KEMET Corp. recently reported preliminary results for the fourth fiscal quarter ended March 31, 2011. Net sales for the quarter were $261.5 million, a 22.8% increase over the same quarter last fiscal year. For the fiscal year ended March 31, 2011, net sales were $1,018.5 million, up from $736.3 million in the prior fiscal year. On a U.S. GAAP basis, net income for the year was $63 million, compared to a net loss of $69.4 million for the fiscal year ended March 31, 2010. Non-GAAP net income was $114.2 million for the fiscal year ended March 31, 2011, compared to a net income of $2.6 million for the fiscal year ended March 31, 2010.
“Our revenue remained strong and exceeded expectations in the last quarter of our year with revenue surpassing one billion dollars for our full fiscal year,” said Per Loof, CEO. “Our accomplishments on cost containment over the past year have continued to benefit our operating results, and we expect that margins will hold in the near-term at or above our fourth quarter results despite rising raw material prices. We remain optimistic about the industry trend and demand for our products in all of our geographic regions, and we remain focused on creating additional value as we begin our next fiscal year.”
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