KEMET Reports First Quarter of Fiscal Year 2012 Results
July 27, 2011
- Net sales of $289.9 million in the first quarter up 18.9% compared to prior year first quarter
- Gross margin improved to 27.4% in the first quarter compared to 25.0% in the comparable quarter last year
- GAAP net income per diluted share for the first quarter of fiscal year 2012 of $0.61
- Non-GAAP net income per diluted share for the first quarter of fiscal year 2012 of $0.71
- Adjusted EBITDA of $56.3 million
GREENVILLE, SC – July 27, 2011 – KEMET Corporation (NYSE: KEM) todayreported preliminary results for the first fiscal quarter ended June 30,2011. Net sales for the quarter ended June 30, 2011 were $289.9million, which is an 18.9% increase over the same quarter last fiscalyear 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 dilutedshare for the first quarter of fiscal year 2012 compared to a net lossof $20.1 million or a $0.74 loss per basic and diluted share for thesame quarter last year. The first quarter of fiscal year 2012 includes$1.0 million of restructuring charges primarily associated with therelocation of equipment, and $0.8 million in acquisition relatedexpenses and stock registration related fees. The first quarter offiscal year 2011 included a $38.2 million non-cash loss on earlyextinguishment of debt and $1.8 million of restructuring chargesprimarily associated with the relocation of equipment.
Throughout most of the quarter we continued to see strong demand witheach of our global regions meeting or exceeding expectations resultingin very strong performance, said Per Loof KEMET’s Chief ExecutiveOfficer. We are taking several steps to better control our supplychain costs and security of supply, such as the foil manufacturing plantwe recently purchased as well as our efforts related to tantalum ore inthe Democratic Republic of the Congo. We continue to be optimisticabout the long-term outlook for the industry as we work through theslow-growth recovery that is before us and are committed to positionKEMET to outperform the industry, continued Loof.
Non-GAAP adjusted net income was $37.0 million or $0.71 per dilutedshare for the first quarter of fiscal year 2012 compared to a $23.6million adjusted net income or $0.48 per diluted share for the samequarter last year.
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 siteat http://www.KEMET.com/IR,users may subscribe to KEMET news releases and find additionalinformation about our Company. KEMET applies world class service andquality to deliver industry leading, high performance capacitancesolutions to its customers around the world and offers the world’s mostcomplete line of surface mount and through hole capacitor technologiesacross tantalum, ceramic, film, aluminum, electrolytic, and paperdielectrics. Additional information about KEMET can be found at http://www.kemet.com.
