Kemet Corp. (NYSE: KEM) today reported preliminary results for the first fiscal quarter ended June 30, 2013.
Net sales for the quarter ended June 30, 2013 were $202.7 million, and on a U.S. GAAP basis, the net loss was $35.1 million, or $0.78 loss per basic and diluted share compared to a net loss of $17.8 million or $0.40 loss per basic and diluted share for the quarter ended June 30, 2012. The net loss for the quarters ended June 30, 2013 and 2012 include various items affecting comparability as denoted in the U.S. GAAP to Non-U.S. GAAP reconciliation below.
Non-U.S. GAAP adjusted net loss was $17.0 million or $0.38 loss per basic and diluted share for the quarter ended June 30, 2013 compared to $8.8 million or $0.20 loss per basic and diluted share for the quarter ended June 30, 2012.
"Revenue was right on forecast and indicators point to a slight increase in our second quarter. This quarter saw the full impact on our financial results of the raw material supply chain disruption that occurred in our last quarter. However, we have corrections underway and this area is under our control," stated Per Loof, Kemet's Chief Executive Officer. "I expect to see good improvement in our operating margins this next quarter as we get our Tantalum raw material supply back on track and our European business rolls into its final stage of reorganizing into low-cost countries. A little assistance from an improving economy would be appreciated, but we expect a significant positive change to our financial results this fiscal year even with the economy just moving sideways," continued Loof.
Additional information about Kemet can be found at http://www.kemet.com.