Ceramic Industry News

AVX Announces Preliminary Third Quarter Results (posted 1/26/09)

"The company has a solid balance sheet and is proud of its ability to continue to pay a cash dividend,” said John Gilbertson, CEO and president.

AVX Corp. recently reported net sales of $320.6 million for its fiscal third quarter ended December 31, 2008, and $1,117.8 million for the nine months ended December 31, 2008. “The December quarter was difficult, but in this challenging time our operations were able to improve the overall profit margin primarily as a result of tight cost control around the world,” said John Gilbertson, chief executive officer and president. “By moving quickly to address these market changes, the business groups have made adjustments to their cost structure and will emerge stronger in the quarters to come. We have additional plans for further cost reduction measures that will enhance our competitiveness going forward. The company has a solid balance sheet and is proud of its ability to continue to pay a cash dividend.”

On a U.S. GAAP basis (including special charges), net income was $23.9 million, or $0.14 per diluted share, for the current quarter. Non-GAAP net income, excluding special charges, was $27.7 million, or $0.16 per diluted share, for the current quarter. During the current quarter, the company incurred $2.8 million of pre-tax restructuring costs related to global actions to realign production capabilities and reduce costs. In addition, the company recorded a $2.0 million pre-tax impairment charge during the current quarter related to the decline in value of its available-for-sale securities transferred to the company from an impaired Bank of America enhanced cash investment fund as a result of the current economic turmoil in the financial markets around the world.

“The company’s strong financial position provided us with the flexibility to act swiftly when the economy faltered and the financial strength to maintain our competitive position,” said Kurt Cummings, chief financial officer. “The company’s financial position remains exceptionally strong with cash and cash equivalents and short- and long-term investments in securities of $766.3 million and no debt at December 31, 2008. During the quarter, the company paid $6.8 million of dividends to stockholders and spent $2.4 million to repurchase shares of AVX stock on the open market that are held as treasury stock.”

Additional details are available at www.avx.com.


Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.



Image Galleries

2015 Ceramics Expo

Snapshots from the 2015 Ceramics Expo, April 28-30, Cleveland, Ohio. Posted: May 14, 2015.


Ceramics Expo podcast
Editor Susan Sutton discusses the upcoming Ceramics Expo with event director Adam Moore.
More Podcasts

Ceramic Industry Magazine

CI May 2015 cover

2015 May

Our May issue covers bulk batching, pneumatic conveyors, high-temperature furnaces and more! Be sure to check it out today.

Table Of Contents Subscribe

Daily News

We know where you find the latest ceramic industry news (ahem), but where do you catch up on the rest of your daily news?
View Results Poll Archive


M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px


CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!