Ceramic Industry

AVX Reports Sequential Net Sales Increase of 7.9% for Fiscal 3rd Qtr

January 28, 2010

AVX Corp. recently reported preliminary unaudited results for its third quarter ended December 31, 2009. Net sales for the quarter increased sequentially over the previous quarter by $24.4 million, or 7.9%, to $335.0 million. Gross profit as a percent of sales (including special charges and gains) improved over both the previous quarter and the same quarter last year to 22.7%. On a U.S. GAAP basis, unaudited net income (including special charges and gains) for the quarter was $40.4 million, or $0.24 per diluted share.

Non-GAAP net income (excluding special charges and gains) was $36.7 million, or $0.22 per diluted share, for the quarter ended December 31, 2009. Non-GAAP gross profit as a percent of sales (excluding special charges and gains) improved to 21.7% this quarter.

“We are pleased to report results that reflect sequential improvement over the previous quarter and previous year in both margins and in revenue,” said John Gilbertson, CEO and president. “Our continuing focus on higher-value products, in addition to the benefits of our previously initiated productivity and cost control measures, led to continued improvement in our gross profit margins. We remain optimistic about the future, as many end markets appear to be improving, and we believe our sustained financial strength provides us a solid base for future performance improvement.”

For additional information, visit www.avx.com.

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