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Kemet Reports Q4 & FY Results

GREENVILLE, S.C. — KEMET Corporation (NYSE: KEM) today reported preliminary results for the fourth fiscal quarter ended March 31, 2011. Net sales for the quarter ended March 31, 2011 were $261.5 million, which is a 22.8% increase over the same quarter last fiscal year.

On a U.S. GAAP basis, net income was $21.1 million, or $0.40 per diluted share for the fourth quarter of fiscal year 2011 compared to net income of $0.3 million or $0.01 per diluted share for the same quarter last year. The current fiscal quarter includes $2.0 million of restructuring charges primarily associated with the relocation of equipment, a $3.0 million inventory adjustment and $0.6 million of debt and stock registration related fees. The fourth quarter of fiscal year 2010 included $6.6 million of restructuring charges and a $1.5 million net gain on sales and disposals of assets.

Non-GAAP adjusted net income was $25.6 million or $0.49 per diluted share for the current fiscal quarter compared to a $6.8 million adjusted net income or $0.14 per diluted share for the same quarter last year.

“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, KEMET's Chief Executive Officer. “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,” continued Loof.

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 $63.0 million, or $1.22 per diluted share, compared to a net loss of $69.4 million, or $ (2.57) per share, for the fiscal year ended March 31, 2010. Non-GAAP net income was $114.2 million, or $2.22 per diluted share for the fiscal year ended March 31, 2011 compared to a net income of $2.6 million or $0.10 per diluted share for the fiscal year ended March 31, 2010.

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