Apr. 28--Malvern chip-maker Vishay Intertechnology Inc. reported first-quarter net revenues of $449.5 million and a loss of 16 cents a share on a net loss of $29 million.

The comparable period last year saw revenues of $773.3 million, with a loss of 16 cents a share on a net loss of $30.2 million.

The company said today that required adoption of new accounting standards on Jan. 1 caused a revised reporting on previous financial statements.

Gerald Paul, President and Chief Executive Officer continued, "Our business seems to have bottomed out in the first quarter," said Gerald Paul, president and chief executive officer. "Semiconductors already show first signs of a recovery in the course of the quarter, picking up even more in April.

"However the passive components with their stronger exposure to the automotive and industrial segments in Europe and the U.S. may still decline slightly. During preceding downturns passive components followed for Vishay the lead of semiconductors by several months."

Pretax charges for restructuring and severance were $18.9 million, representing 8 cents a share in the quarter, which ended March 29.

The company said in a release that the recession would force it to curtail pursuit of acquisitions.

Company shares were priced early this afternoon at $5.30, up 14 cents (2.71 percent), on the New York Stock Exchange.

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