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KEMET Reports Third Quarter of Fiscal Year 2011 Results

GREENVILLE, S.C. Feb. 3, 2011 December 31 December 31, 2010 $264.7 million $248.6 million

$27.2 million $0.96 $0.52 $1.8 million $(0.07) $1.1 million $1.0 million $1.3 million $0.7 million

$33.1 million $1.17 $0.64 $4.7 million $0.18 $0.10

November 2010

"The quarter continued our trend of strong sales as demand remained solid in all of our geographic regions and segments making this our seventh straight quarter of increasing revenue," said Per Loof KEMET’s Chief Executive Officer.  "We accomplished another of our goals during this quarter by relisting on the New York Stock Exchange and thereby obtaining greater visibility of the company to both new and existing shareholders.  The management team remains focused on the fundamentals that will continue to bring increased value to our shareholders," continued Loof.

About KEMET

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

QUIET PERIOD

Beginning April 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: (i) adverse economic conditions could impact our ability to realize operating plans if the demand for our products declines, and such conditions could adversely affect our liquidity and ability to continue to operate; (ii) adverse economic conditions could cause further reevaluation and the write down of long-lived assets; (iii) an increase in the cost or a decrease in the availability of our principle raw materials; (iv) changes in the competitive environment; (v) uncertainty of the timing of customer product qualifications in heavily regulated industries; (vi) economic, political, or regulatory changes in the countries in which we operate; (vii) difficulties, delays or unexpected costs in completing the restructuring plan; (viii) inability to attract, train and retain effective employees and management; (ix) the inability to develop innovative products to maintain customer relationships and offset potential price erosion in older products; (x) exposure to claims alleging product defects; (xi) the impact of laws and regulations that apply to our business, including those relating to environmental matters; (xii) volatility of financial and credit markets which would affect our access to capital; (xiii) needing to reduce costs of our products to remain competitive; (xiv) potential limitation on use of net operating losses to offset possible future taxable income; and (xv) exercise of the warrant by K Equity, LLC which could potentially result in the existence of a significant stockholder who could seek to influence our corporate decisions.

Contact:

William M. Lowe, Jr.

Dean W. Dimke

Executive Vice President and

Director of Corporate and

Chief Financial Officer

Investor Communications

[email protected]

[email protected]

864-963-6484

954-788-2806

KEMET CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Amounts in thousands, except per share data)

(Unaudited)

Quarters Ended December 31,

Nine Months Ended December 31,

2010

2009

2010

2009

Net sales

$           264,654

$           199,923

$         757,036

$            523,355

Operating costs and expenses:

  Cost of sales

192,132

163,670

553,888

442,082

  Selling, general and administrative expenses

27,453

22,162

76,667

60,697

  Research and development

6,947

5,637

19,202

15,985

  Restructuring charges

1,102

1,322

5,197

2,589

  Write down of long-lived assets

656

656

  Net (gain) loss on sales and disposals of assets

29

240

(1,406)

498

    Total operating costs and expenses

227,663

193,687

653,548

522,507

        Operating income

36,991

6,236

103,488

848

Other (income) expense:

  Interest income

(28)

(14)

(133)

(147)

  Interest expense

7,756

7,434

22,548

19,744

  Increase in value of warrant

81,088

  (Gain) loss on early extinguishment of debt

38,248

(38,921)

  Other (income) expense, net

1,471

688

(1,647)

6,199

     Income (loss) before income taxes

27,792

(1,872)

44,472

(67,115)

Income tax expense (benefit)

625

(93)

2,493

2,649

        Net income (loss)

$             27,167

$             (1,779)

$           41,979

$            (69,764)

Net income (loss) per share (basic)

$                 0.96

$               (0.07)

$               1.53

$                (2.59)

Net income (loss) per share (diluted)

$                 0.52

$               (0.07)

$               0.82

$                (2.59)

KEMET CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Amounts in thousands, except per share data)

December 31, 2010

March 31, 2010

ASSETS

(Unaudited)

Current assets:

Cash and cash equivalents

$                  127,772

$              79,199

Accounts receivable, net

147,630

137,385

Inventories, net

207,506

150,508

Prepaid expenses and other  

15,421

18,790

Deferred income taxes

6,052

2,129

Total current assets

504,381

388,011

Property and equipment, net of accumulated depreciation of $721,744

 and $686,958 as of December 31, 2010 and March 31, 2010, respectively

298,331

319,878

Intangible assets, net

19,797

21,806

Other assets

11,355

11,266

Total assets

$                  833,864

$            740,961

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt

$                    41,650

$              17,880

Accounts payable, trade

90,164

78,829

Accrued expenses

70,885

63,606

Income taxes payable

2,530

1,096

Total current liabilities

205,229

161,411

Long-term debt, less current portion

230,611

231,629

Other non-current obligations

57,514

55,626

Deferred income taxes

10,650

8,023

Stockholders’ equity:

Common stock, par value $0.01, authorized 300,000 shares, issued 39,508 and 29,508

 shares at December 31, 2010 and March 31, 2010, respectively

395

295

Additional paid-in capital

479,201

479,705

Retained deficit

(108,810)

(150,789)

Accumulated other comprehensive income

14,667

11,990

Treasury stock, at cost (2,403 and 2,463 shares at December 31, 2010 and

 March 31, 2010, respectively)

(55,593)

(56,929)

Total stockholders’ equity

329,860

284,272

Total liabilities and stockholders’ equity

$                  833,864

$            740,961

KEMET CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

Nine Months Ended December 31,

2010

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