<<When the cycle turns, SILI is easily worth more than that and we all know that this stock runs like the wind, so in a good market, there is little distance between $31 and $51...>>
I agree and it look like the turn is here. First VSH's earnings release. For SILI, BTB 1.22
Vishay Reports Improved Sequential Results for First Quarter 2002
MALVERN, Pa., April 30 /PRNewswire-FirstCall/ --
* Shipments Increase 14% Sequentially
* Earnings Exceed Analysts' Estimates
* Bookings Increase 46% Sequentially
* Book-to-Bill -- 1.14 -- First Time Over 1.0 Since 3rd Quarter 2000
* Backlog Increase by $60 Million
* Inventory Reduced by $60 Million
* Debt Reduced by $48 Million
Dr. Felix Zandman, Chairman and Chief Executive Officer of Vishay Intertechnology, Inc. (NYSE:VSH) announced today that sales for the quarter ended March 31, 2002 were $434,140,000, a 14% increase as compared to sales of $381,151,000 for the quarter ended December 31, 2001. Before restructuring charges of $3,024,000, net earnings for the quarter ended March 31, 2002 were $4,688,000 or $0.03 per share. After restructuring charges, net earnings were $2,420,000 or $0.02 per share. This was a significant improvement over the net loss of $8,944,000 or $0.06 per share before restructuring charges and other non-recurring items for the quarter ended December 31, 2001. For the quarter ended March 31, 2001, sales were $558,465,000 and net earnings were $90,126,000 or $0.65 per share including a restructuring expense of $5,971,000 or $0.03 per share. Results for the March 31, 2001 and December 31, 2001 quarters were not restated for SFAS 142 regarding non-amortization of goodwill, since SFAS 142 does not allow for restatement of prior periods.
Commenting on the results for the first quarter, Dr. Zandman stated, "We said in our last earnings release that we were seeing the signs of a recovery in the semiconductor business and we believe now that the recovery has begun. Our semiconductor business is doing well and the passive components business shows signs of an impending recovery. This is evident by a book-to-bill ratio for the Company for the 2002 first quarter of 1.14 and a book-to-bill ratio for our discrete semiconductor business for the 2002 first quarter of 1.22. Bookings of passive components in the first quarter of 2002 were 25% higher than the fourth quarter of 2001 and we believe that our passive components business will also recover as it did in several previous recessions where semiconductors were the first to recover. I am pleased to see that our gross margins, as a percentage of sales, improved over 200 basis points this quarter as compared to the fourth quarter of 2001, exclusive of unusual items. This reflects the results of our cost reduction programs as well as the fact that 57% of our shipments in the first quarter of 2002 were from our discrete semiconductor business where gross margins are higher. In addition, selling, general & administrative expense, as a percentage of sales, decreased by 170 basis points as compared to the fourth quarter of 2001, exclusive of unusual items. General Semiconductor, which we acquired in November 2001, has performed well in the current environment and was an important factor in the quarter over quarter improvement."
Dr. Zandman continued, "The Company will continue to pursue acquisition opportunities to facilitate the growth of our business and to strengthen our position in the markets we serve. In this light we recently announced that we agreed to acquire Tedea-Huntleigh BV, a manufacturer of load cells used in digital scales by the weighing industry. We have made a strategic decision to enter the $500 million per year load cell market, which will create substantial added value for our resistance strain gage business. To accomplish this, we initially acquired Sensortronics, a U.S. load cell manufacturer. Tedea-Huntleigh is our second acquisition in this field. We intend to become a substantial force in this area."
In conclusion, Dr. Zandman stated, "We look with confidence and optimism to the future as the electronic markets begin to recover. For the June 2002 quarter, our guidance is for shipments to be up 3%-5% over the March 2002 quarter, gross profit (as a % of sales) should be 23%-24% and selling, general and administrative expense (as a % of sales) should be below 17%. The Company's financial position is strong. We have been generating cash and we had a cash position of $380 million as of March 31, 2002."
* * *
VISHAY INTERTECHNOLOGY, INC. AND SUBSIDIARIES
Summary of Operations (In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2002 2001(1)
Net sales $434,140 $558,465
GROSS PROFIT 86,937 198,854
20.0% 35.6%
Selling, general, and administrative expenses 74,659 72,229
Restructuring expense 3,024 5,971
Amortization of goodwill -- 2,915
OPERATING INCOME 9,254 117,739
2.1% 21.1%
OTHER INCOME AND (EXPENSE):
Interest expense (6,909) (2,938)
Minority interest (1,667) (2,491)
Other 2,549 4,737
(6,027) (692)
EARNINGS BEFORE INCOME TAXES 3,227 117,047
Income taxes 807 26,921
NET EARNINGS $2,420 $90,126
Basic earnings per share $0.02 $0.65
Diluted earnings per share $0.02 $0.65
Weighted average shares outstanding - basic 159,177 137,690
Weighted average shares outstanding - diluted 160,605 138,916
Earnings per share before restructuring expense:
Basic earnings per share $0.03 $0.68
Diluted earnings per share $0.03 $0.68
(1) Effective January 1, 2002, amortization of goodwill is no longer
permitted per Statement of Financial Accounting Standards No. 142
"Goodwill and Other Intangible Assets." The non-amortization of
goodwill in the first quarter 2001 would have resulted in an increase
in net income of $2,740,000 or $0.02 per share.
Contact: Richard N. Grubb, Executive
Vice President and Chief Financial Officer
or Robert A. Freece
Senior Vice President
610/644-1300
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SOURCE Vishay Intertechnology, Inc.
CO: Vishay Intertechnology, Inc.
ST: Pennsylvania
SU: CCA ERN MAV
prnewswire.com
04/30/2002 08:31 EDT |
