x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware
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38-1686453
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(State or Other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification Number)
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63 Lancaster Avenue
Malvern, PA 19355-2143
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610-644-1300
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(Address of Principal Executive Offices)
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(Registrant's Area Code and Telephone Number)
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Large accelerated filer
ý
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Accelerated filer
¨
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Non-accelerated filer
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(Do not check if smaller reporting company)
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Smaller reporting company
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March 29,
2014
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December 31,
2013
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||||||
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(Unaudited)
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||||||
Assets
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||||||
Current assets:
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||||||
Cash and cash equivalents
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$
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661,457
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$
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640,348
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||||
Short-term investments
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488,659
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511,231
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||||||
Accounts receivable, net
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294,544
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274,083
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||||||
Inventories:
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||||||||
Finished goods
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123,082
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109,617
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||||||
Work in process
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197,316
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197,600
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||||||
Raw materials
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131,632
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125,491
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||||||
Total inventories
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452,030
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432,708
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||||||
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||||||||
Deferred income taxes
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21,488
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21,716
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||||||
Prepaid expenses and other current assets
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106,040
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100,594
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||||||
Total current assets
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2,024,218
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1,980,680
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||||||
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||||||||
Property and equipment, at cost:
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||||||||
Land
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93,609
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93,685
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||||||
Buildings and improvements
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566,132
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560,418
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||||||
Machinery and equipment
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2,361,115
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2,340,778
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||||||
Construction in progress
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77,119
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95,278
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||||||
Allowance for depreciation
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(2,192,797
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)
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(2,163,540
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)
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||||
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905,178
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926,619
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||||||
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||||||||
Goodwill
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43,117
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43,132
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||||||
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||||||||
Other intangible assets, net
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126,341
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129,951
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||||||
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||||||||
Other assets
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154,274
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156,757
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||||||
Total assets
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$
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3,253,128
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$
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3,237,139
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March 29,
2014
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December 31,
2013
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||||||
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(Unaudited)
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||||||
Liabilities and equity
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||||||
Current liabilities:
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||||||
Notes payable to banks
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$
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22
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$
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2
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||||
Trade accounts payable
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155,709
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163,894
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||||||
Payroll and related expenses
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121,204
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120,997
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||||||
Other accrued expenses
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152,705
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146,670
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||||||
Income taxes
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20,047
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17,502
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||||||
Total current liabilities
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449,687
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449,065
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||||||
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Long-term debt less current portion
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361,948
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364,911
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||||||
Deferred income taxes
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157,213
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157,640
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||||||
Other liabilities
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101,005
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99,426
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||||||
Accrued pension and other postretirement costs
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286,730
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287,901
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||||||
Total liabilities
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1,356,583
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1,358,943
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||||||
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Stockholders' equity:
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||||||||
Vishay stockholders' equity
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||||||||
Common stock
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13,532
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13,520
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||||||
Class B convertible common stock
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1,213
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1,213
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||||||
Capital in excess of par value
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2,054,543
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2,054,087
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||||||
(Accumulated deficit) retained earnings
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(240,742
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)
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(257,698
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)
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||||
Accumulated other comprehensive income (loss)
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62,705
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61,634
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||||||
Total Vishay stockholders' equity
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1,891,251
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1,872,756
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||||||
Noncontrolling interests
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5,294
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5,440
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||||||
Total equity
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1,896,545
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1,878,196
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||||||
Total liabilities and equity
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$
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3,253,128
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$
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3,237,139
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Fiscal quarters ended
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|||||||
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March 29,
2014
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March 30,
2013
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||||||
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Net revenues
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$
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602,378
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$
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554,254
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||||
Costs of products sold
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457,095
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417,520
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||||||
Gross profit
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145,283
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136,734
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||||||
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||||||||
Selling, general, and administrative expenses
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96,307
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91,129
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||||||
Restructuring and severance costs
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6,404
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-
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||||||
Operating income
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42,572
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45,605
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||||||
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||||||||
Other income (expense):
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||||||||
Interest expense
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(5,980
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)
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(5,486
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)
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Other
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1,312
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115
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||||||
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(4,668
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)
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(5,371
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)
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Income before taxes
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37,904
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40,234
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||||||
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Income tax expense
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11,940
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11,093
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||||||
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Net earnings
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25,964
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29,141
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||||||
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||||||||
Less: net earnings attributable to noncontrolling interests
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154
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210
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||||||
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||||||||
Net earnings attributable to Vishay stockholders
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$
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25,810
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$
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28,931
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||||
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||||||||
Basic earnings per share attributable to Vishay stockholders
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$
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0.17
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$
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0.20
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Diluted earnings per share attributable to Vishay stockholders
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$
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0.17
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$
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0.19
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Weighted average shares outstanding - basic
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147,557
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143,591
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||||||
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||||||||
Weighted average shares outstanding - diluted
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152,556
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150,632
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||||||
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||||||||
Cash dividends per share
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$
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0.06
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$
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-
|
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Fiscal quarters ended
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|||||||
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March 29,
2014
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March 30,
2013
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||||||
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||||||
Net earnings
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$
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25,964
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$
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29,141
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||||
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||||||||
Other comprehensive income (loss), net of tax
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||||||||
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||||||||
Foreign currency translation adjustment
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(960
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)
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(25,121
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)
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||||
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||||||||
Pension and other post-retirement actuarial items
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1,503
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3,231
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||||||
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||||||||
Unrealized gain on available-for-sale securities
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528
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430
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||||||
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||||||||
Other comprehensive income (loss)
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1,071
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(21,460
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)
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|||||
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||||||||
Comprehensive income
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27,035
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7,681
|
||||||
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||||||||
Less: comprehensive income attributable to noncontrolling interests
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154
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210
|
||||||
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||||||||
Comprehensive income attributable to Vishay stockholders
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$
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26,881
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$
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7,471
|
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Fiscal quarters ended
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|||||||
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March 29,
2014
|
March 30,
2013
|
||||||
Operating activities
|
|
|
||||||
Net earnings
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$
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25,964
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$
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29,141
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
43,355
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41,346
|
||||||
(Gain) loss on disposal of property and equipment
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(60
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)
|
137
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|||||
Accretion of interest on convertible debentures
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958
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886
|
||||||
Inventory write-offs for obsolescence
|
4,516
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4,213
|
||||||
Other
|
1,804
|
2,337
|
||||||
Net change in operating assets and liabilities, net of effects of businesses acquired
|
(46,583
|
)
|
(54,669
|
)
|
||||
Net cash provided by operating activities
|
29,954
|
23,391
|
||||||
|
||||||||
Investing activities
|
||||||||
Capital expenditures
|
(19,347
|
)
|
(20,181
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)
|
||||
Proceeds from sale of property and equipment
|
1,197
|
769
|
||||||
Purchase of short-term investments
|
(28,423
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)
|
(242,501
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)
|
||||
Maturity of short-term investments
|
50,400
|
181,631
|
||||||
Other investing activities
|
459
|
627
|
||||||
Net cash provided by (used in) investing activities
|
4,286
|
(79,655
|
)
|
|||||
|
||||||||
Financing activities
|
||||||||
Principal payments on long-term debt and capital leases
|
(7
|
)
|
(8
|
)
|
||||
Net proceeds (payments) on revolving credit lines
|
(4,000
|
)
|
1,000
|
|||||
Net changes in short-term borrowings
|
20
|
14
|
||||||
Dividends paid to common stockholders
|
(8,119
|
)
|
-
|
|||||
Dividends paid to Class B common stockholders
|
(728
|
)
|
-
|
|||||
Excess tax benefit from RSUs vested
|
-
|
436
|
||||||
Distributions to noncontrolling interests
|
(300
|
)
|
-
|
|||||
Net cash (used in) provided by financing activities
|
(13,134
|
)
|
1,442
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
3
|
(9,993
|
)
|
|||||
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
21,109
|
(64,815
|
)
|
|||||
|
||||||||
Cash and cash equivalents at beginning of period
|
640,348
|
697,595
|
||||||
Cash and cash equivalents at end of period
|
$
|
661,457
|
$
|
632,780
|
|
Common Stock
|
Class B Convertible Common Stock
|
Capital in Excess of Par Value
|
Retained Earnings (Accumulated Deficit)
|
Accumulated Other Comprehensive Income (Loss)
|
Total Vishay Stockholders' Equity
|
Noncontrolling Interests
|
Total Equity
|
||||||||||||||||||||||||
Balance at January 1, 2014
|
$
|
13,520
|
$
|
1,213
|
$
|
2,054,087
|
$
|
(257,698
|
)
|
$
|
61,634
|
$
|
1,872,756
|
$
|
5,440
|
$
|
1,878,196
|
|||||||||||||||
Net earnings
|
-
|
-
|
-
|
25,810
|
-
|
25,810
|
154
|
25,964
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
1,071
|
1,071
|
-
|
1,071
|
||||||||||||||||||||||||
Distributions to noncontrolling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(300
|
)
|
(300
|
)
|
||||||||||||||||||||||
Restricted stock issuances (117,895 shares)
|
12
|
-
|
(384
|
)
|
-
|
-
|
(372
|
)
|
-
|
(372
|
)
|
|||||||||||||||||||||
Dividends declared ($ 0.06 per share)
|
-
|
-
|
7
|
(8,854
|
)
|
-
|
(8,847
|
)
|
-
|
(8,847
|
)
|
|||||||||||||||||||||
Stock compensation expense
|
-
|
-
|
941
|
-
|
-
|
941
|
-
|
941
|
||||||||||||||||||||||||
Tax effects of stock plan
|
-
|
-
|
(108
|
)
|
-
|
-
|
(108
|
)
|
-
|
(108
|
)
|
|||||||||||||||||||||
Balance at March 29, 2014
|
$
|
13,532
|
$
|
1,213
|
$
|
2,054,543
|
$
|
(240,742
|
)
|
$
|
62,705
|
$
|
1,891,251
|
$
|
5,294
|
$
|
1,896,545
|
MOSFETs Enhanced Competitiveness Program
|
$
|
1,727
|
||
Voluntary Separation / Retirement Program
|
4,677
|
|||
Total
|
$
|
6,404
|
Expense recorded in the fourth fiscal quarter of 2013
|
$
|
2,328
|
||
Cash paid
|
(267
|
)
|
||
Balance at December 31, 2013
|
$
|
2,061
|
||
Expense
|
1,727
|
|||
Cash paid
|
(113
|
)
|
||
Balance at March 29, 2014
|
$
|
3,675
|
Expense recorded in the fourth fiscal quarter of 2013
|
$
|
486
|
||
Cash paid
|
(98
|
)
|
||
Foreign currency translation
|
3
|
|||
Balance at December 31, 2013
|
$
|
391
|
||
Expense
|
4,677
|
|||
Cash paid
|
(1,791
|
)
|
||
Foreign currency translation
|
(3
|
)
|
||
Balance at March 29, 2014
|
$
|
3,274
|
|
March 29,
2014
|
December 31,
2013
|
||||||
|
|
|
||||||
Credit facility
|
$
|
110,000
|
$
|
114,000
|
||||
Exchangeable unsecured notes, due 2102
|
38,642
|
38,642
|
||||||
Convertible senior debentures, due 2040
|
102,367
|
101,846
|
||||||
Convertible senior debentures, due 2041
|
52,519
|
52,264
|
||||||
Convertible senior debentures, due 2042
|
58,420
|
58,159
|
||||||
|
361,948
|
364,911
|
||||||
Less current portion
|
-
|
-
|
||||||
|
$
|
361,948
|
$
|
364,911
|
|
Due 2040
|
Due 2041
|
Due 2042
|
|||||||||
Issuance date
|
November 9, 2010
|
May 13, 2011
|
May 31, 2012
|
|||||||||
Maturity date
|
November 15, 2040
|
May 15, 2041
|
June 1, 2042
|
|||||||||
Principal amount
|
$
|
275,000
|
$
|
150,000
|
$
|
150,000
|
||||||
Cash coupon rate (per annum)
|
2.25
|
%
|
2.25
|
%
|
2.25
|
%
|
||||||
Nonconvertible debt borrowing rate at issuance (per annum)
|
8.00
|
%
|
8.375
|
%
|
7.50
|
%
|
||||||
Conversion rate effective February 27, 2014 (per $1 principal amount)
|
72.3396
|
52.7896
|
85.0541
|
|||||||||
Effective conversion price effective February 27, 2014 (per share)
|
$
|
13.82
|
$
|
18.94
|
$
|
11.76
|
||||||
130% of the conversion price (per share)
|
$
|
17.97
|
$
|
24.62
|
$
|
15.29
|
||||||
Call date
|
November 20, 2020
|
May 20, 2021
|
June 7, 2022
|
|
Principal amount of
the debentures
|
Unamortized discount
|
Embedded derivative
|
Carrying value of liability component
|
Equity component - net carrying value
|
|||||||||||||||
March 29, 2014
|
|
|
|
|
|
|||||||||||||||
Due 2040
|
$
|
275,000
|
(173,169
|
)
|
536
|
$
|
102,367
|
$
|
110,094
|
|||||||||||
Due 2041
|
$
|
150,000
|
(97,844
|
)
|
363
|
$
|
52,519
|
$
|
62,246
|
|||||||||||
Due 2042
|
$
|
150,000
|
(91,797
|
)
|
217
|
$
|
58,420
|
$
|
57,874
|
|||||||||||
Total
|
$
|
575,000
|
$
|
(362,810
|
)
|
$
|
1,116
|
$
|
213,306
|
$
|
230,214
|
|||||||||
|
||||||||||||||||||||
December 31, 2013
|
||||||||||||||||||||
Due 2040
|
$
|
275,000
|
(173,645
|
)
|
491
|
$
|
101,846
|
$
|
110,094
|
|||||||||||
Due 2041
|
$
|
150,000
|
(98,085
|
)
|
349
|
$
|
52,264
|
$
|
62,246
|
|||||||||||
Due 2042
|
$
|
150,000
|
(92,038
|
)
|
197
|
$
|
58,159
|
$
|
57,874
|
|||||||||||
Total
|
$
|
575,000
|
$
|
(363,768
|
)
|
$
|
1,037
|
$
|
212,269
|
$
|
230,214
|
|
Contractual
coupon interest
|
Non-cash amortization of debt discount
|
Non-cash amortization of deferred financing costs
|
Non-cash change in value of derivative liability
|
Total interest expense related to the debentures
|
|||||||||||||||
March 29, 2014
|
|
|
|
|
|
|||||||||||||||
Due 2040
|
$
|
1,547
|
476
|
22
|
45
|
$
|
2,090
|
|||||||||||||
Due 2041
|
$
|
844
|
241
|
11
|
14
|
$
|
1,110
|
|||||||||||||
Due 2042
|
$
|
844
|
241
|
13
|
20
|
$
|
1,118
|
|||||||||||||
Total
|
$
|
3,235
|
$
|
958
|
$
|
46
|
$
|
79
|
$
|
4,318
|
||||||||||
|
||||||||||||||||||||
March 30, 2013
|
||||||||||||||||||||
Due 2040
|
$
|
1,547
|
440
|
22
|
(147
|
)
|
$
|
1,862
|
||||||||||||
Due 2041
|
$
|
844
|
222
|
12
|
(88
|
)
|
$
|
990
|
||||||||||||
Due 2042
|
$
|
844
|
224
|
13
|
(73
|
)
|
$
|
1,008
|
||||||||||||
Total
|
$
|
3,235
|
$
|
886
|
$
|
47
|
$
|
(308
|
)
|
$
|
3,860
|
|
Pension and other post-retirement actuarial items
|
Currency translation adjustment
|
Unrealized gain (loss) on available-for-sale securities
|
Total
|
||||||||||||
Balance at January 1, 2014
|
$
|
(129,918
|
)
|
$
|
190,998
|
554
|
$
|
61,634
|
||||||||
Other comprehensive income before reclassifications
|
-
|
(960
|
)
|
812
|
$
|
(148
|
)
|
|||||||||
Tax effect
|
-
|
-
|
(284
|
)
|
$
|
(284
|
)
|
|||||||||
Other comprehensive income before reclassifications, net of tax
|
-
|
(960
|
)
|
528
|
$
|
(432
|
)
|
|||||||||
Amounts reclassified out of AOCI
|
2,244
|
-
|
-
|
$
|
2,244
|
|||||||||||
Tax effect
|
(741
|
)
|
-
|
-
|
$
|
(741
|
)
|
|||||||||
Amounts reclassified out of AOCI, net of tax
|
1,503
|
-
|
-
|
$
|
1,503
|
|||||||||||
Net comprehensive income
|
$
|
1,503
|
$
|
(960
|
)
|
$
|
528
|
$
|
1,071
|
|||||||
Balance at March 29, 2014
|
$
|
(128,415
|
)
|
$
|
190,038
|
$
|
1,082
|
$
|
62,705
|
|
Fiscal quarter ended
March 29, 2014
|
Fiscal quarter ended
March 30, 2013
|
||||||||||||||
|
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
||||||||||||
|
|
|
|
|
||||||||||||
Net service cost
|
$
|
-
|
$
|
824
|
$
|
-
|
$
|
885
|
||||||||
Interest cost
|
3,834
|
2,181
|
3,467
|
2,042
|
||||||||||||
Expected return on plan assets
|
(4,058
|
)
|
(525
|
)
|
(4,976
|
)
|
(529
|
)
|
||||||||
Amortization of prior service cost (credit)
|
(23
|
)
|
1
|
244
|
(9
|
)
|
||||||||||
Amortization of losses
|
1,810
|
687
|
3,958
|
839
|
||||||||||||
Net periodic benefit cost
|
$
|
1,563
|
$
|
3,168
|
$
|
2,693
|
$
|
3,228
|
|
Fiscal quarter ended
March 29, 2014
|
Fiscal quarter ended
March 30, 2013
|
||||||||||||||
|
U.S. Plans
|
Non-U.S. Plans
|
U.S. Plans
|
Non-U.S. Plans
|
||||||||||||
|
|
|
|
|
||||||||||||
Service cost
|
$
|
29
|
$
|
79
|
$
|
28
|
$
|
74
|
||||||||
Interest cost
|
88
|
63
|
78
|
64
|
||||||||||||
Amortization of prior service (credit)
|
(206
|
)
|
-
|
(200
|
)
|
-
|
||||||||||
Amortization of losses (gains)
|
(35
|
)
|
10
|
1
|
-
|
|||||||||||
Net periodic benefit cost
|
$
|
(124
|
)
|
$
|
152
|
$
|
(93
|
)
|
$
|
138
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
|
|
|
||||||
Stock options
|
$
|
-
|
$
|
12
|
||||
Restricted stock units
|
810
|
928
|
||||||
Phantom stock units
|
131
|
108
|
||||||
Total
|
$
|
941
|
$
|
1,048
|
|
Unrecognized Compensation Cost
|
Weighted Average Remaining Amortization Periods
|
||||||
|
|
|
||||||
Stock options
|
$
|
-
|
0.0
|
|||||
Restricted stock units
|
11,570
|
1.7
|
||||||
Phantom stock units
|
-
|
0.0
|
||||||
Total
|
$
|
11,570
|
|
Number of RSUs
|
Weighted Average Grant-date Fair Value per Unit
|
||||||
Outstanding:
|
|
|
||||||
January 1, 2014
|
1,059
|
$
|
13.40
|
|||||
Granted
|
336
|
13.48
|
||||||
Vested*
|
(146
|
)
|
15.87
|
|||||
Cancelled or forfeited
|
(102
|
)
|
17.45
|
|||||
Outstanding at March 29, 2014
|
1,147
|
$
|
12.75
|
|||||
|
||||||||
Expected to vest at March 29, 2014
|
760
|
Vesting Date
|
Expected to Vest
|
Not Expected to Vest
|
Total
|
|||||||||
January 1, 2015
|
-
|
276
|
276
|
|||||||||
January 1, 2016
|
111
|
111
|
222
|
|||||||||
January 1, 2017
|
192
|
-
|
192
|
|
Number of units
|
Grant-date Fair Value per Unit
|
||||||
Outstanding:
|
|
|
||||||
January 1, 2014
|
107
|
|
||||||
Granted
|
10
|
$
|
13.12
|
|||||
Dividend equivalents issued
|
1
|
|||||||
Redeemed for common stock
|
-
|
|||||||
Outstanding at March 29, 2014
|
118
|
|
MOSFETs
|
Diodes
|
Optoelectronic Components
|
Resistors & Inductors
|
Capacitors
|
Total
|
||||||||||||||||||
Fiscal quarter ended March 29, 2014:
|
|
|
|
|
|
|
||||||||||||||||||
Product Sales
|
$
|
113,113
|
$
|
136,929
|
$
|
57,498
|
$
|
187,989
|
$
|
105,511
|
$
|
601,040
|
||||||||||||
Royalty Revenues
|
28
|
-
|
-
|
1,310
|
-
|
$
|
1,338
|
|||||||||||||||||
Total Revenue
|
$
|
113,141
|
$
|
136,929
|
$
|
57,498
|
$
|
189,299
|
$
|
105,511
|
$
|
602,378
|
||||||||||||
|
||||||||||||||||||||||||
Gross Margin
|
$
|
12,617
|
$
|
29,765
|
$
|
21,237
|
$
|
60,120
|
$
|
21,544
|
$
|
145,283
|
||||||||||||
|
||||||||||||||||||||||||
Fiscal quarter ended March 30, 2013:
|
||||||||||||||||||||||||
Product Sales
|
$
|
100,846
|
$
|
125,112
|
$
|
56,226
|
$
|
163,928
|
$
|
106,162
|
$
|
552,274
|
||||||||||||
Royalty Revenues
|
42
|
-
|
-
|
1,938
|
-
|
$
|
1,980
|
|||||||||||||||||
Total Revenue
|
$
|
100,888
|
$
|
125,112
|
$
|
56,226
|
$
|
165,866
|
$
|
106,162
|
$
|
554,254
|
||||||||||||
|
||||||||||||||||||||||||
Gross Margin
|
$
|
12,900
|
$
|
27,261
|
$
|
19,774
|
$
|
52,601
|
$
|
24,198
|
$
|
136,734
|
||||||||||||
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Operating margin reconciliation:
|
|
|
||||||
MOSFETs
|
$
|
2,487
|
$
|
2,833
|
||||
Diodes
|
23,058
|
21,389
|
||||||
Optoelectronic Components
|
17,404
|
16,209
|
||||||
Resistors & Inductors
|
50,336
|
44,200
|
||||||
Capacitors
|
15,341
|
18,456
|
||||||
Restructuring and Severance Costs
|
(6,404
|
)
|
-
|
|||||
Unallocated Selling, General, and Administrative Expenses
|
(59,650
|
)
|
(57,482
|
)
|
||||
Consolidated Operating Income
|
42,572
|
$
|
45,605
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
|
|
|
||||||
Numerator:
|
|
|
||||||
Numerator for basic earnings per share:
|
|
|
||||||
Net earnings
|
$
|
25,810
|
$
|
28,931
|
||||
|
||||||||
Adjustment to the numerator for continuing operations and net earnings:
|
||||||||
Interest savings assuming conversion of dilutive convertible and exchangeable notes, net of tax
|
16
|
47
|
||||||
|
||||||||
Numerator for diluted earnings per share:
|
||||||||
Net earnings
|
$
|
25,826
|
$
|
28,978
|
||||
|
||||||||
Denominator:
|
||||||||
Denominator for basic earnings per share:
|
||||||||
Weighted average shares
|
147,440
|
143,484
|
||||||
Outstanding phantom stock units
|
117
|
107
|
||||||
Adjusted weighted average shares
|
147,557
|
143,591
|
||||||
|
||||||||
Effect of dilutive securities:
|
||||||||
Convertible and exchangeable debt instruments
|
4,782
|
6,663
|
||||||
Restricted stock units
|
210
|
377
|
||||||
Other
|
7
|
1
|
||||||
Dilutive potential common shares
|
4,999
|
7,041
|
||||||
|
||||||||
Denominator for diluted earnings per share:
|
||||||||
Adjusted weighted average shares
|
152,556
|
150,632
|
||||||
|
||||||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.17
|
$
|
0.20
|
||||
|
||||||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.17
|
$
|
0.19
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Convertible and exchangeable notes:
|
|
|
||||||
Convertible Senior Debentures, due 2040
|
-
|
19,809
|
||||||
Convertible Senior Debentures, due 2041
|
7,897
|
7,885
|
||||||
Weighted average employee stock options
|
77
|
105
|
||||||
Weighted average other
|
114
|
523
|
|
Total
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
March 29, 2014:
|
|
|
|
|
||||||||||||
Assets:
|
|
|
|
|
||||||||||||
Assets held in rabbi trusts
|
$
|
37,280
|
$
|
24,254
|
$
|
13,026
|
$
|
-
|
||||||||
Available for sale securities
|
$
|
7,453
|
7,453
|
-
|
-
|
|||||||||||
|
$
|
44,733
|
$
|
31,707
|
$
|
13,026
|
$
|
-
|
||||||||
Liabilities:
|
||||||||||||||||
Embedded derivative - convertible debentures due 2040
|
$
|
(536
|
)
|
$
|
-
|
$
|
-
|
$
|
(536
|
)
|
||||||
Embedded derivative - convertible debentures due 2041
|
$
|
(363
|
)
|
-
|
-
|
(363
|
)
|
|||||||||
Embedded derivative - convertible debentures due 2042
|
$
|
(217
|
)
|
-
|
-
|
(217
|
)
|
|||||||||
|
$
|
(1,116
|
)
|
$
|
-
|
$
|
-
|
$
|
(1,116
|
)
|
||||||
|
||||||||||||||||
December 31, 2013:
|
||||||||||||||||
Assets:
|
||||||||||||||||
Assets held in rabbi trusts
|
$
|
36,992
|
$
|
24,064
|
12,928
|
$
|
-
|
|||||||||
Available for sale securities
|
$
|
7,356
|
7,356
|
-
|
-
|
|||||||||||
|
$
|
44,348
|
$
|
31,420
|
$
|
12,928
|
$
|
-
|
||||||||
Liabilities:
|
||||||||||||||||
Embedded derivative - convertible debentures due 2040
|
$
|
(491
|
)
|
$
|
-
|
$
|
-
|
$
|
(491
|
)
|
||||||
Embedded derivative - convertible debentures due 2041
|
$
|
(349
|
)
|
-
|
-
|
(349
|
)
|
|||||||||
Embedded derivative - convertible debentures due 2042
|
$
|
(197
|
)
|
-
|
-
|
(197
|
)
|
|||||||||
|
$
|
(1,037
|
)
|
$
|
-
|
$
|
-
|
$
|
(1,037
|
)
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
|
|
|
||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
25,810
|
$
|
28,931
|
||||
|
||||||||
Reconciling items affecting operating margin:
|
||||||||
Restructuring and severance costs
|
$
|
6,404
|
$
|
-
|
||||
|
||||||||
Reconciling items affecting tax expense:
|
||||||||
Tax effects of items above and other one-time tax expense (benefit)
|
$
|
(2,097
|
)
|
$
|
(1,330
|
)
|
||
|
||||||||
Adjusted net earnings
|
$
|
30,117
|
$
|
27,601
|
||||
|
||||||||
Adjusted weighted average diluted shares outstanding
|
152,556
|
150,632
|
||||||
|
||||||||
Adjusted earnings per diluted share *
|
$
|
0.20
|
$
|
0.18
|
|
1st Quarter 2013
|
2nd Quarter 2013
|
3rd Quarter 2013
|
4th Quarter 2013
|
1st Quarter 2014
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net revenues
|
$
|
554,254
|
$
|
597,665
|
$
|
602,890
|
$
|
616,170
|
$
|
602,378
|
||||||||||
|
||||||||||||||||||||
Gross profit margin
|
24.7
|
%
|
23.9
|
%
|
23.8
|
%
|
23.4
|
%
|
24.1
|
%
|
||||||||||
|
||||||||||||||||||||
Operating margin
(1)
|
8.2
|
%
|
8.7
|
%
|
8.8
|
%
|
7.6
|
%
|
7.1
|
%
|
||||||||||
|
||||||||||||||||||||
End-of-period backlog
(2)
|
$
|
578,100
|
$
|
646,700
|
$
|
613,800
|
$
|
611,400
|
$
|
664,200
|
||||||||||
|
||||||||||||||||||||
Book-to-bill ratio
|
1.14
|
1.08
|
0.93
|
0.99
|
1.09
|
|||||||||||||||
|
||||||||||||||||||||
Inventory turnover
|
4.04
|
4.21
|
4.08
|
4.23
|
4.12
|
|||||||||||||||
|
||||||||||||||||||||
Change in ASP vs. prior quarter
|
-0.8
|
%
|
-1.1
|
%
|
-0.6
|
%
|
-0.7
|
%
|
-1.0
|
%
|
|
1st Quarter 2013
|
2nd Quarter 2013
|
3rd Quarter 2013
|
4th Quarter 2013
|
1st Quarter 2014
|
|||||||||||||||
MOSFETs
|
|
|
|
|
|
|||||||||||||||
Net revenues
|
$
|
100,888
|
$
|
115,563
|
$
|
115,168
|
$
|
117,858
|
$
|
113,141
|
||||||||||
|
||||||||||||||||||||
Book-to-bill ratio
|
1.22
|
1.11
|
0.94
|
0.96
|
1.13
|
|||||||||||||||
|
||||||||||||||||||||
Gross profit margin
|
12.8
|
%
|
14.2
|
%
|
13.7
|
%
|
12.1
|
%
|
11.2
|
%
|
||||||||||
|
||||||||||||||||||||
Segment operating margin
|
2.8
|
%
|
4.9
|
%
|
4.6
|
%
|
4.5
|
%
|
2.2
|
%
|
||||||||||
|
||||||||||||||||||||
Diodes
|
||||||||||||||||||||
Net revenues
|
$
|
125,112
|
$
|
140,623
|
$
|
140,790
|
$
|
140,739
|
$
|
136,929
|
||||||||||
|
||||||||||||||||||||
Book-to-bill ratio
|
1.28
|
1.17
|
0.88
|
0.98
|
1.09
|
|||||||||||||||
|
||||||||||||||||||||
Gross profit margin
|
21.8
|
%
|
22.3
|
%
|
23.0
|
%
|
21.4
|
%
|
21.7
|
%
|
||||||||||
|
||||||||||||||||||||
Segment operating margin
|
17.1
|
%
|
18.0
|
%
|
18.6
|
%
|
16.8
|
%
|
16.8
|
%
|
||||||||||
|
||||||||||||||||||||
Optoelectronic Components
|
||||||||||||||||||||
Net revenues
|
$
|
56,226
|
$
|
58,397
|
$
|
56,847
|
$
|
56,775
|
$
|
57,498
|
||||||||||
|
||||||||||||||||||||
Book-to-bill ratio
|
1.08
|
1.00
|
0.87
|
1.05
|
1.16
|
|||||||||||||||
|
||||||||||||||||||||
Gross profit margin
|
35.2
|
%
|
32.8
|
%
|
35.5
|
%
|
31.1
|
%
|
36.9
|
%
|
||||||||||
|
||||||||||||||||||||
Segment operating margin
|
28.8
|
%
|
26.6
|
%
|
29.0
|
%
|
24.7
|
%
|
30.3
|
%
|
||||||||||
|
||||||||||||||||||||
Resistors & Inductors
|
||||||||||||||||||||
Net revenues
|
$
|
165,866
|
$
|
171,333
|
$
|
178,175
|
$
|
190,874
|
$
|
189,299
|
||||||||||
|
||||||||||||||||||||
Book-to-bill ratio
|
1.07
|
1.04
|
1.04
|
0.95
|
1.04
|
|||||||||||||||
|
||||||||||||||||||||
Gross profit margin
|
31.7
|
%
|
31.7
|
%
|
30.4
|
%
|
31.9
|
%
|
31.8
|
%
|
||||||||||
|
||||||||||||||||||||
Segment operating margin
|
26.6
|
%
|
26.6
|
%
|
25.3
|
%
|
27.1
|
%
|
26.6
|
%
|
||||||||||
|
||||||||||||||||||||
Capacitors
|
||||||||||||||||||||
Net revenues
|
$
|
106,162
|
$
|
111,749
|
$
|
111,910
|
$
|
109,924
|
$
|
105,511
|
||||||||||
|
||||||||||||||||||||
Book-to-bill ratio
|
1.06
|
1.05
|
0.84
|
1.07
|
1.09
|
|||||||||||||||
|
||||||||||||||||||||
Gross profit margin
|
22.8
|
%
|
19.2
|
%
|
18.6
|
%
|
19.6
|
%
|
20.4
|
%
|
||||||||||
|
||||||||||||||||||||
Segment operating margin
|
17.4
|
%
|
13.9
|
%
|
13.3
|
%
|
14.2
|
%
|
14.5
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Cost of products sold
|
75.9
|
%
|
75.3
|
%
|
||||
Gross profit
|
24.1
|
%
|
24.7
|
%
|
||||
Selling, general & administrative expenses
|
16.0
|
%
|
16.4
|
%
|
||||
Operating income
|
7.1
|
%
|
8.2
|
%
|
||||
Income before taxes and noncontrolling interest
|
6.3
|
%
|
7.3
|
%
|
||||
Net earnings attributable to Vishay stockholders
|
4.3
|
%
|
5.2
|
%
|
||||
________
|
||||||||
Effective tax rate
|
31.5
|
%
|
27.6
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Net revenues
|
$
|
602,378
|
$
|
554,254
|
||||
Change versus comparable prior year period
|
$
|
48,124
|
||||||
Percentage change versus comparable prior year period
|
8.7
|
%
|
|
vs. Prior Year Quarter
|
|||
Change attributable to:
|
|
|||
Increase in volume
|
9.3
|
%
|
||
Decrease in average selling prices
|
-2.8
|
%
|
||
Foreign currency effects
|
1.0
|
%
|
||
Acquisition
|
1.6
|
%
|
||
Other
|
-0.4
|
%
|
||
Net change
|
8.7
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Net revenues
|
$
|
113,141
|
$
|
100,888
|
||||
Change versus comparable prior year period
|
$
|
12,253
|
||||||
Percentage change versus comparable prior year period
|
12.1
|
%
|
|
vs. Prior Year Quarter
|
|||
Change attributable to:
|
|
|||
Increase in volume
|
19.9
|
%
|
||
Decrease in average selling prices
|
-5.8
|
%
|
||
Foreign currency effects
|
0.4
|
%
|
||
Other
|
-2.4
|
%
|
||
Net change
|
12.1
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Gross profit margin
|
11.2
|
%
|
12.8
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Net revenues
|
$
|
136,929
|
$
|
125,112
|
||||
Change versus comparable prior year period
|
$
|
11,817
|
||||||
Percentage change versus comparable prior year period
|
9.4
|
%
|
|
vs. Prior Year Quarter
|
|||
Change attributable to:
|
|
|||
Increase in volume
|
12.5
|
%
|
||
Decrease in average selling prices
|
-3.0
|
%
|
||
Foreign currency effects
|
0.6
|
%
|
||
Other
|
-0.7
|
%
|
||
Net change
|
9.4
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Gross profit margin
|
21.7
|
%
|
21.8
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Net revenues
|
$
|
57,498
|
$
|
56,226
|
||||
Change versus comparable prior year period
|
$
|
1,272
|
||||||
Percentage change versus comparable prior year period
|
2.3
|
%
|
|
vs. Prior Year Quarter
|
|||
Change attributable to:
|
|
|||
Increase in volume
|
3.8
|
%
|
||
Decrease in average selling prices
|
-2.7
|
%
|
||
Foreign currency effects
|
1.4
|
%
|
||
Other
|
-0.2
|
%
|
||
Net change
|
2.3
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Gross profit margin
|
36.9
|
%
|
35.2
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Net revenues
|
$
|
189,299
|
$
|
165,866
|
||||
Change versus comparable prior year period
|
$
|
23,433
|
||||||
Percentage change versus comparable prior year period
|
14.1
|
%
|
|
vs. Prior Year Quarter
|
|||
Change attributable to:
|
|
|||
Increase in volume
|
10.0
|
%
|
||
Decrease in average selling prices
|
-2.0
|
%
|
||
Foreign currency effects
|
1.4
|
%
|
||
Acquisition
|
5.2
|
%
|
||
Other
|
-0.5
|
%
|
||
Net change
|
14.1
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Gross profit margin
|
31.8
|
%
|
31.7
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Net revenues
|
$
|
105,511
|
$
|
106,162
|
||||
Change versus comparable prior year period
|
$
|
(651
|
)
|
|||||
Percentage change versus comparable prior year period
|
-0.6
|
%
|
|
vs. Prior Year Quarter
|
|||
Change attributable to:
|
|
|||
Decrease in volume
|
-1.3
|
%
|
||
Decrease in average selling prices
|
-0.4
|
%
|
||
Foreign currency effects
|
1.1
|
%
|
||
Other
|
0.0
|
%
|
||
Net change
|
-0.6
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Gross profit margin
|
20.4
|
%
|
22.8
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Total SG&A expenses
|
$
|
96,307
|
$
|
91,129
|
||||
as a percentage of revenues
|
16.0
|
%
|
16.4
|
%
|
|
Fiscal quarters ended
|
|||||||
|
March 29, 2014
|
March 30, 2013
|
||||||
Amortization of intangible assets
|
$
|
3,800
|
$
|
3,710
|
||||
Net loss (gain) on sales of assets
|
(60
|
)
|
137
|
|
Fiscal quarters ended
|
|
||||||||||
|
March 29, 2014
|
March 30, 2013
|
Change
|
|||||||||
Foreign exchange gain (loss)
|
$
|
(112
|
)
|
$
|
1,200
|
$
|
(1,312
|
)
|
||||
Interest income
|
1,223
|
1,234
|
(11
|
)
|
||||||||
Other
|
201
|
(2,319
|
)
|
2,520
|
||||||||
|
$
|
1,312
|
$
|
115
|
$
|
1,197
|
|
March 29,
2014
|
December 31, 2013
|
||||||
|
|
|
||||||
Credit facility
|
$
|
110,000
|
$
|
114,000
|
||||
Exchangeable unsecured notes, due 2102
|
38,642
|
38,642
|
||||||
Convertible senior debentures, due 2040*
|
102,367
|
101,846
|
||||||
Convertible senior debentures, due 2041*
|
52,519
|
52,264
|
||||||
Convertible senior debentures, due 2042*
|
58,420
|
58,159
|
||||||
Total debt
|
361,948
|
364,911
|
||||||
|
||||||||
Cash and cash equivalents
|
661,457
|
640,348
|
||||||
Short-term investments
|
488,659
|
511,231
|
||||||
|
||||||||
Net cash and short-term investments (debt)
|
$
|
788,168
|
$
|
786,668
|
Fiscal Period
|
Amount
|
Month of Payment
|
|||
Three fiscal months ended March 29, 2014
|
$
|
8,847
|
March
|
10.1
|
Amendment to Compensation Matters Agreement, dated March 4, 2014, between Vishay Europe GmbH (an indirect wholly owned subsidiary of Vishay Intertechnology, Inc.) and Lori Lipcaman.
|
10.2
|
Amendment to Compensation Matters Agreement, dated March 4, 2014, between Vishay Electronic GmbH (an indirect wholly owned subsidiary of Vishay Intertechnology, Inc.) and Dieter Wunderlich.
|
10.3
|
Amendment to Terms and Conditions of Johan Vandoorn Employment Agreement, dated March 4, 2014.
|
10.4
|
Amendment to Employment Agreement between Vishay Americas, Inc. (a wholly owned subsidiary of Vishay Intertechnology, Inc.) and David Valletta dated March 4, 2014.
|
31.1
|
Certification pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Dr. Gerald Paul, Chief Executive Officer.
|
31.2
|
Certification pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Lori Lipcaman, Chief Financial Officer.
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Dr. Gerald Paul, Chief Executive Officer.
|
32.2
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Lori Lipcaman, Chief Financial Officer.
|
101
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended March 29, 2014, furnished in XBRL (eXtensible Business Reporting Language)).
|
|
VISHAY INTERTECHNOLOGY, INC.
|
|
|
|
|
|
/s/ Lori Lipcaman
|
|
|
Lori Lipcaman
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(as a duly authorized officer and principal financial and
|
|
|
accounting officer)
|
1. | I have reviewed this quarterly report on Form 10-Q of Vishay Intertechnology, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
1. | I have reviewed this quarterly report on Form 10-Q of Vishay Intertechnology, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|