Kemet Reports Third Quarter of Fiscal Year 2011 Results
o Net sales up 32.4% to $264.7 million compared to $199.9 million for the same quarter last fiscal year
o GAAP Earnings per Share of $0.96 per basic share and $0.52 per diluted share
o Adjusted EBITDA of $53.1 million and $151.7 million for the quarter and nine month period ended December 31, 2010, respectively
Greenville, South Carolina (February 3, 2011) - KEMET Corporation (NYSE:KEM) today reported preliminary results for the third fiscal quarter ended December 31, 2010. Net sales for the quarter ended December 31, 2010 were $264.7 million, which is a 32.4% increase over the same quarter last fiscal year and a 6.5% increase over the prior fiscal quarter ended September 30, 2010 of $248.6 million.
On a U.S. GAAP basis, net income was $27.2 million, or $0.96 per basic share and $0.52 per diluted share for the third quarter of fiscal year 2011 compared to a net loss of $1.8 million or $(0.07) per basic and diluted share for the same quarter last year. The current fiscal quarter included $1.1 million of restructuring charges primarily associated with the relocation of equipment and $1.0 million of debt and stock registration related fees. The third quarter of fiscal year 2010 included $1.3 million of restructuring charges and a $0.7 million loss on write down of long-lived assets.
Non-U.S. GAAP Adjusted net income was $33.1 million or $1.17 per basic share and $0.64 per diluted share for the current fiscal quarter compared to a Non-U.S. GAAP Adjusted net income of $4.7 million, or $0.18 per basic share and $0.10 per diluted share for the same quarter last year.
All share and per share data gives effect to the November 2010 one-for-three reverse stock split.
"The quarter continued our trend of strong sales as demand remained solid in all of our geographic regions and segments making this our seventh straight quarter of increasing revenue," said Per Loof KEMET's Chief Executive Officer. "We accomplished another of our goals during this quarter by relisting on the New York Stock Exchange and thereby obtaining greater visibility of the company to both new and existing shareholders.
The management team remains focused on the fundamentals that will continue to bring increased value to our shareholders," continued Loof.
About KEMET
The Company's common stock is listed on the NYSE under the ticker symbol 'KEM' (NYSE: KEM). At the Investor Relations section of our web site at www.KEMET.com/IR, users may subscribe to KEMET news releases and find additional information about our Company. KEMET applies world class service and quality to deliver industry leading, high performance capacitance solutions to its customers around the world and offers the world's most complete line of surface mount and through hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. Additional information about KEMET can be found at www.kemet.com.
Contact:
William M. Lowe, Jr.
Executive Vice President and
Chief Financial Officer
williamlowe@KEMET.com
864-963-6484
Dean W. Dimke
Director of Corporate and
Investor Communication
deandimke@kemet.com
954-766-2806
