Vishay swings to 1st-quarter loss on discontinued operations
MALVERN, Pa.—Chip maker Vishay Intertechnology Inc. said Tuesday it swung to a loss in the first quarter on a loss from discontinued operations.
The company lost $24.6 million, or 13 cents per share, compared with a profit of $50 million, or 25 cents per share, in the first quarter of 2007.
The company had an impairment charge of $32.3 million on the sale of its automotive modules and subsystems business unit, which makes electronic components for the car industry. The total loss from discontinued operations, including the automotive charge, was $42.1 million.
The company also had pretax charges for restructuring and severance that cost 10 cents per share.
Sales rose to $733.3 million from $658.2 million.
Malvern, Pa.-based Vishay makes microchips used in automotive, industrial, consumer, telecommunications and other industries.
Shares fell 46 cents, or 4.8 percent, to $9.19 in morning trading. They have traded in the last 12 months between $8.43 and $18.22.
