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 2018 third quarter ended September 29, 2018.
Third Quarter Highlights:
-
Growth in revenues to $75.5 million, up 20.2% year-over-year
-
Gross profit margin was 40.5% for the quarter as compared to 38.6% for
the prior year period
-
Operating income increased by 92% to $10.6 million as compared to $5.5
million in the prior year period
-
Operating margin for the quarter was 14.1%, compared to 8.8% for the
prior year period
-
Earnings increased 75% to $0.56 per diluted share, compared to $0.32
reported last year
-
Adjusted diluted EPS* increased 111% to $0.57, compared to $0.27 in
the prior year period
-
Cash from operations was $10.6 million with free cash flow* of $6.8
million
Ziv Shoshani, Chief Executive Officer of VPG, commented, “Our continued
focus on execution delivered another quarter of solid revenues and net
earnings. Free cash for the quarter was strong, along with a stable
book-to-bill, demonstrating a solid business environment. We remain
dedicated to delivering solid revenues, margins and net earnings to
continue to enhance shareholder value."
The Company grew third fiscal quarter 2018 net earnings attributable to
VPG stockholders to $7.5 million, or $0.56 per diluted share, compared
to $4.3 million, or $0.32 per diluted share, in the third fiscal quarter
of 2017. Foreign currency exchange rates for the third quarter of 2018
decreased net income by $0.1 million, or $0.01 per diluted share,
relative to the prior year period.
In the nine fiscal months ended September 29, 2018, net earnings
attributable to VPG stockholders grew to $20.2 million, or $1.50 per
diluted share, compared to $9.9 million or $0.73 per diluted share, in
the nine fiscal months ended September 30, 2017. Foreign currency
exchange rates for the nine fiscal months ended September 29, 2018
decreased net income by $0.2 million or $0.01 per diluted share relative
to the prior year period.
The third fiscal quarter 2018 adjusted net earnings attributable to VPG
stockholders more than doubled to $7.7 million, or $0.57 per diluted
share, compared to adjusted net earnings attributable to VPG
stockholders of $3.6 million, or $0.27 per diluted share, for the
comparable prior year period. Included as an adjustment to net earnings
attributable to VPG stockholders for the fiscal quarter ended September
30, 2017, were 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.
Nine fiscal months ended September 29, 2018, adjusted net earnings
attributable to VPG stockholders doubled to $20.5 million, or $1.51 per
diluted share, compared to adjusted net earnings attributable to VPG
stockholders of $10.0 million, or $0.74 per diluted share, for the
comparable prior year period.
Segments
Foil Technology Products segment revenues grew 22.5% to $35.9 million in
the third fiscal quarter of 2018, up from $29.3 million in the third
fiscal quarter of 2017; sequential revenue increased 5.0% compared to
$34.2 million in the second quarter of 2018. The year-over-year increase
in revenues was attributable to precision resistor products in all
regions for distribution and OEM customers primarily in the test and
measurement market, strain gage products in all regions mainly for OEM
customers in the force measurement and test and measurement markets and
Pacific Instruments products in the Americas for end users customers in
the avionics, military and space market. The sequential increase in
revenue was attributable to Pacific Instruments products in the Americas
for end users in the avionics, military and space market.
Gross profit margin for the Foil Technology Products segment was 43.9%
for the third fiscal quarter of 2018, an increase compared to 41.7% in
the third fiscal quarter of 2017, and a decrease compared to 46.1% in
the second fiscal quarter of 2018. The year-over-year increase in gross
profit margin was primarily due to an increase in volume. Sequentially,
gross profit margin decreased due to an increase in variable costs as a
result of manufacturing inefficiencies in addition to a reduction in
inventory, partially offset by an increase in volume.
Force Sensors segment revenues grew 6.1% to $17.6 million in the third
fiscal quarter of 2018, up from $16.6 million in the third fiscal
quarter of 2017; sequential revenue decreased 9.1%, compared to $19.4
million in the second quarter of 2018. The year-over-year increase in
revenues was mainly attributable to OEM customers in the force
measurement market, primarily in the Americas. The sequential decrease
in revenue was mainly attributable to OEM and distribution customers in
the force measurement and precision weighing markets, mainly in the
Americas.
Gross profit margin for the Force Sensors segment was 25.9% for the
third fiscal quarter of 2018, a decrease compared to 28.6% in the third
fiscal quarter of 2017, and a decrease compared to 29.4% in the second
fiscal quarter of 2018. The year-over-year decrease in gross profit
margin was primarily due to the U.S. imposition of tariffs on goods from
China, wage increases and a reduction in inventory partially offset by
the increase in volumes. Sequentially, gross profit margin decreased due
to a decrease in volume, a reduction in inventory and the U.S.
imposition of tariffs on goods from China.
Weighing and Control Systems segment revenues grew by 30.1% to $22.0
million in the third fiscal quarter of 2018, up from $16.9 million in
the third fiscal quarter of 2017; sequential revenue increased 6.3% from
$20.7 million in the second fiscal quarter of 2018. The increase in
revenues year-over-year was attributable to all product lines in all
regions. The sequential increase in revenue was primarily attributable
to a volume increase in the steel product line in Europe and onboard
weighing and process weighing product lines in the Americas.
The third fiscal quarter 2018 gross profit margin for the Weighing and
Control System segment was 46.6%, an increase compared to 43.1% from the
third fiscal quarter of 2017, and a decrease compared to 48.0% from the
second fiscal quarter of 2018. The year-over-year increase in gross
profit margin was primarily due to the increase in volume. Sequential
gross profit margin decreased due to unfavorable product mix,
manufacturing inefficiencies and the U.S. imposition of tariffs on goods
from China, partially offset by an increase in volume.
Near-Term Outlook
“In light of a continued solid business environment, at constant third
fiscal quarter 2018 exchange rates, we expect net revenues in the range
of $73 million to $80 million for the fourth 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 restructuring costs, acquisition purchase accounting
adjustments, net proceeds from lease termination and associated tax
effects. "Free cash flow" is defined as the amount of cash generated
from operations ($10.6 million for the third fiscal quarter of 2018), in
excess of our capital expenditures ($3.8 million for the third fiscal
quarter of 2018) net of proceeds, if any, from the sale of assets ($0.0
million for the third fiscal quarter of 2018). 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. Management believes that these measures
are meaningful because they provide insight with respect to intrinsic
operating results.
Conference Call and Webcast
A conference call will be held today (November 6) 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
9273112, 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 10125948. 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; 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;
significant developments from the recent and potential changes in
tariffs and trade regulation; 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,
2017. 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 29, 2018 | | | September 30, 2017 |
|
Net revenues
| | | $ | 75,490 | | | |
$
|
62,805
| |
|
Costs of products sold
| | |
| 44,910 |
| | |
|
38,538
|
|
|
Gross profit
| | | | 30,580 | | | | |
24,267
| |
|
Gross profit margin
| | | | 40.5 | % | | | |
38.6
|
%
|
| | | | | |
|
|
Selling, general, and administrative expenses
| | | | 19,721 | | | | |
18,314
| |
|
Restructuring costs
| | |
| 228 |
| | |
|
423
|
|
|
Operating income
| | | | 10,631 | | | | |
5,530
| |
|
Operating margin
| | | | 14.1 | % | | | |
8.8
|
%
|
| | | | | |
|
|
Other income (expense):
| | | | | | |
|
Interest expense
| | | | (413 | ) | | | |
(472
|
)
|
|
Other
| | |
| (172 | ) | | |
|
1,506
|
|
|
Other income (expense) - net
| | |
| (585 | ) | | |
|
1,034
|
|
| | | | | |
|
|
Income before taxes
| | | | 10,046 | | | | |
6,564
| |
| | | | | |
|
|
Income tax expense
| | |
| 2,479 |
| | |
|
2,239
|
|
| | | | | |
|
|
Net earnings
| | | | 7,567 | | | | |
4,325
| |
|
Less: net earnings attributable to noncontrolling interests
| | |
| 20 |
| | |
|
70
|
|
|
Net earnings attributable to VPG stockholders
| | | $ | 7,547 |
| | |
$
|
4,255
|
|
| | | | | |
|
|
Basic earnings per share attributable to VPG stockholders
| | | $ | 0.56 | | | |
$
|
0.32
| |
|
Diluted earnings per share attributable to VPG stockholders
| | | $ | 0.56 | | | |
$
|
0.32
| |
| | | | | |
|
|
Weighted average shares outstanding - basic
| | | | 13,474 | | | | |
13,291
| |
|
Weighted average shares outstanding - diluted
| | | | 13,534 | | | | |
13,470
| |
| | | | | | | | | |
|
|
|
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Condensed Statements of Operations
|
|
(Unaudited - In thousands, except per share amounts)
|
|
|
| |
|
| |
| | | Nine fiscal months ended |
| | | September 29, 2018 | | | September 30, 2017 |
|
Net revenues
| | | $ | 222,812 | | | |
$
|
184,911
| |
|
Costs of products sold
| | |
| 132,361 |
| | |
|
113,368
|
|
|
Gross profit
| | | | 90,451 | | | | |
71,543
| |
|
Gross profit margin
| | | | 40.6 | % | | | |
38.7
|
%
|
| | | | | |
|
|
Selling, general, and administrative expenses
| | | | 60,030 | | | | |
54,923
| |
|
Restructuring costs
| | |
| 289 |
| | |
|
1,292
|
|
|
Operating income
| | | | 30,132 | | | | |
15,328
| |
|
Operating margin
| | | | 13.5 | % | | | |
8.3
|
%
|
| | | | | |
|
|
Other income (expense):
| | | | | | |
|
Interest expense
| | | | (1,333 | ) | | | |
(1,392
|
)
|
|
Other
| | |
| (1,093 | ) | | |
|
406
|
|
|
Other income (expense) - net
| | |
| (2,426 | ) | | |
|
(986
|
)
|
| | | | | |
|
|
Income before taxes
| | | | 27,706 | | | | |
14,342
| |
| | | | | |
|
|
Income tax expense
| | |
| 7,498 |
| | |
|
4,398
|
|
| | | | | |
|
|
Net earnings
| | | | 20,208 | | | | |
9,944
| |
|
Less: net earnings (loss) attributable to noncontrolling interests
| | |
| (20 | ) | | |
|
75
|
|
|
Net earnings attributable to VPG stockholders
| | | $ | 20,228 |
| | |
$
|
9,869
|
|
| | | | | |
|
|
Basic earnings per share attributable to VPG stockholders
| | | $ | 1.51 | | | |
$
|
0.74
| |
|
Diluted earnings per share attributable to VPG stockholders
| | | $ | 1.50 | | | |
$
|
0.73
| |
| | | | | |
|
|
Weighted average shares outstanding - basic
| | | | 13,431 | | | | |
13,253
| |
|
Weighted average shares outstanding - diluted
| | | | 13,519 | | | | |
13,452
| |
| | | | | | | | | |
|
|
|
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Condensed Balance Sheets
|
|
(In thousands)
|
|
|
| |
|
| |
| | | September 29, 2018 | | | December 31, 2017 |
| | | (Unaudited) | | | |
| Assets | | | | | | |
|
Current assets:
| | | | | | |
|
Cash and cash equivalents
| | | $ | 78,628 | | | |
$
|
74,292
| |
|
Accounts receivable, net
| | | | 54,003 | | | | |
46,789
| |
|
Inventories:
| | | | | | |
|
Raw materials
| | | | 18,479 | | | | |
16,601
| |
|
Work in process
| | | | 24,490 | | | | |
23,160
| |
|
Finished goods
| | |
| 21,694 |
| | |
|
20,174
|
|
|
Inventories, net
| | | | 64,663 | | | | |
59,935
| |
|
Prepaid expenses and other current assets
| | |
| 12,487 |
| | |
|
10,299
|
|
|
Total current assets
| | | | 209,781 | | | | |
191,315
| |
| | | | | |
|
|
Property and equipment, at cost:
| | | | | | |
|
Land
| | | | 3,409 | | | | |
3,434
| |
|
Buildings and improvements
| | | | 50,536 | | | | |
50,276
| |
|
Machinery and equipment
| | | | 100,868 | | | | |
95,158
| |
|
Software
| | | | 8,308 | | | | |
7,955
| |
|
Construction in progress
| | | | 2,089 | | | | |
2,252
| |
|
Accumulated depreciation
| | |
| (109,342 | ) | | |
|
(103,401
|
)
|
|
Property and equipment, net
| | | | 55,868 | | | | |
55,674
| |
| | | | | |
|
| Goodwill | | | | 18,923 | | | | |
19,181
| |
| | | | | |
|
|
Intangible assets, net
| | | | 18,759 | | | | |
20,475
| |
| | | | | |
|
|
Other assets
| | |
| 18,407 |
| | |
|
19,906
|
|
|
Total assets
| | | $ | 321,738 |
| | |
$
|
306,551
|
|
| | | | | |
|
| Liabilities and equity | | | | | | |
|
Current liabilities:
| | | | | | |
|
Trade accounts payable
| | | $ | 9,842 | | | |
$
|
13,678
| |
|
Payroll and related expenses
| | | | 16,176 | | | | |
15,892
| |
|
Other accrued expenses
| | | | 17,989 | | | | |
15,952
| |
|
Income taxes
| | | | 2,914 | | | | |
2,515
| |
|
Current portion of long-term debt
| | |
| 4,367 |
| | |
|
3,878
|
|
|
Total current liabilities
| | | | 51,288 | | | | |
51,915
| |
| | | | | |
|
|
Long-term debt, less current portion
| | | | 23,550 | | | | |
28,477
| |
|
Deferred income taxes
| | | | 2,331 | | | | |
2,300
| |
|
Other liabilities
| | | | 13,981 | | | | |
14,131
| |
|
Accrued pension and other postretirement costs
| | |
| 16,025 |
| | |
|
16,424
|
|
|
Total liabilities
| | |
| 107,175 |
| | |
|
113,247
|
|
| | | | | |
|
|
Commitments and contingencies
| | | | | | |
| | | | | |
|
|
Equity:
| | | | | | |
|
Common stock
| | | | 1,307 | | | | |
1,288
| |
|
Class B convertible common stock
| | | | 103 | | | | |
103
| |
| Treasury stock
| | | | (8,765 | ) | | | |
(8,765
|
)
|
|
Capital in excess of par value
| | | | 196,039 | | | | |
192,904
| |
|
Retained earnings
| | | | 63,151 | | | | |
43,076
| |
|
Accumulated other comprehensive loss
| | |
| (37,299 | ) | | |
|
(35,450
|
)
|
| Total Vishay Precision Group, Inc. stockholders' equity
| | | | 214,536 | | | | |
193,156
| |
|
Noncontrolling interests
| | |
| 27 |
| | |
|
148
|
|
|
Total equity
| | |
| 214,563 |
| | |
|
193,304
|
|
|
Total liabilities and equity
| | | $ | 321,738 |
| | |
$
|
306,551
|
|
| | | | | | | | | |
|
|
|
| VISHAY PRECISION GROUP, INC. |
|
Consolidated Condensed Statements of Cash Flows
|
|
(Unaudited - In thousands)
|
|
|
|
|
| Nine fiscal months ended |
| | | September 29, 2018 |
|
| September 30, 2017 |
| Operating activities | | | | | | |
|
Net earnings
| | | $ | 20,208 | | | |
$
|
9,944
| |
|
Adjustments to reconcile net earnings to net cash provided by
operating activities:
| | | | | | |
|
Depreciation and amortization
| | | | 7,939 | | | | |
7,977
| |
|
Gain on disposal of property and equipment
| | | | (146 | ) | | | |
(193
|
)
|
|
Share-based compensation expense
| | | | 1,172 | | | | |
959
| |
|
Inventory write-offs for obsolescence
| | | | 1,633 | | | | |
1,662
| |
|
Deferred income taxes
| | | | 1,584 | | | | |
264
| |
|
Other
| | | | 536 | | | | |
(907
|
)
|
|
Net changes in operating assets and liabilities:
| | | | | | |
|
Accounts receivable, net
| | | | (8,128 | ) | | | |
(7,030
|
)
|
|
Inventories, net
| | | | (6,935 | ) | | | |
(3,280
|
)
|
|
Prepaid expenses and other current assets
| | | | (2,600 | ) | | | |
(2,937
|
)
|
|
Trade accounts payable
| | | | (1,342 | ) | | | |
1,176
| |
|
Other current liabilities
| | |
| 4,031 |
| | |
|
7,166
|
|
|
Net cash provided by operating activities
| | |
| 17,952 |
| | |
|
14,801
|
|
| | | | | |
|
| Investing activities | | | | | | |
|
Capital expenditures
| | | | (9,966 | ) | | | |
(4,366
|
)
|
|
Proceeds from sale of property and equipment
| | |
| 169 |
| | |
|
442
|
|
|
Net cash used in investing activities
| | |
| (9,797 | ) | | |
|
(3,924
|
)
|
| | | | | |
|
| | | | | |
|
| Financing activities | | | | | | |
|
Principal payments on long-term debt and capital leases
| | | | (4,728 | ) | | | |
(1,971
|
)
|
|
Proceeds from revolving facility
| | | | 22,000 | | | | |
27,000
| |
|
Payments on revolving facility
| | | | (19,000 | ) | | | |
(27,000
|
)
|
|
Distributions to noncontrolling interests
| | | | (101 | ) | | | |
(60
|
)
|
|
Payments of employee taxes on certain share-based arrangements
| | |
| (801 | ) | | |
|
(303
|
)
|
|
Net cash (used in) financing activities
| | | | (2,630 | ) | | | |
(2,334
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
| | |
| (1,189 | ) | | |
|
2,896
|
|
|
Increase in cash and cash equivalents
| | | | 4,336 | | | | |
11,439
| |
| | | | | |
|
|
Cash and cash equivalents at beginning of period
| | |
| 74,292 |
| | |
|
58,452
|
|
|
Cash and cash equivalents at end of period
| | | $ | 78,628 |
| | |
$
|
69,891
|
|
| | | | | |
|
| Supplemental disclosure of non-cash investing transactions: | | | | | | |
|
Capital expenditures purchased
| | | $ | (7,559 | ) | | |
$
|
(4,366
|
)
|
| Supplemental disclosure of non-cash financing transactions: | | | | | | |
|
Conversion of exchangeable notes to common stock
| | | $ | (2,794 | ) | | |
$
|
(1,303
|
)
|
| | | | | | | | | |
|
|
|
| VISHAY PRECISION GROUP, INC. |
|
Reconciliation of Consolidated Adjusted Gross Profit Margin
|
|
(Unaudited - In thousands)
|
|
|
|
|
| Fiscal quarter ended |
|
| Nine fiscal months ended |
| | | September 29, 2018 |
| September 30, 2017 | | | September 29, 2018 |
| September 30, 2017 |
|
Gross profit
| | | $ | 30,580 | | |
$
|
24,267
| | | | $ | 90,451 | | |
$
|
71,543
| |
|
Gross profit margin
| | | | 40.5 | % | | |
38.6
|
%
| | | | 40.6 | % | | |
38.7
|
%
|
| | | | | | | | | |
|
|
Reconciling items affecting gross profit margin
| | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | | — | | | |
42
| | | | | — | | | |
42
| |
| | |
| |
| | |
| |
|
|
Adjusted gross profit
| | | $ | 30,580 |
| |
$
|
24,309
|
| | | $ | 90,451 |
| |
$
|
71,585
|
|
|
Adjusted gross profit margin
| | | | 40.5 | % | | |
38.7
|
%
| | | | 40.6 | % | | |
38.7
|
%
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| VISHAY PRECISION GROUP, INC. | | | | | | | | | | |
|
Reconciliation of Consolidated Adjusted Operating Margin
| | | | | | | | |
|
(Unaudited - In thousands)
| | | | | | | | | | |
| | | | | | | | | |
|
| | | Fiscal quarter ended | | | Nine fiscal months ended |
| | | September 29, 2018 | | September 30, 2017 | | | September 29, 2018 | | September 30, 2017 |
|
Operating income
| | | $ | 10,631 | | |
$
|
5,530
| | | | $ | 30,132 | | |
$
|
15,328
| |
|
Operating margin
| | | | 14.1 | % | | |
8.8
|
%
| | | | 13.5 | % | | |
8.3
|
%
|
| | | | | | | | | |
|
|
Reconciling items affecting operating margin
| | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | | — | | | |
42
| | | | | — | | | |
42
| |
|
Restructuring costs
| | | | 228 | | | |
423
| | | | | 289 | | | |
1,292
| |
| | |
| |
| | |
| |
|
|
Adjusted operating income
| | | $ | 10,859 |
| |
$
|
5,995
|
| | | $ | 30,421 |
| |
$
|
16,662
|
|
Adjusted operating margin
| | | | 14.4 | % | | |
9.5
|
%
| | | | 13.7 | % | | |
9.0
|
%
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| 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 29, 2018 | | September 30, 2017 | | | September 29, 2018 | | September 30, 2017 |
|
Net earnings attributable to VPG stockholders
| | | $ | 7,547 | | |
$
|
4,255
| | | | $ | 20,228 | | |
$
|
9,869
| |
| | | | | | | | | |
|
Reconciling items affecting operating margin | | | | | | | | | | |
|
Acquisition purchase accounting adjustments
| | | | — | | | |
42
| | | | | — | | | |
42
| |
|
Restructuring costs
| | | | 228 | | | |
423
| | | | | 289 | | | |
1,292
| |
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
| | |
| 35 |
| |
|
(394
|
)
| | |
| 44 |
| |
|
(339
|
)
|
|
Adjusted net earnings attributable to VPG stockholders
| | | $ | 7,740 |
| |
$
|
3,570
|
| | | $ | 20,473 |
| |
$
|
9,998
|
|
| | | | | | | | | |
|
|
Adjusted net earnings per diluted share
| | | $ | 0.57 | | |
$
|
0.27
| | | | $ | 1.51 | | |
$
|
0.74
| |
| | | | | | | | | |
|
|
Weighted average shares outstanding - diluted
| | | | 13,534 | | | |
13,470
| | | | | 13,519 | | | |
13,452
| |
| | | | | | | | | |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181106005227/en/
VPG
For Investors
ICR, Inc.
Michael Callahan,
203-682-8311
[email protected]
or
For
Media
ICR, Inc.
Phil Denning, 646-277-1258
[email protected]
Source: VPG