Vishay Precision Group Slips To Loss In Q4 - Quick Facts

(RTTNews) - Vishay Precision Group, Inc. (VPG), producer of precision sensors and systems, reported that its net loss attributable to stockholders for the fourth quarter of 2014 was $2.5 million, or $0.18 per share, compared to net earnings of $1.1 million, or $0.08 per share for the fourth quarter of 2013.

Net earnings attributable to VPG stockholders for the fourth quarter of 2014 include $0.02 million of KELK purchase accounting adjustments (which impacted costs of products sold), $0.2 million of restructuring costs and $3.3 million of impairment of goodwill and indefinite-lived intangible assets, and related tax effects and discrete tax items, versus $0.5 million of KELK purchase accounting adjustments (which impacted costs of products sold), $0.05 million of restructuring costs, $0.04 million of acquisition costs, and related tax effects and discrete tax items in the fourth quarter of 2013.

Adjusted net earnings attributable to stockholders for the fourth quarter of 2014 were $1.7 million, or $0.12 per share, versus adjusted net earnings of $2.5 million, or $0.18 per share for the comparable prior year period. As a result of regular review of goodwill and indefinite-lived intangible assets during the fourth quarter of each year, the company recorded a $3.3 million pre-tax, non-cash impairment charge to reduce the carrying value of the goodwill and indefinite-lived intangible assets related to its steel business. This charge is preliminary and it could change.

Net revenues for the fourth quarter of 2014 were $61.2 million, representing a 1.7% decrease from $62.2 million of net revenues for the comparable prior year period.

The company expects net revenues in the range of $59 million to $64 million for the first quarter of 2015.