AVX Corporation Announces Earnings.

MYRTLE BEACH, S.C.--(BUSINESS WIRE)--Oct. 12, 1999--

AVX Corporation (NYSE: AVX) reported that net sales were $371.6 million in the second quarter ended September 30, 1999, compared with net sales of $324.1 million for the same quarter last year.

Net income was $26.1 million, or $0.30 per share, compared with $10.5 million, or $0.12 per share, for the same quarter last year.

"We are delighted with the level of orders received during the quarter, which represented a record for AVX", stated Chairman and Chief Executive Officer, Dick Rosen. "The production capacity we added last year, and continue to add, in addition to continued operating efficiencies have allowed us to increase both sales and earnings significantly over last year".

For the first six months of the fiscal year, net sales were $714.7 million, compared with $616.1 million for the same period last year. Net income for the first six months of the fiscal year was $43.6 million, or $0.50 per share, compared with $27.9 million, or $0.32 per share, for the same period last year.

AVX, headquartered in Myrtle Beach, South Carolina, is a leading manufacturer and supplier of a broad line of passive electronic components and related products. -0-

                            AVX Corporation
              Consolidated Condensed Statements of Income
                              (unaudited)
               (dollars in thousands, except share data)

                       Three Months Ended        Six Months Ended
                            Sept. 30,                Sept. 30,
                        1999        1998         1999        1998
Net sales           $ 371,573    $ 324,144      $ 714,723     $ 616,144
Cost of sales         304,152      281,540        593,443       522,080
Gross profit           67,421       42,604        121,280        94,064
Selling, General &
 Admin. Exp.           29,960       28,675         57,418        56,555
Other income
 (expense)                931        1,298          1,396         2,939
Income before income
 taxes                 38,392       15,227         65,258        40,448
Provision for taxes    12,285        4,713         21,705        12,532
Net income           $ 26,107     $ 10,514       $ 43,553      $ 27,916
Basic & diluted
 income per share       $0.30        $0.12          $0.50         $0.32

Weighted average
 common shares
 outstanding       86,460,460   87,313,613     86,359,911    87,641,524

Certain statements contained above may be "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events, results, and/or timing may differ from the events, results, and/or timing as projected, estimated, or described above.