AVX Reports Sequential Net Sales Increase of 7.9% for Fiscal 3rd Qtr
Non-GAAP net income (excluding special charges and gains) was $36.7 million, or $0.22 per diluted share, for the quarter ended December 31, 2009. Non-GAAP gross profit as a percent of sales (excluding special charges and gains) improved to 21.7% this quarter.
“We are pleased to report results that reflect sequential improvement over the previous quarter and previous year in both margins and in revenue,” said John Gilbertson, CEO and president. “Our continuing focus on higher-value products, in addition to the benefits of our previously initiated productivity and cost control measures, led to continued improvement in our gross profit margins. We remain optimistic about the future, as many end markets appear to be improving, and we believe our sustained financial strength provides us a solid base for future performance improvement.”
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