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For Immediate Release
Vishay Precision Group Reports Full Year Fiscal 2013 and Fourth Quarter Results
Net revenues up 22.0% year over year for the fourth quarter and up 10.4% for the fiscal year. Fourth quarter cash generated from operations of $8.4 million and free cash flow was $5.6 million.*
MALVERN, Pa. (February 12, 2014) -- Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of precision sensors and systems, based on its resistive foil technology, today announced its fiscal 2013 and fourth quarter results ended December 31, 2013.
Ziv Shoshani, VPGs chief executive officer, said, Net revenues of $62.2 million came in at the mid-level of our guidance. Consolidated adjusted gross margin improved to 37.8% in the fourth quarter of 2013 compared to 34.4% in the fourth quarter of 2012. I was encouraged that sales were strong sequentially and on a year-over-year basis. We also experienced a very strong quarter for cash generated from operations and free cash flow.*
Mr. Shoshani added, Our business environment is encouraging, as this has been the fourth quarter in a row with a book-to-bill ratio of 1.04, excluding KELK. Even including the KELK business, which is project driven, our book-to-bill ratio in the fourth quarter was 1.00.
Net revenues for the fourth quarter of 2013 were $62.2 million, representing a 22.0% increase from $51.0 million of net revenues for the comparable prior year period. Net revenues for the year ended December 31, 2013 were $240.3 million, representing a 10.4% increase from the $217.6 million of net revenues for the prior year. Comparing sequential results, net revenues for the fourth quarter of 2013 increased by $4.5 million, or 7.8%, from $57.7 million in the third quarter of 2013.
GAAP net earnings attributable to VPG stockholders for the fourth quarter of 2013 were $1.1 million or $0.08 per diluted share, compared to GAAP net earnings attributable to VPG stockholders for the fourth quarter of 2012 of $5.2 million, or $0.37 per diluted share. GAAP net earnings attributable to VPG stockholders for the 2013 fiscal year were $4.3 million, or $0.31 per diluted share compared to $11.7 million, or $0.84 per diluted share for the prior fiscal year.
GAAP net earnings attributable to VPG stockholders for the fourth quarter of 2013 include approximately $0.5 million of KELK acquisition purchase accounting adjustments which impacted costs of products sold, $0.04 million of acquisition costs, $0.05 million of restructuring costs, and the impact of $0.9 million of tax discrete items which affect comparability, as listed on the attached reconciliation table. Adjusted net earnings attributable to VPG stockholders for the fourth quarter of 2013 were $2.5 million or $0.18 per diluted share, compared to $2.0 million, or $0.15 per diluted share for the comparable prior year period. Additionally, the overall impact of foreign exchange rates for the fourth quarter of 2013 as compared to the prior year period had a negative impact to pretax income of $562,000, or $0.03 per diluted share.
The following information was filed by Vishay Precision Group, Inc. (VPG) on Wednesday, February 12, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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