use of Non-GAAP Financial Information
We define “adjusted net earnings” as net earnings attributable to VPG
stockholders before acquisition purchase accounting adjustments,
acquisition costs, restructuring costs and associated tax effects.
“Adjusted gross margin” is defined as gross margin before acquisition
purchase accounting adjustments. “Adjusted operating margin” is defined
as operating margin before acquisition purchase accounting adjustments,
acquisition costs and restructuring costs. “Free cash flow” is defined
as the amount of cash generated from operations ($7.5 million for the
third fiscal quarter of 2017), in excess of our capital expenditures
($1.2 million for the third fiscal quarter of 2017) net of proceeds, if
any, for the sale of assets ($0.1 million in the third fiscal quarter of
2017). 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 7) 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
5140000, 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 10113277. 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 measurement 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; 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 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 achieve efficiencies; 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, 2016. 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 |
| | September 30, 2017 | | October 1, 2016 |
|
Net revenues
| | $ | 62,805 | | |
$
|
54,490
| |
|
Costs of products sold
| |
| 38,538 |
| |
|
34,225
|
|
|
Gross profit
| | | 24,267 | | | |
20,265
| |
|
Gross profit margin
| | | 38.6 | % | | |
37.2
|
%
|
| | | |
|
|
Selling, general, and administrative expenses
| | | 18,525 | | | |
16,917
| |
|
Acquisition costs
| | | — | | | |
—
| |
|
Restructuring costs
| |
| 423 |
| |
|
709
|
|
|
Operating income
| | | 5,319 | | | |
2,639
| |
|
Operating margin
| | | 8.5 | % | | |
4.8
|
%
|
| | | |
|
|
Other income (expense):
| | | | |
|
Interest expense
| | | (472 | ) | | |
(377
|
)
|
|
Other
| |
| 1,717 |
| |
|
(44
|
)
|
|
Other income (expense) - net
| |
| 1,245 |
| |
|
(421
|
)
|
| | | |
|
|
Income before taxes
| | | 6,564 | | | |
2,218
| |
| | | |
|
|
Income tax expense
| |
| 2,239 |
| |
|
1,135
|
|
| | | |
|
|
Net earnings
| | | 4,325 | | | |
1,083
| |
Less: net earnings attributable to noncontrolling interests
| |
| 70 |
| |
|
32
|
|
|
Net earnings attributable to VPG stockholders
| | $ | 4,255 |
| |
$
|
1,051
|
|
| | | |
|
|
Basic earnings per share attributable to VPG stockholders
| | $ | 0.32 | | |
$
|
0.08
| |
|
Diluted earnings per share attributable to VPG stockholders
| | $ | 0.32 | | |
$
|
0.08
| |
| | | |
|
|
Weighted average shares outstanding - basic
| | | 13,291 | | | |
13,192
| |
|
Weighted average shares outstanding - diluted
| | | 13,470 | | | |
13,422
| |
|
| |
| |
| VISHAY PRECISION GROUP, INC. | | |
|
Consolidated Condensed Statements of Operations
| | |
|
(Unaudited - In thousands, except per share amounts)
| | |
| | | |
|
| | Nine fiscal months ended |
| | September 30, 2017 | | October 1, 2016 |
|
Net revenues
| | $ | 184,911 | | |
$
|
169,115
| |
|
Costs of products sold
| |
| 113,368 |
| |
|
107,580
|
|
|
Gross profit
| | | 71,543 | | | |
61,535
| |
|
Gross profit margin
| | | 38.7 | % | | |
36.4
|
%
|
| | | |
|
|
Selling, general, and administrative expenses
| | | 55,551 | | | |
53,409
| |
|
Acquisition costs
| | | — | | | |
414
| |
|
Restructuring costs
| |
| 1,292 |
| |
|
2,395
|
|
|
Operating income
| | | 14,700 | | | |
5,317
| |
|
Operating margin
| | | 7.9 | % | | |
3.1
|
%
|
| | | |
|
|
Other income (expense):
| | | | |
|
Interest expense
| | | (1,392 | ) | | |
(1,076
|
)
|
|
Other
| |
| 1,034 |
| |
|
351
|
|
|
Other income (expense) - net
| |
| (358 | ) | |
|
(725
|
)
|
| | | |
|
|
Income before taxes
| | | 14,342 | | | |
4,592
| |
| | | |
|
|
Income tax expense
| |
| 4,398 |
| |
|
1,164
|
|
| | | |
|
|
Net earnings
| | | 9,944 | | | |
3,428
| |
|
Less: net earnings attributable to noncontrolling interests
| |
| 75 |
| |
|
29
|
|
|
Net earnings attributable to VPG stockholders
| | $ | 9,869 |
| |
$
|
3,399
|
|
| | | |
|
|
Basic earnings per share attributable to VPG stockholders
| | $ | 0.74 | | |
$
|
0.26
| |
|
Diluted earnings per share attributable to VPG stockholders
| | $ | 0.73 | | |
$
|
0.25
| |
| | | |
|
|
Weighted average shares outstanding - basic
| | | 13,253 | | | |
13,185
| |
|
Weighted average shares outstanding - diluted
| | | 13,452 | | | |
13,409
| |
|
| |
| |
| VISHAY PRECISION GROUP, INC. | | |
|
Consolidated Condensed Balance Sheets
| | |
|
(In thousands)
| | |
| | September 30, 2017 | | December 31, 2016 |
| | (Unaudited) | | |
| Assets | | | | |
|
Current assets:
| | | | |
|
Cash and cash equivalents
| | $ | 69,891 | | |
$
|
58,452
| |
|
Accounts receivable, net
| | | 43,037 | | | |
34,270
| |
|
Inventories:
| | | | |
|
Raw materials
| | | 16,487 | | | |
15,647
| |
|
Work in process
| | | 22,215 | | | |
21,115
| |
|
Finished goods
| |
| 20,561 |
| |
|
19,559
|
|
|
Inventories, net
| | | 59,263 | | | |
56,321
| |
|
Prepaid expenses and other current assets
| |
| 9,923 |
| |
|
6,831
|
|
|
Total current assets
| | | 182,114 | | | |
155,874
| |
| | | |
|
|
Property and equipment, at cost:
| | | | |
|
Land
| | | 3,428 | | | |
3,344
| |
|
Buildings and improvements
| | | 49,491 | | | |
48,454
| |
|
Machinery and equipment
| | | 92,521 | | | |
89,080
| |
|
Software
| | | 7,787 | | | |
7,441
| |
|
Construction in progress
| | | 2,338 | | | |
4,340
| |
|
Accumulated depreciation
| |
| (101,964 | ) | |
|
(97,374
|
)
|
|
Property and equipment, net
| | | 53,601 | | | |
55,285
| |
| | | |
|
| Goodwill | | | 19,228 | | | |
18,717
| |
| | | |
|
|
Intangible assets, net
| | | 21,025 | | | |
21,585
| |
| | | |
|
|
Other assets
| |
| 19,751 |
| |
|
19,049
|
|
|
Total assets
| | $ | 295,719 |
| |
$
|
270,510
|
|
| | | |
|
| Liabilities and equity | | | | |
|
Current liabilities:
| | | | |
|
Trade accounts payable
| | $ | 9,673 | | |
$
|
8,264
| |
|
Payroll and related expenses
| | | 14,992 | | | |
11,978
| |
|
Other accrued expenses
| | | 15,615 | | | |
13,285
| |
|
Income taxes
| | | 3,193 | | | |
772
| |
|
Current portion of long-term debt
| |
| 2,965 |
| |
|
2,623
|
|
|
Total current liabilities
| | | 46,438 | | | |
36,922
| |
| | | |
|
|
Long-term debt, less current portion
| | | 30,017 | | | |
33,529
| |
|
Deferred income taxes
| | | 809 | | | |
735
| |
|
Other liabilities
| | | 13,793 | | | |
13,054
| |
|
Accrued pension and other postretirement costs
| |
| 15,161 |
| |
|
14,713
|
|
|
Total liabilities
| |
| 106,218 |
| |
|
98,953
|
|
| | | |
|
|
Commitments and contingencies
| | | | |
| | | |
|
|
Equity:
| | | | |
|
Common stock
| | | 1,288 | | | |
1,278
| |
|
Class B convertible common stock
| | | 103 | | | |
103
| |
| Treasury stock
| | | (8,765 | ) | | |
(8,765
|
)
|
|
Capital in excess of par value
| | | 192,364 | | | |
190,373
| |
|
Retained earnings
| | | 38,600 | | | |
28,731
| |
|
Accumulated other comprehensive loss
| |
| (34,278 | ) | |
|
(40,337
|
)
|
| Total Vishay Precision Group, Inc. stockholders' equity
| | | 189,312 | | | |
171,383
| |
|
Noncontrolling interests
| |
| 189 |
| |
|
174
|
|
|
Total equity
| |
| 189,501 |
| |
|
171,557
|
|
|
Total liabilities and equity
| | $ | 295,719 |
| |
$
|
270,510
|
|
|
| |
| |
| VISHAY PRECISION GROUP, INC. | | |
|
Consolidated Condensed Statements of Cash Flows
| | |
|
(Unaudited - In thousands)
| | |
| | | |
|
| | Nine fiscal months ended |
| | September 30, 2017 | | October 1, 2016 |
| Operating activities | | | | |
|
Net earnings
| | $ | 9,944 | | |
$
|
3,428
| |
|
Adjustments to reconcile net earnings to net cash provided by
operating activities:
| | | | |
|
Depreciation and amortization
| | | 7,977 | | | |
8,416
| |
|
Gain on disposal of property and equipment
| | | (193 | ) | | |
(24
|
)
|
|
Share-based compensation expense
| | | 959 | | | |
465
| |
|
Inventory write-offs for obsolescence
| | | 1,662 | | | |
1,410
| |
|
Deferred income taxes
| | | 264 | | | |
(1,537
|
)
|
|
Other
| | | (907 | ) | | |
(862
|
)
|
|
Net changes in operating assets and liabilities:
| | | | |
|
Accounts receivable, net
| | | (7,030 | ) | | |
2,139
| |
|
Inventories, net
| | | (3,280 | ) | | |
(2,891
|
)
|
|
Prepaid expenses and other current assets
| | | (2,937 | ) | | |
(1,848
|
)
|
|
Trade accounts payable
| | | 1,176 | | | |
453
| |
|
Other current liabilities
| |
| 7,166 |
| |
|
(2,572
|
)
|
|
Net cash provided by operating activities
| |
| 14,801 |
| |
|
6,577
|
|
| | | |
|
| Investing activities | | | | |
|
Capital expenditures
| | | (4,366 | ) | | |
(6,266
|
)
|
|
Proceeds from sale of property and equipment
| | | 442 | | | |
316
| |
|
Purchase of business
| |
| — |
| |
|
(10,727
|
)
|
|
Net cash used in investing activities
| |
| (3,924 | ) | |
|
(16,677
|
)
|
| | | |
|
| Financing activities | | | | |
|
Principal payments on long-term debt and capital leases
| | | (1,971 | ) | | |
(1,599
|
)
|
|
Proceeds from revolving facility
| | | 27,000 | | | |
17,000
| |
|
Payments on revolving facility
| | | (27,000 | ) | | |
(12,000
|
)
|
|
Distributions to noncontrolling interests
| | | (60 | ) | | |
(12
|
)
|
|
Payments of employee taxes on certain share-based arrangements
| |
| (303 | ) | |
|
(85
|
)
|
|
Net cash (used in) provided by financing activities
| | | (2,334 | ) | | |
3,304
| |
|
Effect of exchange rate changes on cash and cash equivalents
| |
| 2,896 |
| |
|
288
|
|
|
Increase (decrease) in cash and cash equivalents
| | | 11,439 | | | |
(6,508
|
)
|
| | | |
|
|
Cash and cash equivalents at beginning of period
| |
| 58,452 |
| |
|
62,641
|
|
|
Cash and cash equivalents at end of period
| | $ | 69,891 |
| |
$
|
56,133
|
|
| | | |
|
| Supplemental disclosure of non-cash financing transactions: | | | | |
|
Conversion of exchangeable notes to common stock
| | $ | (1,303 | ) | |
$
|
—
| |
|
| |
| |
|
|
| |
| |
| VISHAY PRECISION GROUP, INC. |
|
Reconciliation of Consolidated Adjusted Gross Profit Margin
|
|
(Unaudited - In thousands)
|
| | | | | |
|
| | Fiscal quarter ended | | | | Nine fiscal months ended |
| | September 30, 2017 | | October 1, 2016 | | | | September 30, 2017 | | October 1, 2016 |
|
Gross profit
| | $ | 24,267 | | |
$
|
20,265
| | | | | $ | 71,543 | | |
$
|
61,535
| |
|
Gross profit margin
| | | 38.6 | % | | |
37.2
|
%
| | | | | 38.7 | % | | |
36.4
|
%
|
| | | | | | | | | |
|
Reconciling items affecting gross profit
margin | | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | 42 | | | |
46
| | | | | | 42 | | | |
537
| |
| |
| |
| | | |
| |
|
|
Adjusted gross profit
| | $ | 24,309 |
| |
$
|
20,311
|
| | | | $ | 71,585 |
| |
$
|
62,072
|
|
|
Adjusted gross profit margin
| | | 38.7 | % | | |
37.3
|
%
| | | | | 38.7 | % | | |
36.7
|
%
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| VISHAY PRECISION GROUP, INC. |
|
Reconciliation of Consolidated Adjusted Operating Margin
|
|
(Unaudited - In thousands)
|
| | | | | | | | | |
|
| | Fiscal quarter ended | | | | Nine fiscal months ended |
| | September 30, 2017 | | October 1, 2016 | | | | September 30, 2017 | | October 1, 2016 |
|
Operating income
| | $ | 5,319 | | |
$
|
2,639
| | | | | $ | 14,700 | | |
$
|
5,317
| |
|
Operating margin
| | | 8.5 | % | | |
4.8
|
%
| | | | | 7.9 | % | | |
3.1
|
%
|
| | | | | | | | | |
|
Reconciling items affecting operating margin | | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | 42 | | | |
46
| | | | | | 42 | | | |
537
| |
|
Acquisition costs
| | | — | | | |
—
| | | | | | — | | | |
414
| |
|
Strategic alternative evaluation costs
| | | — | | | |
1,079
| | | | | | — | | | |
1,079
| |
|
Restructuring costs
| | | 423 | | | |
709
| | | | | | 1,292 | | | |
2,395
| |
| |
| |
| | | |
| |
|
|
Adjusted operating income
| | $ | 5,784 |
| |
$
|
4,473
|
| | | | $ | 16,034 |
| |
$
|
9,742
|
|
|
Adjusted operating margin
| | | 9.2 | % | | |
8.2
|
%
| | | | | 8.7 | % | | |
5.8
|
%
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| VISHAY PRECISION GROUP, INC. |
|
Reconciliation of Adjusted Earnings Per Share
|
|
(Unaudited - In thousands, except per share data)
|
| | | | | |
|
| | Fiscal quarter ended | | | | Nine fiscal months ended |
| | September 30, 2017 | | October 1, 2016 | | | | September 30, 2017 | | October 1, 2016 |
|
Net earnings attributable to VPG stockholders
| | $ | 4,255 | | |
$
|
1,051
| | | | | $ | 9,869 | | |
$
|
3,399
| |
| | | | | | | | | |
|
Reconciling items affecting operating margin | | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | 42 | | | |
46
| | | | | | 42 | | | |
537
| |
|
Acquisition costs
| | | — | | | |
—
| | | | | | — | | | |
414
| |
|
Strategic alternative evaluation costs
| | | — | | | |
1,079
| | | | | | — | | | |
1,079
| |
|
Restructuring costs
| | | 423 | | | |
709
| | | | | | 1,292 | | | |
2,395
| |
Reconciling items affecting other
income/expense | | | | | | | | | | |
|
Net proceeds from lease termination
| | | (1,544 | ) | | |
—
| | | | | | (1,544 | ) | | |
—
| |
Less reconciling items affecting income tax
expense | | | | | | | | | | |
|
Tax effect of reconciling items and discrete tax items
| |
| (394 | ) | |
|
27
|
| | | |
| (339 | ) | |
|
1,317
|
|
|
Adjusted net earnings attributable to VPG stockholders
| | $ | 3,570 |
| |
$
|
2,858
|
| | | | $ | 9,998 |
| |
$
|
6,507
|
|
| | | | | | | | | |
|
|
Adjusted net earnings per diluted share
| | $ | 0.27 | | |
$
|
0.21
| | | | | $ | 0.74 | | |
$
|
0.49
| |
| | | | | | | | | |
|
|
Weighted average shares outstanding - diluted
| | | 13,470 | | | |
13,422
| | | | | | 13,452 | | | |
13,409
| |
View source version on businesswire.com: http://www.businesswire.com/news/home/20171107005486/en/
VPG
For Investors
ICR, Inc.
James Palczynski,
203-682-8229
[email protected]
or
For
Media
ICR, Inc.
Phil Denning, 646-277-1258
[email protected]
Source: VPG