AVX Corporation : AVX Corporation Announces Preliminary Third Quarter Results

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
finance@avxus.com

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Source: AVX Corporation via Thomson Reuters ONE
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