AVX Corporation : AVX Corporation Announces Preliminary First Quarter Results
July 27 2015 - 8:30AM
AVX Corporation
Announces Preliminary First Quarter Results
GREENVILLE, S.C. - July 27, 2015
-- AVX Corporation (NYSE: AVX) today reported preliminary unaudited
results for the first quarter ended June 30, 2015.
Chief Executive Officer and
President, John Sarvis, stated, "We completed our first quarter of
the fiscal year with sales of $300.5 million for the quarter,
generally in line with expectations. Solid operating results
continued with operating profit of $48.7 million, reflecting our
focus on the sale of higher margin value-added components coupled
with cost control. Orders for our components and interconnect
devices reflected our customers' cautious expectations for end
market growth in the midst of stable component delivery lead times.
We continue to be optimistic that the continuing evolution of new
electronic devices will provide growth opportunities during the
latter part of the fiscal year as global stability and economic
confidence gain traction."
For the quarter ended June 30,
2015, net income was $35.6 million, or $0.21 per diluted share.
Chief Financial Officer, Kurt
Cummings, stated, "Our balance sheet remains strong with cash, cash
equivalents and short and long-term investments in securities of
$936.0 million and no debt, allowing us substantial flexibility for
investments in potential acquisitions, materials, equipment and
people to support future growth. We continued to use our resources
to provide value to our stockholders during the quarter by paying
$17.6 million in dividends to stockholders and using $3.4 million
to repurchase shares of AVX stock on the open market."
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
|
June 30, |
|
2014 |
|
2015 |
Net sales |
$ |
350,589 |
|
$ |
300,516 |
Cost of
sales |
|
265,412 |
|
|
223,342 |
Gross profit |
|
85,177 |
|
|
77,174 |
Selling,
general & admin. expense |
|
29,624 |
|
|
28,508 |
Profit from operations |
|
55,553 |
|
|
48,666 |
Other
income, net |
|
718 |
|
|
1,516 |
Income before income taxes |
|
56,271 |
|
|
50,182 |
Provision
(benefit) for taxes |
|
15,500 |
|
|
14,553 |
Net income |
$ |
40,771 |
|
$ |
35,629 |
|
|
|
|
|
|
Basic income per share |
$ |
0.24 |
|
$ |
0.21 |
Diluted
income per share |
$ |
0.24 |
|
$ |
0.21 |
|
|
|
|
|
|
Weighted
average common shares outstanding: |
|
|
|
|
|
Basic |
|
168,156 |
|
|
168,091 |
Diluted |
|
168,395 |
|
|
168,372 |
Sales in our Asian region for the
quarter ended June 30, 2014 included $11.4 million of sales of
Kyocera Resale Connector products compared to sales of $1.1 million
for the quarter ended June 30, 2015. As previously disclosed,
effective April 1, 2015, Kyocera began selling such Kyocera
manufactured connectors in Asia using Kyocera's sales force rather
than having AVX resell such products in that region.
AVX
CORPORATION
Consolidated Condensed Balance
Sheets
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31, |
|
June
30, |
|
|
2015 |
|
2015 |
Assets |
|
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
381,605 |
|
$ |
322,441 |
Short-term investments in securities |
|
|
461,901 |
|
|
497,655 |
Accounts receivable, net |
|
|
188,992 |
|
|
172,243 |
Inventories |
|
|
535,912 |
|
|
530,649 |
Other
current assets |
|
|
176,142 |
|
|
136,601 |
Total current assets |
|
|
1,744,552 |
|
|
1,659,589 |
Long-term investments in securities |
|
|
150,029 |
|
|
115,918 |
Property, plant and equipment, net |
|
|
199,842 |
|
|
200,969 |
Goodwill and other intangibles |
|
|
275,638 |
|
|
274,380 |
Other assets |
|
|
88,954 |
|
|
91,879 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
2,459,015 |
|
$ |
2,342,735 |
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Accounts payable |
|
$ |
76,043 |
|
$ |
62,096 |
Income taxes payable and accrued expenses |
|
|
190,266 |
|
|
67,939 |
Total
current liabilities |
|
|
266,309 |
|
|
130,035 |
Other liabilities |
|
|
60,743 |
|
|
57,974 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
327,052 |
|
|
188,009 |
|
|
|
|
|
|
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
2,131,963 |
|
|
2,154,726 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
2,459,015 |
|
$ |
2,342,735 |
|
|
|
|
|
|
|
This Press Release contains
"forward-looking" information within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other
than statements of historical fact, including statements regarding
industry prospects and future results of operations or financial
position, made in this Press Release are forward-looking. The
forward-looking information may include, among other information,
statements concerning our outlook for fiscal year 2016, overall
volume and pricing trends, potential for future growth, cost
reduction and acquisition strategies and their anticipated results,
expectations for research and development, and capital
expenditures. There may also be other statements of
expectations, beliefs, outlook, future plans and strategies,
anticipated events or trends, and similar expressions concerning
matters that are not historical facts. Forward-looking
statements reflect management's expectations and are inherently
uncertain. The forward-looking information and statements in
this Press Release are subject to risks and uncertainties,
including those discussed in our Annual Report on Form 10-K for
fiscal year ended March 31, 2015, that could cause actual results
to differ materially from those expressed in or implied by the
information or statements herein. Forward-looking statements
should be read in context with, and with the understanding of, the
various other disclosures concerning the Company and its business
made elsewhere in this Press Release as well as other public
reports filed by the Company with the SEC. You should not
place undue reliance on any forward-looking statements as a
prediction of actual results or developments.
Any forward-looking statements by
the Company are intended to speak as of the date thereof. We do not
intend to update or revise any forward-looking statement contained
in this Press Release to reflect new events or circumstances unless
and to the extent required by applicable law. All
forward-looking statements contained in this Press Release
constitute "forward-looking statements" within the meaning of
Section 21E of the United States Securities Exchange Act of 1934
and, to the extent it may be applicable by way of incorporation of
statements contained in this Press Release by reference or
otherwise, Section 27A of the United States Securities Act of 1933,
each of which establishes a safe-harbor from private actions for
forward-looking statements as defined in those statutes.
Contact:
AVX Corporation, Greenville
Kurt Cummings
864-967-9303
finance@avx.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: AVX Corporation via Globenewswire
HUG#1941219
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