Vishay Precision Group, Inc. VPG, a leading producer of precision
sensors and systems, today commented on the status of completion of its
second fiscal quarter financial statements. On August 4, 2015, the company
announced preliminary unaudited financial results for the second quarter and
six months ended June 27, 2015. At that time, the company indicated that it
had undertaken a review and analysis of its Indian subsidiary functional
currency accounting and that it had planned to file its Form 10-Q for its
second fiscal quarter by August 11, 2015, which would be within the
extension period permitted by SEC regulations.
The company continues to work diligently to finalize its second fiscal
quarter Form 10-Q and currently expects to file the Form 10-Q and hold its
earnings call by September 4, 2015. Because the review is ongoing, no
assurances can be given as to the definitive date on which the Form 10-Q
will be filed and the earnings call will be held.
Although we are not yet in a position to estimate the amount of any required
adjustments, our current expectation is that the principal line items
impacted in the company's Indian subsidiary's financial statements, and
consequently in the company's consolidated financial statements, are:
property and equipment, net; cost of goods sold, including depreciation
expense; foreign currency re-measurement gains and losses; and foreign
currency translation gains and losses recorded as a component of accumulated
other comprehensive income within stockholders' equity.
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