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AVX Corporation Announces Q1

GREENVILLE, S.C. — AVX Corporation (NYSE: AVX) today reported preliminary unaudited results for the first quarter ended June 30, 2011.

Highlights:

  • Revenue for the June 2011 quarter of $436.4 million increased 4% from the previous quarter and increased 10% from the first quarter of last year.
  • Gross Profit margin improved to 29% in the current quarter compared to 26% in the same quarter last year.
  • Net income of $67.6 million, or $0.40 per share, for the June 2011 quarter.
  • Dividends of $9.4 million ($0.22 annual rate per share) were paid during the quarter.

    Chief Executive Officer and President, John Gilbertson, stated, “Our sales in the current quarter grew and margins improved as we continued to provide the electronics markets with the value added components needed to create industrial and consumer devices with ever increasing functionality.”

    For the quarter ended June 30, 2011, net sales increased sequentially over the previous quarter by $16.3 million, or 4%, to $436.4 million. Net income for the quarter was $67.6 million, or $0.40 per diluted share, compared to net income of $63.3 million, or $0.37 per diluted share, in the previous quarter and net income of $52.3 million, or $0.31 per diluted share, in the first quarter of the prior fiscal year.

    Chief Financial Officer, Kurt Cummings, stated, “We have continued to generate positive operating cash flows and make investments in scarce materials to serve our customers. The Company's financial position remains exceptionally strong with cash, cash equivalents and short and long-term investments in securities of $1.02 billion and no debt at June 30, 2011. During the quarter, we paid $9.4 million of dividends to stockholders and spent $1.6 million to repurchase shares of AVX stock on the open market which are held as treasury stock.”

    AVX, headquartered in Greenville, South Carolina, is a leading manufacturer and supplier of a broad line of passive electronic components and related products.

    {complink 12806|AVX Corp.}

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