To
Offer $450 Million of Convertible
Subordinated Notes
MALVERN,
Pa., July 30, 2003 -- Vishay Intertechnology, Inc. (NYSE:VSH)
today announced that it intends to offer, subject to market
conditions and other factors, $450 million of convertible
subordinated notes due 2023, plus up to an additional $50
million of convertible subordinated notes due 2023 that
may be issued at the option of the initial purchasers. The
notes will be subordinated in right of payment to Vishay's
senior indebtedness, will pay interest semi-annually and
will be convertible into shares of Vishay common stock,
subject to certain conditions.
If
the offering is consummated, it is anticipated that Vishay
will use up to $130 million of the offering proceeds to
pay down its revolving credit facility and $176 million
of the offering proceeds to fund the redemption of the convertible
notes of one of its subsidiaries. Vishay intends to use
the remaining proceeds for general corporate purposes including
the retirement of other existing debt.
The
notes are expected to be redeemable at Vishay's option beginning
August 1, 2010 at a redemption price equal to 100% of the
principal amount plus accrued interest, if any. Holders
of the notes will have the right to require Vishay to repurchase
all or some of their notes at a purchase price equal to
100% of the principal amount of the notes, plus accrued
and unpaid interest on August 1, 2008, August 1, 2010, August
1, 2013 and August 1, 2018. Vishay may choose to pay the
purchase price in cash or shares of Vishay common stock
or any combination of cash and Vishay common stock. Holders
of the notes will also have the right to require Vishay
to repurchase all or some of their notes for cash, upon
the occurrence of certain events constituting a fundamental
change.
The
notes and the shares of common stock issuable upon conversion
of the notes have not been registered under the Securities
Act of 1933 or any state securities laws and may not be
offered or sold absent registration under, or an applicable
exemption from, the registration requirements of the Securities
Act of 1933 and applicable state securities laws. Any offers
of the notes will be made exclusively by means of a private
offering memorandum.
This
press release does not constitute an offer to sell or a
solicitation of an offer to buy the notes or any shares
of Vishay common stock, nor will there be any sale of the
notes in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state
or jurisdiction.
This
press release includes forward-looking statements that involve
uncertainties relating to whether Vishay will offer the
notes or consummate the offering, the anticipated terms
of the notes and the offering or the anticipated use of
the proceeds of the offering. Actual experience could differ
materially from the forward-looking statements.
Return to headlines
Reports
Results for Second Quarter 2003
MALVERN,
Pa., July 30, 2003 -- Dr. Felix Zandman, Chairman and Chief
Executive Officer of Vishay Intertechnology, Inc. (NYSE:VSH),
announced today that sales for the quarter ended June 30, 2003
were $538,103,000, a 17.5% increase as compared to sales of
$457,877,000 for the quarter ended June 30, 2002 and a sequential
increase over sales of $532,127,000 for the quarter ended March
31, 2003. Net earnings for the quarter ended June 30, 2003 were
$2,880,000 or $0.02 per share, compared with net earnings for
the quarter ended June 30, 2002 of $15,617,000 or $0.10 per
share and net earnings for the quarter ended March 31, 2003
of $6,848,000 or $0.04 per share. Net earnings for the June
2003 quarter included the effects of restructuring expenses
of $12,258,000, or $0.05 per share on an after-tax basis, as
compared with restructuring expenses of $1,907,000, or $0.01
per share on an after-tax basis for the June 2002 quarter.
Sales
for the six months ended June 30, 2003 were $1,070,230,000
compared to sales of $892,017,000 for the six months ended
June 30, 2002. Net earnings for the six months ended June
30, 2003 were $9,728,000 or $0.06 per share, compared with
net earnings for the six months ended June 30, 2002 of $18,037,000
or $0.11 per share.
The book-to-bill
ratio for the quarter ended June 30, 2003 for both Vishay's
active and passive segments was 0.96. Backlog at June 30,
2003 was $420 million.
Commenting
on the results for the second quarter of 2003, Dr. Zandman
stated, "Although overall market conditions in the worldwide
electronics market continue to be difficult, I am pleased
that our sales improved sequentially. I also note that there
was a sequential improvement in operating results before giving
effect to restructuring charges. The sales increase for the
quarter included $64 million of sales from the acquisition
of BCcomponents in December 2002 and a positive foreign exchange
effect of $26 million. The sales for the quarter were negatively
impacted in our semiconductor business by the general economic
decline in Asia due to SARS. We hope that this slowdown in
Asia is only temporary and that improved business levels will
resume in future quarters. We are on track with the integration
of BCcomponents and the $70 million of cost savings related
to this integration. Our integration of the Measurements Group
is also proceeding well. Our financial position is strong
and we continue to be confident in the prospects of our Company.
We have been generating cash from operations during 2002 and
we continue to do so during the first six months of 2003.
Our cash position was $362 million at June 30, 2003. We believe
that our strategy of a broad product line and opportunistic
acquisitions has enabled us to weather these difficult times
in the industry better than our competitors."
Vishay,
a Fortune 1,000 Company listed on the NYSE, is one of the
world's largest manufacturers of discrete semiconductors (diodes,
rectifiers, transistors, optoelectronics, and selected ICs)
and passive electronic components (resistors, capacitors,
inductors, and transducers). The Company's components can
be found in products manufactured in a very broad range of
industries worldwide. Vishay is headquartered in Malvern,
Pennsylvania, and has operations in 17 countries employing
over 25,000 people.
Statements
contained herein that relate to the Company's future performance,
including, without limitation, statements with respect to
the Company's anticipated results of operations or level of
business for 2003 or any other future period, including synergies
and cost savings, are forward-looking statements within safe
harbor provisions of the Private Securities Litigation Reform
Act of 1995. 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,
estimated or projected. Among the factors that could cause
actual results to materially differ include: changes in the
demand for, or in the mix of, the Company's products and services;
recessionary trends in general or in the specific areas where
the Company sells the bulk of its products; competitive pricing
and other competitive pressures; changes in the pricing for
new materials used by the Company, particularly tantalum and
palladium; cancellation of a material portion of the orders
in the Company's backlog; difficulties in expansion and/or
new product development, including capacity constraints and
skilled personnel shortages; changes in laws, including trade
restrictions or prohibitions and the cancellation or reduction
of government grants, tax benefits or other incentives; currency
exchange rate fluctuations; labor unrest or strikes; underutilization
of plants and factories in high labor cost regions and capacity
constraints in low labor cost regions; the availability of
acquisition opportunities on terms considered reasonable by
the Company; and such other factors affecting the Company's
operations, markets, products, services and prices as are
set forth in its December 31, 2002 Report on Form 10-K filed
with the Securities and Exchange Commission. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise.
NOTE:
A conference call for investors will begin Wednesday July
30, 2003 at 11:00 a.m. eastern time. Participants can join
the call by dialing 800-230-1074 (U.S. and Canada only). If
you are outside the U.S. and Canada, the number you will need
to use is 612-332-0107. The conference operator will require
the two following pieces of information in order to admit
you into the call: (1) Company Name - Vishay Intertechnology,
Inc.; and (2) Moderators - Vishay Executives. A taped replay
of the call will be available through 11:59 PM eastern time
on Sunday, August 3, 2003. The phone number to hear the replay
is 800-475-6701 (U.S. and Canada) or 320-365-3844 (if you
are outside the U.S. and Canada). Refer to access code 692755
when calling to hear the recording. There will also be a live
audio webcast of the conference call. This can be accessed
directly from the investor relations section of the Vishay
website (www.vishay.com).
Return to headlines
Announces
Earnings Conference Call
MALVERN,
Pa., July 22, 2003 -- Vishay Intertechnology, Inc. (NYSE:VSH)
will release results for the second quarter ending June 30,
2003 before the NYSE opens on July 30, 2003.
A conference
call to discuss the second quarter financial results is scheduled
for Wednesday, July 30, 2003 at 11:00 AM (EDT). The dial-in
number for the conference call is 800-230-1074 (612-332-0107
if calling from outside the United States or Canada). The
conference operator will require the two following pieces
of information in order to admit you into the call:
Company
Name: Vishay Intertechnology, Inc.
Moderators:
Vishay Executives
There
will be a replay of the conference call from 2:30 PM (EDT)
on Wednesday, July 30, 2003 through 11:59 PM (EDT) on Sunday,
August 3, 2003. The telephone number for the replay is 800-475-6701
(320-365-3844 if calling from outside the United States or
Canada). The access code is 692755.
Prior
to the conference call, a copy of the press release for the
second quarter ended June 30, 2003 will be sent to you. If
for some reason you have not received your copy of the press
release, please call 800-523-4424. The release will be faxed
to you immediately.
There
will also be a live audio webcast of the conference call.
This can be accessed directly from the Investor Relations
section of the Vishay website (www.vishay.com).
Vishay
Intertechnology, Inc., a Fortune 1,000 Company listed on the
NYSE (VSH), is one of the world's largest manufacturers of
discrete semiconductors (diodes, rectifiers, transistors,
optoelectronics, and selected ICs) and passive electronic
components (resistors, capacitors, inductors, and transducers).
The Company's components can be found in products manufactured
in a very broad range of industries worldwide. Vishay is headquartered
in Malvern, Pennsylvania, and has plants in sixteen countries
employing over 25,000 people.
Return to headlines
To
Present at the Thomas Weisel Partners Growth Forum 5.0
MALVERN,
Pa., June 16, 2003 -- Vishay Intertechnology, Inc. (NYSE:VSH)
announced today that it will make a presentation at the Thomas
Weisel Partners Growth Forum 5.0 at 7:35 AM Pacific time (10:35
Eastern time) on Tuesday, June 17, 2003. The conference is being
held at the Bacara Resort in Santa Barbara, California. Investors
are invited to listen to an audio webcast of the presentation.
Please visit our website for a link to the live presentation
at www.vishay.com (Investor Relations section).
Vishay
Intertechnology, Inc., a Fortune 1,000 Company listed on the
NYSE (VSH), is one of the world's largest manufacturers of
discrete semiconductors (diodes, rectifiers, transistors,
optoelectronics, and selected ICs) and passive electronic
components (resistors, capacitors, inductors, and transducers).
The Company's components can be found in products manufactured
in a very broad range of industries worldwide. Vishay is headquartered
in Malvern, Pennsylvania, and has plants in sixteen countries
employing over 25,000 people.
Return to headlines
To
Present at Bear Stearns Technology Conference
MALVERN,
Pa., June 9, 2003 -- Vishay Intertechnology, Inc. (NYSE:VSH)
announced today that it will make a presentation at the Bear
Stearns Technology Conference at 2:15 PM EDT on Wednesday, June
11, 2003. The conference is being held at the Grand Hyatt Hotel,
Park Avenue at Grand Central, New York City. Investors are invited
to listen to an audio webcast of the presentation. Please visit
our website for a link to the live presentation at www.vishay.com
(Investor Relations section).
Vishay
Intertechnology, Inc., a Fortune 1,000 Company listed on the
NYSE (VSH), is one of the world's largest manufacturers of
discrete semiconductors (diodes, rectifiers, transistors,
optoelectronics, and selected ICs) and passive electronic
components (resistors, capacitors, inductors, and transducers).
The Company's components can be found in products manufactured
in a very broad range of industries worldwide. Vishay is headquartered
in Malvern, Pennsylvania, and has plants in sixteen countries
employing over 25,000 people.
Return to headlines
To
Present at CIBC World Markets Convertible Conference
MALVERN,
Pa., May 27, 2003-- Vishay Intertechnology, Inc. (NYSE:VSH)
announced today that it will make a presentation at the CIBC
World Markets Convertible Conference at 4:05 PM EDT on Thursday,
May 29, 2003. The conference is being held at the Hotel Intercontinental
- The Barclay, 111 East 48th Street, New York City. Investors
are invited to listen to an audio webcast of the presentation.
Please visit our website for a link to the live presentation
at www.vishay.com (Investor Relations section).
Vishay
Intertechnology, Inc., a Fortune 1,000 Company listed on the
NYSE (VSH), is one of the world's largest manufacturers of
discrete semiconductors (diodes, rectifiers, transistors,
optoelectronics, and selected ICs) and passive electronic
components (resistors, capacitors, inductors, and transducers).
The Company's components can be found in products manufactured
in a very broad range of industries worldwide. Vishay is headquartered
in Malvern, Pennsylvania, and has plants in sixteen countries
employing over 25,000 people.
Return to headlines
To
Webcast Its May 22 Annual Stockholders' Meeting
MALVERN,
Pa., May 20, 2003 -- Vishay Intertechnology, Inc. (NYSE:VSH)
announced today that its Annual Meeting of Stockholders, to
be held in Philadelphia, Pennsylvania, will simultaneously be
audio webcast on the Vishay website. The meeting will be held
on May 22, 2003 starting at 10:30 AM EDT.
The webcast
will include presentations by Vishay Chairman of the Board
and Chief Executive Officer Dr. Felix Zandman, and Vishay
President and Chief Operating Officer Dr. Gerald Paul. Through
this audio webcast, the meeting is open to any interested
party and can be accessed through the investor relations section
of Vishay's website at www.vishay.com.
Vishay
Intertechnology, Inc., a Fortune 1,000 Company listed on the
NYSE (VSH), is one of the world's largest manufacturers of
discrete semiconductors (diodes, rectifiers, transistors,
optoelectronics, and selected ICs) and passive electronic
components (resistors, capacitors, inductors, and transducers).
The Company's components can be found in products manufactured
in a very broad range of industries worldwide. Vishay is headquartered
in Malvern, Pennsylvania, and has plants in sixteen countries
employing over 25,000 people.
Return to headlines
To
Present at Merrill Lynch EMS, Connectors & Passive Components
Conference
MALVERN,
Pa., May 9, 2003 -- Vishay Intertechnology, Inc. (NYSE:VSH)
announced today that it will make a presentation at the Merrill
Lynch EMS, Connectors & Passive Components Conference at 3:20
PM EDT on Tuesday, May 13, 2003. The conference is being held
at the Metropolitan Club, One East 60th Street, New York City.
Investors are invited to listen to an audio webcast of the presentation.
Please visit our website for a link to the live presentation
at www.vishay.com (Investor Relations section).
Vishay
Intertechnology, Inc., a Fortune 1,000 Company listed on the
NYSE (VSH), is one of the world's largest manufacturers of
discrete semiconductors (diodes, rectifiers, transistors,
optoelectronics, and selected ICs) and passive electronic
components (resistors, capacitors, inductors, and transducers).
The Company's components can be found in products manufactured
in a very broad range of industries worldwide. Vishay is headquartered
in Malvern, Pennsylvania, and has plants in sixteen countries
employing over 25,000 people.
Return to headlines
To
Present at the JP Morgan Technology Conference
MALVERN,
Pa., May 2, 2003 -- Vishay Intertechnology, Inc. (NYSE: VSH)
announced today that it will make a presentation at the JP Morgan
Technology Conference at 10:00 AM PDT on Wednesday, May 7, 2003.
The conference is being held at the Westin St. Francis Hotel,
335 Powell Street, San Francisco, CA. Investors are invited
to listen to an audio webcast of the presentation. Please visit
our website for a link to the live presentation at www.vishay.com
(Financial section).
Vishay
Intertechnology, Inc., a Fortune 1,000 Company listed on the
NYSE (VSH), is one of the world's largest manufacturers of
discrete semiconductors (diodes, rectifiers, transistors,
optoelectronics, and selected ICs) and passive electronic
components (resistors, capacitors, inductors, and transducers).
The Company's components can be found in products manufactured
in a very broad range of industries worldwide. Vishay is headquartered
in Malvern, Pennsylvania, and has plants in sixteen countries
employing over 25,000 people.
Return to headlines
Strongly
Reaffirms Acquisition and Business Strategy In Response to
Moody's Downgrade
MALVERN,
Pa., April 30, 2003 -- Dr. Felix Zandman, Chairman and Chief
Executive Officer of Vishay Intertechnology, Inc. (NYSE: VSH)
responded vigorously to yesterday's announcement by Moody's
Investor Service that it was lowering the ratings on Vishay's
subordinated debt. Dr. Zandman strongly reaffirmed his belief
in Vishay's long-term strategy for profitability, growth and
success in the turbulent, competitive and cyclical components
market. He emphasized that, contrary to the statements made
by the Moody's analyst:
-- Vishay
is very pleased with its recent acquisitions and has experienced
a gratifyingly smooth integration process with these new businesses,
both from a management and sales perspective;
-- Vishay
continues to generate cash even in these economically challenging
times for the electronics industry generally;
-- Vishay
anticipates that its available sources of liquidity will be
more than sufficient to honor the redemption of its LYONs(TM)
in June 2004 should investors elect to redeem these instruments
at that time;
-- Vishay
does not expect to take any non-cash charges in the foreseeable
future that would cause it to be in default under the terms
of its bank revolving credit facility.
Dr. Zandman
stated: "For over 15 years we have successfully implemented
a two step plan of growth through acquisitions followed by
periods of integration, cost reductions and synergy implementation.
In the last five years we have become a major worldwide manufacturer
of discrete active components through the acquisition of Siliconix,
Telefunken, the infrared business of Infinenon and General
Semiconductor. We have just completed the acquisition of BCcomponents
(formerly a unit of Phillips) with its line of passive components,
and we have also acquired several specialty manufacturers
of resistive and capacitor components in the last few years.
All of these companies have been successfully combined with
the businesses of Vishay. The integration of our two largest
acquisitions of this decade, General Semiconductor in 2001
and BCcomponents in 2002 have gone surprisingly well, even
better than expected. In each case we have achieved, or we
are well on our way to achieving, anticipated synergies and
annual cost savings. We are executing our strategy of moving
operations to lower labor cost jurisdictions, wherever possible.
The acquisitions have enabled us to become a global player
in the components markets, with almost a third of our sales
in Asia and thousands of employees in mainland China and elsewhere
in Asia. We have just begun to implement the same strategy
by purchasing five strain gage transducer manufacturers and
becoming number one worldwide in this market."
Dr. Zandman
continued: "With all this acquisition activity we have been
careful not to financially over-extend ourselves. In spite
of these acquisitions, Vishay's total debt level today remains
below the total debt level of Vishay in 1998. We cannot deny
that times have been difficult in the electronics industry
and that our operating results have suffered along with all
of the other competitors in our industry. However, our carefully
selected acquisitions have enabled us to weather more successfully
than many of our competitors the effects of the current recessionary
environment. This quarter's results are a testament to the
wisdom of the policy. Compare our Gross Profits and Net Profits
to our competitors especially in the passive area. The Moody's
analyst, Kathryn Kerle, concedes that our results in the active
segment would have suffered more from the current downturn
were it not for the acquisition of General Semiconductor."
Turning
to Vishay's liquidity, Dr. Zandman again took vigorous issue
with the inferences drawn by Moody's. "Even in these trying
economic times, we continue to generate significant cash flow.
We anticipate no problem honoring our obligations under the
Vishay LYONs(TM) should they be put to us in June 2004. We
have availability under our credit lines, we have cash from
operations and, contrary to Moody's assertions, we can tap
a substantial amount of our offshore cash at this time without
confiscatory tax consequences. If we choose, we can also redeem
all or part of the LYONs(TM) in shares of our stock."
Regarding
possible write-offs that could jeopardize Vishay's compliance
with its bank covenants, Dr. Zandman commented: "We recently
completed a rigorous review of our passive components business
under SFAS 142, with the help of professional valuation experts,
and concluded that no write-down of goodwill for this business
segment was required under GAAP. We therefore do not anticipate
any foreseeable need for future write-offs in the passives
segment of a magnitude and duration that would affect compliance
with our bank covenants. Also, our relationships with our
banks has been good, and the banks have been understanding
of the general economic circumstances and its effect on the
industry.
"We believe
the Moody's report is inaccurate in that it confuses P&L and
Cash. For example part of Moody's analysis is dependent on
the fact that the write-off of goodwill would ` ... represent
a cash outflow.' Or that the cost of raw materials for the
purchase of tantalum powder is comparable to ` ... the company's
fixed charges for the year.' In 2002, we took a substantial
charge for the write-off as a mark to market of our future
obligations under tantalum purchase contracts, as we believe
we were required to do under GAAP. In any event, we intend
to utilize the tantalum that we are required to purchase under
the supply contracts and to sell capacitor products using
this tantalum powder -- so that at worst, after the write-down,
the effect of the tantalum purchases over time should be,
more or less, cash neutral."
Dr. Zandman
concluded: "With its product diversity, global reach, market
presence, balance between active and passive segments, capital
resources and management experience, I believe that Vishay
is stronger and more resilient now than at any time in its
history. While we do not have a crystal ball and our visibility
for the future is limited, we are seeing some signs of recovery
even in the passive component business. As we discussed on
our earnings call earlier today, gross margins in our passive
segment nearly doubled to 20% on a quarter over quarter basis.
Like I have said in the past, I continue to believe strongly
in the electronics business, and that, as we know from past
cycles, recovery in this business is not a question of `if
but when.' Thanks in part to its prudent acquisition strategy,
Vishay is pulling through these times of economic stress by
firmly establishing itself as the major supplier of a broad
line of electronic components and expects to be positioned
for accelerated growth and profitability when the world economy
and the demand for electronic products rebound."
Vishay,
a Fortune 1,000 Company listed on the NYSE, is one of the
world's largest manufacturers of discrete semiconductors (diodes,
rectifiers, transistors, optoelectronics, and selected ICs)
and passive electronic components (resistors, capacitors,
inductors, and transducers). The Company's components can
be found in products manufactured in a very broad range of
industries worldwide. Vishay is headquartered in Malvern,
Pennsylvania, and has plants in sixteen countries employing
over 25,000 people.
Statements
contained in this press release that relate to Vishay's future
performance, including, without limitation, statements with
respect to the Company's anticipated results of operations
or level of business for 2003 or any other future period including
synergies and cost savings, expectations with respect to future
charges, and the availability to the Company of capital and
other sources of liquidity, are forward-looking statements
within safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. 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,
estimated or projected. Among the factors that could cause
actual results to materially differ include: changes in the
demand for, or in the mix of the Company's products and services;
recessionary trends in general or in the specific areas where
the Company sells the bulk of its products; competitive pricing
and other competitive pressures; changes in the pricing for
new materials used by the Company, particularly tantalum and
palladium; cancellation of a material portion of the orders
in the Company's backlog; difficulties in expansion and/or
new product development, including capacity constraints and
skilled personnel shortages; changes in laws, including trade
restrictions or prohibitions and the cancellation or reduction
of government grants, tax benefits or other incentives; currency
exchange rate fluctuations; labor unrest or strikes; underutilization
of plants and factories in high labor cost regions and capacity
constraints in low labor cost regions; the availability of
acquisition opportunities on terms considered reasonable by
the Company; and such other factors affecting the Company's
operations, markets, products, services and prices as are
set forth in its December 31, 2002 Report on Form 10-K filed
with the Securities and Exchange Commission. The Company undertakes
no obligation to publicly update or revise any forward- looking
statements, whether as a result of new information, future
events or otherwise.
Return to headlines
Reports
Improved Results for First Quarter 2003
MALVERN,
Pa., April 30, 2003 --
* Sales
for First Quarter 2003 increased 23% to $532,127,000 compared
to First Quarter 2002
* EPS
of $0.04 in First Quarter 2003 compared to $0.02 in First
Quarter 2002
* Bookings
for First Quarter 2003 increased 13% to $560 million compared
to First Quarter 2002
* Book-to-Bill
of 1.05 - First time Over 1.0 since Second Quarter 2002
* Backlog
increased by $30 million during First Quarter 2003
* Cash
balance at March 31, 2003 of $324 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, 2003 were $532,127,000, a 23% increase as
compared to sales of $434,140,000 for the quarter ended March
31, 2002. Net earnings for the quarter ended March 31, 2003
were $6,848,000 or $0.04 per share compared to net earnings
of $2,420,000 or $0.02 for the quarter ended March 31, 2002.
Commenting
on the results for the first quarter of 2003, Dr. Zandman
stated, "We are pleased that the level of bookings in the
first quarter has substantially improved over the preceding
quarter. However, the market conditions in the worldwide electronics
market continue to be difficult. The sales increase for the
quarter was aided by a contribution of $69 million of sales
from the recent acquisition of Bccomponents and a positive
foreign exchange effect of $22 million. In December 2002,
Vishay completed its acquisition of BCcomponents, a leading
manufacturer of passive components with a strong market position
in Europe and Asia. We are very excited about the opportunities
presented by the BCcomponents acquisition. We are in process
of generating $70 million of cost savings through restructuring
and have already achieved $25 million of these cost savings.
We are continuing to aggressively reduce costs and move production
to lower labor cost countries. During the first quarter of
2003, we expensed in selling, general and administrative expenses
approximately $1,000,000 for compliance with the provisions
of the Sarbanes-Oxley Act. In addition, we will continue to
focus on research and development and the introduction of
new products. Our financial position is strong and we continue
to be confident in the prospects of our Company. We have been
generating cash from operations during 2002 and in the first
quarter 2003 and our cash position was $324,000,000 at March
31, 2003.
Vishay,
a Fortune 1,000 Company listed on the NYSE, is one of the
world's largest manufacturers of discrete semiconductors (diodes,
rectifiers, transistors, optoelectronics, and selected ICs)
and passive electronic components (resistors, capacitors,
inductors, and transducers). The Company's components can
be found in products manufactured in a very broad range of
industries worldwide. Vishay is headquartered in Malvern,
Pennsylvania, and has plants in sixteen countries employing
over 25,000 people.
Statements
contained herein that relate to the Company's future performance,
including, without limitation, statements with respect to
the Company's anticipated results of operations or level of
business for 2003 or any other future period, including synergies
and cost savings, are forward-looking statements within safe
harbor provisions of the Private Securities Litigation Reform
Act of 1995. 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,
estimated or projected. Among the factors that could cause
actual results to materially differ include: changes in the
demand for, or in the mix of, the Company's products and services;
recessionary trends in general or in the specific areas where
the Company sells the bulk of its products; competitive pricing
and other competitive pressures; changes in the pricing for
new materials used by the Company, particularly tantalum and
palladium; cancellation of a material portion of the orders
in the Company's backlog; difficulties in expansion and/or
new product development, including capacity constraints and
skilled personnel shortages; changes in laws, including trade
restrictions or prohibitions and the cancellation or reduction
of government grants, tax benefits or other incentives; currency
exchange rate fluctuations; labor unrest or strikes; underutilization
of plants and factories in high labor cost regions and capacity
constraints in low labor cost regions; the availability of
acquisition opportunities on terms considered reasonable by
the Company; and such other factors affecting the Company's
operations, markets, products, services and prices as are
set forth in its December 31, 2002 Report on Form 10-K filed
with the Securities and Exchange Commission. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise.
NOTE:
A conference call for investors will begin Wednesday April
30, 2003 at 11:00 a.m. eastern time. Participants can join
the call by dialing 888-428-4478 (U.S. and Canada only). If
you are outside the U.S. and Canada, the number you will need
to use is 612-332-0418. The conference operator will require
the two following pieces of information in order to admit
you into the call: (1) Company Name - Vishay Intertechnology,
Inc.; and (2) Moderators - Vishay Executives. A taped replay
of the call will be available through 11:59 PM eastern time
on Sunday, May 4, 2003. The phone number to hear the replay
is 800-475-6701 (U.S. and Canada) or 320-365-3844 (if you
are outside the U.S. and Canada). Refer to access code 682421
when calling to hear the recording. There will also be a live
audio webcast of the conference call.
Return to headlines
Announces
Earnings Conference Call
MALVERN,
Pa., April 22, 2003 -- Vishay Intertechnology, Inc. (NYSE:
VSH), will release results for the first quarter ending March
31, 2003 before the NYSE opens on April 30, 2003.
A conference
call to discuss the first quarter financial results is scheduled
for Wednesday, April 30, 2003 at 11:00 AM (EDT). The dial-in
number for the conference call is 888-428-4478 (612-332-0418
if calling from outside the United States or Canada). The
conference operator will require two of the following pieces
of information in order to admit you into the call:
Company
Name: Vishay Intertechnology, Inc.
Moderators:
Vishay Executives
There
will be a replay of the conference call from 2:30 PM (EDT)
on Wednesday, April 30, 2003 through 11:59 PM (EDT) on Sunday,
May 4, 2003. The telephone number for the replay is 800-475-6701
(320-365-3844 if calling from outside the United States or
Canada). The access code is 682421.
Prior
to the conference call, a copy of the press release for the
first quarter ended March 31, 2003 will be sent to you. If
for some reason you have not received your copy of the press
release, please call 800-523-4424. The release will be faxed
to you immediately.
There
will also be a live audio webcast of the conference call.
This can be accessed directly from the financial section of
the Vishay website (www.vishay.com ).
Vishay
Intertechnology, Inc., a Fortune 1,000 Company listed on the
NYSE (VSH), is one of the world's largest manufacturers of
discrete semiconductors (diodes, rectifiers, transistors,
optoelectronics, and selected ICs) and passive electronic
components (resistors, capacitors, inductors, and transducers).
The Company's components can be found in products manufactured
in a very broad range of industries worldwide. Vishay is headquartered
in Malvern, Pennsylvania, and has plants in sixteen countries
employing over 25,000 people. Vishay can be found on the Internet
at www.vishay.com.
Return to headlines
To
Participate at the Morgan Stanley Semiconductor & Systems
Conference
MALVERN,
Pa., March 4, 2003 -- Vishay Intertechnology, Inc. (NYSE:VSH)
announced today that it will make a presentation at the Morgan
Stanley Semiconductor & Systems Conference at 9:15 AM PST
on Wednesday, March 5, 2003. The conference is being held
at the St. Regis Monarch Beach Resort in Dana Point, California.
Investors are invited to listen to an audio webcast of the
presentation. Please visit our website for a link to the live
presentation at www.vishay.com (Investor Relations section).
Vishay,
a Fortune 1,000 Company listed on the NYSE, is one of the
world's largest manufacturers of discrete semiconductors (diodes,
rectifiers, transistors, optoelectronics, and selected ICs)
and passive electronic components (resistors, capacitors,
inductors, and transducers). The Company's components can
be found in products manufactured in a very broad range of
industries worldwide. Vishay is headquartered in Malvern,
Pennsylvania, and has plants in sixteen countries employing
over 25,000 people.
Return to headlines
Issues
Guidance for First Quarter 2003 Sales
MALVERN,
Pa., March 3, 2003 -- At a Raymond James Institutional Investor
Conference today, Richard N. Grubb, Vishay's Chief Financial
Officer, stated that net sales for the first quarter of 2003
would be in the $500 million range.
Vishay
(NYSE:VSH), a Fortune 1,000 Company listed on the NYSE, is
one of the world's largest manufacturers of discrete semiconductors
(diodes, rectifiers, transistors, optoelectronics, and selected
ICs) and passive electronic components (resistors, capacitors,
inductors, and transducers). The Company's components can
be found in products manufactured in a very broad range of
industries worldwide. Vishay is headquartered in Malvern,
Pennsylvania, and has plants in sixteen countries employing
over 25,000 people. Vishay can be found on the Internet at
http://www.vishay.com.
Statements
in this press release contain "forward-looking" information
within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.
Such
statements involve a number of risks and uncertainties. Those
factors primarily include a decline in demand for the Company's
products by customers including OEMs and distributors, backlog
cancellations, maintenance of current unusual pricing environment
resulting from shortages of company products, competitive
pressures, recessionary trends, currency fluctuations, changes
in laws, cancellation of government grants or tax benefits,
labor unrest, factory under-utilization and capacity constraints.
Please see the Company's December 31, 2001 Report on Form
10-K filed with the Securities and Exchange Commission for
a more comprehensive list of these factors.
Return to headlines
To
Participate at the Raymond James Institutional Investor Conference
MALVERN,
Pa., February 27, 2003 -- Vishay Intertechnology, Inc. (NYSE:VSH)
announced today that it will make a presentation at the Raymond
James Institutional Investor Conference at 1:30 PM EST on
Monday, March 3, 2003. The conference is being held at the
Hyatt Regency Grand Cypress Hotel, Orlando, FL. Investors
are invited to listen to an audio webcast of the presentation.
Please visit our website for a link to the live presentation
at www.vishay.com (Investor Relations section).
Vishay,
a Fortune 1,000 Company listed on the NYSE, is one of the
world's largest manufacturers of discrete semiconductors (diodes,
rectifiers, transistors, optoelectronics, and selected ICs)
and passive electronic components (resistors, capacitors,
inductors, and transducers). The Company's components can
be found in products manufactured in a very broad range of
industries worldwide. Vishay is headquartered in Malvern,
Pennsylvania, and has plants in sixteen countries employing
over 25,000 people.
Return to headlines
Reports
Fourth Quarter & Year-End Results
MALVERN,
Pa., February 7, 2003 -- Dr. Felix Zandman, Chairman and Chief
Executive Officer of Vishay Intertechnology, Inc. (NYSE:VSH)
announced today that sales for the quarter ended December
31, 2002 were $459,377,000 as compared to sales of $381,151,000
for the quarter ended December 31, 2001. Before restructuring
charges and other non-recurring items of $162,400,000, net
earnings for the quarter ended December 31, 2002 were $7,413,000
or $0.05 per share. After restructuring charges and other
non-recurring items, there was a net loss of $123,765,000
or $0.78 per share for the quarter ended December 31, 2002.
Before restructuring charges and other non-recurring items
of $54,518,000, the net loss for the quarter ended December
31, 2001 was $8,944,000 or $0.06 per share. After restructuring
charges and other non-recurring items, the net loss for the
quarter ended December 31, 2001 was $53,587,000 or $0.35 per
share. Other non-recurring items incurred during the 2002
fourth quarter include a write-down of current inventory of
tantalum and a pre-tax loss on long-term purchase commitments
for tantalum in excess of market in the amount of $131,500,000.
Other non-recurring items incurred during the 2001 fourth
quarter include the write-down of tantalum inventory of $15,021,000
and purchased research and development expense of $16,000,000.
Sales
for the year ended December 31, 2002 were $1,822,813,000 compared
to sales of $1,655,346,000 for the year ended December 31,
2001. Before restructuring charges and other non-recurring
items of $169,800,000, net earnings for the year ended December
31, 2002 were $43,489,000 or $0.27 per share. After restructuring
charges and other non-recurring items, the net loss for the
year ended December 31, 2002 was $92,614,000 or $0.58 per
share. Before restructuring charges and other non-recurring
items of $156,590,000, net earnings for the year ended December
31, 2001 were $119,289,000 or $0.84 per share. After restructuring
charges and other non-recurring items, net earnings for the
year ended December 31, 2001 were $513,000 or $0.00 per share.
Other non-recurring items incurred during 2002 include the
fourth quarter write-down of tantalum inventory and loss on
long-term tantalum purchase commitments. Other non-recurring
items incurred during 2001 include write-downs of tantalum
and palladium inventories and purchased research and development
expense.
Commenting
on the results for the fourth quarter, Dr. Zandman stated,
"The market conditions in the worldwide electronics market
continue to be very difficult. Unfortunately, we were not
able to maintain our earnings level on a sequential basis
due primarily to lower gross margins as a result of inventory
write-downs and continuing pricing pressures. We are continuing
to aggressively reduce costs and move production to countries
where costs are lower. In addition, we will continue to focus
on research and development and the introduction of new products.
We continue to be confident in the prospects for our Company,
particularly when our industry emerges from the difficulties
of the current economic environment. Our financial position
remains strong. We have been generating cash from operations
every quarter during 2002 and our cash position was $311,000,000
at December 31, 2002."
Commenting
on the recent acquisition of BCcomponents, Dr. Zandman said,
"We are pleased that this acquisition closed smoothly and
we expect to quickly begin integrating the operations of BCcomponents
with our passive component business in Europe and elsewhere
around the world. The acquisition of BCcomponents gives us
an extensive portfolio of new products, complements some of
our existing product lines, offers meaningful opportunities
for synergies and cost savings and enhances our position in
passive components generally. The expected synergies should
result in cost savings of approximately $70 million. We are
therefore very excited about the opportunities presented by
this acquisition, which should add approximately $250 million
in sales during year 2003 and be accretive to our earnings
during the first quarter of year 2003."
Vishay,
a Fortune 1,000 Company listed on the NYSE, is one of the
world's largest manufacturers of discrete semiconductors (diodes,
rectifiers, transistors, optoelectronics, and selected ICs)
and passive electronic components (resistors, capacitors,
inductors, and transducers). The Company's components can
be found in products manufactured in a very broad range of
industries worldwide. Vishay is headquartered in Malvern,
Pennsylvania, and has plants in sixteen countries employing
over 25,000 people.
Statements
contained herein that relate to the Company's future performance,
including, without limitation, statements with respect to
the Company's anticipated results of operations or level of
business for 2003 or any other future period including synergies
and cost savings, are forward-looking statements within safe
harbor provisions of the Private Securities Litigation Reform
Act of 1995. 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,
estimated or projected. Among the factors that could cause
actual results to materially differ include: changes in the
demand for, or in the mix of the Company's products and services;
recessionary trends in general or in the specific areas where
the Company sells the bulk of its products; competitive pricing
and other competitive pressures; changes in the pricing for
raw materials used by the Company, particularly tantalum and
palladium; cancellation of a material portion of the orders
in the Company's backlog; difficulties in expansion and/or
new product development, including capacity constraints and
skilled personnel shortages; changes in laws, including trade
restrictions or prohibitions and the cancellation or reduction
of government grants, tax benefits or other incentives; currency
exchange rate fluctuations; labor unrest or strikes; underutilization
of plants and factories in high labor cost regions and capacity
constraints in low labor cost regions; the availability of
acquisition opportunities on terms considered reasonable by
the Company; and such other factors affecting the Company's
operations, markets, products, services and prices as are
set forth in its December 31, 2001 Report on Form 10-K filed
with the Securities and Exchange Commission. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise.
A conference
call for investors will begin Friday, February 7, 2003 at
11:00 a.m. eastern time. Participants can join the call by
dialing 888-428-4480 (U.S. and Canada only). If you are outside
the U.S. and Canada, the number you will need to use is 651-291-0344.
A taped replay of the call will be available through 11:59
PM eastern time on Tuesday, February 11, 2003. The phone number
to hear the replay is 800-475-6701 (U.S. and Canada) or 320-365-3844
(if you are outside the U.S. and Canada). Refer to access
code 672623 when calling to hear the recording. There will
also be a live audio webcast of the conference call. This
can be accessed directly from the investor relations section
of the Vishay website (www.vishay.com).
Return to headlines
To
Participate at Thomas Weisel Partners Tech 2003 Conference
MALVERN,
Pa., January 30, 2003 -- Vishay Intertechnology, Inc. (NYSE:
VSH) announced today that it will make a presentation at the
Thomas Weisel Partners Tech 2003 Conference at 9:55 AM (PST)
on Monday, February 3, 2003. The conference is being held
at the Fairmont Hotel, San Francisco, California. Investors
are invited to listen to an audio webcast of the presentation.
Please visit our website for a link to the live presentation
at www.vishay.com (Financial section).
Vishay,
a Fortune 1,000 Company listed on the NYSE, is one of the
world's largest manufacturers of discrete semiconductors (diodes,
rectifiers, transistors, optoelectronics, and selected ICs)
and passive electronic components (resistors, capacitors,
inductors, and transducers). The Company's components can
be found in products manufactured in a very broad range of
industries worldwide. Vishay is headquartered in Malvern,
Pennsylvania, and has plants in sixteen countries employing
over 25,000 people.
Return to headlines
Announces
Earnings Conference Call
MALVERN,
Pa., January 22, 2003 -- Vishay Intertechnology, Inc. (NYSE:VSH),
will release results for the fourth quarter and year ending
December 31, 2002 before the NYSE opens on February 7, 2003.
A conference call to discuss fourth quarter and year-end financial
results is scheduled for Friday, February 7, 2003 at 11:00
AM (EST). The dial-in number for the conference call is 888-428-4480
(651-291-0344 if calling from outside the United States or
Canada). The conference operator will require two of the following
pieces of information in order to admit you into the call:
Company
Name: Vishay Intertechnology, Inc.
Moderators: Vishay Executives
There
will be a replay of the conference call from 3:00 PM (EST)
on Friday, February 7, 2003 through 11:59 PM (EST) on Tuesday,
February 11, 2003. The telephone number for the replay is
800-475-6701 (320-365-3844 if calling from outside the United
States or Canada). The access code is 672623.
Prior
to the conference call, a copy of the press release for the
fourth quarter ended December 31, 2002 will be sent to you.
If for some reason you have not received your copy of the
press release, please call 800-523-4424. The release will
be faxed to you immediately.
There
will also be a live audio webcast of the conference call.
This can be accessed directly from the financial section of
the Vishay website (www.vishay.com).
Vishay,
a Fortune 1,000 Company listed on the NYSE, is one of the
world's largest manufacturers of discrete semiconductors (diodes,
rectifiers, transistors, optoelectronics, and selected ICs)
and passive electronic components (resistors, capacitors,
inductors, and transducers). The Company's components can
be found in products manufactured in a very broad range of
industries worldwide. Vishay is headquartered in Malvern,
Pennsylvania, and has plants in sixteen countries employing
over 25,000 people.
Return to headlines
Announces
$130-$150 Million Pre-Tax Charge for Tantalum Inventory and
Contracts
MALVERN,
Pa., January 21, 2003 -- Vishay Intertechnology, Inc. (NYSE:VSH)
announced today that its results for 2002 will reflect a write-down
of its current inventory of tantalum powder and wire and an
accrual for its commitments under contracts for the supply
of tantalum by Cabot Corporation that are for prices in excess
of market. The non-cash charge will be in the range of $130
million to $150 million before taxes. Vishay's action reflects
weak product demand for tantalum that is below 1999 levels
and increased tantalum production capacity, which together
have resulted in substantial worldwide capacity under-utilization
and severely depressed pricing for this commodity. In June
2002, Vishay agreed with Cabot to amend two agreements for
the supply of tantalum powder and wire. The parties agreed
to reduce volumes, and starting in 2003, prices of tantalum
products under the agreements and to extend the longer-term
agreement by one year through 2006.
Vishay,
a Fortune 1,000 Company listed on the NYSE, is one of the
world's largest manufacturers of discrete semiconductors (diodes,
rectifiers, transistors, optoelectronics, and selected ICs)
and passive electronic components (resistors, capacitors,
inductors, and transducers). The Company's components can
be found in products manufactured in a very broad range of
industries worldwide. Vishay is headquartered in Malvern,
Pennsylvania, and has plants in sixteen countries employing
over 25,000 people.
Return to headlines
To
Participate at Needham Growth Conference
MALVERN,
Pa., January 6, 2003 -- Vishay Intertechnology, Inc. (NYSE:VSH)
announced today that it will make a presentation at the Needham
Growth Conference at 11:00 AM EST on Wednesday, January 8,
2003. The conference is being held at the New York Palace
Hotel, 455 Madison Avenue, New York, NY. Investors are invited
to listen to an audio webcast of the presentation. Please
visit our website for a link to the live presentation at www.vishay.com
(Financial section).
Vishay,
a Fortune 1,000 Company listed on the NYSE, is one of the
world's largest manufacturers of discrete semiconductors (diodes,
rectifiers, transistors, optoelectronics, and selected ICs)
and passive electronic components (resistors, capacitors,
inductors, and transducers). The Company's components can
be found in products manufactured in a very broad range of
industries worldwide. Vishay is headquartered in Malvern,
Pennsylvania, and has plants in fourteen countries employing
over 20,000 people.
Return to headlines
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