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[May 2002]
First Quarter 2002 Results from KEMET
KEMET Corporation (Greenville, SC, USA) - claiming to produce the world's most complete line of surface mounted tantalum, ceramic and aluminium capacitor technologies - recorded net sales of US$117.9 million for the first quarter 2002, an increase of 0.5% over the fourth quarter 2001 and a 65% decrease compared with the first quarter 2001. Net sales for the fiscal year 2002 were US$508.6 million, which was a decrease of 64% compared with the previous year."Total unit shipments have increased for two consecutive quarters," said Chairman, President and CEO David Maguire. "Average selling prices declined approximately 9% and sequential revenue grew slightly in the March 2002 quarter. 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 fiscal 2002 have positioned KEMET to maintain a strong financial position and further enhance our earnings capability."
KEMET has US$234.6 million in cash, US$100 million in long-term debt and US$855 million in stockholders' equity as of 31 March 2002. As a percentage of total sales, sales of surface-mount capacitors were 80% for Q1 2002 and export sales were 55%. KEMET employs approximately 6,800 people, down from a peak of around 16,000 in the summer of 2000.
ENDS