Vishay Reports Financial Results for Third Quarter 2009

In an October 27 release, Vishay reported that net earnings attributable to Vishay stockholders for the fiscal quarter ended September 26, were $2.3 million, or $0.01 per diluted share, compared to a net loss attributable to Vishay stockholders of $301.3 million, or $1.62 per share for the fiscal quarter ended September 27, 2008.

Revenues for the nine fiscal months ended September 26, were $1,435.1 million, compared to $2,246.8 million for the nine fiscal months ended September 27, 2008. The net loss attributable to Vishay stockholders for the nine fiscal months ended September 26, was $85.7 million, or $0.46 per share, compared to a net loss attributable to Vishay stockholders of $1,079.9 million, or $5.79 per share for the nine fiscal months ended September 27, 2008.

Net earnings attributable to Vishay stockholders for the fiscal quarter ended September 26, were impacted by restructuring and severance costs of $3.5 million. This item and its related tax effect had a negative $0.02 per share effect on the net earnings attributable to Vishay stockholders.

The net loss attributable to Vishay stockholders for the fiscal quarter ended September 27, 2008 was impacted by restructuring and severance costs of $6.8 million, impairment of goodwill and indefinite-lived intangible assets of $357.9 million, and costs associated with the terminated tender offer to acquire International Rectifier of $4.0 million. These items and their related tax effect had a negative $1.79 per share effect on the net earnings (loss) attributable to Vishay stockholders.

The net loss attributable to Vishay stockholders for the nine fiscal months ended September 26, was impacted by pretax charges for restructuring and severance costs of $34.5 million and for an amended executive compensation agreement of $57.8 million, partially offset by a gain of $28.2 million on settlement of matters related to the acquisition of International Rectifier's Power Control Systems business. These items and their related tax effects had a negative $0.31 per share effect on the net loss attributable to Vishay stockholders.

The net loss attributable to Vishay stockholders for the nine fiscal months ended September 27, 2008 was impacted by pretax charges for goodwill impairment of $1,157.9 million, restructuring and severance costs of $34.0 million, related asset write-downs of $4.2 million, and $9.9 million of tax expense associated with the repatriation of cash from certain non-U.S. subsidiaries. Including the tax effects of the pretax charges, these items had a negative $6.09 per share effect on earnings (loss) from continuing operations. The net loss for the nine fiscal months ended September 27, 2008 also included a loss on discontinued operations of $42.1 million, or $0.23 per share.

As previously disclosed, the results of operations for the fiscal quarter and nine fiscal months ended September 27, 2008 have been recast to include the retrospective effects of FSP APB 14-1. The retrospective application of this FSP decreased the previously reported loss from continuing operations for the quarter by $11.5 million ($0.06 per share) and increased the previously reported loss from continuing operations for the nine fiscal months ended September 27, 2008 by $0.8 million ($0.01 per share), respectively.

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