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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vishay Precision Group Inc | NYSE:VPG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.38 | 1.15% | 33.38 | 34.13 | 33.09 | 33.25 | 89,289 | 22:30:00 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended
|
July 1, 2017
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Delaware
|
|
27-0986328
|
|
|
(State or Other Jurisdiction of Incorporation)
|
|
(I.R.S. Employer Identification Number)
|
|
|
|
|
||
|
3 Great Valley Parkway, Suite 150
|
|
|
|
|
Malvern, PA 19355
|
|
484-321-5300
|
|
|
(Address of Principal Executive Offices) (Zip Code)
|
|
(Registrant’s Telephone Number, including area code)
|
|
|
VISHAY PRECISION GROUP, INC.
Consolidated Condensed Balance Sheets
(In thousands)
|
|||||||
|
July 1, 2017
|
|
December 31, 2016
|
||||
|
(Unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
63,158
|
|
|
$
|
58,452
|
|
Accounts receivable, net
|
42,376
|
|
|
34,270
|
|
||
Inventories:
|
|
|
|
||||
Raw materials
|
16,046
|
|
|
15,647
|
|
||
Work in process
|
20,640
|
|
|
21,115
|
|
||
Finished goods
|
20,223
|
|
|
19,559
|
|
||
Inventories, net
|
56,909
|
|
|
56,321
|
|
||
|
|
|
|
||||
Prepaid expenses and other current assets
|
8,261
|
|
|
6,831
|
|
||
Total current assets
|
170,704
|
|
|
155,874
|
|
||
|
|
|
|
||||
Property and equipment, at cost:
|
|
|
|
||||
Land
|
3,399
|
|
|
3,344
|
|
||
Buildings and improvements
|
49,958
|
|
|
48,454
|
|
||
Machinery and equipment
|
91,487
|
|
|
89,080
|
|
||
Software
|
7,646
|
|
|
7,441
|
|
||
Construction in progress
|
2,353
|
|
|
4,340
|
|
||
Accumulated depreciation
|
(100,421
|
)
|
|
(97,374
|
)
|
||
Property and equipment, net
|
54,422
|
|
|
55,285
|
|
||
|
|
|
|
||||
Goodwill
|
18,934
|
|
|
18,717
|
|
||
|
|
|
|
||||
Intangible assets, net
|
21,046
|
|
|
21,585
|
|
||
|
|
|
|
||||
Other assets
|
19,949
|
|
|
19,049
|
|
||
Total assets
|
$
|
285,055
|
|
|
$
|
270,510
|
|
|
|
|
|
VISHAY PRECISION GROUP, INC.
Consolidated Condensed Balance Sheets (continued)
(In thousands)
|
|||||||
|
July 1, 2017
|
|
December 31, 2016
|
||||
|
(Unaudited)
|
|
|
||||
Liabilities and equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Trade accounts payable
|
$
|
9,447
|
|
|
$
|
8,264
|
|
Payroll and related expenses
|
13,296
|
|
|
11,978
|
|
||
Other accrued expenses
|
14,335
|
|
|
13,285
|
|
||
Income taxes
|
2,306
|
|
|
772
|
|
||
Current portion of long-term debt
|
2,853
|
|
|
2,623
|
|
||
Total current liabilities
|
42,237
|
|
|
36,922
|
|
||
|
|
|
|
||||
Long-term debt, less current portion
|
30,763
|
|
|
33,529
|
|
||
Deferred income taxes
|
813
|
|
|
735
|
|
||
Other liabilities
|
13,776
|
|
|
13,054
|
|
||
Accrued pension and other postretirement costs
|
14,999
|
|
|
14,713
|
|
||
Total liabilities
|
102,588
|
|
|
98,953
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Common stock
|
1,288
|
|
|
1,278
|
|
||
Class B convertible common stock
|
103
|
|
|
103
|
|
||
Treasury stock
|
(8,765
|
)
|
|
(8,765
|
)
|
||
Capital in excess of par value
|
191,897
|
|
|
190,373
|
|
||
Retained earnings
|
34,345
|
|
|
28,731
|
|
||
Accumulated other comprehensive loss
|
(36,534
|
)
|
|
(40,337
|
)
|
||
Total Vishay Precision Group, Inc. stockholders' equity
|
182,334
|
|
|
171,383
|
|
||
Noncontrolling interests
|
133
|
|
|
174
|
|
||
Total equity
|
182,467
|
|
|
171,557
|
|
||
Total liabilities and equity
|
$
|
285,055
|
|
|
$
|
270,510
|
|
|
Fiscal quarter ended
|
||||||
|
July 1, 2017
|
|
July 2, 2016
|
||||
Net revenues
|
$
|
62,319
|
|
|
$
|
57,996
|
|
Costs of products sold
|
37,560
|
|
|
36,501
|
|
||
Gross profit
|
24,759
|
|
|
21,495
|
|
||
|
|
|
|
||||
Selling, general, and administrative expenses
|
18,800
|
|
|
18,444
|
|
||
Acquisition costs
|
—
|
|
|
352
|
|
||
Restructuring costs
|
315
|
|
|
1,011
|
|
||
Operating income
|
5,644
|
|
|
1,688
|
|
||
|
|
|
|
||||
Other income (expense):
|
|
|
|
||||
Interest expense
|
(468
|
)
|
|
(371
|
)
|
||
Other
|
(362
|
)
|
|
(30
|
)
|
||
Other income (expense) - net
|
(830
|
)
|
|
(401
|
)
|
||
|
|
|
|
||||
Income before taxes
|
4,814
|
|
|
1,287
|
|
||
|
|
|
|
||||
Income tax expense (benefit)
|
1,198
|
|
|
(562
|
)
|
||
|
|
|
|
||||
Net earnings
|
3,616
|
|
|
1,849
|
|
||
Less: net loss attributable to noncontrolling interests
|
(3
|
)
|
|
(19
|
)
|
||
Net earnings attributable to VPG stockholders
|
$
|
3,619
|
|
|
$
|
1,868
|
|
|
|
|
|
||||
Basic earnings per share attributable to VPG stockholders
|
$
|
0.27
|
|
|
$
|
0.14
|
|
Diluted earnings per share attributable to VPG stockholders
|
$
|
0.27
|
|
|
$
|
0.14
|
|
|
|
|
|
||||
Weighted average shares outstanding - basic
|
13,257
|
|
|
13,184
|
|
||
Weighted average shares outstanding - diluted
|
13,446
|
|
|
13,405
|
|
|
Six fiscal months ended
|
||||||
|
July 1, 2017
|
|
July 2, 2016
|
||||
Net revenues
|
$
|
122,106
|
|
|
$
|
114,625
|
|
Costs of products sold
|
74,830
|
|
|
73,355
|
|
||
Gross profit
|
47,276
|
|
|
41,270
|
|
||
|
|
|
|
||||
Selling, general, and administrative expenses
|
37,026
|
|
|
36,492
|
|
||
Acquisition costs
|
—
|
|
|
414
|
|
||
Restructuring costs
|
869
|
|
|
1,686
|
|
||
Operating income
|
9,381
|
|
|
2,678
|
|
||
Other income (expense):
|
|
|
|
||||
Interest expense
|
(920
|
)
|
|
(699
|
)
|
||
Other
|
(683
|
)
|
|
395
|
|
||
Other income (expense) - net
|
(1,603
|
)
|
|
(304
|
)
|
||
|
|
|
|
||||
Income before taxes
|
7,778
|
|
|
2,374
|
|
||
|
|
|
|
||||
Income tax expense
|
2,159
|
|
|
29
|
|
||
|
|
|
|
||||
Net earnings
|
5,619
|
|
|
2,345
|
|
||
Less: net earnings (loss) attributable to noncontrolling interests
|
5
|
|
|
(3
|
)
|
||
Net earnings attributable to VPG stockholders
|
$
|
5,614
|
|
|
$
|
2,348
|
|
|
|
|
|
||||
Basic earnings per share attributable to VPG stockholders
|
$
|
0.42
|
|
|
$
|
0.18
|
|
|
|
|
|
||||
Diluted earnings per share attributable to VPG stockholders
|
$
|
0.42
|
|
|
$
|
0.18
|
|
|
|
|
|
||||
Weighted average shares outstanding - basic
|
13,233
|
|
|
13,181
|
|
||
|
|
|
|
||||
Weighted average shares outstanding - diluted
|
13,442
|
|
|
13,402
|
|
|
Fiscal quarter ended
|
||||||
|
July 1, 2017
|
|
July 2, 2016
|
||||
Net earnings
|
$
|
3,616
|
|
|
$
|
1,849
|
|
|
|
|
|
||||
Other comprehensive income (loss):
|
|
|
|
||||
Foreign currency translation adjustment
|
2,345
|
|
|
(1,208
|
)
|
||
Pension and other postretirement actuarial items, net of tax
|
(67
|
)
|
|
241
|
|
||
Other comprehensive income (loss)
|
2,278
|
|
|
(967
|
)
|
||
|
|
|
|
||||
Total comprehensive income
|
5,894
|
|
|
882
|
|
||
|
|
|
|
||||
Less: comprehensive loss attributable to noncontrolling interests
|
(3
|
)
|
|
(19
|
)
|
||
|
|
|
|
||||
Comprehensive income attributable to VPG stockholders
|
$
|
5,897
|
|
|
$
|
901
|
|
|
Six fiscal months ended
|
||||||
|
July 1, 2017
|
|
July 2, 2016
|
||||
Net earnings
|
$
|
5,619
|
|
|
$
|
2,345
|
|
|
|
|
|
||||
Other comprehensive income (loss):
|
|
|
|
||||
Foreign currency translation adjustment
|
3,834
|
|
|
663
|
|
||
Pension and other postretirement actuarial items, net of tax
|
(31
|
)
|
|
373
|
|
||
Other comprehensive income
|
3,803
|
|
|
1,036
|
|
||
|
|
|
|
||||
Comprehensive income
|
9,422
|
|
|
3,381
|
|
||
|
|
|
|
||||
Less: comprehensive income (loss) attributable to noncontrolling interests
|
5
|
|
|
(3
|
)
|
||
|
|
|
|
||||
Comprehensive income attributable to VPG stockholders
|
$
|
9,417
|
|
|
$
|
3,384
|
|
|
Six fiscal months ended
|
||||||
|
July 1, 2017
|
|
July 2, 2016
|
||||
Operating activities
|
|
|
|
||||
Net earnings
|
$
|
5,619
|
|
|
$
|
2,345
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
5,318
|
|
|
5,640
|
|
||
Gain on disposal of property and equipment
|
(141
|
)
|
|
(31
|
)
|
||
Share-based compensation expense
|
492
|
|
|
547
|
|
||
Inventory write-offs for obsolescence
|
982
|
|
|
865
|
|
||
Deferred income taxes
|
(104
|
)
|
|
(1,540
|
)
|
||
Other
|
(445
|
)
|
|
(804
|
)
|
||
Net changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
(6,928
|
)
|
|
991
|
|
||
Inventories, net
|
(761
|
)
|
|
(1,681
|
)
|
||
Prepaid expenses and other current assets
|
(1,397
|
)
|
|
(879
|
)
|
||
Trade accounts payable
|
1,020
|
|
|
91
|
|
||
Other current liabilities
|
3,676
|
|
|
(5,271
|
)
|
||
Net cash provided by operating activities
|
7,331
|
|
|
273
|
|
||
|
|
|
|
||||
Investing activities
|
|
|
|
||||
Capital expenditures
|
(3,146
|
)
|
|
(4,434
|
)
|
||
Proceeds from sale of property and equipment
|
326
|
|
|
250
|
|
||
Purchase of business
|
—
|
|
|
(10,727
|
)
|
||
Net cash used in investing activities
|
(2,820
|
)
|
|
(14,911
|
)
|
||
|
|
|
|
||||
Financing activities
|
|
|
|
||||
Principal payments on long-term debt and capital leases
|
(1,314
|
)
|
|
(1,064
|
)
|
||
Proceeds from revolving facility
|
16,000
|
|
|
11,000
|
|
||
Payments on revolving facility
|
(16,000
|
)
|
|
(6,000
|
)
|
||
Distributions to noncontrolling interests
|
(46
|
)
|
|
(8
|
)
|
||
Payments of employee taxes on certain share-based arrangements
|
(303
|
)
|
|
(85
|
)
|
||
Net cash used in financing activities
|
(1,663
|
)
|
|
3,843
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
1,858
|
|
|
377
|
|
||
Increase (decrease) in cash and cash equivalents
|
4,706
|
|
|
(10,418
|
)
|
||
|
|
|
|
||||
Cash and cash equivalents at beginning of period
|
58,452
|
|
|
62,641
|
|
||
Cash and cash equivalents at end of period
|
$
|
63,158
|
|
|
$
|
52,223
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash financing transactions:
|
|
|
|
||||
Conversion of exchangeable notes to common stock
|
$
|
(1,303
|
)
|
|
$
|
—
|
|
|
Common
Stock
|
|
Class B
Convertible Common Stock |
|
Treasury Stock
|
|
Capital in
Excess of
Par Value
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total VPG, Inc.
Stockholders'
Equity
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
||||||||||||||||||
Balance at December 31, 2016
|
$
|
1,278
|
|
|
$
|
103
|
|
|
$
|
(8,765
|
)
|
|
$
|
190,373
|
|
|
$
|
28,731
|
|
|
$
|
(40,337
|
)
|
|
$
|
171,383
|
|
|
$
|
174
|
|
|
$
|
171,557
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,614
|
|
|
—
|
|
|
5,614
|
|
|
5
|
|
|
5,619
|
|
|||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,803
|
|
|
3,803
|
|
|
—
|
|
|
3,803
|
|
|||||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
492
|
|
|
—
|
|
|
—
|
|
|
492
|
|
|
—
|
|
|
492
|
|
|||||||||
Restricted stock issuances (41,322 shares)
|
4
|
|
|
—
|
|
|
—
|
|
|
(265
|
)
|
|
—
|
|
|
—
|
|
|
(261
|
)
|
|
—
|
|
|
(261
|
)
|
|||||||||
Common stock issuance from conversion of exchangeable notes (57,729 shares)
|
6
|
|
|
—
|
|
|
—
|
|
|
1,297
|
|
|
—
|
|
|
—
|
|
|
1,303
|
|
|
—
|
|
|
1,303
|
|
|||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(46
|
)
|
|
(46
|
)
|
|||||||||
Balance at July 1, 2017
|
$
|
1,288
|
|
|
$
|
103
|
|
|
$
|
(8,765
|
)
|
|
$
|
191,897
|
|
|
$
|
34,345
|
|
|
$
|
(36,534
|
)
|
|
$
|
182,334
|
|
|
$
|
133
|
|
|
$
|
182,467
|
|
|
Total
|
|
Weighing and Control Systems Segment
|
|
Foil Technology Products Segment
|
||||||||||
|
|
|
KELK Acquisition
|
|
Stress-Tek Acquisition
|
|
Pacific Acquisition
|
||||||||
Balance at December 31, 2016
|
$
|
18,717
|
|
|
$
|
6,364
|
|
|
$
|
6,311
|
|
|
$
|
6,042
|
|
Foreign currency translation adjustment
|
217
|
|
|
217
|
|
|
—
|
|
|
—
|
|
||||
Balance at July 1, 2017
|
$
|
18,934
|
|
|
$
|
6,581
|
|
|
$
|
6,311
|
|
|
$
|
6,042
|
|
Balance at December 31, 2016
|
$
|
1,333
|
|
Restructuring costs in 2017
|
869
|
|
|
Cash payments
|
(1,704
|
)
|
|
Foreign currency translation
|
1
|
|
|
Balance at July 1, 2017
|
$
|
499
|
|
|
July 1, 2017
|
|
December 31, 2016
|
||||
2015 Credit Agreement - Revolving Facility
|
$
|
9,000
|
|
|
$
|
9,000
|
|
2015 Credit Agreement - U.S. Closing Date Term Facility
|
3,896
|
|
|
4,128
|
|
||
2015 Credit Agreement - U.S. Delayed Draw Term Facility
|
9,524
|
|
|
10,092
|
|
||
2015 Credit Agreement - Canadian Term Facility
|
8,330
|
|
|
8,780
|
|
||
Exchangeable Unsecured Notes, due 2102
|
2,794
|
|
|
4,097
|
|
||
Other debt
|
465
|
|
|
509
|
|
||
Deferred financing costs
|
(393
|
)
|
|
(454
|
)
|
||
Total long-term debt
|
33,616
|
|
|
36,152
|
|
||
Less: current portion
|
2,853
|
|
|
2,623
|
|
||
Long-term debt, less current portion
|
$
|
30,763
|
|
|
$
|
33,529
|
|
|
Foreign Currency Translation Adjustment
|
|
Pension
and Other Postretirement Actuarial Items |
|
Total
|
||||||
Balance at January 1, 2017
|
$
|
(33,192
|
)
|
|
$
|
(7,145
|
)
|
|
$
|
(40,337
|
)
|
Other comprehensive income before reclassifications
|
3,834
|
|
|
—
|
|
|
3,834
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|||
Balance at July 1, 2017
|
$
|
(29,358
|
)
|
|
$
|
(7,176
|
)
|
|
$
|
(36,534
|
)
|
|
Foreign Currency Translation Adjustment
|
|
Pension
and Other Postretirement Actuarial Items |
|
Total
|
||||||
Balance at January 1, 2016
|
$
|
(28,704
|
)
|
|
$
|
(4,417
|
)
|
|
$
|
(33,121
|
)
|
Other comprehensive loss before reclassifications
|
663
|
|
|
—
|
|
|
663
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
373
|
|
|
373
|
|
|||
Balance at July 2, 2016
|
$
|
(28,041
|
)
|
|
$
|
(4,044
|
)
|
|
$
|
(32,085
|
)
|
|
Fiscal quarter ended
July 1, 2017 |
|
Fiscal quarter ended
July 2, 2016 |
||||||||||||
|
Pension
Plans |
|
OPEB
Plans |
|
Pension
Plans |
|
OPEB
Plans |
||||||||
Net service cost
|
$
|
119
|
|
|
$
|
28
|
|
|
$
|
104
|
|
|
$
|
25
|
|
Interest cost
|
165
|
|
|
35
|
|
|
205
|
|
|
33
|
|
||||
Expected return on plan assets
|
(132
|
)
|
|
—
|
|
|
(166
|
)
|
|
—
|
|
||||
Amortization of actuarial losses
|
113
|
|
|
28
|
|
|
52
|
|
|
19
|
|
||||
Net periodic benefit cost
|
$
|
265
|
|
|
$
|
91
|
|
|
$
|
195
|
|
|
$
|
77
|
|
|
Six fiscal months ended July 1, 2017
|
|
Six fiscal months ended July 2, 2016
|
||||||||||||
|
Pension
Plans |
|
OPEB
Plans |
|
Pension
Plans |
|
OPEB
Plans |
||||||||
Net service cost
|
$
|
236
|
|
|
$
|
56
|
|
|
$
|
206
|
|
|
$
|
50
|
|
Interest cost
|
328
|
|
|
70
|
|
|
410
|
|
|
65
|
|
||||
Expected return on plan assets
|
(262
|
)
|
|
—
|
|
|
(333
|
)
|
|
—
|
|
||||
Amortization of actuarial losses
|
224
|
|
|
56
|
|
|
103
|
|
|
38
|
|
||||
Net periodic benefit cost
|
$
|
526
|
|
|
$
|
182
|
|
|
$
|
386
|
|
|
$
|
153
|
|
|
Fiscal quarter ended
|
|
Six fiscal months ended
|
||||||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Restricted stock units
|
$
|
248
|
|
|
$
|
191
|
|
|
$
|
492
|
|
|
$
|
547
|
|
|
Fiscal quarter ended
|
|
Six fiscal months ended
|
||||||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Net third-party revenues:
|
|
|
|
|
|
|
|
||||||||
Foil Technology Products
|
$
|
29,306
|
|
|
$
|
25,359
|
|
|
$
|
57,070
|
|
|
$
|
51,678
|
|
Force Sensors
|
15,656
|
|
|
15,396
|
|
|
31,124
|
|
|
30,234
|
|
||||
Weighing and Control Systems
|
17,357
|
|
|
17,241
|
|
|
33,912
|
|
|
32,713
|
|
||||
Total
|
$
|
62,319
|
|
|
$
|
57,996
|
|
|
$
|
122,106
|
|
|
$
|
114,625
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit:
|
|
|
|
|
|
|
|
||||||||
Foil Technology Products
|
$
|
12,275
|
|
|
$
|
9,326
|
|
|
$
|
23,774
|
|
|
$
|
20,453
|
|
Force Sensors
|
4,527
|
|
|
4,460
|
|
|
8,218
|
|
|
7,187
|
|
||||
Weighing and Control Systems
|
7,957
|
|
|
7,709
|
|
|
15,284
|
|
|
13,630
|
|
||||
Total
|
$
|
24,759
|
|
|
$
|
21,495
|
|
|
$
|
47,276
|
|
|
$
|
41,270
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of segment operating income to consolidated results:
|
|
|
|
|
|
|
|
||||||||
Foil Technology Products
|
$
|
6,854
|
|
|
$
|
4,181
|
|
|
$
|
12,917
|
|
|
$
|
10,945
|
|
Force Sensors
|
2,297
|
|
|
2,212
|
|
|
3,678
|
|
|
2,616
|
|
||||
Weighing and Control Systems
|
3,617
|
|
|
2,925
|
|
|
6,699
|
|
|
4,117
|
|
||||
Unallocated G&A expenses
|
(6,809
|
)
|
|
(6,267
|
)
|
|
(13,044
|
)
|
|
(12,900
|
)
|
||||
Acquisition costs
|
—
|
|
|
(352
|
)
|
|
—
|
|
|
(414
|
)
|
||||
Restructuring costs
|
(315
|
)
|
|
(1,011
|
)
|
|
(869
|
)
|
|
(1,686
|
)
|
||||
Consolidated condensed operating income
|
$
|
5,644
|
|
|
$
|
1,688
|
|
|
$
|
9,381
|
|
|
$
|
2,678
|
|
|
|
|
|
|
|
|
|
||||||||
Acquisition costs:
|
|
|
|
|
|
|
|
||||||||
Foil Technology Products
|
$
|
—
|
|
|
$
|
(341
|
)
|
|
$
|
—
|
|
|
$
|
(391
|
)
|
Weighing and Control Systems
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(23
|
)
|
||||
|
$
|
—
|
|
|
$
|
(352
|
)
|
|
$
|
—
|
|
|
$
|
(414
|
)
|
|
|
|
|
|
|
|
|
||||||||
Restructuring costs:
|
|
|
|
|
|
|
|
||||||||
Foil Technology Products
|
$
|
(12
|
)
|
|
$
|
(221
|
)
|
|
$
|
(138
|
)
|
|
$
|
(718
|
)
|
Force Sensors
|
(85
|
)
|
|
(297
|
)
|
|
(262
|
)
|
|
(301
|
)
|
||||
Weighing and Control Systems
|
(39
|
)
|
|
(379
|
)
|
|
(287
|
)
|
|
(532
|
)
|
||||
Corporate/Other
|
(179
|
)
|
|
(114
|
)
|
|
(182
|
)
|
|
(135
|
)
|
||||
|
$
|
(315
|
)
|
|
$
|
(1,011
|
)
|
|
$
|
(869
|
)
|
|
$
|
(1,686
|
)
|
|
Fiscal quarter ended
|
|
Six fiscal months ended
|
||||||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Numerator for basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net earnings attributable to VPG stockholders
|
$
|
3,619
|
|
|
$
|
1,868
|
|
|
$
|
5,614
|
|
|
$
|
2,348
|
|
|
|
|
|
|
|
|
|
||||||||
Adjustment to the numerator for net earnings:
|
|
|
|
|
|
|
|
||||||||
Interest savings assuming conversion of dilutive exchangeable notes, net of tax
|
5
|
|
|
4
|
|
|
12
|
|
|
8
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Numerator for diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net earnings attributable to VPG stockholders
|
$
|
3,624
|
|
|
$
|
1,872
|
|
|
$
|
5,626
|
|
|
$
|
2,356
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Denominator for basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares
|
13,257
|
|
|
13,184
|
|
|
13,233
|
|
|
13,181
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Exchangeable notes
|
149
|
|
|
181
|
|
|
165
|
|
|
181
|
|
||||
Restricted stock units
|
40
|
|
|
40
|
|
|
44
|
|
|
40
|
|
||||
Dilutive potential common shares
|
189
|
|
|
221
|
|
|
209
|
|
|
221
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Denominator for diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Adjusted weighted average shares
|
13,446
|
|
|
13,405
|
|
|
13,442
|
|
|
13,402
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share attributable to VPG stockholders
|
$
|
0.27
|
|
|
$
|
0.14
|
|
|
$
|
0.42
|
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share attributable to VPG stockholders
|
$
|
0.27
|
|
|
$
|
0.14
|
|
|
$
|
0.42
|
|
|
$
|
0.18
|
|
|
Fiscal quarter ended
|
Six fiscal months ended
|
||||||||
|
July 1, 2017
|
|
July 2, 2016
|
July 1, 2017
|
|
July 2, 2016
|
||||
Weighted average employee stock options
|
—
|
|
|
18
|
|
—
|
|
|
18
|
|
|
Fiscal quarter ended
|
Six fiscal months ended
|
||||||||||||
|
July 1, 2017
|
|
July 2, 2016
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Foreign exchange (loss) gain
|
$
|
(258
|
)
|
|
$
|
67
|
|
$
|
(632
|
)
|
|
$
|
495
|
|
Interest income
|
18
|
|
|
41
|
|
56
|
|
|
103
|
|
||||
Other
|
(122
|
)
|
|
(138
|
)
|
(107
|
)
|
|
(203
|
)
|
||||
|
$
|
(362
|
)
|
|
$
|
(30
|
)
|
$
|
(683
|
)
|
|
$
|
395
|
|
|
|
|
|
Fair value measurements at reporting date using:
|
||||||||||||
|
|
Total
Fair Value |
|
Level 1
Inputs |
|
Level 2
Inputs |
|
Level 3
Inputs |
||||||||
July 1, 2017
|
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Assets held in rabbi trusts
|
|
$
|
4,834
|
|
|
$
|
392
|
|
|
$
|
4,442
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Assets held in rabbi trusts
|
|
$
|
4,772
|
|
|
$
|
537
|
|
|
$
|
4,235
|
|
|
$
|
—
|
|
|
Fiscal quarter ended
|
Six fiscal months ended
|
||||||||||||
|
July 1, 2017
|
|
July 2, 2016
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Gross profit
|
$
|
24,759
|
|
|
$
|
21,495
|
|
$
|
47,276
|
|
|
$
|
41,270
|
|
Gross profit margin
|
39.7
|
%
|
|
37.1
|
%
|
38.7
|
%
|
|
36.0
|
%
|
||||
|
|
|
|
|
|
|
||||||||
Reconciling items affecting gross profit margin
|
|
|
|
|
|
|
||||||||
Acquisition purchase accounting adjustments
(a)
|
—
|
|
|
195
|
|
—
|
|
|
491
|
|
||||
|
|
|
|
|
|
|
||||||||
Adjusted gross profit
|
$
|
24,759
|
|
|
$
|
21,690
|
|
$
|
47,276
|
|
|
$
|
41,761
|
|
Adjusted gross profit margin
|
39.7
|
%
|
|
37.4
|
%
|
38.7
|
%
|
|
36.4
|
%
|
|
Fiscal quarter ended
|
|
Six fiscal months ended
|
||||||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Operating income
|
$
|
5,644
|
|
|
$
|
1,688
|
|
|
$
|
9,381
|
|
|
$
|
2,678
|
|
Operating margin
|
9.1
|
%
|
|
2.9
|
%
|
|
7.7
|
%
|
|
2.3
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Reconciling items affecting operating margin
|
|
|
|
|
|
|
|
||||||||
Acquisition purchase accounting adjustments
(a)
|
—
|
|
|
195
|
|
|
—
|
|
|
491
|
|
||||
Acquisition costs
|
—
|
|
|
352
|
|
|
—
|
|
|
414
|
|
||||
Restructuring costs
|
315
|
|
|
1,011
|
|
|
869
|
|
|
1,686
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Adjusted operating income
|
$
|
5,959
|
|
|
$
|
3,246
|
|
|
$
|
10,250
|
|
|
$
|
5,269
|
|
Adjusted operating margin
|
9.6
|
%
|
|
5.6
|
%
|
|
8.4
|
%
|
|
4.6
|
%
|
|
Fiscal quarter ended
|
Six fiscal months ended
|
||||||||||||
|
July 1, 2017
|
|
July 2, 2016
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Net earnings attributable to VPG stockholders
|
$
|
3,619
|
|
|
$
|
1,868
|
|
$
|
5,614
|
|
|
$
|
2,348
|
|
|
|
|
|
|
|
|
||||||||
Reconciling items affecting operating margin
|
|
|
|
|
|
|
||||||||
Acquisition purchase accounting adjustments
(a)
|
—
|
|
|
195
|
|
—
|
|
|
491
|
|
||||
Acquisition costs
|
—
|
|
|
352
|
|
—
|
|
|
414
|
|
||||
Restructuring costs
|
315
|
|
|
1,011
|
|
869
|
|
|
1,686
|
|
||||
|
|
|
|
|
|
|
||||||||
Less reconciling items affecting income tax expense
|
|
|
|
|
|
|
||||||||
Tax effect of reconciling items and discrete tax items
|
13
|
|
|
1,469
|
|
56
|
|
|
1,290
|
|
||||
Adjusted net earnings attributable to VPG stockholders
|
$
|
3,921
|
|
|
$
|
1,957
|
|
$
|
6,427
|
|
|
$
|
3,649
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net earnings per diluted share
|
$
|
0.29
|
|
|
$
|
0.15
|
|
$
|
0.48
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - diluted
|
13,446
|
|
|
13,405
|
|
13,442
|
|
|
13,402
|
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
|
1st Quarter
|
|
2nd Quarter
|
||||||||||
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2017
|
||||||||||
Net revenues
|
$
|
57,996
|
|
|
$
|
54,490
|
|
|
$
|
55,814
|
|
|
$
|
59,787
|
|
|
$
|
62,319
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross profit margin
|
37.1
|
%
|
|
37.2
|
%
|
|
38.1
|
%
|
|
37.7
|
%
|
|
39.7
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
End-of-period backlog
|
$
|
51,400
|
|
|
$
|
50,300
|
|
|
$
|
56,800
|
|
|
$
|
61,400
|
|
|
$
|
67,500
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Book-to-bill ratio
|
0.98
|
|
|
0.98
|
|
|
1.16
|
|
|
1.06
|
|
|
1.08
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Inventory turnover
|
2.52
|
|
|
2.36
|
|
|
2.41
|
|
|
2.64
|
|
|
2.64
|
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
|
1st Quarter
|
|
2nd Quarter
|
||||||||||
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2017
|
||||||||||
Foil Technology Products
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
25,359
|
|
|
$
|
23,852
|
|
|
$
|
25,412
|
|
|
$
|
27,764
|
|
|
$
|
29,306
|
|
Gross profit margin
|
36.8
|
%
|
|
36.2
|
%
|
|
40.6
|
%
|
|
41.4
|
%
|
|
41.9
|
%
|
|||||
End-of-period backlog
|
$
|
23,800
|
|
|
$
|
23,600
|
|
|
$
|
28,800
|
|
|
$
|
31,100
|
|
|
$
|
34,300
|
|
Book-to-bill ratio
|
1.01
|
|
|
0.99
|
|
|
1.26
|
|
|
1.06
|
|
|
1.09
|
|
|||||
Inventory turnover
|
2.65
|
|
|
2.57
|
|
|
2.57
|
|
|
2.80
|
|
|
2.90
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Force Sensors
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
15,396
|
|
|
$
|
15,231
|
|
|
$
|
14,769
|
|
|
$
|
15,468
|
|
|
$
|
15,656
|
|
Gross profit margin
|
29.0
|
%
|
|
31.0
|
%
|
|
25.3
|
%
|
|
23.9
|
%
|
|
28.9
|
%
|
|||||
End-of-period backlog
|
$
|
11,700
|
|
|
$
|
12,000
|
|
|
$
|
13,000
|
|
|
$
|
14,100
|
|
|
$
|
14,100
|
|
Book-to-bill ratio
|
0.97
|
|
|
1.02
|
|
|
1.08
|
|
|
1.06
|
|
|
0.99
|
|
|||||
Inventory turnover
|
1.97
|
|
|
1.84
|
|
|
1.93
|
|
|
2.11
|
|
|
1.97
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighing and Control Systems
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
17,241
|
|
|
$
|
15,407
|
|
|
$
|
15,633
|
|
|
$
|
16,555
|
|
|
$
|
17,357
|
|
Gross profit margin
|
44.7
|
%
|
|
44.9
|
%
|
|
46.5
|
%
|
|
44.3
|
%
|
|
45.8
|
%
|
|||||
End-of-period backlog
|
$
|
15,900
|
|
|
$
|
14,700
|
|
|
$
|
15,000
|
|
|
$
|
16,200
|
|
|
$
|
19,100
|
|
Book-to-bill ratio
|
0.94
|
|
|
0.92
|
|
|
1.05
|
|
|
1.06
|
|
|
1.14
|
|
|||||
Inventory turnover
|
3.27
|
|
|
2.98
|
|
|
3.08
|
|
|
3.36
|
|
|
3.52
|
|
|
Fiscal quarter ended
|
|
Six fiscal months ended
|
||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
July 1, 2017
|
|
July 2, 2016
|
||||
Costs of products sold
|
60.3
|
%
|
|
62.9
|
%
|
|
61.3
|
%
|
|
64.0
|
%
|
Gross profit
|
39.7
|
%
|
|
37.1
|
%
|
|
38.7
|
%
|
|
36.0
|
%
|
Selling, general, and administrative expenses
|
30.2
|
%
|
|
31.8
|
%
|
|
30.3
|
%
|
|
31.8
|
%
|
Operating income
|
9.1
|
%
|
|
2.9
|
%
|
|
7.7
|
%
|
|
2.3
|
%
|
Income before taxes
|
7.7
|
%
|
|
2.2
|
%
|
|
6.4
|
%
|
|
2.1
|
%
|
Net earnings
|
5.8
|
%
|
|
3.2
|
%
|
|
4.6
|
%
|
|
2.0
|
%
|
Net earnings attributable to VPG stockholders
|
5.8
|
%
|
|
3.2
|
%
|
|
4.6
|
%
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
||||
Effective tax rate
|
24.9
|
%
|
|
(43.7
|
)%
|
|
27.8
|
%
|
|
1.2
|
%
|
|
Fiscal quarter ended
|
Six fiscal months ended
|
||||||||||||
|
July 1, 2017
|
|
July 2, 2016
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Net revenues
|
$
|
62,319
|
|
|
$
|
57,996
|
|
$
|
122,106
|
|
|
$
|
114,625
|
|
Change versus comparable prior year period
|
$
|
4,323
|
|
|
|
$
|
7,481
|
|
|
|
||||
Percentage change versus prior year period
|
7.5
|
%
|
|
|
6.5
|
%
|
|
|
|
vs. prior year
quarter |
vs. prior year-
to-date |
||
Change attributable to:
|
|
|
||
Change in volume
|
10.5
|
%
|
8.0
|
%
|
Change in average selling prices
|
(0.5
|
)%
|
(0.2
|
)%
|
Foreign currency effects
|
(2.5
|
)%
|
(2.3
|
)%
|
Acquisitions
|
—
|
|
1.0
|
%
|
Net change
|
7.5
|
%
|
6.5
|
%
|
|
Fiscal quarter ended
|
Six fiscal months ended
|
||||||||
|
July 1, 2017
|
|
July 2, 2016
|
July 1, 2017
|
|
July 2, 2016
|
||||
Gross profit margin
|
39.7
|
%
|
|
37.1
|
%
|
38.7
|
%
|
|
36.0
|
%
|
|
Fiscal quarter ended
|
|
Six fiscal months ended
|
||||||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Net revenues
|
$
|
29,306
|
|
|
$
|
25,359
|
|
|
$
|
57,070
|
|
|
$
|
51,678
|
|
Change versus comparable prior year period
|
$
|
3,947
|
|
|
|
|
$
|
5,392
|
|
|
|
||||
Percentage change versus prior year period
|
15.6
|
%
|
|
|
|
10.4
|
%
|
|
|
|
vs. prior year
quarter |
vs. prior year-
to-date |
||
Change attributable to:
|
|
|
||
Change in volume
|
17.5
|
%
|
9.7
|
%
|
Change in average selling prices
|
(0.3
|
)%
|
(0.1
|
)%
|
Foreign currency effects
|
(1.6
|
)%
|
(1.4
|
)%
|
Acquisitions
|
—
|
|
2.2
|
%
|
Net change
|
15.6
|
%
|
10.4
|
%
|
|
Fiscal quarter ended
|
|
Six fiscal months ended
|
||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
July 1, 2017
|
|
July 2, 2016
|
||||
Gross profit margin
|
41.9
|
%
|
|
36.8
|
%
|
|
41.7
|
%
|
|
39.6
|
%
|
|
Fiscal quarter ended
|
|
Six fiscal months ended
|
||||||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Net revenues
|
$
|
15,656
|
|
|
$
|
15,396
|
|
|
$
|
31,124
|
|
|
$
|
30,234
|
|
Change versus comparable prior year period
|
$
|
260
|
|
|
|
|
$
|
890
|
|
|
|
||||
Percentage change versus prior year period
|
1.7
|
%
|
|
|
|
2.9
|
%
|
|
|
|
vs. prior year
quarter |
|
vs. prior year-
to-date |
||
Change attributable to:
|
|
|
|
||
Change in volume
|
4.7
|
%
|
|
5.5
|
%
|
Change in average selling prices
|
(1.6
|
)%
|
|
(0.9
|
)%
|
Foreign currency effects
|
(1.4
|
)%
|
|
(1.7
|
)%
|
Net change
|
1.7
|
%
|
|
2.9
|
%
|
|
Fiscal quarter ended
|
|
Six fiscal months ended
|
||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
July 1, 2017
|
|
July 2, 2016
|
||||
Gross profit margin
|
28.9
|
%
|
|
29.0
|
%
|
|
26.4
|
%
|
|
23.8
|
%
|
|
Fiscal quarter ended
|
|
Six fiscal months ended
|
||||||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Net revenues
|
$
|
17,357
|
|
|
$
|
17,241
|
|
|
$
|
33,912
|
|
|
$
|
32,713
|
|
Change versus comparable prior year period
|
$
|
116
|
|
|
|
|
$
|
1,199
|
|
|
|
||||
Percentage change versus prior year period
|
0.7
|
%
|
|
|
|
3.7
|
%
|
|
|
|
vs. prior year
quarter |
vs. prior year-
to-date |
||
Change attributable to:
|
|
|
||
Change in volume
|
5.2
|
%
|
7.8
|
%
|
Change in average selling prices
|
0.4
|
%
|
0.4
|
%
|
Foreign currency effects
|
(4.9
|
)%
|
(4.5
|
)%
|
Net change
|
0.7
|
%
|
3.7
|
%
|
|
Fiscal quarter ended
|
|
Six fiscal months ended
|
||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
July 1, 2017
|
|
July 2, 2016
|
||||
Gross profit margin
|
45.8
|
%
|
|
44.7
|
%
|
|
45.1
|
%
|
|
41.7
|
%
|
|
Fiscal quarter ended
|
Six fiscal months ended
|
||||||||||||
|
July 1, 2017
|
|
July 2, 2016
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Total SG&A expenses
|
$
|
18,800
|
|
|
$
|
18,444
|
|
$
|
37,026
|
|
|
$
|
36,492
|
|
|
|
|
|
|
|
|
||||||||
as a percentage of net revenues
|
30.2
|
%
|
|
31.8
|
%
|
30.3
|
%
|
|
31.8
|
%
|
|
Fiscal quarter ended
|
|
|
||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
Change
|
||||||
Foreign exchange (loss) gain
|
$
|
(258
|
)
|
|
$
|
67
|
|
|
$
|
(325
|
)
|
Interest income
|
18
|
|
|
41
|
|
|
(23
|
)
|
|||
Other
|
(122
|
)
|
|
(138
|
)
|
|
16
|
|
|||
|
$
|
(362
|
)
|
|
$
|
(30
|
)
|
|
$
|
(332
|
)
|
|
Six fiscal months ended
|
|
|
||||||||
|
July 1, 2017
|
|
July 2, 2016
|
|
Change
|
||||||
Foreign exchange (loss) gain
|
$
|
(632
|
)
|
|
$
|
495
|
|
|
$
|
(1,127
|
)
|
Interest income
|
56
|
|
|
103
|
|
|
(47
|
)
|
|||
Other
|
(107
|
)
|
|
(203
|
)
|
|
96
|
|
|||
|
$
|
(683
|
)
|
|
$
|
395
|
|
|
$
|
(1,078
|
)
|
|
July 1, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
$
|
63,158
|
|
|
$
|
58,452
|
|
|
|
|
|
||||
Third-party debt, including current and long-term:
|
|
|
|
||||
Term loans
|
21,750
|
|
|
23,000
|
|
||
Revolving debt
|
9,000
|
|
|
9,000
|
|
||
Third-party debt held by Japanese subsidiary
|
465
|
|
|
509
|
|
||
Exchangeable notes, due 2102
|
2,794
|
|
|
4,097
|
|
||
Deferred financing costs
|
(393
|
)
|
|
(454
|
)
|
||
Total third-party debt
|
33,616
|
|
|
36,152
|
|
||
Net cash
|
$
|
29,542
|
|
|
$
|
22,300
|
|
|
July 1, 2017
|
|
December 31, 2016
|
||
Israel
|
21
|
%
|
|
16
|
%
|
Asia
|
28
|
%
|
|
27
|
%
|
Europe
|
20
|
%
|
|
19
|
%
|
United States
|
6
|
%
|
|
17
|
%
|
United Kingdom
|
14
|
%
|
|
12
|
%
|
Canada
|
11
|
%
|
|
9
|
%
|
|
100
|
%
|
|
100
|
%
|
|
VISHAY PRECISION GROUP, INC.
|
|
|
|
/s/ William M. Clancy
|
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William M. Clancy
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Executive Vice President and Chief Financial Officer
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(as a duly authorized officer and principal financial and accounting officer)
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1 Year Vishay Precision Chart |
1 Month Vishay Precision Chart |
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