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AVX Corporation Announces Preliminary First Quarter Results

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Copyright © Thomson Reuters 2013. All rights reserved.
2013-07-31 14:32:04 -

GREENVILLE,  S.C. - July 31, 2013 -- AVX  Corporation (NYSE: AVX) today reported
preliminary unaudited results for the first quarter ended June 30, 2013.

Chief Executive Officer, John Gilbertson, stated, "We saw improved first quarter
results  reflecting sequential sales  and gross profit  growth over the previous
quarter.  The demand in the quarter held  up well in a cautious market. Customer
inquiries  indicate  moderate  demand  improvement  as  we  head into the summer
holiday  season. This optimism  was supported by  an order backlog  build in the
quarter.  The integration of the tantalum operations purchased in February is on
schedule and we are expanding those operations."

For  the quarter ended  June 
30, 2013, net sales increased by $16.2 million, or 4.6%, to 369.4 million compared to net sales of $353.2 million in the prior year's first quarter. Net income for the quarter was $27.7 million, or $0.16 per diluted share. Chief Financial Officer, Kurt Cummings, stated, "During the quarter, we paid $14.7 million of dividends to stockholders and spent $2.3 million to repurchase shares of AVX stock on the open market to enhance shareholder value." AVX, headquartered in Greenville, South Carolina, is a leading manufacturer and supplier of a broad line of passive electronic components and related products. Please visit our website at AVX CORPORATION Consolidated Condensed Statements of Operations (unaudited) (in thousands, except per share data)      Three Months Ended      June 30,      2012    2013 ------------- ------------ Net sales $ 353,154 $ 369,379 Cost of sales   284,197    301,108 ------------- ------------ Gross profit   68,957   68,271 Selling, general & admin. expense   29,694   29,036 Environmental charge   266,250   - ------------- ------------ Profit (loss) from operations   (226,987)   39,235 Other income, net   1,879   847 ------------- ------------ Income (loss) before income taxes   (225,108)   40,082 Provision for (benefit from) taxes   (88,324)   12,425 ------------- ------------ Net income (loss) $ (136,784) $ 27,657 ------------- ------------ Basic income (loss) per share $ (0.81) $ 0.16 Diluted income (loss) per share $ (0.81) $ 0.16 Weighted average common shares outstanding:                Basic   169,528   168,647                Diluted   169,528   168,750 During the quarter ending June 30, 2012, the Company reached a $366,250 financial settlement agreement, subject to regulatory and court approvals, with respect to the EPA's ongoing clean-up of New Bedford Harbor in Massachusetts. The Company recorded a pre-tax charge of $266,250, or $0.98 per diluted share on an after-tax basis, related to this matter in the quarter ended June 30, 2012.  Net income, excluding the environmental charge, was $29,622, or $0.17 per diluted share, for the quarter ended June 30, 2012. AVX CORPORATION GAAP to Non-GAAP Reconciliation (unaudited) (in thousands, except per share data) Three Months Ended   June 30,   2012 2013 ------------------- -------------------- Including special charge  (GAAP) Net sales $     353,154   $     369,379 ----------------- ------------------ Net income (loss) $    (136,784)   $       27,657 ----------------- ------------------ Basic income (loss) per share $          (0.81)   $           0.16 Diluted income (loss) per share $          (0.81)   $           0.16 Excluding special charge  (Non-GAAP) Special charge (after-tax) Environmental charge $     166,406   $                 - ----------------- ------------------ Net income $       29,622   $       27,657 ----------------- ------------------ Basic income per share $           0.17   $           0.16 Diluted income per share $           0.17   $           0.16 In order to better understand the Company's short-term and long-term financial trends, investors may find it helpful to consider results excluding the environmental charge. The resulting non-GAAP financial measure provides additional information to investors regarding the underlying business trends and performance of the Company's ongoing operations and may be of assistance for period-over-period comparisons of such operations. Management considers the exclusion of such charges as part of its evaluation of the operating performance of the Company. Investors should consider the non-GAAP measure as a supplement to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition, the non-GAAP financial measure may not be similar to non-GAAP information presented by other companies.  Detail of the Company's non-GAAP measure is provided in the table above. AVX CORPORATION Consolidated Condensed Balance Sheets (unaudited) (in thousands)        March 31,      June 30,       2013     2013 ------------ ---------- Assets Cash and cash equivalents $ 486,724   $ 482,291 Short-term investments in securities   560,364     560,145 Accounts receivable, net   202,031     202,122 Inventories   559,074     541,520 Other current assets   137,340     131,920 ------------ ----------   Total current assets   1,945,533     1,917,998 Long-term investments in securities   15,576     35,894 Property, plant and equipment, net   258,264     252,806 Goodwill and other intangibles   273,204     273,415 Other assets   109,418     111,033 ------------ ----------   TOTAL ASSETS $ 2,601,995   $ 2,591,146 ------------ ---------- Liabilities and Stockholders' Equity Accounts payable $ 115,187   $ 92,153 Income taxes payable and accrued   215,690     214,888 expenses ------------ ----------   Total current liabilities   330,877     307,041 Other liabilities   298,188     296,506 ------------ ----------   TOTAL LIABILITIES   629,065     603,547   TOTAL STOCKHOLDERS' EQUITY   1,972,930     1,987,599 ------------ ---------- TOTAL LIABILITIES AND STOCKHOLDERS' $ 2,601,995   $ 2,591,146 EQUITY ------------ ---------- This Press Release contains "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995.  All statements other than statements of historical fact, including statements regarding industry prospects and future results of operations or financial position, made in this Press Release are forward-looking.  The forward-looking information may include, among other information, statements concerning our outlook for fiscal year 2014, overall volume and pricing trends, cost reduction and acquisition strategies and their anticipated results, expectations for research and development, and capital expenditures.  There may also be other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts.  Forward-looking statements reflect management's expectations and are inherently uncertain.  The forward-looking information and statements in this Press Release are subject to risks and uncertainties, including those discussed in our Annual Report on Form 10-K for fiscal year ended March 31, 2013, that could cause actual results to differ materially from those expressed in or implied by the information or statements herein.  Forward-looking statements should be read in context with, and with the understanding of, the various other disclosures concerning the Company and its business made elsewhere in this Press Release as well as other public reports filed by the Company with the SEC.  You should not place undue reliance on any forward-looking statements as a prediction of actual results or developments. Any forward-looking statements by the Company are intended to speak as of the date thereof. We do not intend to update or revise any forward-looking statement contained in this Press Release to reflect new events or circumstances unless and to the extent required by applicable law.  All forward-looking statements contained in this Press Release constitute "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934 and, to the extent it may be applicable by way of incorporation of statements contained in this Press Release by reference or otherwise, Section 27A of the United States Securities Act of 1933, each of which establishes a safe-harbor from private actions for forward-looking statements as defined in those statutes. Contact: AVX Corporation, Greenville Kurt Cummings 864-967-9303 This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: AVX Corporation via Thomson Reuters ONE [HUG#1719958]

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