- THE MAGAZINE
- Advertiser Index
- Raw & Manufactured Materials Overview
- Classifieds & Services Marketplace
- Buyers' Connections
- List Rental
- Market Trends
- Material Properties Charts
- Custom Content & Marketing Services
- CI Top 10 Advanced Ceramic Manufacturers
- Virtual Supplier Brochures
On a U.S. GAAP basis, the net loss was $20.1 million, or $0.25 per basic and diluted share, for the first quarter of fiscal year 2011, compared to net income of $25.1 million, or $0.31 per basic and diluted share, for the same quarter last year, and compared to net income of $0.3 million, or $0.00 per basic and diluted share, for the prior fiscal quarter ended March 31, 2010. The current fiscal quarter includes a $38.2 million non-cash loss on early extinguishment of debt and $1.8 million of restructuring charges primarily associated with the relocation of equipment. Conversely, the first quarter of fiscal year 2010 included a $38.9 million non-cash gain on early extinguishment of debt.
Non-GAAP adjusted net income was $22.3 million, or $0.28 per basic share and $0.15 per diluted share, for the current fiscal quarter compared to an adjusted net loss of $10.3 million, or $0.13 per basic and diluted share, for the same quarter last year and compared to an adjusted net income of $8.8 million, or $0.11 per basic share and $0.06 per diluted share, for the prior fiscal quarter ended March 31, 2010.
“It was a great quarter, as we saw our revenue return to pre-recession levels and our gross margins increase significantly,” said Per Loof, CEO. “Our efforts to improve operating efficiencies, maintain our cost controls established over the past year, and reestablish a strong balance sheet, and our ability to meet the strong volume demands of our customers, have combined to drive our financial results.”
For more information, visit www.kemet.com.