Ceramic Industry News

AVX Reports 10% Sequential Net Sales Increase

AVX Corp. recently reported its preliminary unaudited results for the fourth quarter and full fiscal year ended March 31, 2010. Net sales for the 2010 fourth quarter were $367.4 million (up 10% from the prior quarter and up 35% from the same period a year ago).

“We are pleased to close our fiscal year with strong fourth quarter results reflecting sequential growth in both net sales and income for the fourth consecutive quarter,” said John Gilbertson, CEO and president. “For the quarter ended March 31, 2010, net sales increased $32.5 million, or 10%, to $367.4 million compared to the previous quarter. Gross profit as a percentage of sales increased to 22.6% compared to 13.9% in the same quarter last year. We are seeing continued strength across a broad cross-section of market segments.

“Our continuing focus on higher-value products and lowering our operating cost base enabled us to further expand margins and generate strong cash flow. While global economic conditions improve, we have seen both an improvement in demand levels as well as inventory replenishment in most markets. We are seeing our customers book longer-term orders, indicating their confidence in the continuing strength in the economy. Our actions during the past two years to enhance our competitive advantages and build sustained financial strength have created a solid base for future performance improvement. A continuing strength in the worldwide economy will add more revenue and further enhance leverage from these restructuring actions that the management team has taken.”

For the fiscal year ended March 31, 2010, net sales were $1,305 million. On a U.S. GAAP basis, unaudited net income (including special charges and gains) for the year was $142.8 million, or $0.84 per share, compared to net income of $80.8 million, or $0.47 per share, for the fiscal year ended March 31, 2009. The company incurred $2.4 million and $6.9 million of pre-tax restructuring charges related to global actions to realign production capabilities and reduce personnel costs for the fourth quarter and fiscal year ended March 31, 2010, respectively.

“Our management team continues to manage operating costs and improve profitability,” said Kurt Cummings, chief financial officer. “We have assisted our customers to increase production during the economic recovery as a result of the company’s ability to invest in people, equipment and materials. Our financial position is solid with cash and cash equivalents and short- and long-term investments in securities of $913.8 million and no debt at March 31, 2010. During the quarter, the company paid $6.8 million of dividends to stockholders.”

For more information, visit 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

November 2014 Issue Highlights

Our November 2014 issue is now available!


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

Ceramic Industry Magazine

CI April 2015 edition

2015 April

You'll want to check out our continuing coverage of the inaugural Ceramics Expo event, plus articles on dental ceramics, glass coatings, refractories, and more!

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!