Ceramic Industry News

KEMET Reports 43% Sales Increase

November 9, 2010
/ Print / Reprints /
ShareMore
/ Text Size+

KEMET Corp. has reported preliminary results for the second fiscal quarter ended September 30. Net sales for the quarter were $248.6 million, a 43.5% increase over the same quarter last fiscal year and a 2% increase over the $243.8 million achieved in the prior fiscal quarter ended June 30, 2010.

On a U.S. GAAP basis, net income was $34.9 million for the second quarter of fiscal year 2011, compared to a net loss of $93.1 million for the same quarter last year and compared to a net loss of $20.1 million, or $0.25 per basic and diluted share, for the prior fiscal quarter ended June 30, 2010. The current fiscal quarter includes $2.3 million of restructuring charges primarily associated with the relocation of equipment, a $1.8 million net gain on sales of assets, and a $2.0 million gain on licensing of patents. Conversely, the second quarter of fiscal year 2010 included an $81.1 million non-cash charge related to the mark-to-market adjustment for the Platinum Closing Warrant and $1.3 million of restructuring charges.

Non-GAAP-adjusted net income was $34.3 million for the current fiscal quarter, compared to a non-GAAP-adjusted net loss of $5.8 million for the same quarter last year and compared to a non-GAAP-adjusted net income of $22.3 million for the prior fiscal quarter ended June 30, 2010.

“Traditionally, our second fiscal quarter reflects a slowdown related to the effects of European holidays,” said Per Loof, CEO. “This year, demand remained strong throughout the period while we continued to improve our operating efficiencies, contain our operating expenses, and thus increase operating margins benefiting both our net earnings and our cash generation. Our financial results significantly exceed our performance prior to the recession and we remain focused on bringing our shareholders increasing value through continued execution of our strategies and strength in our markets.”

For additional details, visit www.kemet.com.

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

June 2014 Issue Highlights

Our June 2014 issue is now available!

Podcasts

Manufacturing Day 2014

Manufacturing Day organizers share their insights with Managing Editor Kelsey Seidler.

More Podcasts

Ceramic Industry Magazine

CI September 2014 cover

2014 September

You won't want to miss the CI Top 10, traditionally our most popular article of the year!

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_40google+ icon 40px