Ceramic Industry News

AVX Reports 10% Sequential Net Sales Increase

May 4, 2010
/ Print / Reprints /
ShareMore
/ Text Size+

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.

Links

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

In-Depth Features

These articles detail innovative advanced ceramic and glass materials and technologies.

Podcasts

Sapphire: An Extreme Performer

Ian Doggett of Goodfellow and CI Editor Susan Sutton discuss the benefits and opportunities provided by industrial sapphire.

More Podcasts

THE MAGAZINE

Ceramic Industry Magazine

CI April 2014 cover

2014 April

Our April issue features details on advanced materials such as ceramic matrix composites and piezoelectric ceramics, among many others. Be sure to check it out!

Table Of Contents Subscribe

THE CERAMIC INDUSTRY STORE

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.

Directories

CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40