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[May 2007]
KEMET Reports First Quarter Results
KEMET Corporation (Greenville, SC, USA) has reported that net sales for the quarter ended 31 March 2007 were US$157.1 million, which is an 18% increase over the same quarter last year and 5% lower than the prior quarter.
Net income before special charges was US$8.3 million compared to US$10.7 million for the same quarter last year and US$12.3 million for the prior quarter. On a GAAP basis, net income was US$0.1 million for the current quarter compared to a net loss of US$2.3 million for the same quarter last year and net income of US$5.3 million for the prior quarter. KEMET reports results before special charges because the results offer an alternative depiction of normal operations.
"We are extremely pleased with the Company's results for the fiscal year ended March 31, 2007," stated Per Loof, CEO. "With revenues up 34% and net income before special charges up 140% over the prior year, we exceeded all our expectations. We are tracking a full year ahead of the improvement plan I established when I joined KEMET two years ago and I am confident that we will continue to make progress in the years to come.
"The results in the fiscal fourth quarter, though generally in line with our expectations given normal seasonality and the impact of the Chinese New Year, need to improve and will improve. Our acquisition strategy is intended to mitigate future volatility. Our relentless efforts to reduce our costs will continue as we work every day to provide better solutions for our customers and increased profitability for our shareholders.
"We are pleased to note that we closed the purchase of Evox Rifa Group Oyj on April 24, 2007. This complementary business brings us one step closer to becoming The Capacitance Company. We would like to welcome every Evox Rifa customer and employee into the KEMET family, and look forward to new opportunities to provide capacitance solutions around the world. Our success in integrating the tantalum business unit acquired from EPCOS during the past fiscal year gives us confidence that we will see accretive results from the new Evox Rifa businesses as well in fiscal year 2008."
www.kemet.com
ENDS