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AVX Corporation Announces Preliminary Third Quarter Results


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Copyright © Thomson Reuters 2013. All rights reserved.
2013-01-24 14:32:55 -

GREENVILLE,  S.C.  -  January  24, 2013 --  AVX  Corporation  (NYSE:  AVX) today
reported  preliminary  unaudited  results  for  the third quarter ended December
31, 2012.

Chief  Executive Officer  and President,  John Gilbertson,  stated, "The quarter
reflected  overall macro economic conditions as  we saw weakness from the second
quarter  in terms of revenue. The bookings were more upbeat late in the quarter,
indicating  potential improvements in the  subsequent quarter. This optimism was
bolstered  by the largest  order backlog build  we have seen  this year. Another
positive   impacting   the  subsequent  quarters  is  the  previously  announced
acquisition 
of the Tantalum Components Division of Nichicon Corporation, which is on track and expected to close in February." Net sales were $339.9 million for the quarter and net income was $19.9 million, or $0.12 per diluted share. Chief Financial Officer, Kurt Cummings, stated, "Our focus on operating efficiencies has resulted in maintaining operating margins while managing the business through this difficult economic environment. The Company's financial position remains exceptionally strong with cash, cash equivalents and short and long-term investments in securities of $1.1 billion and no debt at December 31, 2012.  During the quarter, we paid $12.7 million of dividends to stockholders and spent $1.8 million to repurchase shares of AVX stock on the open market which are held as treasury stock." For the nine months ended December 31, 2012, the Company reported net sales of $1,053.9 and a net loss of $88.9 million, or $0.53 per diluted share. Net income, excluding an environmental charge, was $77.5 million, or $0.45 per share, for the nine months ended December 31, 2012. As announced on October 10, 2012, we reached a $366.25 million financial settlement with respect to the EPA's ongoing clean-up of New Bedford Harbor in Massachusetts, subject to court approval. The Company recorded a pre-tax charge of $266.25 million, or $0.98 per share on an after-tax basis, related to this matter in the quarter ended June 30, 2012. 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 www.avx.com. AVX CORPORATION Consolidated Condensed Statements of Income (unaudited) (in thousands, except per share data)      Three Months    Nine Months Ended Ended      December 31,    December 31,      2011    2012    2011    2012 --------- --------- ----------- ---------- Net sales $ 340,865 $ 339,875 $ 1,182,054 $ 1,053,852 Cost of sales   262,533   277,458   868,245   853,552 --------- --------- ----------- ---------- Gross profit   78,332   62,417   313,809   200,300 Selling, general & admin. expense   28,117   29,185   88,531   88,548 Environmental charge   -   -   -   266,250 --------- --------- ----------- ---------- Profit (loss) from operations   50,215   33,232   225,278   (154,498) Other income, net   1,021   1,395   2,652   4,809 --------- --------- ----------- ---------- Income (loss) before income taxes   51,236   34,627   227,930   (149,689) Provision for (benefit from) taxes   14,365   14,763   61,541   (60,807) --------- --------- ----------- ---------- Net income (loss) $ 36,871 $ 19,864 $ 166,389 $ (88,882) --------- --------- ----------- ---------- Basic income (loss) per share $ 0.22 $ 0.12 $ 0.98 $ (0.53) Diluted income (loss) per share $ 0.22 $ 0.12 $ 0.98 $ (0.53) Weighted average common shares outstanding:                Basic   169,795   168,978   169,967   169,241                Diluted   169,964   168,994   170,216   169,241 AVX CORPORATION GAAP to Non-GAAP Reconciliation (unaudited) (in thousands, except per share data) Three Months Ended Nine Months Ended   December 31,   December 31,   2011   2012   2011   2012 -------------- -------------- ----------------- ---------------- Including special charge  (GAAP) Net sales $ 340,865   $ 339,875   $  1,182,054   $  1,053,852 ------------ ------------ --------------- -------------- Net income (loss) $ 36,871   $ 19,864   $     166,389   $      (88,882) ------------ ------------ --------------- -------------- Basic income (loss) per share $ 0.22   $ 0.12   $ 0.98   $  (0.53) Diluted income (loss) per share $ 0.22   $ 0.12   $ 0.98   $  (0.53) Excluding special charge  (Non-GAAP) Special charge (after-tax) Environmental charge $       -   $       -   $   -   $     166,406 ------------ ------------ --------------- -------------- Net income $ 36,871   $ 19,864   $     166,389   $       77,524 ------------ ------------ --------------- -------------- Basic income per share $ 0.22   $ 0.12   $ 0.98   $ 0.45 Diluted income per share $ 0.22   $ 0.12   $ 0.98   $ 0.45 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,      December 31,       2012     2012 ------------------ -------------- Assets Cash and cash equivalents $ 395,284   $ 577,118 Short-term investments in securities            418,133     455,838 Accounts receivable, net   208,053     179,835 Inventories   566,117     557,215 Other current assets   139,558     136,789 ------------------ --------------   Total current assets   1,727,145     1,906,795 Long-term investments in securities   238,112     87,931 Property, plant and equipment, net   236,488     237,534 Goodwill and other intangibles   240,928     237,647 Other assets   25,339     109,716 ------------------ --------------   TOTAL ASSETS $ 2,468,012   $ 2,579,623 ------------------ -------------- Liabilities and Stockholders' Equity Accounts payable $ 103,797   $ 96,112 Income taxes payable and accrued expenses   193,276     219,749 ------------------ --------------   Total current liabilities   297,073     315,861 Other liabilities   50,186     277,183 ------------------ --------------   TOTAL LIABILITIES   347,259     593,044   TOTAL STOCKHOLDERS' EQUITY   2,120,753     1,986,579 ------------------ -------------- TOTAL LIABILITIES AND STOCKHOLDERS' $ 2,468,012   $ 2,579,623 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 2013, 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, 2012, 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 finance@avxus.com 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#1672636]


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