Exhibit 99.1

VISHAY REPORTS RESULTS FOR FIRST QUARTER 2020


◾
Revenues Q1 of $613 million
◾
Gross margin Q1 of 24.0%; adjusted gross margin 24.5%
◾
Operating margin Q1 of 7.7%; adjusted operating margin 8.3%
◾
EPS Q1 of $0.19; adjusted EPS Q1 of $0.21
◾
Free Cash for the trailing 12 months of $107 million
◾
Guidance Q2 for revenues of $540 to $580 million and gross margins of 21.0% plus/minus 90 basis points at Q1 exchange rates
◾
Inventory reduction at distribution of $63 million in Q1

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 April 4, 2020.

Revenues for the fiscal quarter ended April 4, 2020 were $612.8 million, compared to $609.6 million for the fiscal quarter ended December 31, 2019, and $745.2 million for the fiscal quarter ended March 30, 2019.  Net earnings attributable to Vishay stockholders for the fiscal quarter ended April 4, 2020 were $27.2 million, or $0.19 per diluted share, compared to $14.0 million, or $0.10 per diluted share for the fiscal quarter ended December 31, 2019, and $75.5 million, or $0.52 per diluted share for the fiscal quarter ended March 30, 2019.

As summarized on the attached reconciliation schedule, all periods presented include items affecting comparability.  Adjusted earnings per diluted share, which exclude these items net of tax and the unusual tax items, were $0.21, $0.13, and $0.51 for the fiscal quarters ended April 4, 2020, December 31, 2019, and March 30, 2019, respectively.

Commenting on results for the first quarter 2020, Dr. Gerald Paul, President and Chief Executive Officer stated, “As expected, the first quarter 2020 marked for Vishay the beginning of what might have been a recovery from a depressed second half of 2019. Despite the temporary plant shutdowns, particularly in China, due to COVID-19, sales came in within the guidance range at higher than anticipated profitability. The book-to-bill ratio was 1.17 driven by distribution while at the same time inventories of Vishay’s products at distribution were reduced by a further $63 million. The normalization in all product lines would have set Vishay up very well to participate fully in the rebound. This picture now seems very unreal when contrasted with the forecasted drop in global automotive production and a generally weak economic outlook worldwide due to the COVID-19 pandemic. Our industry like so many others is now confronted with a completely unknown challenge, a global pandemic that leads to unplannable lock-downs of entire economies and that frightens people on a very individual level. At this point, nobody can realistically forecast when and how this situation will normalize.”

Dr. Paul continued, “While we obviously cannot control the pandemic, we can react to the challenges as Vishay always has in critical times before: our plants will react quickly and professionally to changes in demand, trying to minimize inefficiencies; and we will closely monitor all fixed costs and capital expenditures without jeopardizing our long-term strategies.”

Commenting on the outlook Dr. Paul stated, “For the second quarter 2020 we guide, despite substantial uncertainties, for revenues in the range of $540 to $580 million and gross margins of 21.0% plus/minus 90 basis points at the exchange rates of the first quarter 2020.”

A conference call to discuss Vishay’s first quarter financial results is scheduled for Tuesday, May 12, 2020 at 9:00 a.m. 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 access code is 7768705.

A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.

There will be a replay of the conference call from 1:00 p.m. ET on Tuesday, May 12, 2020, through 11:59 p.m. ET on Tuesday, May 26, 2020. The telephone number for the replay is +1 855-859-2056 (+1 404-537-3406, if calling from outside the United States or Canada) and the access code is 7768705.


About Vishay
Vishay Intertechnology, Inc., a Fortune 1000 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; adjusted earnings per share; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted EBITDA margin; 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 or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted EBITDA margin 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 such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin, and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items are indicated on the accompanying reconciliation schedules 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.

Statements contained herein that relate to the Company's future performance, including statements with respect to forecasted revenues, margins, inventories, product demand, and the performance of the economy in general, 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; manufacturing or supply chain interruptions or changes in customer demand because of COVID-19 or similar diseases; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of 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; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards 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.







VISHAY INTERTECHNOLOGY, INC.
                  
Summary of Operations
                  
(Unaudited - In thousands, except per share amounts)
                  
                   
   
Fiscal quarters ended
  
   
April 4, 2020
    
December 31, 2019
    
March 30, 2019
  
                   
Net revenues
  
$
612,841
    
$
609,577
    
$
745,159
  
Costs of products sold*
    
465,601
      
474,216
      
534,000
  
Gross profit
    
147,240
      
135,361
      
211,159
  
  Gross margin
    
24.0
%
    
22.2
%
    
28.3
%
                         
Selling, general, and administrative expenses*
    
99,832
      
94,299
      
103,424
  
Restructuring and severance costs
    
-
      
16,884
      
-
  
Operating income
    
47,408
      
24,178
      
107,735
  
  Operating margin
    
7.7
%
    
4.0
%
    
14.5
%
                         
Other income (expense):
                        
  Interest expense
    
(8,552
)
    
(8,523
)
    
(8,392
)
  Other
    
198
      
(3,652
)
    
1,912
  
  Loss on early extinguishment of debt
    
(2,920
)
    
(723
)
    
(1,307
)
  Total other income (expense) - net
    
(11,274
)
    
(12,898
)
    
(7,787
)
                         
Income before taxes
    
36,134
      
11,280
      
99,948
  
                         
Income tax expense (benefit)
    
8,750
      
(2,869
)
    
24,307
  
                         
Net earnings
    
27,384
      
14,149
      
75,641
  
                         
Less: net earnings attributable to noncontrolling interests
    
165
      
187
      
182
  
                         
Net earnings attributable to Vishay stockholders
  
$
27,219
    
$
13,962
    
$
75,459
  
                         
Basic earnings per share attributable to Vishay stockholders
  
$
0.19
    
$
0.10
    
$
0.52
  
                         
Diluted earnings per share attributable to Vishay stockholders
  
$
0.19
    
$
0.10
    
$
0.52
  
                         
Weighted average shares outstanding - basic
    
144,792
      
144,628
      
144,554
  
                         
Weighted average shares outstanding - diluted
    
145,295
      
145,202
      
145,289
  
                         
Cash dividends per share
  
$
0.095
    
$
0.095
    
$
0.0850
  
                         
* Includes incremental costs of products sold and selling, general, and administrative expenses separable from normal operations directly attributable to the COVID-19 outbreak of $3,130 and $317, respectively.
  

VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Balance Sheets
            
(In thousands)
            
             
   
April 4, 2020
    
December 31, 2019
  
   
(Unaudited)
        
Assets
            
Current assets:
            
  Cash and cash equivalents
  
$
680,703
    
$
694,133
  
  Short-term investments
    
140,725
      
108,822
  
  Accounts receivable, net
    
325,704
      
328,187
  
  Inventories:
                
    Finished goods
    
122,231
      
122,466
  
    Work in process
    
202,318
      
187,354
  
    Raw materials
    
128,639
      
121,860
  
  Total inventories
    
453,188
      
431,680
  
                 
  Prepaid expenses and other current assets
    
124,871
      
141,294
  
Total current assets
    
1,725,191
      
1,704,116
  
                 
Property and equipment, at cost:
                
  Land
    
74,442
      
75,011
  
  Buildings and improvements
    
579,161
      
585,064
  
  Machinery and equipment
    
2,591,804
      
2,606,355
  
  Construction in progress
    
105,832
      
110,722
  
  Allowance for depreciation
    
(2,426,757
)
    
(2,425,627
)
     
924,482
      
951,525
  
                 
Right of use assets
    
99,506
      
93,162
  
                 
Goodwill
    
150,288
      
150,642
  
                 
Other intangible assets, net
    
60,468
      
60,659
  
                 
Other assets
    
156,569
      
160,671
  
     Total assets
  
$
3,116,504
    
$
3,120,775
  

VISHAY INTERTECHNOLOGY, INC.
           
Consolidated Condensed Balance Sheets (continued)
            
(In thousands)
            
             
   
April 4, 2020
    
December 31, 2019
  
   
(Unaudited)
        
             
Liabilities and equity
            
Current liabilities:
            
  Notes payable to banks
  
$
199
    
$
2
  
  Trade accounts payable
    
153,999
      
173,915
  
  Payroll and related expenses
    
116,456
      
122,100
  
  Lease liabilities
    
21,033
      
20,217
  
  Other accrued expenses
    
174,556
      
186,463
  
  Income taxes
    
24,030
      
17,731
  
Total current liabilities
    
490,273
      
520,428
  
                 
Long-term debt less current portion
    
552,096
      
499,147
  
U.S. transition tax payable
    
140,196
      
140,196
  
Deferred income taxes
    
20,627
      
22,021
  
Long-term lease liabilities
    
83,440
      
78,511
  
Other liabilities
    
94,762
      
100,207
  
Accrued pension and other postretirement costs
    
265,284
      
272,402
  
Total liabilities
    
1,646,678
      
1,632,912
  
                 
Redeemable convertible debentures
    
-
      
174
  
                 
Equity:
                
Vishay stockholders' equity
                
  Common stock
    
13,255
      
13,235
  
  Class B convertible common stock
    
1,210
      
1,210
  
  Capital in excess of par value
    
1,416,260
      
1,425,170
  
  Retained earnings
    
84,570
      
72,180
  
  Accumulated other comprehensive income (loss)
    
(48,174
)
    
(26,646
)
  Total Vishay stockholders' equity
    
1,467,121
      
1,485,149
  
Noncontrolling interests
    
2,705
      
2,540
  
Total equity
    
1,469,826
      
1,487,689
  
Total liabilities, temporary equity, and equity
  
$
3,116,504
    
$
3,120,775
  

VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Statements of Cash Flows
            
(Unaudited - In thousands)
            
   
Three fiscal months ended
  
   
April 4, 2020
    
March 30, 2019
  
             
Operating activities
            
Net earnings
  
$
27,384
    
$
75,641
  
Adjustments to reconcile net earnings to
                
    net cash provided by operating activities:
                
      Depreciation and amortization
    
41,520
      
40,428
  
      (Gain) loss on disposal of property and equipment
    
(45
)
    
(173
)
      Accretion of interest on convertible debt instruments
    
3,637
      
3,490
  
      Inventory write-offs for obsolescence
    
5,643
      
6,967
  
      Loss on early extinguishment of debt
    
2,920
      
1,307
  
      Deferred income taxes
    
(3,517
)
    
(2,614
)
      Other
    
3,524
      
(1,744
)
      Changes in operating assets and liabilities, net of effects of businesses acquired
    
(46,588
)
    
(43,784
)
Net cash provided by operating activities
    
34,478
      
79,518
  
                 
Investing activities
                
Purchase of property and equipment
    
(24,328
)
    
(36,367
)
Proceeds from sale of property and equipment
    
53
      
395
  
Purchase of businesses, net of cash acquired
    
-
      
(11,862
)
Purchase of short-term investments
    
(35,463
)
    
(1,920
)
Maturity of short-term investments
    
-
      
71,455
  
Other investing activities
    
(1,507
)
    
2,893
  
Net cash provided by (used in) investing activities
    
(61,245
)
    
24,594
  
                 
Financing activities
                
Repurchase of convertible debentures
    
(19,849
)
    
(22,695
)
Net proceeds (payments) on revolving credit lines
    
54,000
      
-
  
Net changes in short-term borrowings
    
85
      
-
  
Dividends paid to common stockholders
    
(12,592
)
    
(11,249
)
Dividends paid to Class B common stockholders
    
(1,149
)
    
(1,028
)
Cash withholding taxes paid when shares withheld for vested equity awards
    
(1,991
)
    
(2,659
)
Net cash provided by (used in) financing activities
    
18,504
      
(37,631
)
Effect of exchange rate changes on cash and cash equivalents
    
(5,167
)
    
(3,087
)
                 
Net increase (decrease) in cash and cash equivalents
    
(13,430
)
    
63,394
  
                 
Cash and cash equivalents at beginning of period
    
694,133
      
686,032
  
Cash and cash equivalents at end of period
  
$
680,703
    
$
749,426
  

VISHAY INTERTECHNOLOGY, INC.
                  
Reconciliation of Adjusted Earnings Per Share
                  
(Unaudited - In thousands, except per share amounts)
                  
   
Fiscal quarters ended
  
   
April 4, 2020
    
December 31, 2019
    
March 30, 2019
  
                   
GAAP net earnings attributable to Vishay stockholders
  
$
27,219
    
$
13,962
    
$
75,459
  
                         
Reconciling items affecting gross profit:
                        
Impact of the COVID-19 outbreak
  
$
3,130
    
$
-
    
$
-
  
                         
Other reconciling items affecting operating income:
                        
Restructuring and severance costs
  
$
-
    
$
16,884
    
$
-
  
Impact of the COVID-19 outbreak
    
317
      
-
      
-
  
                         
Reconciling items affecting other income (expense):
                        
Loss on early extinguishment of debt
  
$
2,920
    
$
723
    
$
1,307
  
                         
Reconciling items affecting tax expense (benefit):
                        
Change in deferred taxes due to early extinguishment of debt
  
$
(1,346
)
  
$
(289
)
  
$
(1,312
)
Effects of cash repatriation program
    
-
      
(11,554
)
    
(585
)
Effects of changes in uncertain tax positions
    
-
      
2,831
      
-
  
Tax effects of pre-tax items above
    
(1,482
)
    
(4,277
)
    
(290
)
                         
Adjusted net earnings
  
$
30,758
    
$
18,280
    
$
74,579
  
                         
Adjusted weighted average diluted shares outstanding
    
145,295
      
145,202
      
145,289
  
                         
Adjusted earnings per diluted share
  
$
0.21
    
$
0.13
    
$
0.51
  

VISHAY INTERTECHNOLOGY, INC.
                  
Reconciliation of Free Cash
                  
(Unaudited - In thousands)
                  
   
Fiscal quarters ended
  
   
April 4, 2020
    
December 31, 2019
    
March 30, 2019
  
Net cash provided by operating activities
  
$
34,478
    
$
84,423
    
$
79,518
  
Proceeds from sale of property and equipment
    
53
      
91
      
395
  
Less: Capital expenditures
    
(24,328
)
    
(56,374
)
    
(36,367
)
Free cash
  
$
10,203
    
$
28,140
    
$
43,546
  

VISHAY INTERTECHNOLOGY, INC.
                  
Reconciliation of EBITDA and Adjusted EBITDA
                  
(Unaudited - In thousands)
                  
   
Fiscal quarters ended
  
   
April 4, 2020
    
December 31, 2019
    
March 30, 2019
  
                   
GAAP net earnings attributable to Vishay stockholders
  
$
27,219
    
$
13,962
    
$
75,459
  
Net earnings attributable to noncontrolling interests
    
165
      
187
      
182
  
Net earnings
  
$
27,384
    
$
14,149
    
$
75,641
  
                         
Interest expense
  
$
8,552
    
$
8,523
    
$
8,392
  
Interest income
    
(1,854
)
    
(1,734
)
    
(2,199
)
Income taxes
    
8,750
      
(2,869
)
    
24,307
  
Depreciation and amortization
    
41,520
      
42,159
      
40,428
  
EBITDA
  
$
84,352
    
$
60,228
    
$
146,569
  
                         
Reconciling items
                        
Impact of the COVID-19 outbreak
  
$
3,447
    
$
-
    
$
-
  
Restructuring and severance costs
    
-
      
16,884
      
-
  
Loss on early extinguishment of debt
    
2,920
      
723
      
1,307
  
                         
Adjusted EBITDA
  
$
90,719
    
$
77,835
    
$
147,876
  
                         
Adjusted EBITDA margin**
    
14.8
%
    
12.8
%
    
19.8
%
                         
** Adjusted EBITDA as a percentage of net revenues
                        

Contact:                                                   
Vishay Intertechnology, Inc.
Peter Henrici
Senior Vice President, Corporate Communications
+1-610-644-1300