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]
