Electronics component manufacturer KEMET Corp. today reported preliminary results for the third fiscal quarter ended December 31, 2009, posting improvements across the board over third fiscal quarter 2009.
The company reported a 4.8-percent increase in net sales for the quarter to $199.9 million as compared to the third quarter a year earlier, representing a 15.3 percent increase over the second-quarter ended September 30, 2009.
On a U.S. GAAP basis, net loss was $1.8 million, or $(0.02) per share, for the third quarter of fiscal year 2010, as compared to net loss of $13.1 million, or $(0.16) per share, for the same period the year prior, and compared to net loss of $93.1 million, or $(1.15) per share, for the prior fiscal quarter ended September 30, 2009.
According to the release, non-GAAP adjusted net income was $4.0 million, or $0.05 per share, for the current fiscal quarter compared to an adjusted net loss of $4.4 million, or $(0.05) per share, for the same quarter last year.
The company posted impressive sales for the third quarter, leveraged by careful planning and execution of strategy during the recession.
“Reaching $200 million in sales this quarter surpasses our revenue level one year ago in the fourth calendar quarter of 2009 at the beginning of the world-wide recession. Although revenue is up approximately 5 percent year-over-year, our Adjusted EBITDA improved approximately 140 percent. Margins continue to benefit from the actions we took over the last 15 to 18 months, resulting in a consolidated gross margin percent that exceeds consolidated margins for the last eight quarters,” Per Loof, Kemet’s CEO stated in the press release. “We will continue to stay focused on driving increased profitability and working capital management as we navigate through the economic recovery. Order rates remain strong and we are continuing to bring back capacity to meet market demands and service our customers.”