MALVERN, Pa., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Vishay Precision Group, Inc. VPG, a leading producer of precision sensors and sensors-based systems, today announced its results for its fiscal 2020 fourth quarter and twelve fiscal months ended December 31, 2020.
Fourth Quarter Highlights:
- Revenues of $75.4 million increased 9.1% from a year ago
- Earnings per diluted share was $0.01, as compared to $0.28 reported a year ago
- Adjusted diluted earnings per share* was $0.43, as compared to $0.28 reported a year ago
- Gross profit margin was 38.1%, as compared to 35.0% a year ago
- Adjusted gross profit margin* was 38.0%, as compared to 36.8% a year ago
- Operating margin was 7.8%, as compared to 2.5% reported a year ago
- Adjusted operating margin* was 10.7%, as compared to 7.5% reported a year ago
- Cash from operating activities was $12.5 million with adjusted free cash flow* of $5.9 million
2020 Full Year Highlights:
- Revenues of $269.8 million declined 5.0% year-over-year
- Earnings per diluted share was $0.79, as compared to $1.63 reported a year ago
- Adjusted diluted earnings per share* was $1.32, as compared to prior year $1.79 reported a year ago
- Gross profit margin was 38.6%, as compared to 39.3% a year ago
- Adjusted gross profit margin* was 39.0%, as compared to 39.7% a year ago
- Operating margin was 8.4%, as compared to 10.1% reported last year
- Adjusted operating margin* was 9.7%, as compared to 11.7% reported last year
- Cash from operating activities was $35.3 million with adjusted free cash flow* of $13.3 million
Ziv Shoshani, Chief Executive Officer of VPG, commented, "We finished fiscal 2020 on a solid note. Fourth-quarter sales grew 11.7% sequentially reflecting broad-based growth across VPG's businesses and across our diversified end markets. Orders on a consolidated basis grew sequentially, as many of our markets continued to rebound from the lows earlier in the year due to the global pandemic. We are optimistic that as the world returns to normalcy, we are poised to realize the potential of our long-term strategic growth and cost initiatives.
Mr. Shoshani said: "In the fourth quarter we achieved an adjusted operating margin of 10.7% which was in line with our target model while generating $12.5 million of cash from operations.
The Company's fourth fiscal quarter 2020 net earnings attributable to VPG stockholders were $0.1 million, or $0.01 per diluted share, compared to $3.9 million, or $0.28 per diluted share, in the fourth fiscal quarter of 2019. Included in the fourth fiscal quarter 2020 were tax expense of $1.7 million primarily related to the acquisition of DSI and other discrete tax items. Included in the fourth fiscal quarter 2019 were tax benefits of approximately $3.4 million primarily related to the acquisition of DSI and other discrete tax items.
In the twelve fiscal months ended December 31, 2020, net earnings attributable to VPG stockholders were $10.8 million, or $0.79 per diluted share, compared to $22.2 million, or $1.63 per diluted share, in the twelve fiscal months ended December 31, 2019. Included in the twelve fiscal months ended December 31, 2020 were tax expense of $1.7 million primarily related to the acquisition of DSI and other discrete tax items. Included in the twelve fiscal months ended December 31, 2019 were tax benefits of approximately $3.4 million primarily related to the acquisition of DSI and other discrete tax items.
The fourth fiscal quarter 2020 adjusted net earnings* attributable to VPG stockholders were $5.8 million, or $0.43 per diluted share, compared to adjusted net earnings* attributable to VPG stockholders of $3.9 million, or $0.28 per diluted share, for the comparable prior year period.
In the twelve fiscal months ended December 31, 2020, adjusted net earnings* attributable to VPG stockholders were $18.0 million, or $1.32 per diluted share, compared to adjusted net earnings* attributable to VPG stockholders of $24.3 million, or $1.79 per diluted share, for the comparable prior year period.
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 $2.4 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 business, which is part of the Foil Technology Products reporting segment.
Impact of Foreign Currency Exchange Rate on Balance Sheet Items
Our operations in Israel and certain locations in Asia primarily generate cash in U.S. dollars, and accordingly, these subsidiaries utilize the U.S. dollar as their functional currency. For those foreign subsidiaries where the U.S. dollar is the functional currency, all foreign currency financial statement amounts are remeasured into U.S. dollars. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in the results of operations in Other income (expense). While these subsidiaries transact most business in U.S. dollars, they may have significant costs, particularly related to payroll and leases, which are incurred in the local currency.
In the fourth quarter of 2020, the change in the dollar-shekel exchange rate resulted in an unfavorable foreign exchange impact of $1.7 million, primarily related to the shekel-denominated lease liability for a new Foil Technology Products facility in Israel. Beginning in the fourth quarter of 2020, the Company has determined to include the impact of foreign currency exchange rates on its assets and liabilities in certain of its non-GAAP measures for its current and comparative periods.
Segments
Foil Technology Products segment revenues increased 23.1% to $36.5 million in the fourth fiscal quarter of 2020 from $29.6 million in the fourth fiscal quarter of 2019, and sequentially increased 10.9% from $32.9 million in the third quarter of 2020. The year-over-year increase in revenues was primarily attributable to an increase in our advanced sensors product line primarily in our consumer-related markets and higher sales of precision resistors and our Pacific Instruments product line in the avionics, military and space market. Sequentially, the increase in revenue reflected higher precision resistor sales in the test and measurement market, an increase in our Pacific Instruments product line in the avionics, military and space market, and an increase in our advanced sensors product line primarily in our consumer-related markets.
Gross profit margin for the Foil Technology Products segment of 38.4% (or, 38.9% adjusted to exclude the impact of COVID-19) for the fourth fiscal quarter of 2020, was higher compared to 34.9% in the fourth fiscal quarter of 2019, and a decrease compared to 41.1% (or, 41.6% adjusted to exclude the impact of COVID-19) in the third fiscal quarter of 2020. The year-over-year increase in adjusted gross profit margin was primarily due to higher volume. Sequentially, adjusted gross profit margin was lower comparable to the third quarter of 2020 primarily due to manufacturing inefficiencies, unfavorable product mix and one-time inventory adjustments, partially offset by an increase in volume.
Force Sensors segment revenues increased 7.9% to $16.3 million in the fourth fiscal quarter of 2020, from $15.1 million in the fourth fiscal quarter of 2019. Sequentially, revenue increased 17.2%, from $13.9 million in the third quarter of 2020 The year-over-year increase in revenues were primarily attributable to an increase in our OEM customers in the precision agriculture market, partially offset by lower sales in the industrial weighing market. The sequential increase in revenues, which was attributable to higher sales in the precision agriculture and industrial weighing markets, reflected the return to full production capability at the end of the third quarter of the Force Sensors operations that had been constrained due to the COVID-19 pandemic.
Gross profit margin for the Force Sensors segment was 29.1% (or, 29.6% adjusted to exclude the impact of COVID-19) for the fourth fiscal quarter of 2020, an increase compared to 24.2% in the fourth fiscal quarter of 2019, and a decrease compared to 30.5% (or, 31.2% adjusted to exclude the impact of COVID-19) in the third fiscal quarter of 2020. The year-over-year increase in adjusted gross profit margin was primarily due to higher volume, structural cost savings initiatives, an increase in inventories and a positive impact of foreign exchange, partially offset by a reduction of export grants. Sequentially, adjusted gross profit margin decreased primarily due to a reduction of inventory, partially offset by an increase in volume.
Weighing and Control Systems segment revenues decreased by 7.1% to $22.7 million in the fourth fiscal quarter of 2020, down from $24.4 million in the fourth fiscal quarter of 2019. Sequentially, revenue increased 9.4% from $20.8 million in the third fiscal quarter of 2020. The year-over-year decrease in revenues was primarily attributable lower KELK and DSI steel-related sales and lower sales in our process weighing business, partially offset by an increase in our onboard weighing products for the transportation market. The sequential increase in revenue was primarily attributable to our onboard weighing products for the transportation market and an increase in our process weighing business.
Gross profit margin for the Weighing and Control Systems segment was 44.0% (or, 42.5% adjusted to exclude the purchasing accounting adjustments related to the DSI acquisition and the impact of COVID-19) for the fourth fiscal quarter of 2020, compared to 41.6% (or, 46.8% adjusted to exclude the purchasing accounting adjustments related to the DSI acquisition) from the fourth fiscal quarter of 2019, and compared to 46.2% (or, 44.9% adjusted to exclude the purchasing accounting adjustments related to the DSI acquisition and the impact of COVID-19) from the third fiscal quarter of 2020. The year-over-year decrease in adjusted gross profit margin was primarily due to lower volume and an unfavorable product mix. The sequential decrease in adjusted gross profit margin was due to unfavorable product mix and inventory reductions, partially offset by higher volume.
Impacts From the Global COVID-19 Pandemic
As of February 17, 2021, all of the Company's facilities are operating without limitations with the Company implementing COVID-19 best practices with respect to working conditions and enabling some employees to work remotely where possible. Nonetheless, given the impacts to date and the ongoing uncertainty concerning the magnitude of the impact and duration of the COVID-19 pandemic, the ongoing economic disruption may continue to adversely affect the Company's business and financial results.
Near-Term Outlook
"Given the improving business environment, our strong cash flow, financial position, and strategic investments give us confidence that we can achieve growth in 2021 as the global economy and our markets continue to recover from the pandemic. For the first fiscal quarter of 2021, at constant fourth fiscal quarter 2020 exchange rates, we expect net revenues to be in the range of $63 million to $70 million," concluded Mr. Shoshani.
*Use of Non-GAAP Financial Information
We define "adjusted gross profit margin" as gross profit margin before purchase accounting adjustments related to the DSI acquisition, acquisition costs, and the impacts of COVID-19 costs. We define "adjusted operating margin" as operating margin before purchase accounting adjustments, acquisition costs, COVID-19 costs, impairment of goodwill and indefinite-lived intangible assets, restructuring costs, and executive severance costs. We define "adjusted net earnings" and "adjusted diluted net earnings per share" as net earnings attributable to VPG stockholders before purchase accounting adjustments, acquisition costs, COVID-19 costs, impairment of goodwill and indefinite-lived intangible assets, restructuring costs, executive severance costs, foreign exchange gains and losses, and associated tax effects.
"Adjusted free cash flow" for the fourth fiscal quarter of 2020 is defined as the amount of cash generated from operating activities ($12.5 million), in excess of our capital expenditures ($7.1 million), net of proceeds, if any, from the sale of assets ($0.5 million). "Adjusted free cash flow" for the fiscal year of 2020 is defined as the amount of cash generated from operating activities ($35.3 million) in excess of our capital expenditures ($22.9 million), net of proceeds, if any, from the sale of assets ($0.9 million).
Management believes that these non-GAAP measures are useful to investors because each presents what management views as our core operating results for the relevant period. The adjustments to the applicable GAAP measures relate to occurrences or events that are outside of our core operations, and management believes that the use of these non-GAAP measures provides a consistent basis to evaluate our operating profitability and performance trends across comparable periods. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in VPG's financial statements presented in our Annual Report on Form 10-K and its Quarterly Reports on Forms 10-Q.
Conference Call and Webcast
A conference call will be held today (February 17, 2021) 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 9219939, or by visiting the "Events" page of investor relations section of the VPG website at http://ir.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 10151519. The replay will also be available on the "Events" page of investor relations section of the VPG website at http://ir.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 identifying, negotiating and 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, health (including the COVID-19 pandemic) 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; our efforts and efforts by governmental authorities to mitigate the COVID-19 pandemic, such as travel bans, shelter-in-place orders and business closures and the related impact on resource allocations, manufacturing and supply chains; the Company's status as a "critical", "essential" or "life-sustaining" business in light of COVID-19 business closure laws, orders and guidance being challenged by a governmental body or other applicable authority; the Company's ability to execute its business continuity, operational and budget plans in light of the COVID-19 pandemic; 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 ended December 31, 2019 and Quarterly Report on Form 10-Q for the fiscal quarter ended March 28, 2020. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Steve Cantor
Vishay Precision Group, Inc.
781-222-3516
steve.cantor@vpgsensors.com
| VISHAY PRECISION GROUP, INC. | ||||||||
| Consolidated Statements of Operations | ||||||||
| (Unaudited - In thousands, except per share amounts) | ||||||||
| Fiscal quarter ended | ||||||||
| December 31, 2020 | December 31, 2019 | |||||||
| Net revenues | $ | 75,445 | $ | 69,142 | ||||
| Costs of products sold | 46,698 | 44,975 | ||||||
| Gross profit | 28,747 | 24,167 | ||||||
| Gross profit margin | 38.1 | % | 35.0 | % | ||||
| Selling, general, and administrative expenses | 20,181 | 20,221 | ||||||
| Acquisition costs | — | 443 | ||||||
| Impairment of goodwill and indefinite-lived intangibles | 2,440 | — | ||||||
| Restructuring costs | 205 | 1,746 | ||||||
| Operating income | 5,921 | 1,757 | ||||||
| Operating margin | 7.8 | % | 2.5 | % | ||||
| Other income (expense): | ||||||||
| Interest expense | (329 | ) | (436 | ) | ||||
| Other | (2,353 | ) | (316 | ) | ||||
| Other expenses - net | (2,682 | ) | (752 | ) | ||||
| Income before taxes | 3,239 | 1,005 | ||||||
| Income tax expense (benefit) | 3,142 | (2,854 | ) | |||||
| Net earnings | 97 | 3,859 | ||||||
| Less: net loss attributable to noncontrolling interests | (21 | ) | (12 | ) | ||||
| Net earnings attributable to VPG stockholders | $ | 118 | $ | 3,871 | ||||
| Basic earnings per share attributable to VPG stockholders | $ | 0.01 | $ | 0.29 | ||||
| Diluted earnings per share attributable to VPG stockholders | $ | 0.01 | $ | 0.28 | ||||
| Weighted average shares outstanding - basic | 13,575 | 13,523 | ||||||
| Weighted average shares outstanding - diluted | 13,662 | 13,623 | ||||||
| VISHAY PRECISION GROUP, INC. | ||||||||
| Consolidated Statements of Operations | ||||||||
| (Unaudited - In thousands, except per share amounts) | ||||||||
| Years ended | ||||||||
| December 31, 2020 | December 31, 2019 | |||||||
| Net revenues | $ | 269,812 | $ | 283,958 | ||||
| Costs of products sold | 165,541 | 172,341 | ||||||
| Gross profit | 104,271 | 111,617 | ||||||
| Gross profit margin | 38.6 | % | 39.3 | % | ||||
| Selling, general, and administrative expenses | 78,256 | 79,622 | ||||||
| Acquisition costs | — | 443 | ||||||
| Impairment of goodwill and indefinite-lived intangibles | 2,440 | — | ||||||
| Executive severance costs | — | 611 | ||||||
| Restructuring costs | 918 | 2,293 | ||||||
| Operating income | 22,657 | 28,648 | ||||||
| Operating margin | 8.4 | % | 10.1 | % | ||||
| Other income (expense): | ||||||||
| Interest expense | (1,366 | ) | (1,507 | ) | ||||
| Other | (2,982 | ) | (701 | ) | ||||
| Other expenses - net | (4,348 | ) | (2,208 | ) | ||||
| Income before taxes | 18,309 | 26,440 | ||||||
| Income tax expense | 7,509 | 4,145 | ||||||
| Net earnings | 10,800 | 22,295 | ||||||
| Less: net earnings attributable to noncontrolling interests | 13 | 107 | ||||||
| Net earnings attributable to VPG stockholders | $ | 10,787 | $ | 22,188 | ||||
| Basic earnings per share attributable to VPG stockholders | $ | 0.80 | $ | 1.64 | ||||
| Diluted earnings per share attributable to VPG stockholders | $ | 0.79 | $ | 1.63 | ||||
| Weighted average shares outstanding - basic | 13,566 | 13,515 | ||||||
| Weighted average shares outstanding - diluted | 13,623 | 13,597 | ||||||
| VISHAY PRECISION GROUP, INC. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (In thousands, except per share amounts) | ||||||||
| December 31, 2020 | December 31, 2019 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 98,438 | $ | 86,910 | ||||
| Accounts receivable | 45,339 | 43,198 | ||||||
| Inventories: | ||||||||
| Raw materials | 21,894 | 21,701 | ||||||
| Work in process | 21,534 | 23,128 | ||||||
| Finished goods | 18,920 | 22,066 | ||||||
| Inventories | 62,348 | 66,895 | ||||||
| Prepaid expenses and other current assets | 15,761 | 15,558 | ||||||
| Total current assets | 221,886 | 212,561 | ||||||
| Property and equipment, at cost: | ||||||||
| Land | 4,282 | 4,243 | ||||||
| Buildings and improvements | 67,581 | 52,708 | ||||||
| Machinery and equipment | 115,717 | 111,492 | ||||||
| Software | 10,026 | 9,384 | ||||||
| Construction in progress | 6,341 | 2,485 | ||||||
| Accumulated depreciation | (128,931 | ) | (119,042 | ) | ||||
| Property and equipment, net | 75,016 | 61,270 | ||||||
| Goodwill | 31,105 | 35,018 | ||||||
| Intangible assets, net | 32,039 | 34,198 | ||||||
| Operating lease right-of-use assets | 21,788 | 8,691 | ||||||
| Other assets | 20,053 | 18,675 | ||||||
| Total assets | $ | 401,887 | $ | 370,413 | ||||
| VISHAY PRECISION GROUP, INC. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (In thousands, except per share amounts) | ||||||||
| December 31, 2020 | December 31, 2019 | |||||||
| (Unaudited) | ||||||||
| Liabilities and equity | ||||||||
| Current liabilities: | ||||||||
| Trade accounts payable | $ | 10,487 | $ | 8,869 | ||||
| Payroll and related expenses | 17,595 | 16,312 | ||||||
| Other accrued expenses | 13,843 | 16,126 | ||||||
| Income taxes | 1,593 | 261 | ||||||
| Current portion of operating lease liabilities | 4,011 | 2,827 | ||||||
| Current portion of long-term debt | 18 | 44,516 | ||||||
| Total current liabilities | 47,547 | 88,911 | ||||||
| Long-term debt, less current portion | 40,626 | 17 | ||||||
| Deferred income taxes | 3,403 | 3,478 | ||||||
| Operating lease liabilities | 19,504 | 5,811 | ||||||
| Other liabilities | 16,263 | 14,775 | ||||||
| Accrued pension and other postretirement costs | 16,687 | 15,669 | ||||||
| Total liabilities | 144,030 | 128,661 | ||||||
| Commitments and contingencies | ||||||||
| Equity: | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 1,317 | 1,312 | ||||||
| Class B convertible common stock | 103 | 103 | ||||||
| Treasury stock | (8,765 | ) | (8,765 | ) | ||||
| Capital in excess of par value | 197,764 | 197,125 | ||||||
| Retained earnings | 100,075 | 89,288 | ||||||
| Accumulated other comprehensive loss | (32,671 | ) | (37,703 | ) | ||||
| Total Vishay Precision Group, Inc. stockholders' equity | 257,823 | 241,360 | ||||||
| Noncontrolling interests | 34 | 392 | ||||||
| Total equity | 257,857 | 241,752 | ||||||
| Total liabilities and equity | $ | 401,887 | $ | 370,413 | ||||
| VISHAY PRECISION GROUP, INC. | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (Unaudited - In thousands) | ||||||||
| Years ended | ||||||||
| December 31, 2020 | December 31, 2019 | |||||||
| Operating activities | ||||||||
| Net earnings | $ | 10,800 | $ | 22,295 | ||||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||
| Impairment of goodwill and indefinite-lived intangibles | 2,440 | — | ||||||
| Depreciation and amortization | 12,507 | 11,795 | ||||||
| Loss from extinguishment of debt | 30 | — | ||||||
| (Gain) loss on disposal of property and equipment | (130 | ) | 34 | |||||
| Reclassification of foreign currency translation adjustment related to disposal of subsidiary | — | (827 | ) | |||||
| Share-based compensation expense | 1,387 | 1,336 | ||||||
| Inventory write-offs for obsolescence | 2,525 | 2,588 | ||||||
| Deferred income taxes | 1,153 | (2,556 | ) | |||||
| Other | 1,467 | 358 | ||||||
| Net changes in operating assets and liabilities, net of acquisition: | ||||||||
| Accounts receivable | (753 | ) | 11,369 | |||||
| Inventories | 3,254 | (619 | ) | |||||
| Prepaid expenses and other current assets | 67 | (5,087 | ) | |||||
| Trade accounts payable | 59 | (2,273 | ) | |||||
| Other current liabilities | 507 | (7,481 | ) | |||||
| Net cash provided by operating activities | 35,313 | 30,932 | ||||||
| Investing activities | ||||||||
| Capital expenditures | (22,949 | ) | (11,196 | ) | ||||
| Proceeds from sale of property and equipment | 983 | 615 | ||||||
| Purchase of business | 156 | (40,481 | ) | |||||
| Net cash used in investing activities | (21,810 | ) | (51,062 | ) | ||||
| Financing activities | ||||||||
| Principal payments on long-term debt | (3,493 | ) | (4,618 | ) | ||||
| Debt issuance costs | (402 | ) | — | |||||
| Proceeds from revolving facility | — | 22,000 | ||||||
| Purchase of non-controlling interest | (253 | ) | — | |||||
| Distributions to noncontrolling interests | (70 | ) | (52 | ) | ||||
| Payments of employee taxes on certain share-based arrangements | (813 | ) | (854 | ) | ||||
| Net cash (used in) provided by financing activities | (5,031 | ) | 16,476 | |||||
| Effect of exchange rate changes on cash and cash equivalents | 3,056 | 405 | ||||||
| Increase (decrease) in cash and cash equivalents | 11,528 | (3,249 | ) | |||||
| Cash and cash equivalents at beginning of year | 86,910 | 90,159 | ||||||
| Cash and cash equivalents at end of year | $ | 98,438 | $ | 86,910 | ||||
| Supplemental disclosure of investing transactions: | ||||||||
| Capital expenditures purchased | $ | (24,327 | ) | $ | (10,529 | ) | ||
| Capital expenditures accrued but not yet paid | $ | 2,561 | $ | 1,183 | ||||
| VISHAY PRECISION GROUP, INC. | ||||||||||||||||||||||||||||||||
| Reconciliation of Consolidated Adjusted Gross Profit, Operating Income, Net Earnings Attributable to VPG Stockholders and Diluted Earnings Per Share | ||||||||||||||||||||||||||||||||
| (Unaudited - In thousands except per share data) | ||||||||||||||||||||||||||||||||
| Gross Profit | Operating Income | Net Earnings Attributable to VPG Stockholders | Diluted Earnings Per share | |||||||||||||||||||||||||||||
| Fiscal Year Ended December 31, | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
| As reported - GAAP | 104,271 | 111,617 | 22,657 | 28,648 | $ | 10,787 | $ | 22,188 | $ | 0.79 | $ | 1.63 | ||||||||||||||||||||
| As reported - GAAP Margins | 38.6 | % | 39.3 | % | 8.4 | % | 10.1 | % | ||||||||||||||||||||||||
| Acquisition purchase accounting adjustments | 569 | 1,254 | 569 | 1,254 | 569 | 1,254 | 0.04 | 0.09 | ||||||||||||||||||||||||
| Acquisition costs | — | 443 | — | 443 | — | 0.03 | ||||||||||||||||||||||||||
| COVID-19 impact | 434 | — | (366 | ) | — | (366 | ) | — | (0.03 | ) | ||||||||||||||||||||||
| Executive Severance costs | — | 611 | — | 611 | — | 0.04 | ||||||||||||||||||||||||||
| Impairment of goodwill and indefinite-lived intangibles | 2,440 | — | 2,440 | — | 0.18 | — | ||||||||||||||||||||||||||
| Restructuring costs | 918 | 2,293 | 918 | 2,293 | 0.07 | 0.17 | ||||||||||||||||||||||||||
| Foreign exchange (gain)/loss (1) | 2,246 | 1,638 | 0.16 | 0.12 | ||||||||||||||||||||||||||||
| Less: Tax effect of reconciling items and discrete tax items (1) | (1,381 | ) | 4,102 | (0.11 | ) | 0.29 | ||||||||||||||||||||||||||
| As Adjusted - Non GAAP | $ | 105,274 | $ | 112,871 | $ | 26,218 | $ | 33,249 | $ | 17,975 | $ | 24,325 | $ | 1.32 | $ | 1.79 | ||||||||||||||||
| As Adjusted - Non GAAP Margins | 39.0 | % | 39.7 | % | 9.7 | % | 11.7 | % | ||||||||||||||||||||||||
| Gross Profit | Operating Income | Net Earnings Attributable to VPG Stockholders | Diluted Earnings Per share | |||||||||||||||||||||||||||||
| Fiscal Quarter Ended December 31, | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
| As reported - GAAP | $ | 28,747 | $ | 24,167 | $ | 5,921 | $ | 1,757 | $ | 118 | $ | 3,871 | 0.01 | $ | 0.28 | |||||||||||||||||
| As reported - GAAP Margins | 38.1 | % | 35.0 | % | 7.8 | % | 2.5 | % | ||||||||||||||||||||||||
| Acquisition purchase accounting adjustments | 9 | 1,254 | 9 | 1,254 | 9 | 1,254 | — | 0.09 | ||||||||||||||||||||||||
| Acquisition costs | — | 443 | — | 443 | — | 0.03 | ||||||||||||||||||||||||||
| COVID-19 impact | (102 | ) | — | (489 | ) | — | (489 | ) | — | (0.04 | ) | |||||||||||||||||||||
| Executive Severance costs | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Impairment of goodwill and indefinite-lived intangibles | 2,440 | — | 2,440 | — | 0.18 | — | ||||||||||||||||||||||||||
| Restructuring costs | 205 | 1,746 | 205 | 1,746 | 0.02 | 0.13 | ||||||||||||||||||||||||||
| Foreign exchange (gain)/loss (1) | 2,123 | 278 | 0.16 | 0.02 | ||||||||||||||||||||||||||||
| Less: Tax effect of reconciling items and discrete tax items (1) | (1,419 | ) | 3,727 | (0.10 | ) | 0.27 | ||||||||||||||||||||||||||
| As Adjusted - Non GAAP | $ | 28,654 | $ | 25,421 | $ | 8,086 | $ | 5,200 | $ | 5,825 | $ | 3,865 | $ | 0.43 | $ | 0.28 | ||||||||||||||||
| As Adjusted - Non GAAP Margins | 38.0 | % | 36.8 | % | 10.7 | % | 7.5 | % | ||||||||||||||||||||||||
(1) The 2019 numbers presented have been updated to reflect the adjustment for foreign exchange (gain)/loss
| VISHAY PRECISION GROUP, INC. | ||||||||||||
| Reconciliation of Adjusted Gross Profit by segment | ||||||||||||
| (Unaudited - In thousands) | ||||||||||||
| Fiscal quarter ended | ||||||||||||
| December 31, 2020 | December 31, 2019 | September 26, 2020 | ||||||||||
| Foil Technology Products | ||||||||||||
| As reported - GAAP | $ | 14,023 | $ | 10,349 | $ | 13,515 | ||||||
| As reported - GAAP Margins | 38.4 | % | 34.9 | % | 41.1 | % | ||||||
| COVID-19 impact | 163 | 159 | ||||||||||
| As Adjusted - Non GAAP | $ | 14,186 | $ | 10,349 | $ | 13,674 | ||||||
| As Adjusted - Non GAAP Margins | 38.9 | % | 34.9 | % | 41.6 | % | ||||||
| Force Sensors | ||||||||||||
| As reported - GAAP | $ | 4,737 | $ | 3,637 | $ | 4,235 | ||||||
| As reported - GAAP Margins | 29.1 | % | 24.2 | % | 30.5 | % | ||||||
| COVID-19 impact | 81 | 94 | ||||||||||
| As Adjusted - Non GAAP | $ | 4,818 | $ | 3,637 | $ | 4,329 | ||||||
| As Adjusted - Non GAAP Margins | 29.6 | % | 24.2 | % | 31.2 | % | ||||||
| Weighing and Control Systems | ||||||||||||
| As reported - GAAP | $ | 9,987 | $ | 10,180 | $ | 9,599 | ||||||
| As reported - GAAP Margins | 44.0 | % | 41.6 | % | 46.2 | % | ||||||
| Acquisition purchase accounting adjustments | 9 | 1,254 | 4 | |||||||||
| COVID-19 impact | (346 | ) | (275 | ) | ||||||||
| As Adjusted - Non GAAP | $ | 9,650 | $ | 11,434 | $ | 9,328 | ||||||
| As Adjusted - Non GAAP Margins | 42.5 | % | 46.8 | % | 44.9 | % | ||||||
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