KEMET Corporation (the “Company”) (NYSE: KEM), a leading global supplier of electronic components, today reported preliminary results for our third quarter ended December 31, 2014.
Net sales of $201.3 million for the quarter ended December 31, 2014 decreased 2.9% compared to net sales of $207.3 million for the quarter ended December 31, 2013. The U.S. GAAP net income from continuing operations was $3.1 million, or $0.06 per diluted share for the quarter ended December 31, 2014, compared to a net loss from continuing operations of $4.7 million or $0.11 loss per diluted share for the quarter ended December 31, 2013.
Non-U.S. GAAP Adjusted net income improved to $6.5 million or $0.13 per diluted share for the quarter ended December 31, 2014, compared to a non-U.S. GAAP Adjusted net income of $0.9 million or $0.02 income per basic and diluted share for the period ended December 31, 2013.
“We believe that this quarter was exceptional in many respects. Despite currency headwinds and inventory adjustments by our distribution partners we delivered increased overall operating margins that enabled us to post solid bottom line financial performance for the quarter,” stated Per Loof, KEMET’s Chief Executive Officer. “We will remain focused on continuing to improve parts of the business that have not yet met our performance standards while at the same time preserving our improvements in supply chain integration and cost improvements to continue to deliver increased shareholder value,” continued Loof.
The net income (loss) for the quarters ended December 31, 2014 and 2013 include various items affecting comparability as denoted in the U.S. GAAP to Non-U.S. GAAP reconciliation table included hereafter. Prior period financial 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.
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.