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 fourth quarter and twelve fiscal months ended December 31,
2017.
Fourth Quarter Highlights:
-
Growth in revenues to $69.4 million, up 24.4% year-over-year
-
Earnings increased to $0.33 per diluted share, compared to $0.22
reported last year
-
Adjusted diluted EPS* increased 50% to $0.39 compared to prior year
$0.26
-
Operating margin for the quarter is 10.0%, adjusted operating margin*
for the quarter is 11.1%
-
Cash from operations was $7.9 million with free cash flow* of $5.4
million
-
Book-to-bill remains strong at 1.18, continues to reflect broadly
improving end-markets
-
Enactment of the US Tax Cuts and Jobs Act impact, while provisional,
of $1.5 million expense
Ziv Shoshani, Chief Executive Officer of VPG, commented, “Our operating
performance in the fourth quarter of 2017 continues to demonstrate our
ability to capitalize on an improved business climate across our end
markets. We had good operating margins, solid cash generation and
continued to capture opportunity, reflected in our steady, strong
book-to-bill. 2017 was a successful year for VPG, and as we progress
through next year, we believe we have an opportunity to further leverage
our end markets and deliver value to our shareholders.”
The Company grew fourth fiscal quarter 2017 net earnings attributable to
VPG stockholders to $4.5 million, or $0.33 per diluted share, compared
to $3.0 million, or $0.22 per diluted share, in the fourth fiscal
quarter of 2016. This growth was achieved despite a foreign currency
exchange rates headwind that reduced net income by $0.7 million, or
$0.05 per diluted share relative to the fourth quarter of last year.
In the twelve fiscal months ended December 31, 2017, net earnings
attributable to VPG stockholders grew to $14.3 million, or $1.07 per
diluted share, compared to $6.4 million, or $0.48 per diluted share, in
the twelve fiscal months ended 2016. This growth was achieved despite a
negative impact from foreign currency exchange rates of $2.9 million, or
$0.21 per diluted share, as compared to the prior year’s twelve-month
period.
Included within Other income (expense) and in cash from operations, for
the twelve fiscal months ended December 31, 2017, are 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.
Fourth fiscal quarter 2017 adjusted net earnings attributable to VPG
stockholders grew 55% to $5.3 million, or $0.39 per diluted share,
compared to adjusted net earnings attributable to VPG stockholders of
$3.4 million, or $0.26 per diluted share, for the comparable prior year
period.
Twelve fiscal months ended December 31, 2017 adjusted net earnings
attributable to VPG stockholders grew by 54% to $15.3 million, or $1.14
per diluted share, compared to adjusted net earnings attributable to VPG
stockholders of $9.9 million, or $0.74 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 17.6% to $29.9 million in
the fourth fiscal quarter of 2017, up from $25.4 million in the fourth
fiscal quarter of 2016; sequential revenue increased 2.0% up from $29.3
million in the third quarter of 2017. The year-over-year increase in
revenues was attributable to precision resistors growth in all regions
for the test and measurement and AMS markets, in addition to an increase
mainly in the advance sensors products for the force measurement market
mainly in Asia. The sequential increase in revenues was attributable to
the advanced sensors products for the force measurement market in Asia.
Gross profit margin for the segment was 39.3% for the fourth fiscal
quarter of 2017, a decrease compared to 40.6% in the fourth fiscal
quarter of 2016 and 41.7% in the third fiscal quarter of 2017. The
year-over-year decline in gross margin reflects a negative exchange rate
impact and inventory adjustments. The sequential decline in gross
margins primarily reflects inventory adjustments, an increase in wages
and repair and maintenance, and a negative exchange rate impact.
Force Sensors segment revenues grew 20.0% to $17.7 million in the fourth
fiscal quarter of 2017, up from $14.8 million in the fourth fiscal
quarter of 2016; sequential revenue increased 6.8% up from $16.6 million
in the third quarter of 2017. The year-over-year increase in revenues
was attributable to OEM customers in the force measurement market,
mainly in the Americas and Europe. The increase in sequential revenue
was attributable to OEM customers in the force measurement market in the
Americas.
Gross profit margin for Force Sensors was 29.5% for the fourth fiscal
quarter of 2017, an increase compared to 25.3% in the fourth fiscal
quarter of 2016 and 28.6% in the third fiscal quarter of 2017. Gross
margins were up compared to the prior year period and sequentially
directly due to the volume increase experienced in the fourth fiscal
quarter of 2017.
Weighing and Control Systems segment revenues grew by 39.6% to $21.8
million in the fourth fiscal quarter of 2017, up from $15.6 million in
the fourth fiscal quarter of 2016; sequential revenue increased 29.2%
from $16.9 million in the third fiscal quarter of 2017. The increased
year-over-year revenues and sequential revenues are primarily
attributable to the steel market in Europe and Asia in addition to
on-board weighing products in Europe and the Americas. Additionally, the
year-over-year revenues were positively impacted by exchange rates.
Fourth fiscal quarter 2017 gross profit margin for the segment was
44.8%, a decline from the fourth fiscal quarter of 2016 of 46.5% and up
from the third fiscal quarter of 2017 of 43.1%. The year-over-year
decline in gross margin was primarily due to an increase in fixed
manufacturing costs. The sequential gross margin improvement mainly
reflects higher volumes.
Near-Term Outlook
“In light of an improved business environment, excluding the cyclical
nature of the project-driven end user steel market, and at constant
fourth fiscal quarter 2017 exchange rates, we expect net revenues in the
range of $65 million to $70 million for the first fiscal quarter of
2018,” 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, strategic alternative evaluation costs, gain on sale
of building, restructuring costs, net proceeds from lease termination,
tax rebate and associated tax effects, including the enactment of the
U.S. Tax Cuts and Jobs Act. “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, strategic
alternative evaluation costs, gain on sale of building and restructuring
costs. “Free cash flow” is defined as the amount of cash generated from
operations ($7.9 million for the fourth fiscal quarter of 2017), in
excess of our capital expenditures ($2.6 million for the fourth fiscal
quarter of 2017) net of proceeds, if any, for the sale of assets ($0.1
million in the fourth 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 (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
7782211, 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 10116650. 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 Statements of Operations
|
|
(Unaudited - In thousands, except per share amounts)
|
| | | | | | | | | | |
|
| | | | Fiscal quarter ended |
| | | | December 31, 2017 | | | December 31, 2016 |
|
Net revenues
| | | | $ | 69,439 | | | |
$
|
55,814
| |
|
Costs of products sold
| | | |
| 42,699 |
| | |
|
34,540
|
|
|
Gross profit
| | | | | 26,740 | | | | |
21,274
| |
|
Gross profit margin
| | | | | 38.5 | % | | | |
38.1
|
%
|
| | | | | | | | | | |
|
|
Selling, general, and administrative expenses
| | | | | 19,063 | | | | |
15,529
| |
|
Acquisition costs
| | | | | — | | | | |
80
| |
|
Restructuring costs
| | | |
| 752 |
| | |
|
271
|
|
|
Operating income
| | | | | 6,925 | | | | |
5,394
| |
|
Operating margin
| | | | | 10.0 | % | | | |
9.7
|
%
|
| | | | | | | | | | |
|
|
Other income (expense):
| | | | | | | | | | | |
|
Interest expense
| | | | | (450 | ) | | | |
(410
|
)
|
|
Other
| | | |
| (254 | ) | | |
|
31
|
|
|
Other (expense) income - net
| | | |
| (704 | ) | | |
|
(379
|
)
|
| | | | | | | | | | |
|
|
Income before taxes
| | | | | 6,221 | | | | |
5,015
| |
| | | | | | | | | | |
|
|
Income tax expense
| | | |
| 1,771 |
| | |
|
2,035
|
|
| | | | | | | | | | |
|
|
Net earnings
| | | | | 4,450 | | | | |
2,980
| |
|
Less: net earnings attributable to noncontrolling interests
| | | |
| (26 | ) | | |
|
(25
|
)
|
|
Net earnings attributable to VPG stockholders
| | | | $ | 4,476 |
| | |
$
|
3,005
|
|
| | | | | | | | | | |
|
|
Basic earnings per share attributable to VPG stockholders
| | | | $ | 0.34 | | | |
$
|
0.23
| |
|
Diluted earnings per share attributable to VPG stockholders
| | | | $ | 0.33 | | | |
$
|
0.22
| |
| | | | | | | | | | |
|
|
Weighted average shares outstanding - basic
| | | | | 13,292 | | | | |
13,192
| |
|
Weighted average shares outstanding - diluted
| | | | | 13,529 | | | | |
13,450
| |
| | | | | | | | | | |
|
|
|
|
| | | |
|
| | | |
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Statements of Operations
|
|
(Unaudited - In thousands, except per share amounts)
|
| | | | | | | | | | |
|
| | | | Years ended |
| | | | December 31, 2017 | | | December 31, 2016 |
|
Net revenues
| | | | $ | 254,350 | | | |
$
|
224,929
| |
|
Costs of products sold
| | | |
| 156,067 |
| | |
|
142,120
|
|
|
Gross profit
| | | | | 98,283 | | | | |
82,809
| |
|
Gross profit margin
| | | | | 38.6 | % | | | |
36.8
|
%
|
| | | | | | | | | | |
|
|
Selling, general, and administrative expenses
| | | | | 74,614 | | | | |
68,938
| |
|
Acquisition costs
| | | | | — | | | | |
494
| |
|
Restructuring costs
| | | |
| 2,044 |
| | |
|
2,666
|
|
|
Operating income
| | | | | 21,625 | | | | |
10,711
| |
|
Operating margin
| | | | | 8.5 | % | | | |
4.8
|
%
|
| | | | | | | | | | |
|
|
Other income (expense):
| | | | | | | | | | | |
|
Interest expense
| | | | | (1,842 | ) | | | |
(1,486
|
)
|
|
Other
| | | |
| 780 |
| | |
|
382
|
|
|
Other (expense) income - net
| | | |
| (1,062 | ) | | |
|
(1,104
|
)
|
| | | | | | | | | | |
|
|
Income before taxes
| | | | | 20,563 | | | | |
9,607
| |
| | | | | | | | | | |
|
|
Income tax expense
| | | |
| 6,169 |
| | |
|
3,199
|
|
| | | | | | | | | | |
|
|
Net earnings
| | | | | 14,394 | | | | |
6,408
| |
|
Less: net earnings attributable to noncontrolling interests
| | | |
| 49 |
| | |
|
4
|
|
|
Net earnings attributable to VPG stockholders
| | | | $ | 14,345 |
| | |
$
|
6,404
|
|
| | | | | | | | | | |
|
|
Basic earnings per share attributable to VPG stockholders
| | | | $ | 1.08 | | | |
$
|
0.49
| |
|
Diluted earnings per share attributable to VPG stockholders
| | | | $ | 1.07 | | | |
$
|
0.48
| |
| | | | | | | | | | |
|
|
Weighted average shares outstanding - basic
| | | | | 13,262 | | | | |
13,187
| |
|
Weighted average shares outstanding - diluted
| | | | | 13,471 | | | | |
13,419
| |
| | | | | | | | | | |
|
|
|
|
| | | |
|
| | | |
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Balance Sheets
|
|
(In thousands, except per share amounts)
|
| | | | December 31, 2017 | | | December 31, 2016 |
| | | | (Unaudited) | | | |
| Assets | | | | | | | | | | | |
|
Current assets:
| | | | | | | | | | | |
|
Cash and cash equivalents
| | | | $ | 74,292 | | | |
$
|
58,452
| |
|
Accounts receivable, net of allowances for doubtful accounts
| | | | | 46,789 | | | | |
34,270
| |
|
Inventories:
| | | | | | | | | | | |
|
Raw materials
| | | | | 16,601 | | | | |
15,647
| |
|
Work in process
| | | | | 23,160 | | | | |
21,115
| |
|
Finished goods
| | | |
| 20,174 |
| | |
|
19,559
|
|
|
Inventories, net
| | | | | 59,935 | | | | |
56,321
| |
|
Prepaid expenses and other current assets
| | | |
| 10,299 |
| | |
|
6,831
|
|
|
Total current assets
| | | | | 191,315 | | | | |
155,874
| |
| | | | | | | | | | |
|
|
Property and equipment, at cost:
| | | | | | | | | | | |
|
Land
| | | | | 3,434 | | | | |
3,344
| |
|
Buildings and improvements
| | | | | 50,276 | | | | |
48,454
| |
|
Machinery and equipment
| | | | | 95,158 | | | | |
89,080
| |
|
Software
| | | | | 7,955 | | | | |
7,441
| |
|
Construction in progress
| | | | | 2,252 | | | | |
4,340
| |
|
Accumulated depreciation
| | | |
| (103,401 | ) | | |
|
(97,374
|
)
|
|
Property and equipment, net
| | | | | 55,674 | | | | |
55,285
| |
| | | | | | | | | | |
|
| Goodwill | | | | | 19,181 | | | | |
18,717
| |
| | | | | | | | | | |
|
|
Intangible assets, net
| | | | | 20,475 | | | | |
21,585
| |
| | | | | | | | | | |
|
|
Other assets
| | | |
| 19,906 |
| | |
|
19,049
|
|
|
Total assets
| | | | $ | 306,551 |
| | |
$
|
270,510
|
|
| | | | | | | | | | |
|
| | | | | | | | | | |
|
| Liabilities and equity | | | | | | | | | | | |
|
Current liabilities:
| | | | | | | | | | | |
|
Trade accounts payable
| | | | $ | 13,678 | | | |
$
|
8,264
| |
|
Payroll and related expenses
| | | | | 15,892 | | | | |
11,978
| |
|
Other accrued expenses
| | | | | 15,952 | | | | |
13,285
| |
|
Income taxes
| | | | | 2,515 | | | | |
772
| |
|
Current portion of long-term debt
| | | |
| 3,878 |
| | |
|
2,623
|
|
|
Total current liabilities
| | | | | 51,915 | | | | |
36,922
| |
| | | | | | | | | | |
|
|
Long-term debt, less current portion
| | | | | 28,477 | | | | |
33,529
| |
|
Deferred income taxes
| | | | | 2,300 | | | | |
735
| |
|
Other liabilities
| | | | | 14,131 | | | | |
13,054
| |
|
Accrued pension and other postretirement costs
| | | |
| 16,424 |
| | |
|
14,713
|
|
|
Total liabilities
| | | |
| 113,247 |
| | |
|
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
| | | | | 192,904 | | | | |
190,373
| |
|
Retained earnings
| | | | | 43,076 | | | | |
28,731
| |
|
Accumulated other comprehensive loss
| | | |
| (35,450 | ) | | |
|
(40,337
|
)
|
| Total Vishay Precision Group, Inc. stockholders' equity
| | | | | 193,156 | | | | |
171,383
| |
|
Noncontrolling interests
| | | |
| 148 |
| | |
|
174
|
|
|
Total equity
| | | |
| 193,304 |
| | |
|
171,557
|
|
|
Total liabilities and equity
| | | | $ | 306,551 |
| | |
$
|
270,510
|
|
| | | | | | | | | | |
|
|
|
|
| | | |
|
| | | |
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Statements of Cash Flows
|
|
(Unaudited - In thousands)
|
| | | | | | | | | | |
|
| | | | Years ended |
| | | | December 31, 2017 | | | December 31, 2016 |
| Operating activities | | | | | | | | | | | |
|
Net earnings
| | | | $ | 14,394 | | | |
$
|
6,408
| |
|
Adjustments to reconcile net earnings to net cash provided by
operating activities:
| | | | | | | | | | | |
|
Depreciation and amortization
| | | | | 10,626 | | | | |
11,149
| |
|
(Gain) loss on disposal of property and equipment
| | | | | (195 | ) | | | |
(823
|
)
|
|
Share-based compensation expense
| | | | | 1,499 | | | | |
37
| |
|
Inventory write-offs for obsolescence
| | | | | 2,065 | | | | |
1,755
| |
|
Deferred income taxes
| | | | | 1,890 | | | | |
301
| |
|
Other
| | | | | 893 | | | | |
(2,044
|
)
|
|
Net changes in operating assets and liabilities, net of acquisition:
| | | | | | | | | | | |
|
Accounts receivable
| | | | | (10,537 | ) | | | |
1,322
| |
|
Inventories
| | | | | (4,307 | ) | | | |
(1,968
|
)
|
|
Prepaid expenses and other current assets
| | | | | (3,260 | ) | | | |
955
| |
|
Trade accounts payable
| | | | | 2,009 | | | | |
237
| |
|
Other current liabilities
| | | |
| 7,652 |
| | |
|
(5,824
|
)
|
|
Net cash provided by operating activities
| | | |
| 22,729 |
| | |
|
11,505
|
|
| | | | | | | | | | |
|
| Investing activities | | | | | | | | | | | |
|
Capital expenditures
| | | | | (6,960 | ) | | | |
(10,425
|
)
|
|
Proceeds from sale of property and equipment
| | | | | 541 | | | | |
4,203
| |
|
Purchase of business
| | | |
| — |
| | |
|
(10,626
|
)
|
|
Net cash used in investing activities
| | | |
| (6,419 | ) | | |
|
(16,848
|
)
|
| | | | | | | | | | |
|
| Financing activities | | | | | | | | | | | |
|
Principal payments on long-term debt
| | | | | (2,628 | ) | | | |
(2,133
|
)
|
|
Proceeds from revolving facility
| | | | | 41,000 | | | | |
25,000
| |
|
Payments on revolving facility
| | | | | (41,000 | ) | | | |
(20,000
|
)
|
|
Distributions to noncontrolling interests
| | | | | (75 | ) | | | |
(15
|
)
|
|
Payments of employee taxes on certain share-based arrangements
| | | |
| (303 | ) | | |
|
(85
|
)
|
|
Net cash (used in) provided by financing activities
| | | | | (3,006 | ) | | | |
2,767
| |
|
Effect of exchange rate changes on cash and cash equivalents
| | | |
| 2,536 |
| | |
|
(1,613
|
)
|
|
Increase (decrease) in cash and cash equivalents
| | | | | 15,840 | | | | |
(4,189
|
)
|
| | | | | | | | | | |
|
|
Cash and cash equivalents at beginning of year
| | | |
| 58,452 |
| | |
|
62,641
|
|
|
Cash and cash equivalents at end of year
| | | | $ | 74,292 |
| | |
$
|
58,452
|
|
| | | | | | | | | | |
|
| Supplemental disclosure of investing transactions: | | | | | | | | | | | |
|
Capital expenditures purchased
| | | | | (10,092 | ) | | | |
(10,425
|
)
|
| 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 | | | Years ended |
| | | | December 31, 2017 | | | December 31, 2016 | | | December 31, 2017 | | | December 31, 2016 |
|
Gross profit
| | | | $ | 26,740 | | | |
$
|
21,274
| | | | $ | 98,283 | | | |
$
|
82,809
| |
|
Gross profit margin
| | | | | 38.5 | % | | | |
38.1
|
%
| | | | 38.6 | % | | | |
36.8
|
%
|
| | | | | | | | | | | | | | | | | | | | |
|
Reconciling items affecting gross profit
margin | | | | | | | | | | | | | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | | | 49 | | | | |
49
| | | | | 91 | | | | |
586
| |
| | | |
|
|
| | |
|
|
| | |
|
|
| | |
|
|
|
|
Adjusted gross profit
| | | | $ | 26,789 |
| | |
$
|
21,323
|
| | | $ | 98,374 |
| | |
$
|
83,395
|
|
|
Adjusted gross profit margin
| | | | | 38.6 | % | | | |
38.2
|
%
| | | | 38.7 | % | | | |
37.1
|
%
|
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
|
| VISHAY PRECISION GROUP, INC. | | | | | | | | | | | | | | | | | | | | | |
|
Reconciliation of Consolidated Adjusted Operating Margin
| | | | | | | | | | | | | | | | | | | | | |
|
(Unaudited - In thousands)
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
|
| | | | Fiscal quarter ended | | | Years ended |
| | | | December 31, 2017 | | | December 31, 2016 | | | December 31, 2017 | | | December 31, 2016 |
|
Operating income
| | | | $ | 6,925 | | | |
$
|
5,394
| | | | $ | 21,625 | | | |
$
|
10,711
| |
|
Operating margin
| | | | | 10.0 | % | | | |
9.7
|
%
| | | | 8.5 | % | | | |
4.8
|
%
|
| | | | | | | | | | | | | | | | | | | | |
|
Reconciling items affecting operating
margin | | | | | | | | | | | | | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | | | 49 | | | | |
49
| | | | | 91 | | | | |
586
| |
|
Acquisition costs
| | | | | — | | | | |
80
| | | | | — | | | | |
494
| |
|
Strategic alternative evaluation costs
| | | | | — | | | | |
265
| | | | | — | | | | |
1,344
| |
|
Gain on sale of building
| | | | | — | | | | |
(837
|
)
| | | | — | | | | |
(837
|
)
|
|
Restructuring costs
| | | | | 752 | | | | |
271
| | | | | 2,044 | | | | |
2,666
| |
| | | |
|
|
| | |
|
|
| | |
|
|
| | |
|
|
|
|
Adjusted operating income
| | | | $ | 7,726 |
| | |
$
|
5,222
|
| | | $ | 23,760 |
| | |
$
|
14,964
|
|
|
Adjusted operating margin
| | | | | 11.1 | % | | | |
9.4
|
%
| | | | 9.3 | % | | | |
6.7
|
%
|
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
|
| VISHAY PRECISION GROUP, INC. | | | | | | | | | | | | | | | | | | | | | |
|
Reconciliation of Adjusted Earnings Per Share
| | | | | | | | | | | | | | | | | | | | | |
|
(Unaudited - In thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | |
| | | | Fiscal quarter ended | | | Years ended |
| | | | December 31, 2017 | | | December 31, 2016 | | | December 31, 2017 | | | December 31, 2016 |
|
Net earnings attributable to VPG stockholders
| | | | $ | 4,476 | | | |
$
|
3,005
| | | | $ | 14,345 | | | |
$
|
6,404
| |
| | | | | | | | | | | | | | | | | | | | |
|
| Reconciling items affecting operating margin | | | | | | | | | | | | | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | | | 49 | | | | |
49
| | | | | 91 | | | | |
586
| |
|
Acquisition costs
| | | | | — | | | | |
80
| | | | | — | | | | |
494
| |
|
Strategic alternative evaluation costs
| | | | | — | | | | |
265
| | | | | — | | | | |
1,344
| |
|
Gain on sale of building
| | | | | — | | | | |
(837
|
)
| | | | — | | | | |
(837
|
)
|
|
Restructuring costs
| | | | | 752 | | | | |
271
| | | | | 2,044 | | | | |
2,666
| |
| | | | | | | | | | | | | | | | | | | | |
|
| Reconciling items affecting other income/expense | | | | | | | | | | | | | | | | | | | | | |
|
Net proceeds from lease termination
| | | | | — | | | | |
—
| | | | | (1,544 | ) | | | |
—
| |
|
Tax rebate
| | | | | 189 | | | | |
—
| | | | | 189 | | | | |
—
| |
| | | | | | | | | | | | | | | | | | | | |
|
| Less reconciling items affecting income tax expense | | | | | | | | | | | | | | | | | | | | | |
|
Tax effect of reconciling items and discrete tax items
| | | |
| 165 |
| | |
|
(597
|
)
| | |
| (174 | ) | | |
|
719
|
|
|
Adjusted net earnings attributable to VPG stockholders
| | | | $ | 5,301 |
| | |
$
|
3,430
|
| | | $ | 15,299 |
| | |
$
|
9,938
|
|
| | | | | | | | | | | | | | | | | | | | |
|
|
Weighted average shares outstanding - diluted
| | | | | 13,529 | | | | |
13,450
| | | | | 13,471 | | | | |
13,419
| |
| | | | | | | | | | | | | | | | | | | | |
|
|
Adjusted net earnings per diluted share
| | | | $ | 0.39 | | | |
$
|
0.26
| | | | $ | 1.14 | | | |
$
|
0.74
| |
| | | | | | | | | | | | | | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20180221005389/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