Vishay Intertechnology Inc. reported third-quarter net income of $13.1 million, or 8 cents per share, on sales of $471.5 million. The gain included a $2.5 million restructuring charge. A year ago, the Malvern, Pa., component supplier reported a net loss of $39.1 million, or 28 cents per share, on sales of $332.3 million, including restructuring charges.
Sales for the nine months ended September 30 were $1.36 billion, up slightly from $1.27 billion for the same period a year ago. Net earnings for the first nine months of 2002 were $31.1 million, or 19 cents per share, including restructuring charges, down from $54.1 million, or 39 cents per share, in the year-ago nine-month period.
"In spite of the difficult business environment, we were able to report increased sales on a sequential basis," said Felix Zandman, chairman and chief executive of Vishay, in a statement. "Unfortunately, we were not able to increase our earnings on a sequential basis due primarily to lower gross margins as a result of continuing pricing pressures, higher selling, general and administrative expenses due to our recent acquisitions of load cell companies and a higher effective tax rate due to the shift of profits into higher tax-rate jurisdictions."
Zandman added Vishay has $408 million in cash at the end of the third quarter and will continue to pursue acquisitions to strengthen the company's market position.