KEMET Corporation (the "Company") (NYSE: KEM), a leading global supplier of electronic components, today reported preliminary results for the third fiscal quarter ended December 31, 2013. Results included in this earnings release have been adjusted to reflect discontinued operations as the Film and Electrolytic Business group has initiated a plan to dispose of its machinery division.
Revenue of $207.3 million increased 4.9% compared to $197.7 million for the same quarter last year
Adjusted Operating income increased $5.7 million over the prior quarter
Adjusted Gross Margin up 3.1% to 18.5% over the prior quarter
Net sales of $207.3 million for the quarter ended December 31, 2013 decreased 0.5% from net sales of $208.4 million for the prior quarter ended September 30, 2013, and increased 4.9% compared to net sales of $197.7 million for the quarter ended December 31, 2012.
The U.S. GAAP net loss from continuing operations was $4.7 million, or $0.11 loss per basic and diluted share for the quarter ended December 31, 2013, compared to a U.S. GAAP net loss from continuing operations of $11.9 million or $0.26 loss per basic and diluted share for the prior quarter ended September 30, 2013. For the quarter ended December 31, 2012 the U.S. GAAP net loss from continuing operations was $12.6 million or $0.28 loss per basic and diluted share.
Non-U.S. GAAP Adjusted net income improved to $0.9 million or $0.02 per basic and diluted share for the quarter ended December 31, 2013, compared to a non-U.S. GAAP Adjusted net loss of $4.6 million or $0.10 loss per basic and diluted share for the prior quarter ended September 30, 2013. For the quarter ended December 31, 2012 the non-U.S. GAAP Adjusted net loss was $0.7 million or $0.01 loss per basic and diluted share.
"Revenue, excluding discontinued operations, was essentially flat compared to the prior quarter as we forecasted and it is gratifying to see our cost reduction efforts reflected in our financial results with positive non-GAAP earnings per share in this challenging environment," stated Per Loof, KEMET's Chief Executive Officer. "We have seen steady improvement in our operating margins and we will continue to stay focused on our overall cost structure to leverage our position as the economic rebound occurs in our industry," continued Loof.
The net loss for the quarters ended December 31, 2013 and 2012 include various items affecting comparability as denoted in the U.S. GAAP to Non-U.S. GAAP reconciliation table included hereafter
The Company's common stock is listed on the NYSE under the ticker symbol "KEM" (NYSE: KEM). At the Investor Relations section of our web site at http://www.kemet.com/IR, users may subscribe to KEMET news releases and find additional information about our Company. KEMET applies world class service and quality to deliver industry leading, high performance capacitance solutions to its customers around the world and offers the world's most complete line of surface mount and through hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. Additional information about KEMET can be found at http://www.kemet.com.