Vishay Intertechnology Inc. reported first-quarter 2003 earnings of $6.85 million, or 4 cents per share, on sales of $532.1 million as the Malvern, Pa., component supplier benefited from foreign currency exchange effects and the accretive effects of the December 2002 acquisition of BCcomponents.
In the year-ago first quarter, Vishay earned $2.42 million, or 2 cents per share, on sales of $434.1 million.
Vishay, which now derives roughly half its revenue from semiconductors, was less affected by continuing price erosion in passives than rivals AVX Corp. and Kemet Corp. Both those suppliers reported losses in their March 2003 fiscal quarters.
The company reported a book-to-bill ratio of 1.05, which was its first positive book-to-bill quarter since the second quarter of 2002. Vishay also reported it has increased its cash on hand over the past year to $324 million at the end of the first quarter.
"We are pleased that the level of bookings in the first quarter has substantially improved over the preceding quarter," said Dr. Felix Zandman, Vishay's chairman and chief executive, in a statement. "However, the market conditions in the worldwide electronics market continue to be difficult."