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AVX Corp. recently reported net sales of $320.6 million for its fiscal third quarter ended December 31, 2008, and $1,117.8 million for the nine months ended December 31, 2008. “The December quarter was difficult, but in this challenging time our operations were able to improve the overall profit margin primarily as a result of tight cost control around the world,” said John Gilbertson, chief executive officer and president. “By moving quickly to address these market changes, the business groups have made adjustments to their cost structure and will emerge stronger in the quarters to come. We have additional plans for further cost reduction measures that will enhance our competitiveness going forward. The company has a solid balance sheet and is proud of its ability to continue to pay a cash dividend.”
On a U.S. GAAP basis (including special charges), net income was $23.9 million, or $0.14 per diluted share, for the current quarter. Non-GAAP net income, excluding special charges, was $27.7 million, or $0.16 per diluted share, for the current quarter. During the current quarter, the company incurred $2.8 million of pre-tax restructuring costs related to global actions to realign production capabilities and reduce costs. In addition, the company recorded a $2.0 million pre-tax impairment charge during the current quarter related to the decline in value of its available-for-sale securities transferred to the company from an impaired Bank of America enhanced cash investment fund as a result of the current economic turmoil in the financial markets around the world.
“The company’s strong financial position provided us with the flexibility to act swiftly when the economy faltered and the financial strength to maintain our competitive position,” 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 $766.3 million and no debt at December 31, 2008. During the quarter, the company paid $6.8 million of dividends to stockholders and spent $2.4 million to repurchase shares of AVX stock on the open market that are held as treasury stock.”
Additional details are available at www.avx.com.