EX-99.1 2 avx-20150424ex9910d1fcb.htm EX-99.1 Exhibit 991

EXHIBIT 99.1

 

 

AVX Corporation Announces Preliminary Fourth Quarter and Full Fiscal Year Results

 

GREENVILLE, S.C. – April 24, 2015 -- AVX Corporation (NYSE: 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.


 

AVX CORPORATION

Consolidated Condensed Balance Sheets

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

March 31,

 

 

2014

 

2015

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

460,674 

 

$

381,605 

Short-term investments in securities

 

 

413,615 

 

 

461,901 

Accounts receivable, net

 

 

208,445 

 

 

188,992 

Inventories

 

 

550,518 

 

 

535,912 

Other current assets

 

 

135,471 

 

 

176,142 

Total current assets

 

 

1,768,723 

 

 

1,744,552 

Long-term investments in securities

 

 

25,000 

 

 

150,029 

Property, plant and equipment, net

 

 

235,725 

 

 

199,842 

Goodwill and other intangibles

 

 

280,786 

 

 

275,638 

Other assets

 

 

74,754 

 

 

88,954 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

2,384,988 

 

$

2,459,015 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Accounts payable

 

$

94,634 

 

$

76,043 

Income taxes payable and accrued expenses

 

 

67,300 

 

 

190,266 

Total current liabilities

 

 

161,934 

 

 

266,309 

Other liabilities

 

 

175,369 

 

 

60,743 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

 

337,303 

 

 

327,052 

 

 

 

 

 

 

 

TOTAL STOCKHOLDERS' EQUITY

 

 

2,047,685 

 

 

2,131,963 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

2,384,988 

 

$

2,459,015 

 

 

 

 

 

 

 

 

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 2016, 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 and our Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2014, September 30, 2014 and December 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