Vishay Intertechnology Inc., Malvern, Pa., posted net earnings of $2.8 million, or 2 cents per share on revenue of $538.1 million in its second quarter, compared to net earnings of $15.6 million, or 10 cents per share on sales of $532.1 million in the year-ago second quarter.
Net earnings for the June 2003 quarter included the effects of restructuring expenses of $12.3 million or 5 cents per share after tax, compared to charges of $1.9 million or 1 cent per share in the June 2002 quarter.
Second quarter sales were negatively affected in Vishay's semiconductor business by the effects of SARS, with the book-to-bill ratio in the company's active and passive component segments at 0.96. Backlog at the quarter's end was $420 million.
"Although overall market conditions in the worldwide electronics market continue to be difficult, I am pleased that our sales improved sequentially," said Felix Zandman, chairman and chief executive of Vishay, in a statement. "The sales for the quarter were negatively impacted in our semiconductor business by the general economic decline in Asia due to SARS. We hope that this slowdown in Asia is only temporary and that improved business levels will resume in future quarters."
In the first six months of 2003, Vishay earned $9.3 million, or 6 cents per share on sales of $1.1 billion, compared to earnings of $18.0 million, or 11 cents per share on sales of $892 million the first six months of 2002.