Vishay Intertechnology (VSH) 8-K Vishay Reports Results for First Quarter 2014

Exhibit 99.1

VISHAY REPORTS RESULTS FOR FIRST QUARTER 2014

· Revenues for Q1 2014 $602 million

· Operating margin Q1 2014 of 7.1%, or adjusted operating margin of 8.1%

· EPS Q1 2014 of $0.17, or adjusted EPS of $0.20, excluding restructuring and severance costs

· Cash from operations for trailing twelve months Q1 2014 of $299 million and capital expenditures of $152 million

· Guidance for Q2 2014 for revenues of $620 - $660 million at margins in line with this level of volume and similar levels of fixed costs

MALVERN, PENNSYLVANIA -- (BUSINESS WIRE) -- May 6, 2014 – Vishay Intertechnology, Inc. (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive components, today announced its results for the fiscal quarter ended March 29, 2014.

Revenues for the fiscal quarter ended March 29, 2014 were $602.4 million, compared to $554.3 million for the fiscal quarter ended March 30, 2013.  The net earnings attributable to Vishay stockholders for the fiscal quarter ended March 29, 2014 were $25.8 million, or $0.17 per diluted share, compared to $28.9 million, or $0.19 per diluted share for the fiscal quarter ended March 30, 2013.

Net earnings attributable to Vishay stockholders for the fiscal quarter ended March 29, 2014 include restructuring and severance costs of $6.4 million.  Net earnings attributable to Vishay stockholders for the fiscal quarter ended March 30, 2013 include one-time tax benefits due to the retroactive enactment of the American Taxpayer Relief Act of 2012, signed into law on January 2, 2013. Adjusted net earnings per diluted share, which exclude these items, were $0.20 and $0.18 for the fiscal quarters ended March 29, 2014 and March 30, 2013, respectively.

Commenting on the results for the first quarter 2014, Dr. Gerald Paul, President and Chief Executive Officer, stated, "The first quarter represented a promising start to 2014 for Vishay. We experienced continued economic improvement in almost all market segments and a positive outlook across the board. Point of sale, the sales of Vishay products by its distributors to end customers, increased 6% quarter over quarter while inventory turns of Vishay products at its distributors increased to 3.6. Due to the higher backlog we increased internal inventories by $19 million quarter over quarter, which benefited results. Lead times remained overall well under control."

Dr. Gerald Paul continued, "By continuously doing our 'homework'—such as implementing our announced restructuring programs, penetrating the Asian industrial markets, further expanding manufacturing capacities for strategic product lines—we believe we are very well positioned to exploit our opportunities."

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Commenting on the outlook for the second quarter 2014 Dr. Paul stated, "We guide for revenues of $620 to $660 million at margins in line with this level of volume and similar levels of fixed costs."

A conference call to discuss first quarter financial results is scheduled for Tuesday, May 6, 2014 at 9:00 AM ET. The dial-in number for the conference call is 877-589-6174 (+1 706-643-1406 if calling from outside the United States or Canada) and the conference ID is 11126335.

There will be a replay of the conference call from 12:00 PM ET on Tuesday, May 6, 2014 through 11:59 PM ET on Monday, May 12, 2014. The telephone number for the replay is 800-585-8367 (+1 855-859-2056 or 404-537-3406 if calling from outside the United States or Canada) and the access code is 11126335.

There will also be a live audio webcast of the conference call. This can be accessed directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.

About Vishay

Vishay Intertechnology, Inc., a Fortune 1,000 Company listed on the NYSE (VSH), is one of the world's largest manufacturers of discrete semiconductors (diodes, MOSFETs, and infrared optoelectronics) and passive electronic components (resistors, inductors, and capacitors). These components are used in virtually all types of electronic devices and equipment, in the industrial, computing, automotive, consumer, telecommunications, military, aerospace, power supplies, and medical markets. Vishay's product innovations, successful acquisition strategy, and "one-stop shop" service have made it a global industry leader. Vishay can be found on the Internet at http://www.vishay.com.

This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including adjusted net earnings and adjusted earnings per share, which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance and should not be viewed as an alternative to GAAP measures of performance. Non-GAAP measures such as adjusted net earnings and adjusted earnings per share do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that adjusted net earnings and adjusted net earnings per share are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. These reconciling items are indicated on the accompanying reconciliation schedule and are more fully described in the Company's financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.

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Statements contained herein that relate to the Company's future performance, including statements with respect to expected revenues, margins, cash generation, internal growth and acquisition activity, product lines, market share, cost reduction programs, and the general state of the Company, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should," or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; difficulties in implementing our cost reduction strategies; changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; uncertainty related to the effects of changes in foreign currency exchange rates; and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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VISHAY INTERTECHNOLOGY, INC.
Summary of Operations
(Unaudited - In thousands, except per share amounts)
	Fiscal quarters ended
		March 29, 2014			December 31, 2013			March 30, 2013
Net revenues		$	602,378		$	616,170		$	554,254
Costs of products sold			457,095			471,721			417,520
Gross profit			145,283			144,449			136,734
Gross margin			24.1	%		23.4	%		24.7	%
Selling, general, and administrative expenses			96,307			94,601			91,129
Restructuring and severance costs			6,404			2,814			-
Operating income			42,572			47,034			45,605
Operating margin			7.1	%		7.6	%		8.2	%
Other income (expense):
Interest expense			(5,980	)		(6,023	)		(5,486	)
Other			1,312			398			115
Total other income (expense) - net			(4,668	)		(5,625	)		(5,371	)
Income before taxes			37,904			41,409			40,234
Income taxes			11,940			11,135			11,093
Net earnings			25,964			30,274			29,141
Less: net earnings attributable to noncontrolling interests			154			253			210
Net earnings attributable to Vishay stockholders		$	25,810		$	30,021		$	28,931
Basic earnings per share attributable to Vishay stockholders		$	0.17		$	0.20		$	0.20
Diluted earnings per share attributable to Vishay stockholders		$	0.17		$	0.20		$	0.19
Weighted average shares outstanding - basic			147,557			147,396			143,591
Weighted average shares outstanding - diluted			152,556			151,156			150,632
Cash dividends per share		$	0.06		$	-		$	-

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VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets
(In thousands)
	March 29, 2014			December 31, 2013
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	661,457		$	640,348
Short-term investments		488,659			511,231
Accounts receivable, net		294,544			274,083
Inventories:
Finished goods		123,082			109,617
Work in process		197,316			197,600
Raw materials		131,632			125,491
Total inventories		452,030			432,708
Deferred income taxes		21,488			21,716
Prepaid expenses and other current assets		106,040			100,594
Total current assets		2,024,218			1,980,680
Property and equipment, at cost:
Land		93,609			93,685
Buildings and improvements		566,132			560,418
Machinery and equipment		2,361,115			2,340,778
Construction in progress		77,119			95,278
Allowance for depreciation		(2,192,797	)		(2,163,540	)
		905,178			926,619
Goodwill		43,117			43,132
Other intangible assets, net		126,341			129,951
Other assets		154,274			156,757
Total assets	$	3,253,128		$	3,237,139

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VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets (continued)
(In thousands)
	March 29, 2014			December 31, 2013
	(unaudited)
Liabilities and stockholders' equity
Current liabilities:
Notes payable to banks	$	22		$	2
Trade accounts payable		155,709			163,894
Payroll and related expenses		121,204			120,997
Other accrued expenses		152,705			146,670
Income taxes		20,047			17,502
Total current liabilities		449,687			449,065
Long-term debt less current portion		361,948			364,911
Deferred income taxes		157,213			157,640
Other liabilities		101,005			99,426
Accrued pension and other postretirement costs		286,730			287,901
Total liabilities		1,356,583			1,358,943
Equity:
Vishay stockholders' equity
Common stock		13,532			13,520
Class B convertible common stock		1,213			1,213
Capital in excess of par value		2,054,543			2,054,087
Retained earnings (accumulated deficit)		(240,742	)		(257,698	)
Accumulated other comprehensive income (loss)		62,705			61,634
Total Vishay stockholders' equity		1,891,251			1,872,756
Noncontrolling interests		5,294			5,440
Total equity		1,896,545			1,878,196
Total liabilities and equity	$	3,253,128		$	3,237,139

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VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Cash Flows
(Unaudited - in thousands)
	Fiscal quarters ended
	March 29, 2014			March 30, 2013
Operating activities
Net earnings	$	25,964		$	29,141
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization		43,355			41,346
(Gain) loss on disposal of property and equipment		(60	)		137
Accretion of interest on convertible debentures		958			886
Inventory write-offs for obsolescence		4,516			4,213
Other		1,804			2,337
Changes in operating assets and liabilities,
net of effects of businesses acquired		(46,583	)		(54,669	)
Net cash provided by operating activities		29,954			23,391
Investing activities
Purchase of property and equipment		(19,347	)		(20,181	)
Proceeds from sale of property and equipment		1,197			769
Purchase of short-term investments		(28,423	)		(242,501	)
Maturity of short-term investments		50,400			181,631
Other investing activities		459			627
Net cash provided by (used in) investing activities		4,286			(79,655	)
Financing activities
Principal payments on long-term debt and capital lease obligations		(7	)		(8	)
Net proceeds (payments) on revolving credit lines		(4,000	)		1,000
Net changes in short-term borrowings		20			14
Excess tax benefit from RSUs vested		-			436
Dividends paid to common stockholders		(8,119	)		-
Dividends paid to Class B common stockholders		(728	)		-
Distributions to noncontrolling interests		(300	)		-
Net cash (used in) provided by financing activities		(13,134	)		1,442
Effect of exchange rate changes on cash and cash equivalents		3			(9,993	)
Net increase (decrease) in cash and cash equivalents		21,109			(64,815	)
Cash and cash equivalents at beginning of period		640,348			697,595
Cash and cash equivalents at end of period	$	661,457		$	632,780

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VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Adjusted Earnings Per Share
(Unaudited - In thousands, except per share amounts)
	Fiscal quarters ended
	March 29, 2014			December 31, 2013			March 30, 2013
GAAP net earnings attributable to Vishay stockholders	$	25,810		$	30,021		$	28,931
Reconciling items affecting operating margin:
Restructuring and severance costs	$	6,404		$	2,814		$	-
Reconciling items affecting tax expense (benefit):
Tax effects of items above and other one-time tax expense (benefit)	$	(2,097	)	$	(988	)	$	(1,330	)
Adjusted net earnings	$	30,117		$	31,847		$	27,601
Adjusted weighted average diluted shares outstanding		152,556			151,156			150,632
Adjusted earnings per diluted share*	$	0.20		$	0.21		$	0.18
* Includes add-back of interest on exchangeable notes in periods where the notes are dilutive.

Source: Vishay Intertechnology, Inc.

Contact:

Vishay Intertechnology, Inc.

Peter G. Henrici

Senior Vice President, Corporate Communications

+1-610-644-1300

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