KEMET Reports Second Quarter of Fiscal Year 2012 Results
October 27, 2011
- Net sales of $265.5 million in the second quarterup 6.8% compared to prior year second quarter
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GAAP net income perdiluted share for the second quarter of fiscal year 2012 of $0.27
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Non-GAAP net income per diluted share for the second quarter of fiscal year 2012of $0.43
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Adjusted EBITDA of $42.1 million in the secondquarter
GREENVILLE, SC – October 27, 2011 – KEMET Corporation (NYSE: KEM) today reported preliminary results for the second fiscalquarter ended September 30, 2011. Net sales for the quarter endedSeptember 30, 2011 were $265.5 million, whichis a 6.8% increase over the same quarter last fiscal year. Net sales for thefirst half of fiscal year 2012 were $555.4 million which is a 12.8% increase over the same period last fiscal year.
On a U.S. GAAP basis, net income was $14.3million, or $0.27 per diluted share for thesecond quarter of fiscal year 2012 compared to a net income of $34.9 million or $0.68 perdiluted share for the same quarter last year. The second quarter of fiscal year2012 includes $1.6 million of restructuring chargesprimarily associated with the relocation of equipment and personnel reductioncosts. The second quarter of fiscal year 2011 included $2.3 million of restructuring charges primarily associatedwith the relocation of equipment, a $1.8 million netgain on sales of assets and a $2.0 million gain onlicensing of patents.
Non-GAAP adjusted net income was $22.4 million or $0.43 per diluted share for the second quarter offiscal year 2012 compared to a $31.9 million ofadjusted net income or $0.62 per diluted share forthe same quarter last year.
Throughout most of the quarter we continued to see demand that met ourexpectations resulting in financial performance in line with our forecast, saidPer Loof KEMET’s Chief Executive Officer. The quarter ahead will bechallenging as the distribution channel in all regions adjust their inventoryposition, but we are optimistic that this is a temporary adjustment. Earlyindications are that the flood disaster in Thailand may have taken a substantial portion ofcapacitor supply off line. Such effect could mitigate both the inventorycorrections and softening demand in our fourth fiscal quarter that ends at March 31, 2012. We intend to be supportive of thoseaffected by the flooding and we are preparing our operations to fill the supplygap created by this disaster, continued Loof.
About KEMET
The Company’s common stock is listed on the NYSE under the ticker symbolKEM (NYSE: KEM). At the Investor Relations section of our web site at http://www.KEMET.com/IR, users may subscribe to KEMET newsreleases and find additional information about our Company. KEMET appliesworld class service and quality to deliver industry leading, high performancecapacitance solutions to its customers around the world and offers the world’smost complete line of surface mount and through hole capacitor technologiesacross tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics.Additional information about KEMET can be found at http://www.KEMET.com.
