Advertisement

News Wire

Kemet Reports Q1

GREENVILLE, S.C. — KEMET Corporation (NYSE: KEM) today reported preliminary results for the first fiscal quarter ended June 30, 2011. Net sales for the quarter ended June 30, 2011 were $289.9 million, which is an 18.9% increase over the same quarter last fiscal year and a 10.9% increase over the quarter ended March 31, 2011.

On a U.S. GAAP basis, net income was $31.8 million, or $0.61 per diluted share for the first quarter of fiscal year 2012 compared to a net loss of $20.1 million or a $0.74 loss per basic and diluted share for the same quarter last year. The first quarter of fiscal year 2012 includes $1.0 million of restructuring charges primarily associated with the relocation of equipment, and $0.8 million in acquisition related expenses and stock registration related fees. The first quarter of fiscal year 2011 included 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.

“Throughout most of the quarter we continued to see strong demand with each of our global regions meeting or exceeding expectations resulting in very strong performance,” said Per Loof KEMET's Chief Executive Officer. “We are taking several steps to better control our supply chain costs and security of supply, such as the foil manufacturing plant we recently purchased as well as our efforts related to tantalum ore in the Democratic Republic of the Congo. We continue to be optimistic about the long-term outlook for the industry as we work through the slow-growth recovery that is before us and are committed to position KEMET to outperform the industry,” continued Loof.

Non-GAAP adjusted net income was $37.0 million or $0.71 per diluted share for the first quarter of fiscal year 2012 compared to a $23.6 million adjusted net income or $0.48 per diluted share for the same quarter last year.

{complink 12824|Kemet Corp.}

0 comments on “Kemet Reports Q1

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.