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“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.