Asia Pacific success boosts Kemet sales

Kemet reports net sales for the quarter ended 31st December 2006 of US $165.5 million, which is slightly lower than the prior quarter and a 31% increase over the same quarter last year.

Kemet Corp has reported that net sales for the quarter ended 31st December 2006 were US $165.5 million, which is slightly lower than the prior quarter and a 31% increase over the same quarter last year.

Net income before special charges was $12.3 million, or $0.15 per share, compared with $10.1 million, or $0.12 per share, last quarter and $6.1 million, or $0.07 per share, for the same quarter last year.

On a GAAP basis, net income was $5.3 million, or $0.06 per share, for the current quarter compared with net income of $0.8 million for the prior quarter and net income of $1.5 million for the same quarter last year.

"We continue to improve our financial performance by focusing on our customers and improving our product offerings", stated Per Loof, Chief Executive Officer.

"Demand was steady across all regions and channels during the quarter, and pricing remained flat".

"Gross margins improved to 23% even though sales in Asia Pacific continue to be a larger percentage of our sales as compared with the previous quarter".

"This demonstrates that our previously initiated cost reduction programs are beginning to have the intended impact on the bottom line".

"Our sales to customers in Asia Pacific as a percentage of total sales continued to increase during the quarter and now represent 45% of total sales as compared with 44% in the previous quarter".

"Net income before special charges was $12.3 million as compared with $10.1 million for the previous quarter".

"It has now been three quarters since the acquisition of the Epcos tantalum business, and this acquisition continues to provide results accretive to the overall company".

"Sales for the newly acquired business were $23.1 million during the December quarter".

"On September 30th, we finalised the second closing with Epcos".

"We have almost completed the full integration of this newly acquired business into the Company, and we are very pleased with the positive responses from our new customers".

"During the third quarter, Kemet successfully transitioned the Evora, Portugal facility's computer systems into Kemet computer systems".

Back to top