AVX Corporation Announces Preliminary Fourth Quarter and Full Fiscal Year Results
GREENVILLE, S.C. - April 24, 2015 -- AVX Corporation (AVX) today reported preliminary unaudited results for the fourth quarter and fiscal year ended March 31, 2015.
Chief Executive Officer and President, John Sarvis, stated, "We completed our fourth quarter with solid operating results, showing improved gross profit margins and operating profits compared to last year. For the full fiscal year, gross profit margins improved to 24.3% in fiscal 2015 compared to 19.3% in fiscal 2014, partially as a result of a favorable mix of components sold. The fiscal year`s results reflect our attention to cost control and focus on sales of value added advanced products and sales margins."
Net sales were $315.5 million for the quarter ended March 31, 2015 and net income was $101.5 million, or $0.60 per diluted share. Net income for the quarter includes $67.2 million, or $0.40 per diluted share, of favorable discrete income tax items related to the quarter.
For the fiscal year ended March 31, 2015, the Company reported net sales of $1,353.2 million and net income of $225.9 million, or $1.34 per diluted share, compared to net sales of $1,442.6 million and net income of $127.0 million, or $0.75 per diluted share, for the fiscal year ended March 31, 2014. Results for the fiscal year ended March 31, 2015 includes $70.3 million, or $0.42 per diluted share, of discrete income tax items related to the full year.
Chief Financial Officer, Kurt Cummings, stated, "Our balance sheet remains strong with cash, cash equivalents and short and long-term investments in securities of $993.5 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 fiscal year by paying $67.2 million in dividends to stockholders and using $7.2 million to repurchase share 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 | Twelve Months Ended | ||||||||||
| March 31, | March 31, | ||||||||||
| 2014 | 2015 | 2014 | 2015 | ||||||||
| Net sales | $ | 351,229 | $ | 315,547 | $ | 1,442,604 | $ | 1,353,228 | |||
| Cost of sales | 279,958 | 238,605 | 1,163,770 | 1,024,659 | |||||||
| Gross profit | 71,271 | 76,942 | 278,834 | 328,569 | |||||||
| Selling, general & admin. expense | 28,281 | 30,272 | 119,670 | 115,820 | |||||||
| Profit from operations | 42,990 | 46,670 | 159,164 | 212,749 | |||||||
| Other income, net | 1,324 | 2,250 | 4,193 | 5,850 | |||||||
| Income before income taxes | 44,314 | 48,920 | 163,357 | 218,599 | |||||||
| Provision (benefit) for taxes | 5,184 | (52,606) | 36,320 | (7,272) | |||||||
| Net income | $ | 39,130 | $ | 101,526 | $ | 127,037 | $ | 225,871 | |||
| Basic income per share | $ | 0.23 | $ | 0.60 | $ | 0.75 | $ | 1.34 | |||
| Diluted income per share | $ | 0.23 | $ | 0.60 | $ | 0.75 | $ | 1.34 | |||
| Weighted average common shares outstanding: | |||||||||||
| Basic | 168,228 | 168,245 | 168,473 | 168,148 | |||||||
| Diluted | 168,446 | 168,490 | 168,658 | 168,402 | |||||||
Results for the three and twelve months ended March 31, 2015 include $67.2 million, or $0.40 per diluted share, and $70.3 million, or $0.42 per diluted share, respectively, of one-time income tax benefits primarily attributable to the reversal of valuation allowances related to the future utilization of net operating loss carryforwards ("NOL`s) in the Company`s European operations and tax benefits related to the restructuring of foreign subsidiaries in the fourth quarter.