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KEMET Reports First Quarter of Fiscal Year 2012 Results

GREENVILLE, S.C. July 27, 2011 June 30 June 30, 2011 $289.9 million March 31, 2011

$31.8 million $0.61 $20.1 million $0.74 $1.0 million $0.8 million $38.2 million $1.8 million

Democratic Republic of the Congo

$37.0 million $0.71 $23.6 million $0.48

About KEMET

http://www.KEMET.com/IR http://www.kemet.com

QUIET PERIOD

Beginning October 1, 2011, we will observe a quiet period during which the information provided in this news release and our quarterly report on Form 10-Q will no longer constitute our current expectations. During the quiet period, this information should be considered to be historical, applying prior to the quiet period only and not subject to update by management. The quiet period will extend until the day when our next quarterly earnings release is published.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about KEMET Corporation’s (the "Company") financial condition and results of operations that are based on management’s current expectations, estimates and projections about the markets, in which the Company operates, as well as management’s beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.

Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to the following:

Japan

KEMET CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

(Amounts in thousands, except per share data)

(Unaudited)

Quarters Ended

June 30, 2011

June 30, 2010

Net sales

$             289,856

$        243,794

Operating costs and expenses:

Cost of sales

210,504

182,886

Selling, general and administrative

30,276

24,215

Research and development

7,086

6,031

Restructuring charges

1,025

1,792

Net loss on sales and disposals of assets

123

335

Total operating costs and expenses

249,014

215,259

Operating income

40,842

28,535

Other (income) expense:

Interest income

(43)

(21)

Interest expense

7,400

7,458

Loss on early extinguishment of debt

38,248

Other expense, net

(95)

1,674

Income (loss) before income taxes

33,580

(18,824)

Income tax expense

1,731

1,275

Net income (loss)

$               31,849

$         (20,099)

Net income (loss) per share:

  Basic

$                   0.81

$             (0.74)

  Diluted

$                   0.61

$             (0.74)

Weighted-average shares outstanding:

  Basic

39,452

27,045

  Diluted

52,338

27,045

KEMET CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(Amounts in thousands, except per share data)

June 30, 2011

March 31, 2011

ASSETS

(Unaudited)

Current assets:

Cash and cash equivalents

$             133,998

$           152,051

Accounts receivable, net

145,192

150,370

Inventories, net

240,469

206,440

Prepaid expenses and other

32,582

30,441

Deferred income taxes

4,505

5,301

 Total current assets

556,746

544,603

Property and equipment, net of accumulated depreciation of $754,652
and $740,773 as of June 30, 2011 and March 31, 2011, respectively

316,538

310,412

Goodwill and intangible assets, net

22,605

20,092

Other assets

8,667

9,202

Total assets

$             904,556

$           884,309

LIABILITIES AND STOCKHOLDERS’ EQUITY  

Current liabilities:  

Current portion of long-term debt

$               38,395

$             42,101

Accounts payable, trade

94,870

90,997

Accrued expenses

78,378

88,291

Income taxes payable

4,399

4,265

 Total current liabilities

216,042

225,654

Long-term debt, less current portion

229,702

231,215

Other non-current obligations

55,358

59,727

Deferred income taxes

7,496

7,960

Stockholders’ equity:  

 Common stock, par value $0.01, authorized 300,000 shares, issued 46,508
 and 39,508 shares at June 30, 2011 and March 31, 2011, respectively

465

395

Additional paid-in capital

480,257

479,322

Retained deficit

(55,896)

(87,745)

Accumulated other comprehensive income

25,704

22,555

 Treasury stock, at cost (2,361 and 2,370 shares at June 30, 2011 and
March 31, 2011, respectively)

(54,572)

(54,774)

Total stockholders’ equity

395,958

359,753

Total liabilities and stockholders’ equity

$             904,556

$           884,309

KEMET CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

Quarters Ended June 30,

2011

2010

Sources (uses) of cash and cash equivalents

Operating activities:

Net income (loss)

$      31,849

$           (20,099)

Adjustments to reconcile net income (loss) to net cash provided by

operating activities:

Loss on early extinguishment of debt

38,248

Depreciation and amortization

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