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Section 1: 8-K (8-K)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):      
February 20, 2019

Vishay Precision Group, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
1-34679
27-0986328
(State or Other Jurisdiction of
(Commission File Number)
(I.R.S. Employer Identification
Incorporation or Organization)
 
Number)

3 Great Valley Parkway, Suite 150
 
Malvern, PA
19355
(Address of Principal Executive Offices)
(Zip Code)

(484) 321-5300
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[   ]      
Written communications pursuant to Rule 425 under the Securities Act
 
     
 
[   ]      
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
 
     
 
[   ]      
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
 
     
 
[   ]      
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
 
Emerging growth company ¨
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨





Item 2.02 Results of Operations and Financial Conditions.
On February 20, 2019, Vishay Precision Group, Inc. issued a press release announcing results for the fourth quarter and fiscal year ended December 31, 2018. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and shall not be deemed to be “filed” for any purpose.
Item 9.01 Financial Statements and Exhibits.
Exhibit No.
     
Description
99.1
 





SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Vishay Precision Group, Inc.
 
 
Date: February 20, 2019
By:  
/s/ William M. Clancy
 
 
Name: William M. Clancy
 
 
Title:    Executive Vice President and Chief
 
 
Financial Officer





EXHIBIT INDEX
Exhibit No.
     
Description
99.1
 



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Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
Exhibit 99.1
For Immediate Release
VPG Reports Fiscal 2018 Fourth Quarter and Twelve Month Results
MALVERN, Pa. (February 20, 2019) - Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of precision sensors and sensors-based systems, today announced its results for its fiscal 2018 fourth quarter and twelve fiscal months ended December 31, 2018.
Fourth Quarter Highlights:
Growth in revenues to $77.0 million, up 10.9% year-over-year
Earnings were $0.25 per diluted share, compared to $0.33 reported last year
Adjusted diluted EPS* increased to $0.54 compared to prior year $0.39
Operating margin for the quarter is 9.2%, as compared to 10.3% reported last year
Adjusted operating margin* for the quarter is 12.9%, as compared to 11.5% reported last year
Cash from operations was $17.4 million with free cash flow* of $12.8 million

2018 Full Year Highlights:
Growth in revenues to $299.8 million, up 17.9% year-over-year
Earnings increased to $1.75 per diluted share, compared to $1.07 reported last year
Adjusted diluted EPS* increased to $2.05 compared to prior year $1.14
Operating margin for the year is 12.4%, as compared to 8.8% reported last year
Adjusted operating margin* for the year is 13.5% as compared to 9.7% reported last year
Cash from operations was $35.4 million with free cash flow* of $21.0 million

Ziv Shoshani, Chief Executive Officer of VPG, commented, “Our continued focus on execution delivered solid revenues and net earnings for the fourth quarter and full year 2018. Free cash for the fourth quarter and full year 2018 was strong demonstrating good execution and cost discipline. We remain dedicated to delivering revenues, margins and net earnings to continue to enhance long-term shareholder value."
The Company's fourth fiscal quarter 2018 net earnings attributable to VPG stockholders were $3.4 million , or $0.25 per diluted share, compared to $4.5 million, or $0.33 per diluted share, in the fourth fiscal quarter of 2017. Foreign currency exchange rates for the fourth quarter of 2018 increased net income by $0.7 million, or $0.05 per diluted share, relative to the prior year period.
In the twelve fiscal months ended December 31, 2018, net earnings attributable to VPG stockholders grew to $23.6 million, or $1.75 per diluted share, compared to $14.3 million, or $1.07 per diluted share, in the twelve fiscal months ended December 31, 2017. Foreign currency exchange rates for the twelve fiscal months ended December 31, 2018 increased net income by $0.6 million or $0.05 per diluted share relative to the prior year period.
The fourth fiscal quarter 2018 adjusted net earnings attributable to VPG stockholders increased to $7.3 million, or $0.54 per diluted share, compared to adjusted net earnings attributable to VPG stockholders of $5.3 million, or $0.39 per diluted share, for the comparable prior year period.
In the twelve fiscal months ended December 31, 2018, adjusted net earnings attributable to VPG stockholders increased to $27.8 million, or $2.05 per diluted share, compared to adjusted net earnings attributable to VPG stockholders of $15.3 million, or $1.14 per diluted share, for the comparable prior year period. Included as an adjustment to net earnings attributable to VPG stockholders for the twelve fiscal months ended December 31, 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.
Non-cash Impairment Charge
As a result of our regular review of goodwill and indefinite-lived intangible assets during the fourth quarter of each year, we recorded a $2.8 million pre-tax, non-cash impairment charge to reduce the carrying value of the goodwill and indefinite-lived intangible assets related to our Pacific Instruments

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business, which is part of the Foil Technology Products reporting segment. This charge is preliminary and could change as it is finalized when we file our 2018 Form 10-K with the SEC.
Segments
Foil Technology Products segment revenues grew 22.9% to $36.7 million in the fourth fiscal quarter of 2018, up from $29.9 million in the fourth fiscal quarter of 2017; sequential revenue increased 2.3% from $35.9 million in the third quarter of 2018. The year-over-year increase in revenues was attributable to precision resistor products in all regions for distribution and EMS customers, primarily in the test and measurement and avionics, military and space markets. In addition, advance sensors products in Asia for OEM customers in the force measurement market and Pacific Instruments products in the Americas for end users customers in the avionics, military and space market contributed to the increase. The sequential increase in revenue was primarily attributable to precision resistor products in Asia for EMS and distribution customers in the test and measurement and avionics, military and space markets.
Gross profit margin for the Foil Technology Products segment was 42.0% for the fourth fiscal quarter of 2018, an increase compared to 39.3% in the fourth fiscal quarter of 2017, and a decrease compared to 43.9% in the third 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 higher supplies and tooling and repairs and maintenance costs, manufacturing inefficiencies, partially offset by an increase in volume.
Force Sensors segment revenues decreased 4.1% to $17.0 million in the fourth fiscal quarter of 2018, down from $17.7 million in the fourth fiscal quarter of 2017; sequential revenue decreased 3.4%, from $17.6 million in the third quarter of 2018. The year-over-year decrease in revenues was mainly attributable to distribution customers in the force measurement market, primarily in the Americas. The sequential decrease in revenue was mainly attributable to distribution customers in the precision weighing market, mainly in the Americas.
Gross profit margin for the Force Sensors segment was 26.6% for the fourth fiscal quarter of 2018, a decrease compared to 29.5% in the fourth fiscal quarter of 2017, and an increase compared to 25.9% in the third fiscal quarter of 2018. The year-over-year decrease in gross profit margin was primarily due to an increase in wages, the U.S. imposition of tariffs on goods from China, and a reduction in inventory. Sequentially, gross profit margin increased due to manufacturing efficiencies, partially offset by a reduction in volume.
Weighing and Control Systems segment revenues grew by 6.5% to $23.2 million in the fourth fiscal quarter of 2018, up from $21.8 million in the fourth fiscal quarter of 2017; sequential revenue increased 5.8% from $22.0 million in the third fiscal quarter of 2018. The increase in revenues year-over-year was primarily attributable to the steel product line in Asia and process weighing product line in the Americas and Europe. The sequential increase in revenue was primarily attributable to a volume increase in the steel product line in Asia and process weighing product line in Europe, partially offset by a reduction in volume for the steel product line in Europe.
Gross profit margin for the Weighing and Control Systems segment was 46.8% for the fourth fiscal quarter of 2018, an increase compared to 44.8% from the fourth fiscal quarter of 2017, and an increase compared to 46.6% from the third 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 increased due to an increase in volume.

Near-Term Outlook
In light of a continued stable business environment, at constant fourth fiscal quarter 2018 exchange rates, we expect net revenues in the range of $72 million to $78 million for the first fiscal quarter of 2019,” concluded Mr. Shoshani.



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*Use of Non-GAAP Financial Information
We define “adjusted net earnings” as net earnings attributable to VPG stockholders before restructuring costs, impairment of goodwill and indefinite-lived intangibles, pension settlement, acquisition purchase accounting adjustments, net proceeds from lease termination and associated tax effects. "Free cash flow" for the fourth fiscal quarter of 2018 is defined as the amount of cash generated from operations ($17.4 million), in excess of our capital expenditures ($4.6 million), net of proceeds, if any, from the sale of assets ($0.0 million). "Free cash flow" for the fiscal year of 2018 is defined as the amount of cash generated from operations ($35.4 million) in excess of our capital expenditures ($14.5 million ), net of proceeds, if any, from the sale of assets ($0.1 million). 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 GAAP measures. Management believes that these non-GAAP financial measures are meaningful because they provide insight with respect to intrinsic operating results.
Conference Call and Webcast
A conference call will be held today (February 20) 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 0417825, 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 10127465. 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; political, economic and military instability in the countries in which we operate; 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

3



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.
For Investors
ICR, Inc.
Michael Callahan, 203-682-8311
michael.callah[email protected]

For Media
ICR, Inc.
Phil Denning, 646-277-1258
[email protected]






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VISHAY PRECISION GROUP, INC.
 
 
 
Consolidated Statements of Operations
 
 
 
(Unaudited - In thousands, except per share amounts)
 
 
 
 
 
 
 
 
Fiscal quarter ended
 
December 31, 2018
 
December 31, 2017
Net revenues
$
76,982

 
$
69,439

Costs of products sold
46,166

 
42,699

Gross profit
30,816

 
26,740

Gross profit margin
40.0
%
 
38.5
%
 
 
 
 
Selling, general, and administrative expenses
20,905

 
18,828

Impairment of goodwill and indefinite-lived intangibles
2,820

 

Restructuring costs

 
752

Operating income
7,091

 
7,160

Operating margin
9.2
%
 
10.3
%
 
 
 
 
Other income (expense):
 
 
 
Interest expense
(405
)
 
(450
)
Other
(403
)
 
(489
)
Other (expense) income - net
(808
)
 
(939
)
 
 
 
 
Income before taxes
6,283

 
6,221

 
 
 
 
Income tax expense
2,846

 
1,771

 
 
 
 
Net earnings
3,437

 
4,450

Less: net earnings attributable to noncontrolling interests
19

 
(26
)
Net earnings attributable to VPG stockholders
$
3,418

 
$
4,476

 
 
 
 
Basic earnings per share attributable to VPG stockholders
$
0.25

 
$
0.34

Diluted earnings per share attributable to VPG stockholders
$
0.25

 
$
0.33

 
 
 
 
Weighted average shares outstanding - basic
13,474

 
13,292

Weighted average shares outstanding - diluted
13,595

 
13,529



5



VISHAY PRECISION GROUP, INC.
 
 
 
Consolidated Statements of Operations
 
 
 
(Unaudited - In thousands, except per share amounts)
 
 
 
 
 
 
 
 
Years ended
 
December 31, 2018
 
December 31, 2017
Net revenues
$
299,794

 
$
254,350

Costs of products sold
178,527

 
156,067

Gross profit
121,267

 
98,283

Gross profit margin
40.5
%
 
38.6
%
 
 
 
 
Selling, general, and administrative expenses
80,935

 
73,751

Impairment of goodwill and indefinite-lived intangibles
2,820

 

Restructuring costs
289

 
2,044

Operating income
37,223

 
22,488

Operating margin
12.4
%
 
8.8
%
 
 
 
 
Other income (expense):
 
 
 
Interest expense
(1,738
)
 
(1,842
)
Other
(1,496
)
 
(83
)
Other (expense) income - net
(3,234
)
 
(1,925
)
 
 
 
 
Income before taxes
33,989

 
20,563

 
 
 
 
Income tax expense
10,344

 
6,169

 
 
 
 
Net earnings
23,645

 
14,394

Less: net earnings attributable to noncontrolling interests
(1
)
 
49

Net earnings attributable to VPG stockholders
$
23,646

 
$
14,345

 
 
 
 
Basic earnings per share attributable to VPG stockholders
$
1.76

 
$
1.08

Diluted earnings per share attributable to VPG stockholders
$
1.75

 
$
1.07

 
 
 
 
Weighted average shares outstanding - basic
13,439

 
13,262

Weighted average shares outstanding - diluted
13,535

 
13,471



6



VISHAY PRECISION GROUP, INC.
 
 
 
Consolidated Balance Sheets
 
 
 
(In thousands, except per share amounts)
 
 
 
 
December 31, 2018
 
December 31, 2017
 
(Unaudited)
 
 
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
90,159

 
$
74,292

Accounts receivable, net of allowances for doubtful accounts
53,156

 
46,789

Inventories:
 
 
 
Raw materials
18,052

 
16,601

Work in process
22,007

 
23,160

Finished goods
22,182

 
20,174

Inventories, net
62,241

 
59,935

Prepaid expenses and other current assets
9,314

 
10,299

Total current assets
214,870

 
191,315

 
 
 
 
Property and equipment, at cost:
 
 
 
Land
3,390

 
3,434

Buildings and improvements
51,055

 
50,276

Machinery and equipment
105,840

 
95,158

Software
8,532

 
7,955

Construction in progress
2,157

 
2,252

Accumulated depreciation
(111,555
)
 
(103,401
)
Property and equipment, net
59,419

 
55,674

 
 
 
 
Goodwill
16,141

 
19,181

 
 
 
 
Intangible assets, net
17,656

 
20,475

 
 
 
 
Other assets
18,297

 
19,906

Total assets
$
326,383

 
$
306,551

 
 
 
 


7



VISHAY PRECISION GROUP, INC.
 
 
 
Consolidated Balance Sheets
 
 
 
(In thousands, except per share amounts)
 
 
 
 
December 31, 2018
 
December 31, 2017
 
(Unaudited)

 
 
Liabilities and equity
 
 
 
Current liabilities:
 
 
 
Trade accounts payable
$
11,461

 
$
13,678

Payroll and related expenses
17,757

 
15,892

Other accrued expenses
17,031

 
15,952

Income taxes
3,879

 
2,515

Current portion of long-term debt
4,654

 
3,878

Total current liabilities
54,782

 
51,915

 
 
 
 
Long-term debt, less current portion
22,421

 
28,477

Deferred income taxes
2,200

 
2,300

Other liabilities
13,545

 
14,131

Accrued pension and other postretirement costs
14,982

 
16,424

Total liabilities
107,930

 
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
196,666

 
192,904

Retained earnings
66,569

 
43,076

Accumulated other comprehensive loss
(37,465
)
 
(35,450
)
Total Vishay Precision Group, Inc. stockholders' equity
218,415

 
193,156

Noncontrolling interests
38

 
148

Total equity
218,453

 
193,304

Total liabilities and equity
$
326,383

 
$
306,551

 
 
 
 



8



VISHAY PRECISION GROUP, INC.
 
 
 
Consolidated Statements of Cash Flows
 
 
 
(Unaudited - In thousands)
 
 
 
 
Years ended
 
December 31, 2018
 
December 31, 2017
Operating activities
 
 
 
Net earnings
$
23,645

 
$
14,394

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Impairment of goodwill and indefinite-lived intangibles
2,820

 

Depreciation and amortization
10,631

 
10,626

(Gain) loss on disposal of property and equipment
(120
)
 
(195
)
Share-based compensation expense
1,799

 
1,499

Inventory write-offs for obsolescence
1,876

 
2,065

Deferred income taxes
1,011

 
1,890

Other
819

 
893

Net changes in operating assets and liabilities
 
 
 
Accounts receivable
(7,757
)
 
(10,537
)
Inventories
(5,095
)
 
(4,307
)
Prepaid expenses and other current assets
588

 
(3,260
)
Trade accounts payable
(819
)
 
2,009

Other current liabilities
5,981

 
7,652

Net cash provided by operating activities
35,379

 
22,729

 
 
 
 
Investing activities
 
 
 
Capital expenditures
(14,521
)
 
(6,960
)
Proceeds from sale of property and equipment
132

 
541

Net cash used in investing activities
(14,389
)
 
(6,419
)
 
 
 
 
Financing activities
 
 
 
Principal payments on long-term debt
(5,603
)
 
(2,628
)
Proceeds from revolving facility
22,000

 
41,000

Payments on revolving facility
(19,000
)
 
(41,000
)
Distributions to noncontrolling interests
(109
)
 
(75
)
Payments of employee taxes on certain share-based arrangements
(801
)
 
(303
)
Net cash (used in) provided by financing activities
(3,513
)
 
(3,006
)
Effect of exchange rate changes on cash and cash equivalents
(1,610
)
 
2,536

Increase (decrease) in cash and cash equivalents
15,867

 
15,840

 
 
 
 
Cash and cash equivalents at beginning of year
74,292

 
58,452

Cash and cash equivalents at end of year
$
90,159

 
$
74,292

 
 
 
 
Supplemental disclosure of investing transactions:
 
 
 
Capital expenditures purchased
$
(13,239
)
 
$
(10,092
)
Supplemental disclosure of non-cash financing transactions:
 
 
 
Conversion of exchangeable notes to common stock
$
(2,794
)
 
$
(1,303
)


9



VISHAY PRECISION GROUP, INC.
 
 
 
 
 
 
 
Reconciliation of Consolidated Adjusted Gross Profit Margin
 
 
(Unaudited - In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal quarter ended
 
Years ended
 
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
Gross profit
$
30,816

 
$
26,740

 
$
121,267

 
$
98,283

  Gross profit margin
40.0
%
 
38.5
%
 
40.5
%
 
38.6
%
 
 
 
 
 
 
 
 
Reconciling items affecting gross profit margin
 
 
 
 
 
 
 
Acquisition purchase accounting adjustments

 
49

 

 
91

 
 
 
 
 
 
 
 
Adjusted gross profit
$
30,816

 
$
26,789

 
$
121,267

 
$
98,374

  Adjusted gross profit margin
40.0
%
 
38.6
%
 
40.5
%
 
38.7
%



VISHAY PRECISION GROUP, INC.
 
 
 
 
 
 
 
Reconciliation of Consolidated Adjusted Operating Margin
 
 
 
 
 
 
 
(Unaudited - In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal quarter ended
 
Years ended
 
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
Operating income
7,091

 
7,160

 
$
37,223

 
22,488

Operating margin
9.2
%
 
10.3
%
 
12.4
%
 
8.8
%
 
 
 
 
 
 
 
 
Reconciling items affecting operating margin
 
 
 
 
 
 
 
Acquisition purchase accounting adjustments

 
49

 

 
91

Impairment of goodwill and indefinite-lived intangibles **
2,820

 

 
2,820

 

Restructuring costs

 
752

 
289

 
2,044

 
 
 
 
 
 
 
 
Adjusted operating income
$
9,911

 
$
7,961

 
$
40,332

 
$
24,623

 Adjusted operating margin
12.9
%
 
11.5
%
 
13.5
%
 
9.7
%
** preliminary and subject to change as it is finalized when the Company files its 2018 Form 10-K with the SEC
 
 
 
 
 
 
 

10



VISHAY PRECISION GROUP, INC.
 
 
 
 
 
 
 
Reconciliation of Adjusted Earnings Per Share
 
 
 
 
 
 
(Unaudited - In thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal quarter ended
 
Years ended
 
December 31, 2018
 
December 31, 2017
 
December 31, 2018
 
December 31, 2017
Net earnings attributable to VPG stockholders
$
3,418

 
$
4,476

 
$
23,646

 
$
14,345

 
 
 
 
 
 
 
 
Reconciling items affecting operating margin
 
 
 
 
 
 
 
Acquisition purchase accounting adjustments

 
49

 

 
91

Impairment of goodwill and indefinite-lived intangibles **
2,820

 

 
2,820

 

Restructuring costs

 
752

 
289

 
2,044

 
 
 
 
 
 
 
 
Reconciling items affecting other income/expense
 
 
 
 
 
 
 
UK pension settlement
673

 

 
673

 

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
(377
)
 
165

 
(333
)
 
(174
)
Adjusted net earnings attributable to VPG stockholders
$
7,288

 
$
5,301

 
$
27,761

 
$
15,299

 
 
 
 
 
 
 
 
Weighted average shares outstanding - diluted
13,595

 
13,529

 
13,535

 
13,471

 
 
 
 
 
 
 
 
Adjusted net earnings per diluted share
$
0.54

 
$
0.39

 
$
2.05

 
$
1.14

** preliminary and subject to change as it is finalized when the Company files its 2018 Form 10-K with the SEC
 
 
 
 
 
 
 


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