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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 | |
---|---|---|---|---|---|---|---|---|
0.26 | 0.77% | 34.06 | 34.37 | 33.92 | 34.37 | 37,509 | 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
|
September 29, 2018
|
¨
|
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)
|
|||||||
|
September 29, 2018
|
|
December 31, 2017
|
||||
|
(Unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
78,628
|
|
|
$
|
74,292
|
|
Accounts receivable, net
|
54,003
|
|
|
46,789
|
|
||
Inventories:
|
|
|
|
||||
Raw materials
|
18,479
|
|
|
16,601
|
|
||
Work in process
|
24,490
|
|
|
23,160
|
|
||
Finished goods
|
21,694
|
|
|
20,174
|
|
||
Inventories, net
|
64,663
|
|
|
59,935
|
|
||
|
|
|
|
||||
Prepaid expenses and other current assets
|
12,487
|
|
|
10,299
|
|
||
Total current assets
|
209,781
|
|
|
191,315
|
|
||
|
|
|
|
||||
Property and equipment, at cost:
|
|
|
|
||||
Land
|
3,409
|
|
|
3,434
|
|
||
Buildings and improvements
|
50,536
|
|
|
50,276
|
|
||
Machinery and equipment
|
100,868
|
|
|
95,158
|
|
||
Software
|
8,308
|
|
|
7,955
|
|
||
Construction in progress
|
2,089
|
|
|
2,252
|
|
||
Accumulated depreciation
|
(109,342
|
)
|
|
(103,401
|
)
|
||
Property and equipment, net
|
55,868
|
|
|
55,674
|
|
||
|
|
|
|
||||
Goodwill
|
18,923
|
|
|
19,181
|
|
||
|
|
|
|
||||
Intangible assets, net
|
18,759
|
|
|
20,475
|
|
||
|
|
|
|
||||
Other assets
|
18,407
|
|
|
19,906
|
|
||
Total assets
|
$
|
321,738
|
|
|
$
|
306,551
|
|
|
|
|
|
VISHAY PRECISION GROUP, INC.
Consolidated Condensed Balance Sheets (continued)
(In thousands)
|
|||||||
|
September 29, 2018
|
|
December 31, 2017
|
||||
|
(Unaudited)
|
|
|
||||
Liabilities and equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Trade accounts payable
|
$
|
9,842
|
|
|
$
|
13,678
|
|
Payroll and related expenses
|
16,176
|
|
|
15,892
|
|
||
Other accrued expenses
|
17,989
|
|
|
15,952
|
|
||
Income taxes
|
2,914
|
|
|
2,515
|
|
||
Current portion of long-term debt
|
4,367
|
|
|
3,878
|
|
||
Total current liabilities
|
51,288
|
|
|
51,915
|
|
||
|
|
|
|
||||
Long-term debt, less current portion
|
23,550
|
|
|
28,477
|
|
||
Deferred income taxes
|
2,331
|
|
|
2,300
|
|
||
Other liabilities
|
13,981
|
|
|
14,131
|
|
||
Accrued pension and other postretirement costs
|
16,025
|
|
|
16,424
|
|
||
Total liabilities
|
107,175
|
|
|
113,247
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Common stock
|
1,307
|
|
|
1,288
|
|
||
Class B convertible common stock
|
103
|
|
|
103
|
|
||
Treasury stock
|
(8,765
|
)
|
|
(8,765
|
)
|
||
Capital in excess of par value
|
196,039
|
|
|
192,904
|
|
||
Retained earnings
|
63,151
|
|
|
43,076
|
|
||
Accumulated other comprehensive loss
|
(37,299
|
)
|
|
(35,450
|
)
|
||
Total Vishay Precision Group, Inc. stockholders' equity
|
214,536
|
|
|
193,156
|
|
||
Noncontrolling interests
|
27
|
|
|
148
|
|
||
Total equity
|
214,563
|
|
|
193,304
|
|
||
Total liabilities and equity
|
$
|
321,738
|
|
|
$
|
306,551
|
|
|
Fiscal quarter ended
|
||||||
|
September 29, 2018
|
|
September 30, 2017
|
||||
Net revenues
|
$
|
75,490
|
|
|
$
|
62,805
|
|
Costs of products sold
|
44,910
|
|
|
38,538
|
|
||
Gross profit
|
30,580
|
|
|
24,267
|
|
||
|
|
|
|
||||
Selling, general, and administrative expenses
|
19,721
|
|
|
18,314
|
|
||
Restructuring costs
|
228
|
|
|
423
|
|
||
Operating income
|
10,631
|
|
|
5,530
|
|
||
|
|
|
|
||||
Other income (expense):
|
|
|
|
||||
Interest expense
|
(413
|
)
|
|
(472
|
)
|
||
Other
|
(172
|
)
|
|
1,506
|
|
||
Other income (expense) - net
|
(585
|
)
|
|
1,034
|
|
||
|
|
|
|
||||
Income before taxes
|
10,046
|
|
|
6,564
|
|
||
|
|
|
|
||||
Income tax expense
|
2,479
|
|
|
2,239
|
|
||
|
|
|
|
||||
Net earnings
|
7,567
|
|
|
4,325
|
|
||
Less: net earnings attributable to noncontrolling interests
|
20
|
|
|
70
|
|
||
Net earnings attributable to VPG stockholders
|
$
|
7,547
|
|
|
$
|
4,255
|
|
|
|
|
|
||||
Basic earnings per share attributable to VPG stockholders
|
$
|
0.56
|
|
|
$
|
0.32
|
|
Diluted earnings per share attributable to VPG stockholders
|
$
|
0.56
|
|
|
$
|
0.32
|
|
|
|
|
|
||||
Weighted average shares outstanding - basic
|
13,474
|
|
|
13,291
|
|
||
Weighted average shares outstanding - diluted
|
13,534
|
|
|
13,470
|
|
|
Nine fiscal months ended
|
||||||
|
September 29, 2018
|
|
September 30, 2017
|
||||
Net revenues
|
$
|
222,812
|
|
|
$
|
184,911
|
|
Costs of products sold
|
132,361
|
|
|
113,368
|
|
||
Gross profit
|
90,451
|
|
|
71,543
|
|
||
|
|
|
|
||||
Selling, general, and administrative expenses
|
60,030
|
|
|
54,923
|
|
||
Restructuring costs
|
289
|
|
|
1,292
|
|
||
Operating income
|
30,132
|
|
|
15,328
|
|
||
Other income (expense):
|
|
|
|
||||
Interest expense
|
(1,333
|
)
|
|
(1,392
|
)
|
||
Other
|
(1,093
|
)
|
|
406
|
|
||
Other income (expense) - net
|
(2,426
|
)
|
|
(986
|
)
|
||
|
|
|
|
||||
Income before taxes
|
27,706
|
|
|
14,342
|
|
||
|
|
|
|
||||
Income tax expense
|
7,498
|
|
|
4,398
|
|
||
|
|
|
|
||||
Net earnings
|
20,208
|
|
|
9,944
|
|
||
Less: net earnings (loss) attributable to noncontrolling interests
|
(20
|
)
|
|
75
|
|
||
Net earnings attributable to VPG stockholders
|
$
|
20,228
|
|
|
$
|
9,869
|
|
|
|
|
|
||||
Basic earnings per share attributable to VPG stockholders
|
$
|
1.51
|
|
|
$
|
0.74
|
|
Diluted earnings per share attributable to VPG stockholders
|
$
|
1.50
|
|
|
$
|
0.73
|
|
|
|
|
|
||||
Weighted average shares outstanding - basic
|
13,431
|
|
|
13,253
|
|
||
Weighted average shares outstanding - diluted
|
13,519
|
|
|
13,452
|
|
|
Fiscal quarter ended
|
||||||
|
September 29, 2018
|
|
September 30, 2017
|
||||
Net earnings
|
$
|
7,567
|
|
|
$
|
4,325
|
|
|
|
|
|
||||
Other comprehensive income (loss):
|
|
|
|
||||
Foreign currency translation adjustment
|
124
|
|
|
2,285
|
|
||
Pension and other postretirement actuarial items, net of tax
|
175
|
|
|
(29
|
)
|
||
Other comprehensive income
|
299
|
|
|
2,256
|
|
||
|
|
|
|
||||
Total comprehensive income
|
7,866
|
|
|
6,581
|
|
||
|
|
|
|
||||
Less: comprehensive income (loss) attributable to noncontrolling interests
|
20
|
|
|
70
|
|
||
|
|
|
|
||||
Comprehensive income attributable to VPG stockholders
|
$
|
7,846
|
|
|
$
|
6,511
|
|
|
Nine fiscal months ended
|
||||||
|
September 29, 2018
|
|
September 30, 2017
|
||||
Net earnings
|
$
|
20,208
|
|
|
$
|
9,944
|
|
|
|
|
|
||||
Other comprehensive income (loss):
|
|
|
|
||||
Foreign currency translation adjustment
|
(2,393
|
)
|
|
6,119
|
|
||
Pension and other postretirement actuarial items, net of tax
|
544
|
|
|
(60
|
)
|
||
Other comprehensive (loss) income
|
(1,849
|
)
|
|
6,059
|
|
||
|
|
|
|
||||
Comprehensive income
|
18,359
|
|
|
16,003
|
|
||
|
|
|
|
||||
Less: comprehensive income (loss) attributable to noncontrolling interests
|
(20
|
)
|
|
75
|
|
||
|
|
|
|
||||
Comprehensive income attributable to VPG stockholders
|
$
|
18,379
|
|
|
$
|
15,928
|
|
|
Nine fiscal months ended
|
||||||
|
September 29, 2018
|
|
September 30, 2017
|
||||
Operating activities
|
|
|
|
||||
Net earnings
|
$
|
20,208
|
|
|
$
|
9,944
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
7,939
|
|
|
7,977
|
|
||
Gain on disposal of property and equipment
|
(146
|
)
|
|
(193
|
)
|
||
Share-based compensation expense
|
1,172
|
|
|
959
|
|
||
Inventory write-offs for obsolescence
|
1,633
|
|
|
1,662
|
|
||
Deferred income taxes
|
1,584
|
|
|
264
|
|
||
Other
|
536
|
|
|
(907
|
)
|
||
Net changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
(8,128
|
)
|
|
(7,030
|
)
|
||
Inventories, net
|
(6,935
|
)
|
|
(3,280
|
)
|
||
Prepaid expenses and other current assets
|
(2,600
|
)
|
|
(2,937
|
)
|
||
Trade accounts payable
|
(1,342
|
)
|
|
1,176
|
|
||
Other current liabilities
|
4,031
|
|
|
7,166
|
|
||
Net cash provided by operating activities
|
17,952
|
|
|
14,801
|
|
||
|
|
|
|
||||
Investing activities
|
|
|
|
||||
Capital expenditures
|
(9,966
|
)
|
|
(4,366
|
)
|
||
Proceeds from sale of property and equipment
|
169
|
|
|
442
|
|
||
Net cash used in investing activities
|
(9,797
|
)
|
|
(3,924
|
)
|
||
|
|
|
|
||||
Financing activities
|
|
|
|
||||
Principal payments on long-term debt and capital leases
|
(4,728
|
)
|
|
(1,971
|
)
|
||
Proceeds from revolving facility
|
22,000
|
|
|
27,000
|
|
||
Payments on revolving facility
|
(19,000
|
)
|
|
(27,000
|
)
|
||
Distributions to noncontrolling interests
|
(101
|
)
|
|
(60
|
)
|
||
Payments of employee taxes on certain share-based arrangements
|
(801
|
)
|
|
(303
|
)
|
||
Net cash (used in) financing activities
|
(2,630
|
)
|
|
(2,334
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(1,189
|
)
|
|
2,896
|
|
||
Increase in cash and cash equivalents
|
4,336
|
|
|
11,439
|
|
||
|
|
|
|
||||
Cash and cash equivalents at beginning of period
|
74,292
|
|
|
58,452
|
|
||
Cash and cash equivalents at end of period
|
$
|
78,628
|
|
|
$
|
69,891
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing transactions:
|
|
|
|
||||
Capital expenditures purchased
|
$
|
(7,559
|
)
|
|
$
|
(4,366
|
)
|
Supplemental disclosure of non-cash financing transactions:
|
|
|
|
||||
Conversion of exchangeable notes to common stock
|
$
|
(2,794
|
)
|
|
$
|
(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, 2017
|
$
|
1,288
|
|
|
$
|
103
|
|
|
$
|
(8,765
|
)
|
|
$
|
192,904
|
|
|
$
|
43,076
|
|
|
$
|
(35,450
|
)
|
|
$
|
193,156
|
|
|
$
|
148
|
|
|
$
|
193,304
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,228
|
|
|
—
|
|
|
20,228
|
|
|
(20
|
)
|
|
20,208
|
|
|||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,849
|
)
|
|
(1,849
|
)
|
|
—
|
|
|
(1,849
|
)
|
|||||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
1,172
|
|
|
—
|
|
|
—
|
|
|
1,172
|
|
|
—
|
|
|
1,172
|
|
|||||||||
Restricted stock issuances (59,038 shares)
|
7
|
|
|
—
|
|
|
—
|
|
|
(819
|
)
|
|
—
|
|
|
—
|
|
|
(812
|
)
|
|
—
|
|
|
(812
|
)
|
|||||||||
Common stock issuance from conversion of exchangeable notes (123,808 shares)
|
12
|
|
|
—
|
|
|
—
|
|
|
2,782
|
|
|
—
|
|
|
—
|
|
|
2,794
|
|
|
—
|
|
|
2,794
|
|
|||||||||
Cumulative effect adjustment for adoption of ASU 2016-16
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(153
|
)
|
|
—
|
|
|
(153
|
)
|
|
—
|
|
|
(153
|
)
|
|||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(101
|
)
|
|
(101
|
)
|
|||||||||
Balance at September 29, 2018
|
$
|
1,307
|
|
|
$
|
103
|
|
|
$
|
(8,765
|
)
|
|
$
|
196,039
|
|
|
$
|
63,151
|
|
|
$
|
(37,299
|
)
|
|
$
|
214,536
|
|
|
$
|
27
|
|
|
$
|
214,563
|
|
|
Fiscal quarter ended
September 29, 2018 |
|
Fiscal quarter ended
September 30, 2017 |
||||||||||||||||||||||||||||
|
Foil Technology
Products |
|
Force
Sensors |
|
Weighing and
Control Systems |
|
Total
|
|
Foil Technology
Products |
|
Force
Sensors |
|
Weighing and
Control Systems |
|
Total
|
||||||||||||||||
United States
|
$
|
16,011
|
|
|
$
|
9,842
|
|
|
$
|
6,289
|
|
|
$
|
32,142
|
|
|
$
|
13,157
|
|
|
$
|
8,324
|
|
|
$
|
4,766
|
|
|
$
|
26,247
|
|
United Kingdom
|
905
|
|
|
2,995
|
|
|
3,738
|
|
|
7,638
|
|
|
813
|
|
|
3,016
|
|
|
3,026
|
|
|
6,855
|
|
||||||||
Other Europe
|
8,224
|
|
|
2,248
|
|
|
4,261
|
|
|
14,733
|
|
|
7,057
|
|
|
2,533
|
|
|
3,820
|
|
|
13,410
|
|
||||||||
Israel
|
2,951
|
|
|
116
|
|
|
—
|
|
|
3,067
|
|
|
1,888
|
|
|
173
|
|
|
—
|
|
|
2,061
|
|
||||||||
Asia
|
7,821
|
|
|
2,401
|
|
|
1,053
|
|
|
11,275
|
|
|
6,400
|
|
|
2,550
|
|
|
1,776
|
|
|
10,726
|
|
||||||||
Canada
|
—
|
|
|
—
|
|
|
6,635
|
|
|
6,635
|
|
|
—
|
|
|
—
|
|
|
3,506
|
|
|
3,506
|
|
||||||||
Total
|
$
|
35,912
|
|
|
$
|
17,602
|
|
|
$
|
21,976
|
|
|
$
|
75,490
|
|
|
$
|
29,315
|
|
|
$
|
16,596
|
|
|
$
|
16,894
|
|
|
$
|
62,805
|
|
|
Nine Fiscal Months Ended September 29, 2018
|
|
Nine Fiscal Months Ended September 30, 2017
|
||||||||||||||||||||||||||||
|
Foil Technology
Products |
|
Force
Sensors |
|
Weighing and
Control Systems |
|
Total
|
|
Foil Technology
Products |
|
Force
Sensors |
|
Weighing and
Control Systems |
|
Total
|
||||||||||||||||
United States
|
$
|
44,863
|
|
|
$
|
30,864
|
|
|
$
|
17,690
|
|
|
$
|
93,417
|
|
|
$
|
38,996
|
|
|
$
|
24,303
|
|
|
$
|
14,282
|
|
|
$
|
77,581
|
|
United Kingdom
|
2,818
|
|
|
9,047
|
|
|
11,008
|
|
|
22,873
|
|
|
2,325
|
|
|
9,084
|
|
|
8,454
|
|
|
19,863
|
|
||||||||
Other Europe
|
23,699
|
|
|
8,248
|
|
|
14,161
|
|
|
46,108
|
|
|
19,636
|
|
|
6,699
|
|
|
11,678
|
|
|
38,013
|
|
||||||||
Israel
|
7,792
|
|
|
402
|
|
|
—
|
|
|
8,194
|
|
|
4,598
|
|
|
489
|
|
|
—
|
|
|
5,087
|
|
||||||||
Asia
|
25,096
|
|
|
7,627
|
|
|
4,885
|
|
|
37,608
|
|
|
20,830
|
|
|
7,145
|
|
|
4,763
|
|
|
32,738
|
|
||||||||
Canada
|
—
|
|
|
—
|
|
|
14,612
|
|
|
14,612
|
|
|
—
|
|
|
—
|
|
|
11,629
|
|
|
11,629
|
|
||||||||
|
$
|
104,268
|
|
|
$
|
56,188
|
|
|
$
|
62,356
|
|
|
$
|
222,812
|
|
|
$
|
86,385
|
|
|
$
|
47,720
|
|
|
$
|
50,806
|
|
|
$
|
184,911
|
|
|
Fiscal quarter ended
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Test & Measurement
|
$
|
18,969
|
|
|
$
|
16,404
|
|
$
|
57,346
|
|
|
$
|
48,426
|
|
Avionics, Military & Space
|
7,354
|
|
|
5,519
|
|
18,920
|
|
|
16,927
|
|
||||
Medical
|
2,719
|
|
|
2,078
|
|
7,693
|
|
|
6,344
|
|
||||
Precision Weighing
|
23,151
|
|
|
21,037
|
|
70,799
|
|
|
59,574
|
|
||||
Force Measurement
|
16,170
|
|
|
13,234
|
|
50,435
|
|
|
38,039
|
|
||||
Steel
|
7,127
|
|
|
4,533
|
|
17,619
|
|
|
15,601
|
|
||||
Total
|
$
|
75,490
|
|
|
$
|
62,805
|
|
$
|
222,812
|
|
|
$
|
184,911
|
|
|
Contract Asset
|
|
Contract Liability
|
||||
|
Unbilled Revenue
|
|
Accrued Customer Advances
|
||||
Balance at December 31, 2017
|
$
|
824
|
|
|
$
|
3,229
|
|
Balance at September 29, 2018
|
1,123
|
|
|
4,993
|
|
||
Increase
|
$
|
299
|
|
|
$
|
1,764
|
|
|
Total
|
|
Weighing and Control Systems Segment
|
|
Foil Technology Products Segment
|
||||||||||
|
|
|
KELK Acquisition
|
|
Stress-Tek Acquisition
|
|
Pacific Acquisition
|
||||||||
Balance at December 31, 2017
|
$
|
19,181
|
|
|
$
|
6,828
|
|
|
$
|
6,311
|
|
|
$
|
6,042
|
|
Foreign currency translation adjustment
|
(258
|
)
|
|
(258
|
)
|
|
—
|
|
|
—
|
|
||||
Balance at September 29, 2018
|
$
|
18,923
|
|
|
$
|
6,570
|
|
|
$
|
6,311
|
|
|
$
|
6,042
|
|
Balance at December 31, 2017
|
$
|
254
|
|
Restructuring costs in 2018
|
289
|
|
|
Cash payments
|
(218
|
)
|
|
Foreign currency translation
|
—
|
|
|
Balance at September 29, 2018
|
$
|
325
|
|
|
September 29, 2018
|
|
December 31, 2017
|
||||
2015 Credit Agreement - Revolving Facility
|
$
|
12,000
|
|
|
$
|
9,000
|
|
2015 Credit Agreement - U.S. Closing Date Term Facility
|
3,141
|
|
|
3,664
|
|
||
2015 Credit Agreement - U.S. Delayed Draw Term Facility
|
7,679
|
|
|
8,956
|
|
||
2015 Credit Agreement - Canadian Term Facility
|
5,047
|
|
|
7,880
|
|
||
Exchangeable Unsecured Notes, due 2102
|
—
|
|
|
2,794
|
|
||
Other debt
|
303
|
|
|
401
|
|
||
Deferred financing costs
|
(253
|
)
|
|
(340
|
)
|
||
Total long-term debt
|
27,917
|
|
|
32,355
|
|
||
Less: current portion
|
4,367
|
|
|
3,878
|
|
||
Long-term debt, less current portion
|
$
|
23,550
|
|
|
$
|
28,477
|
|
|
Foreign Currency Translation Adjustment
|
|
Pension
and Other Postretirement Actuarial Items |
|
Total
|
||||||
Balance at January 1, 2018
|
$
|
(27,390
|
)
|
|
$
|
(8,060
|
)
|
|
$
|
(35,450
|
)
|
Other comprehensive income before reclassifications
|
(2,393
|
)
|
|
—
|
|
|
(2,393
|
)
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
544
|
|
|
544
|
|
|||
Balance at September 29, 2018
|
$
|
(29,783
|
)
|
|
$
|
(7,516
|
)
|
|
$
|
(37,299
|
)
|
|
Foreign Currency Translation Adjustment
|
|
Pension
and Other Postretirement Actuarial Items |
|
Total
|
||||||
Balance at January 1, 2017
|
$
|
(33,192
|
)
|
|
$
|
(7,145
|
)
|
|
$
|
(40,337
|
)
|
Other comprehensive loss before reclassifications
|
6,119
|
|
|
—
|
|
|
6,119
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
(60
|
)
|
|
(60
|
)
|
|||
Balance at September 30, 2017
|
$
|
(27,073
|
)
|
|
$
|
(7,205
|
)
|
|
$
|
(34,278
|
)
|
|
Fiscal quarter ended
September 29, 2018 |
|
Fiscal quarter ended
September 30, 2017 |
||||||||||||
|
Pension
Plans |
|
OPEB
Plans |
|
Pension
Plans |
|
OPEB
Plans |
||||||||
Net service cost
|
$
|
135
|
|
|
$
|
27
|
|
|
$
|
119
|
|
|
$
|
28
|
|
Interest cost
|
171
|
|
|
38
|
|
|
167
|
|
|
35
|
|
||||
Expected return on plan assets
|
(138
|
)
|
|
—
|
|
|
(133
|
)
|
|
—
|
|
||||
Amortization of actuarial losses
|
128
|
|
|
44
|
|
|
114
|
|
|
28
|
|
||||
Net periodic benefit cost
|
$
|
296
|
|
|
$
|
109
|
|
|
$
|
267
|
|
|
$
|
91
|
|
|
Nine fiscal months ended September 29, 2018
|
|
Nine fiscal months ended September 30, 2017
|
||||||||||||
|
Pension
Plans |
|
OPEB
Plans |
|
Pension
Plans |
|
OPEB
Plans |
||||||||
Net service cost
|
$
|
410
|
|
|
$
|
81
|
|
|
$
|
355
|
|
|
$
|
84
|
|
Interest cost
|
521
|
|
|
114
|
|
|
495
|
|
|
105
|
|
||||
Expected return on plan assets
|
(421
|
)
|
|
—
|
|
|
(395
|
)
|
|
—
|
|
||||
Amortization of actuarial losses
|
389
|
|
|
132
|
|
|
338
|
|
|
84
|
|
||||
Net periodic benefit cost
|
$
|
899
|
|
|
$
|
327
|
|
|
$
|
793
|
|
|
$
|
273
|
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Restricted stock units
|
$
|
371
|
|
|
$
|
467
|
|
|
$
|
1,172
|
|
|
$
|
959
|
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Net third-party revenues:
|
|
|
|
|
|
|
|
||||||||
Foil Technology Products
|
$
|
35,912
|
|
|
$
|
29,315
|
|
|
$
|
104,268
|
|
|
$
|
86,385
|
|
Force Sensors
|
17,602
|
|
|
16,596
|
|
|
56,188
|
|
|
47,720
|
|
||||
Weighing and Control Systems
|
21,976
|
|
|
16,894
|
|
|
62,356
|
|
|
50,806
|
|
||||
Total
|
$
|
75,490
|
|
|
$
|
62,805
|
|
|
$
|
222,812
|
|
|
$
|
184,911
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit:
|
|
|
|
|
|
|
|
||||||||
Foil Technology Products
|
$
|
15,779
|
|
|
$
|
12,235
|
|
|
$
|
46,136
|
|
|
$
|
36,009
|
|
Force Sensors
|
4,557
|
|
|
4,746
|
|
|
15,487
|
|
|
12,964
|
|
||||
Weighing and Control Systems
|
10,244
|
|
|
7,286
|
|
|
28,828
|
|
|
22,570
|
|
||||
Total
|
$
|
30,580
|
|
|
$
|
24,267
|
|
|
$
|
90,451
|
|
|
$
|
71,543
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of segment operating income to consolidated results:
|
|
|
|
|
|
|
|
||||||||
Foil Technology Products
|
$
|
10,304
|
|
|
$
|
6,894
|
|
|
$
|
29,073
|
|
|
$
|
19,811
|
|
Force Sensors
|
2,214
|
|
|
2,564
|
|
|
8,174
|
|
|
6,242
|
|
||||
Weighing and Control Systems
|
5,589
|
|
|
2,992
|
|
|
14,423
|
|
|
9,691
|
|
||||
Unallocated G&A expenses
|
(7,248
|
)
|
|
(6,497
|
)
|
|
(21,249
|
)
|
|
(19,124
|
)
|
||||
Restructuring costs
|
(228
|
)
|
|
(423
|
)
|
|
(289
|
)
|
|
(1,292
|
)
|
||||
Consolidated condensed operating income
|
$
|
10,631
|
|
|
$
|
5,530
|
|
|
$
|
30,132
|
|
|
$
|
15,328
|
|
|
|
|
|
|
|
|
|
||||||||
Restructuring costs:
|
|
|
|
|
|
|
|
||||||||
Foil Technology Products
|
$
|
—
|
|
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
(85
|
)
|
Force Sensors
|
(228
|
)
|
|
(142
|
)
|
|
(289
|
)
|
|
(404
|
)
|
||||
Weighing and Control Systems
|
—
|
|
|
(79
|
)
|
|
—
|
|
|
(366
|
)
|
||||
Corporate/Other
|
—
|
|
|
(255
|
)
|
|
—
|
|
|
(437
|
)
|
||||
|
$
|
(228
|
)
|
|
$
|
(423
|
)
|
|
$
|
(289
|
)
|
|
$
|
(1,292
|
)
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Foil Technology Products to Force Sensors and Weighing and Control Systems
|
$
|
819
|
|
|
$
|
656
|
|
|
$
|
2,976
|
|
|
$
|
2,011
|
|
Force Sensors to Foil Technology Products and Weighing and Control Systems
|
$
|
332
|
|
|
$
|
282
|
|
|
$
|
1,048
|
|
|
$
|
1,048
|
|
Weighing and Control Systems to Foil Technology Products and Force Sensors
|
$
|
128
|
|
|
$
|
350
|
|
|
$
|
423
|
|
|
$
|
678
|
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Numerator for basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net earnings attributable to VPG stockholders
|
$
|
7,547
|
|
|
$
|
4,255
|
|
|
$
|
20,228
|
|
|
$
|
9,869
|
|
|
|
|
|
|
|
|
|
||||||||
Adjustment to the numerator for net earnings:
|
|
|
|
|
|
|
|
||||||||
Interest savings assuming conversion of dilutive exchangeable notes, net of tax
|
—
|
|
|
6
|
|
|
5
|
|
|
18
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Numerator for diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net earnings attributable to VPG stockholders
|
$
|
7,547
|
|
|
$
|
4,261
|
|
|
$
|
20,233
|
|
|
$
|
9,887
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Denominator for basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares
|
13,474
|
|
|
13,291
|
|
|
13,431
|
|
|
13,253
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Exchangeable notes
|
—
|
|
|
124
|
|
|
30
|
|
|
152
|
|
||||
Restricted stock units
|
60
|
|
|
55
|
|
|
58
|
|
|
47
|
|
||||
Dilutive potential common shares
|
60
|
|
|
179
|
|
|
88
|
|
|
199
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Denominator for diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Adjusted weighted average shares
|
13,534
|
|
|
13,470
|
|
|
13,519
|
|
|
13,452
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share attributable to VPG stockholders
|
$
|
0.56
|
|
|
$
|
0.32
|
|
|
$
|
1.51
|
|
|
$
|
0.74
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share attributable to VPG stockholders
|
$
|
0.56
|
|
|
$
|
0.32
|
|
|
$
|
1.50
|
|
|
$
|
0.73
|
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Foreign exchange gain (loss)
|
$
|
19
|
|
|
$
|
169
|
|
|
$
|
(431
|
)
|
|
$
|
(463
|
)
|
Interest income
|
120
|
|
|
47
|
|
|
354
|
|
|
103
|
|
||||
Other
|
(311
|
)
|
|
1,290
|
|
|
(1,016
|
)
|
|
766
|
|
||||
|
$
|
(172
|
)
|
|
$
|
1,506
|
|
|
$
|
(1,093
|
)
|
|
$
|
406
|
|
|
|
|
|
Fair value measurements at reporting date using:
|
||||||||||||
|
|
Total
Fair Value |
|
Level 1
Inputs |
|
Level 2
Inputs |
|
Level 3
Inputs |
||||||||
September 29, 2018
|
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Assets held in rabbi trusts
|
|
$
|
4,945
|
|
|
$
|
101
|
|
|
$
|
4,844
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Assets held in rabbi trusts
|
|
$
|
4,988
|
|
|
$
|
364
|
|
|
$
|
4,624
|
|
|
$
|
—
|
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Gross profit
|
$
|
30,580
|
|
|
$
|
24,267
|
|
|
$
|
90,451
|
|
|
$
|
71,543
|
|
Gross profit margin
|
40.5
|
%
|
|
38.6
|
%
|
|
40.6
|
%
|
|
38.7
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Reconciling items affecting gross profit margin
|
|
|
|
|
|
|
|
||||||||
Acquisition purchase accounting adjustments
(a)
|
—
|
|
|
42
|
|
|
—
|
|
|
42
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit
|
$
|
30,580
|
|
|
$
|
24,309
|
|
|
$
|
90,451
|
|
|
$
|
71,585
|
|
Adjusted gross profit margin
|
40.5
|
%
|
|
38.7
|
%
|
|
40.6
|
%
|
|
38.7
|
%
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Operating income
|
$
|
10,631
|
|
|
$
|
5,530
|
|
|
$
|
30,132
|
|
|
$
|
15,328
|
|
Operating margin
|
14.1
|
%
|
|
8.8
|
%
|
|
13.5
|
%
|
|
8.3
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Reconciling items affecting operating margin
|
|
|
|
|
|
|
|
||||||||
Acquisition purchase accounting adjustments
(a)
|
—
|
|
|
42
|
|
|
—
|
|
|
42
|
|
||||
Restructuring costs
|
228
|
|
|
423
|
|
|
289
|
|
|
1,292
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Adjusted operating income
|
$
|
10,859
|
|
|
$
|
5,995
|
|
|
$
|
30,421
|
|
|
$
|
16,662
|
|
Adjusted operating margin
|
14.4
|
%
|
|
9.5
|
%
|
|
13.7
|
%
|
|
9.0
|
%
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Net earnings attributable to VPG stockholders
|
$
|
7,547
|
|
|
$
|
4,255
|
|
|
$
|
20,228
|
|
|
$
|
9,869
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciling items affecting operating margin
|
|
|
|
|
|
|
|
||||||||
Acquisition purchase accounting adjustments
(a)
|
—
|
|
|
42
|
|
|
—
|
|
|
42
|
|
||||
Restructuring costs
|
228
|
|
|
423
|
|
|
289
|
|
|
1,292
|
|
||||
Reconciling items affecting other income/expense
|
|
|
|
|
|
|
|
||||||||
Net proceeds from lease termination
(b)
|
—
|
|
|
(1,544
|
)
|
|
—
|
|
|
(1,544
|
)
|
||||
Less reconciling items affecting income tax expense
|
|
|
|
|
|
|
|
||||||||
Tax effect of reconciling items
|
35
|
|
|
(394
|
)
|
|
44
|
|
|
(339
|
)
|
||||
Adjusted net earnings attributable to VPG stockholders
|
$
|
7,740
|
|
|
$
|
3,570
|
|
|
$
|
20,473
|
|
|
$
|
9,998
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net earnings per diluted share
|
$
|
0.57
|
|
|
$
|
0.27
|
|
|
$
|
1.51
|
|
|
$
|
0.74
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - diluted
|
13,534
|
|
|
13,470
|
|
|
13,519
|
|
|
13,452
|
|
(b)
|
Net proceeds related to a lease termination payment at the Company's Tianjin, Peoples' Republic of China location.
|
|
3rd Quarter
|
|
4th Quarter
|
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
||||||||||
|
2017
|
|
2017
|
|
2018
|
|
2018
|
|
2018
|
||||||||||
Net revenues
|
$
|
62,805
|
|
|
$
|
69,439
|
|
|
$
|
73,091
|
|
|
$
|
74,231
|
|
|
$
|
75,490
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross profit margin
|
38.6
|
%
|
|
38.5
|
%
|
|
39.0
|
%
|
|
42.3
|
%
|
|
40.5
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
End-of-period backlog
|
$
|
76,200
|
|
|
$
|
88,900
|
|
|
$
|
93,900
|
|
|
$
|
101,000
|
|
|
$
|
99,400
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Book-to-bill ratio
|
1.12
|
|
|
1.18
|
|
|
1.05
|
|
|
1.13
|
|
|
0.98
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Inventory turnover
|
2.64
|
|
|
2.85
|
|
|
2.93
|
|
|
2.71
|
|
|
2.74
|
|
|
3rd Quarter
|
|
4th Quarter
|
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
||||||||||
|
2017
|
|
2017
|
|
2018
|
|
2018
|
|
2018
|
||||||||||
Foil Technology Products
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
29,315
|
|
|
$
|
29,888
|
|
|
$
|
34,154
|
|
|
$
|
34,202
|
|
|
$
|
35,912
|
|
Gross profit margin
|
41.7
|
%
|
|
39.3
|
%
|
|
42.8
|
%
|
|
46.1
|
%
|
|
43.9
|
%
|
|||||
End-of-period backlog
|
$
|
35,500
|
|
|
$
|
46,600
|
|
|
$
|
47,900
|
|
|
$
|
54,900
|
|
|
$
|
53,100
|
|
Book-to-bill ratio
|
1.03
|
|
|
1.36
|
|
|
1.01
|
|
|
1.24
|
|
|
0.95
|
|
|||||
Inventory turnover
|
2.88
|
|
|
2.98
|
|
|
3.18
|
|
|
2.81
|
|
|
2.83
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Force Sensors
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
16,596
|
|
|
$
|
17,726
|
|
|
$
|
19,228
|
|
|
$
|
19,358
|
|
|
$
|
17,602
|
|
Gross profit margin
|
28.6
|
%
|
|
29.5
|
%
|
|
27.3
|
%
|
|
29.4
|
%
|
|
25.9
|
%
|
|||||
End-of-period backlog
|
$
|
18,300
|
|
|
$
|
21,600
|
|
|
$
|
19,900
|
|
|
$
|
17,300
|
|
|
$
|
16,800
|
|
Book-to-bill ratio
|
1.25
|
|
|
1.18
|
|
|
0.91
|
|
|
0.88
|
|
|
0.98
|
|
|||||
Inventory turnover
|
2.02
|
|
|
2.07
|
|
|
2.26
|
|
|
2.26
|
|
|
2.26
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighing and Control Systems
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
16,894
|
|
|
$
|
21,825
|
|
|
$
|
19,709
|
|
|
$
|
20,671
|
|
|
$
|
21,976
|
|
Gross profit margin
|
43.1
|
%
|
|
44.8
|
%
|
|
43.9
|
%
|
|
48.0
|
%
|
|
46.6
|
%
|
|||||
End-of-period backlog
|
$
|
22,400
|
|
|
$
|
20,700
|
|
|
$
|
26,100
|
|
|
$
|
28,800
|
|
|
$
|
29,500
|
|
Book-to-bill ratio
|
1.15
|
|
|
0.92
|
|
|
1.28
|
|
|
1.18
|
|
|
1.02
|
|
|||||
Inventory turnover
|
3.41
|
|
|
4.22
|
|
|
3.83
|
|
|
3.35
|
|
|
3.35
|
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||
Costs of products sold
|
59.5
|
%
|
|
61.4
|
%
|
|
59.4
|
%
|
|
61.3
|
%
|
Gross profit
|
40.5
|
%
|
|
38.6
|
%
|
|
40.6
|
%
|
|
38.7
|
%
|
Selling, general, and administrative expenses
|
26.1
|
%
|
|
29.2
|
%
|
|
26.9
|
%
|
|
29.7
|
%
|
Operating income
|
14.1
|
%
|
|
8.8
|
%
|
|
13.5
|
%
|
|
8.3
|
%
|
Income before taxes
|
13.3
|
%
|
|
10.5
|
%
|
|
12.4
|
%
|
|
7.8
|
%
|
Net earnings
|
10.0
|
%
|
|
6.9
|
%
|
|
9.1
|
%
|
|
5.4
|
%
|
Net earnings attributable to VPG stockholders
|
10.0
|
%
|
|
6.8
|
%
|
|
9.1
|
%
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
||||
Effective tax rate
|
24.7
|
%
|
|
34.1
|
%
|
|
27.1
|
%
|
|
30.7
|
%
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Net revenues
|
$
|
75,490
|
|
|
$
|
62,805
|
|
|
$
|
222,812
|
|
|
$
|
184,911
|
|
Change versus comparable prior year period
|
$
|
12,685
|
|
|
|
|
$
|
37,901
|
|
|
|
||||
Percentage change versus prior year period
|
20.2
|
%
|
|
|
|
20.5
|
%
|
|
|
|
vs. prior year
quarter |
|
vs. prior year-
to-date |
||
Change attributable to:
|
|
|
|
||
Change in volume
|
20.9
|
%
|
|
17.7
|
%
|
Change in average selling prices
|
0.5
|
%
|
|
0.0
|
%
|
Foreign currency effects
|
(1.2
|
)%
|
|
2.8
|
%
|
Net change
|
20.2
|
%
|
|
20.5
|
%
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||
Gross profit margin
|
40.5
|
%
|
|
38.6
|
%
|
|
40.6
|
%
|
|
38.7
|
%
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Net revenues
|
$
|
35,912
|
|
|
$
|
29,315
|
|
|
$
|
104,268
|
|
|
$
|
86,385
|
|
Change versus comparable prior year period
|
$
|
6,597
|
|
|
|
|
$
|
17,883
|
|
|
|
||||
Percentage change versus prior year period
|
22.5
|
%
|
|
|
|
20.7
|
%
|
|
|
|
vs. prior year
quarter |
|
vs. prior year-
to-date |
||
Change attributable to:
|
|
|
|
||
Change in volume
|
22.9
|
%
|
|
18.6
|
%
|
Change in average selling prices
|
0.0
|
%
|
|
(0.3
|
)%
|
Foreign currency effects
|
(0.4
|
)%
|
|
2.4
|
%
|
Net change
|
22.5
|
%
|
|
20.7
|
%
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||
Gross profit margin
|
43.9
|
%
|
|
41.7
|
%
|
|
44.2
|
%
|
|
41.7
|
%
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Net revenues
|
$
|
17,602
|
|
|
$
|
16,596
|
|
|
$
|
56,188
|
|
|
$
|
47,720
|
|
Change versus comparable prior year period
|
$
|
1,006
|
|
|
|
|
$
|
8,468
|
|
|
|
||||
Percentage change versus prior year period
|
6.1
|
%
|
|
|
|
17.7
|
%
|
|
|
|
vs. prior year
quarter |
|
vs. prior year-
to-date |
||
Change attributable to:
|
|
|
|
||
Change in volume
|
6.4
|
%
|
|
15.8
|
%
|
Change in average selling prices
|
0.5
|
%
|
|
(0.2
|
)%
|
Foreign currency effects
|
(0.8
|
)%
|
|
2.1
|
%
|
Net change
|
6.1
|
%
|
|
17.7
|
%
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||
Gross profit margin
|
25.9
|
%
|
|
28.6
|
%
|
|
27.6
|
%
|
|
27.2
|
%
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Net revenues
|
$
|
21,976
|
|
|
$
|
16,894
|
|
|
$
|
62,356
|
|
|
$
|
50,806
|
|
Change versus comparable prior year period
|
$
|
5,082
|
|
|
|
|
$
|
11,550
|
|
|
|
||||
Percentage change versus prior year period
|
30.1
|
%
|
|
|
|
22.7
|
%
|
|
|
|
vs. prior year
quarter |
|
vs. prior year-
to-date |
||
Change attributable to:
|
|
|
|
||
Change in volume
|
31.6
|
%
|
|
17.9
|
%
|
Change in average selling prices
|
1.4
|
%
|
|
0.8
|
%
|
Foreign currency effects
|
(2.9
|
)%
|
|
4.0
|
%
|
Net change
|
30.1
|
%
|
|
22.7
|
%
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||
Gross profit margin
|
46.6
|
%
|
|
43.1
|
%
|
|
46.2
|
%
|
|
44.4
|
%
|
|
Fiscal quarter ended
|
|
Nine fiscal months ended
|
||||||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
September 29, 2018
|
|
September 30, 2017
|
||||||||
Total SG&A expenses
|
$
|
19,721
|
|
|
$
|
18,314
|
|
|
$
|
60,030
|
|
|
$
|
54,923
|
|
|
|
|
|
|
|
|
|
||||||||
As a percentage of net revenues
|
26.1
|
%
|
|
29.2
|
%
|
|
26.9
|
%
|
|
29.7
|
%
|
|
Fiscal quarter ended
|
|
|
||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
Change
|
||||||
Foreign exchange gain (loss)
|
$
|
19
|
|
|
$
|
169
|
|
|
$
|
(150
|
)
|
Interest income
|
120
|
|
|
47
|
|
|
73
|
|
|||
Other
|
(311
|
)
|
|
1,290
|
|
|
(1,601
|
)
|
|||
|
$
|
(172
|
)
|
|
$
|
1,506
|
|
|
$
|
(1,678
|
)
|
|
Nine fiscal months ended
|
|
|
||||||||
|
September 29, 2018
|
|
September 30, 2017
|
|
Change
|
||||||
Foreign exchange loss
|
$
|
(431
|
)
|
|
$
|
(463
|
)
|
|
$
|
32
|
|
Interest income
|
354
|
|
|
103
|
|
|
251
|
|
|||
Other
|
(1,016
|
)
|
|
766
|
|
|
(1,782
|
)
|
|||
|
$
|
(1,093
|
)
|
|
$
|
406
|
|
|
$
|
(1,499
|
)
|
|
September 29, 2018
|
|
December 31, 2017
|
||||
Cash and cash equivalents
|
$
|
78,628
|
|
|
$
|
74,292
|
|
|
|
|
|
||||
Third-party debt, including current and long-term:
|
|
|
|
||||
Term loans
|
15,867
|
|
|
20,500
|
|
||
Revolving debt
|
12,000
|
|
|
9,000
|
|
||
Third-party debt held by Japanese subsidiary
|
303
|
|
|
401
|
|
||
Exchangeable notes, due 2102
|
—
|
|
|
2,794
|
|
||
Deferred financing costs
|
(253
|
)
|
|
(340
|
)
|
||
Total third-party debt
|
27,917
|
|
|
32,355
|
|
||
Net cash
|
$
|
50,711
|
|
|
$
|
41,937
|
|
|
September 29, 2018
|
|
December 31, 2017
|
||
Israel
|
29
|
%
|
|
37
|
%
|
Asia
|
28
|
%
|
|
28
|
%
|
Europe
|
16
|
%
|
|
15
|
%
|
United States
|
10
|
%
|
|
7
|
%
|
United Kingdom
|
13
|
%
|
|
5
|
%
|
Canada
|
4
|
%
|
|
8
|
%
|
|
100
|
%
|
|
100
|
%
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
|
101
|
|
Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended September 29, 2018, furnished in XBRL (eXtensible Business Reporting Language).
|
|
VISHAY PRECISION GROUP, INC.
|
|
|
|
/s/ William M. Clancy
|
|
William M. Clancy
|
|
Executive Vice President and Chief Financial Officer
|
|
(as a duly authorized officer and principal financial and accounting officer)
|
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