AVX Corporation : AVX Corporation Announces Preliminary Third Quarter Results 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 Ended Nine Months 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. 28,117 29,185 88,531 88,548 expense 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 51,236 34,627 227,930 (149,689) taxes Provision for (benefit from) 14,365 14,763 61,541 (60,807) taxes 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' EQUITY $ 2,468,012 $ 2,579,623 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 email@example.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
AVX Corporation : AVX Corporation Announces Preliminary Third Quarter Results
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