KEMET Corp. recently reported preliminary results for its third fiscal quarter ended December 31, 2010. Net sales for the quarter were $264.7 million, a 32.4% increase over the same quarter last fiscal year and a 6.5% increase over the prior fiscal quarter ended September 30, 2010.
On a U.S. GAAP basis, net income was $27.2 million for the third quarter of fiscal year 2011, compared to a net loss of $1.8 million for the same quarter last year. The current fiscal quarter included $1.1 million of restructuring charges primarily associated with the relocation of equipment and $1.0 million of debt and stock registration related fees. Non-U.S. GAAP adjusted net income was $33.1 million for the current fiscal quarter, compared to a non-U.S. GAAP adjusted net income of $4.7 million for the same quarter last year.
“The quarter continued our trend of strong sales as demand remained solid in all of our geographic regions and segments, making this our seventh straight quarter of increasing revenue,” said Per Loof, CEO. “We accomplished another of our goals during this quarter by relisting on the New York Stock Exchange and thereby obtaining greater visibility of the company to both new and existing shareholders. The management team remains focused on the fundamentals that will continue to bring increased value to our shareholders.”
For additional details, visit www.kemet.com