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[January 2002]
KEMET Reports for Q4 2001
KEMET Corporation (Greenville, SC, USA) reported net sales of US$117.3 million for the fourth quarter of 2001, down 69% on the same period in 2000. For the nine months ended 31 December 2001, sales were US$390.7 million and net earnings (loss), prior to a one-time pre-tax restructuring charge, were US$14.9 million."In the December 2001 quarter, total unit shipments increased from the prior quarter for the first time in four quarters, while average selling prices declined approximately 10%," stated David Maguire, the Chairman and CEO. "We anticipate that unit shipments will continue to increase, which will allow us to reduce inventory and generate cash during calendar 2002. Major cost saving initiatives occurring throughout 2001 have positioned KEMET to maintain a strong financial position and further enhance our earnings capability. We anticipate four drivers of growth for KEMET as we approach the growth phase of the current cycle…"
He went on to detail the four drivers, associated with the company's capacitor products and customer demand trends. He also emphasised that KEMET has the world's most complete line of surface-mount capacitor technologies, including innovative high-frequency tantalum, high capacitance ceramic - and newly introduced solid aluminium - capacitors. "These technologies," he said, "will allow us to continue to earn a greater share of our customers' capacitor business."
ENDS