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| 8-K - AVX CORPORATION FORM 8-K - AVX Corp | form8k2ndqtrfy12.htm |
EXHIBIT 99.1
AVX Corporation Announces Preliminary Second Quarter Results
GREENVILLE, S.C. - October 26, 2011-- AVX Corporation (NYSE: AVX) today reported preliminary unaudited results for the second quarter ended September 30, 2011.
Chief Executive Officer and President, John Gilbertson, stated, “The margins during the quarter continued to hold up well across a broad market and product cross section even with weakness in the Distribution channel. Revenues in the quarter were constrained by the inventory bubble created by the disruption in Japan and the seasonal slowdown during the summer months.”
Net sales were $404.8 million for the quarter and $841.2 million for the six months ended September 30, 2011. Net income for the quarter and six month period ended September 30, 2011 was $61.9 million, or $0.36 per diluted share, and $129.5 million, or $0.76 per diluted share, respectively.
Chief Financial Officer, Kurt Cummings, stated, “We have continued to generate positive operating cash flows and make investments in critical materials and technology to serve our customers. The Company’s financial position remains exceptionally strong with cash, cash equivalents and short and long-term investments in securities of $1 billion and no debt at September 30, 2011. During the quarter, we paid $9.3 million of dividends to stockholders and spent $3 million to repurchase shares of AVX stock on the open market which are held as treasury stock.”
AVX, headquartered in Greenville, South Carolina, is a leading manufacturer and supplier of a broad line of passive electronic components and related products.
Please visit our website at www.avx.com.
AVX CORPORATION
Consolidated Condensed Statements of Income
(unaudited)
(in thousands, except per share data)
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Three Months Ended
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Six Months Ended
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September 30,
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September 30,
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2010
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2011
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2010
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2011
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Net sales
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$ | 430,639 | $ | 404,767 | $ | 827,176 | $ | 841,189 | ||||||||
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Cost of sales
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308,267 | 293,949 | 602,152 | 605,712 | ||||||||||||
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Gross profit
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122,372 | 110,818 | 225,024 | 235,477 | ||||||||||||
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Selling, general & admin. expense
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29,860 | 29,307 | 60,370 | 60,414 | ||||||||||||
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Profit from operations
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92,512 | 81,511 | 164,654 | 175,063 | ||||||||||||
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Other income (expense)
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2,056 | (27 | ) | 4,628 | 1,631 | |||||||||||
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Income before income taxes
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94,568 | 81,484 | 169,282 | 176,694 | ||||||||||||
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Provision for taxes
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26,677 | 19,565 | 49,091 | 47,176 | ||||||||||||
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Net income
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$ | 67,891 | $ | 61,919 | $ | 120,191 | $ | 129,518 | ||||||||
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Basic income per share
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$ | 0.40 | $ | 0.36 | $ | 0.71 | $ | 0.76 | ||||||||
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Diluted income per share
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$ | 0.40 | $ | 0.36 | $ | 0.71 | $ | 0.76 | ||||||||
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Weighted average common
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shares outstanding:
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Basic
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169,956 | 169,968 | 170,031 | 170,053 | ||||||||||||
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Diluted
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170,238 | 170,181 | 170,352 | 170,369 | ||||||||||||
AVX CORPORATION
Consolidated Condensed Balance Sheets
(unaudited)
(in thousands)
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March 31,
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September 30,
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2011
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2011
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Assets
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Cash and cash equivalents
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$ | 379,350 | $ | 278,020 | ||||
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Short-term investments in securities
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398,914 | 460,612 | ||||||
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Available-for-sale securities
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2,747 | 2,629 | ||||||
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Accounts receivable, net
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233,783 | 222,652 | ||||||
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Inventories
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496,495 | 561,134 | ||||||
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Other current assets
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90,826 | 84,047 | ||||||
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Total current assets
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1,602,115 | 1,609,094 | ||||||
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Long-term investments in securities
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220,835 | 278,302 | ||||||
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Long-term available-for-sale securities
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4,490 | 3,346 | ||||||
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Property, plant and equipment, net
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235,659 | 237,911 | ||||||
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Goodwill and other intangibles
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245,144 | 242,938 | ||||||
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Other assets
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11,239 | 10,357 | ||||||
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TOTAL ASSETS
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$ | 2,319,482 | $ | 2,381,948 | ||||
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Liabilities and Stockholders' Equity
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Accounts payable
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$ | 132,633 | $ | 100,602 | ||||
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Income taxes payable and accrued expenses
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103,032 | 102,768 | ||||||
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Total current liabilities
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235,665 | 203,370 | ||||||
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Other liabilities
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44,400 | 40,514 | ||||||
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TOTAL LIABILITIES
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280,065 | 243,884 | ||||||
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TOTAL STOCKHOLDERS' EQUITY
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2,039,417 | 2,138,064 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 2,319,482 | $ | 2,381,948 | ||||
Contact:
AVX Corporation, Greenville
Kurt Cummings
864-967-9303
finance@avxus.com