KEMET Corporation (the "Company") (NYSE: KEM), a leading global supplier of electronic components, today reported preliminary results for our first quarter ended June 30, 2014. Results included in this earnings release have been adjusted to reflect discontinued operations as the Film and Electrolytic Business group completed the sale of its machinery division on April 30, 2014.
Net sales of $212.9 million for the quarter ended June 30, 2014 increased 5.4% compared to net sales of $202.1 million for the quarter ended June 30, 2013. The U.S. GAAP net loss from continuing operations was $10.5 million, or $0.23 loss per basic and diluted share for the quarter ended June 30, 2014, compared to a net loss from continuing operations of $33.6 million or $0.75 loss per basic and diluted share for the quarter ended June 30, 2013.
Non-U.S. GAAP Adjusted net loss improved to $1.9 million or $0.04 loss per basic and diluted share for the quarter ended June 30, 2014, compared to a non-U.S. GAAP Adjusted net loss of $15.5 million or $0.35 loss per basic and diluted share for the period ended June 30, 2013.
"We were pleased that the financial results for the quarter were consistent with our expectations. Our operating margins continued to improve even though revenue, in line with our forecast, declined slightly from the prior quarter," stated Per Loof, KEMET's Chief Executive Officer. "Margins remain our primary focus now that the majority of our restructuring efforts have concluded and we expect to see noteworthy improvement in our operating margins next quarter with continued improvement each quarter throughout this fiscal year driven by our prior cost reduction actions," continued Loof.
The net loss for the quarters ended June 30, 2014 and 2013 include various items affecting comparability as denoted in the U.S. GAAP to Non-U.S. GAAP reconciliation table included hereafter.