UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): January 27, 2015
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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1-7201
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33‑0379007
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(State or other jurisdiction of incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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1 AVX Boulevard
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Fountain Inn, South Carolina
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29644
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(Address of principal executive offices)
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(Zip Code)
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(864) 967-2150
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(Registrant's telephone number, including area code)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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qqq
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 2.02. Results of Operations and Financial Condition
On January 27, 2015, AVX Corporation issued a press release announcing its consolidated financial results for the quarter ended December 31, 2014. A copy of this press release is furnished with this Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
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(d)
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The following exhibit is included with this Report: |
EX. 99.1 Press Release issued by AVX Corporation, dated January 27, 2015.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 27, 2015
AVX CORPORATION
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By:
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/s/ Kurt P. Cummings
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Name:
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Kurt P. Cummings
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Title:
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Vice President,
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Chief Financial Officer,
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Treasurer and Secretary
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EXHIBIT 99.1
AVX Corporation Announces Preliminary Third Quarter Results
GREENVILLE, S.C. – January 27, 2015 -- AVX Corporation (NYSE: AVX) today reported preliminary unaudited results for the third quarter ended December 31, 2014.
Chairman and Chief Executive Officer, John Gilbertson, stated, “The quarter was not as active as last year as revenue was impacted by conservative customer inventory management, a modest holiday season and currency movement. AVX’s operations continued to perform well during the quarter as we focused on advanced components with better margin opportunity and implemented stringent cost controls. Gross margin improved to 24.5% in the quarter ended December 31, 2014 compared to 19.6% in the quarter ended December 31, 2013. We anticipate an increase in electronic applications and increased new product introductions in many markets during the next year.”
For the quarter ended December 31, 2014, net sales were $321.7 million and net income was $39.0 million, or $0.23 per diluted share, compared to net sales of $346.2 million and net income of $31.4 million, or $0.19 per diluted share, for the quarter ended December 31, 2013.
For the nine months ended December 31, 2014, net sales were $1,037.7 million and net income was $124.3 million or $0.74 per diluted share, compared to net sales of $1,091.4 million and net income of $87.9 million, or $0.52 per diluted share, for the nine months ended December 31, 2013.
Chief Financial Officer, Kurt Cummings, stated, “We continued to generate positive cash flows from operations and use our resources to enhance shareholder value by paying increased dividends totaling $17.6 million in the quarter. With cash, cash equivalents and short and long-term investments in securities of $990.8 million and no debt at December 31, 2014, the Company has the resources to expand operations and invest in our future.”
AVX, headquartered in Greenville, South Carolina, is a leading manufacturer and supplier of a broad line of passive electronic components and related products.
Please visit our website at www.avx.com.
AVX Corporation and Subsidiaries
Consolidated Condensed Statements of Operations
(unaudited)
(in thousands, except per share data)
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Three Months Ended
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Nine Months Ended
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December 31,
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December 31,
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2013
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2014
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2013
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2014
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Net sales
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$
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346,211
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$
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321,687
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$
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1,091,375
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$
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1,037,681
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Cost of sales
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278,445
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243,010
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883,812
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786,054
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Gross profit
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67,766
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78,677
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207,563
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251,627
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Selling, general & admin. expense
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32,193
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28,290
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91,389
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85,548
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Profit from operations
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35,573
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50,387
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116,174
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166,079
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Other income, net
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1,625
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2,325
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2,869
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3,600
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Income before income taxes
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37,198
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52,712
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119,043
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169,679
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Provision for taxes
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5,764
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13,759
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31,136
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45,334
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Net income
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$
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31,434
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$
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38,953
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$
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87,907
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$
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124,345
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Basic income per share
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$
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0.19
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$
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0.23
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$
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0.52
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$
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0.74
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Diluted income per share
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$
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0.19
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$
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0.23
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$
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0.52
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$
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0.74
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Weighted average common shares outstanding:
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Basic
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168,428
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168,164
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168,554
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168,117
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Diluted
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168,700
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168,442
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168,734
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168,375
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AVX Corporation and Subsidiaries
Consolidated Condensed Balance Sheets
(unaudited)
(in thousands)
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March 31,
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December 31,
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2014
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2014
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Assets
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Cash and cash equivalents
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$
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460,674
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$
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330,573
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Short-term investments in securities
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413,615
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510,129
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Accounts receivable, net
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208,445
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183,012
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Inventories
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550,518
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535,944
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Other current assets
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135,471
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182,707
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Total current assets
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1,768,723
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1,742,365
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Long-term investments in securities
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25,000
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150,139
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Property, plant and equipment, net
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235,725
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208,438
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Goodwill and other intangibles
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280,786
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276,925
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Other assets
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74,754
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24,405
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TOTAL ASSETS
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$
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2,384,988
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$
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2,402,272
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Liabilities and Stockholders' Equity
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Accounts payable
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$
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94,634
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$
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72,064
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Income taxes payable and accrued expenses
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67,300
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200,135
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Total current liabilities
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161,934
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272,199
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Other liabilities
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175,369
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47,116
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TOTAL LIABILITIES
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337,303
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319,315
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TOTAL STOCKHOLDERS' EQUITY
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2,047,685
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2,082,957
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$
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2,384,988
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$
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2,402,272
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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 2015, overall volume and pricing trends, 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, 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, 2014, 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