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AVX Corp. recently reported preliminary results for its fiscal second quarter ended September 30, 2009. For the quarter ended September 30, 2009, net sales increased sequentially over the previous quarter by $18.5 million, or 6.3%, to $310.5 million. Gross profit as a percent of sales (including special charges) improved over both the previous quarter and the same quarter last year to 20.8%. On a U.S. GAAP basis, unaudited net income (including special charges) for the quarter was $31.6 million, or $0.19 per diluted share.
Non-GAAP net income (excluding special charges) was $32.5 million, or $0.19 per diluted share, for the quarter ended September 30, 2009. Non-GAAP gross profit as a percent of sales (excluding special charges) improved to 21.0% this quarter.
“We executed well in the second quarter, posting results that reflect sequential improvement over the previous quarter in both margins and revenue,” said John Gilbertson, CEO and president. “The sale of higher value products, in addition to the proactive management of our cost structure, led to significant improvement in our gross profit margins during the quarter. While we can’t predict where the macro-economy will go, we are seeing more positive signs of end market growth and overall low supply chain inventories. We continue to remain optimistic about the future. Our competitive advantage and sustained financial strength provides us a solid base for future performance improvement. The company has worked hard to maintain a solid balance sheet and is proud of its ability to continue to pay a quarterly cash dividend.”
During the current quarter, the company incurred $1.1 million of pre-tax restructuring charges related to global actions to realign production capabilities and reduce personnel costs.
“We posted solid financial progress in all major aspects of our business while maintaining our disciplined cost management to deliver improving gross margins,” 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 $864.0 million and no debt at September 30, 2009. During the quarter, the company paid $6.8 million of dividends to stockholders and spent $0.9 million to repurchase shares of AVX stock on the open market, which are held as treasury stock.”
Additional details are available at www.avx.com.