KEMET Reports 43% Sales Increase
On a U.S. GAAP basis, net income was $34.9 million for the second quarter of fiscal year 2011, compared to a net loss of $93.1 million for the same quarter last year and compared to a net loss of $20.1 million, or $0.25 per basic and diluted share, for the prior fiscal quarter ended June 30, 2010. The current fiscal quarter includes $2.3 million of restructuring charges primarily associated with the relocation of equipment, a $1.8 million net gain on sales of assets, and a $2.0 million gain on licensing of patents. Conversely, the second quarter of fiscal year 2010 included an $81.1 million non-cash charge related to the mark-to-market adjustment for the Platinum Closing Warrant and $1.3 million of restructuring charges.
Non-GAAP-adjusted net income was $34.3 million for the current fiscal quarter, compared to a non-GAAP-adjusted net loss of $5.8 million for the same quarter last year and compared to a non-GAAP-adjusted net income of $22.3 million for the prior fiscal quarter ended June 30, 2010.
“Traditionally, our second fiscal quarter reflects a slowdown related to the effects of European holidays,” said Per Loof, CEO. “This year, demand remained strong throughout the period while we continued to improve our operating efficiencies, contain our operating expenses, and thus increase operating margins benefiting both our net earnings and our cash generation. Our financial results significantly exceed our performance prior to the recession and we remain focused on bringing our shareholders increasing value through continued execution of our strategies and strength in our markets.”
For additional details, visit www.kemet.com.