Kemet Third Quarter Sales Down 17%
Kemet Corp. recently reported preliminary results for its third fiscal quarter ended December 31, 2011. Net sales for the quarter were $218.8 million, a 17.3% decrease over the same quarter last year. Net sales for the nine months were $774.2 million, up 2.3% over the same period the previous fiscal year.
“We entered this quarter knowing that the impact of the distribution channel inventory rebalancing would have a significant impact on our financial results,” said Per Loof, CEO. “However, we generated approximately $21 million of cash from operations and we were successful in securing one of our key supply sources through the acquisition of Niotan Inc. Even though we expect the next couple of quarters to remain challenging, we are positioning the company for a strong rebound through our continuing realignment of facilities in Europe and supply chain integration when the world economy improves.”
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