AVX Corporation (NYSE: AVX) today reported preliminary unaudited results for the fourth quarter and fiscal year ended March 31, 2014.
Chairman and Chief Executive Officer, John Gilbertson, stated, "We completed our fiscal year with improved results year over year in terms of both sales and income. The fourth quarter reflected an increase in sales over the third quarter indicating continued demand improvement. It has been a good year as we improved operating profit margins in a challenging market as a result of our focus on value added products for our customers, and diligent cost control."
Net sales were $351.2 million for the quarter and net income was $39.1 million, or $0.23 per share.
For the fiscal year ended March 31, 2014, the Company reported net sales of $1,442.6 million and net income of $127.0 million, or $0.75 per share, compared to net sales of $1,414.4 million and net income of $102.1 million, or $0.60 per share, excluding an environmental charge, for the fiscal year ended March 31, 2013.
Chief Financial Officer, Kurt Cummings, stated, "Our balance sheet remains strong with cash, cash equivalents and short and long-term investments in securities of $897.5 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 an aggregate of $60.3 million in dividends to stockholders and spending $10.3 million to repurchase shares 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.