AVX Corporation Announces Preliminary Fourth Quarter and Full Year Results.MYRTLE BEACH, S.C. -- AVX AVX Adult Video XXX AVX Avid Visual Extensions AVX anti Virus Expert Corporation (NYSE NYSE See: New York Stock Exchange : AVX) Fiscal Quarter highlights: * Revenue up 12.1%, or $41 million from the prior year to $379 million. * Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. up $5.7 million to $42.2 million. * Earnings per share of $0.25, up from $0.17 last year. * Dividends of $6.4 million, or $0.0375 per share, paid during the fourth quarter of fiscal 2007. * Cash and cash equivalents and short and long-term investments in securities increased $26.7 million to $968.4 million. Chief Executive Officer and President, John Gilbertson stated, "Sales this quarter increased over the December quarter, and we had an excellent 2007 fiscal year as sales improved 12.4% over the prior year. This was our highest annual sales level since the tech boom in 2001, reflecting the strong end-market demand experienced by our customers and new product development. In addition, profitability and cash flow continued to improve." Unaudited net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight improved $41.0 million, or 12.1%, to $379.4 million for the quarter ended March 31, 2007 compared to net sales of $338.4 million for the quarter ended March 31, 2006. Operating profit for the quarter improved $5.7 million to $42.2 million compared to $36.5 million in the prior year. Profit from operations for the quarter ended March 31, 2007 was negatively impacted by $1.5 million, or $0.01 per diluted share, for charges related to headcount reductions of $1.0 million and a casualty loss of $0.5 million. The provision for taxes was favorably impacted in the quarter ended March 31, 2007 by a reduction of $3.4 million, or $0.02 per diluted share, of deferred tax liabilities. The reduction resulted from certain of the Company's foreign branch losses taken as deductions for U.S. income tax purposes no longer being subject to U.S. income tax recapture regulations. Unaudited net income for the quarter improved $12.9 million, or 43.0%, to $43.0 million, or $0.25 per diluted share, compared to net income of $30.1 million, or $0.17 per diluted share, for the quarter ended March 31, 2006. Cash and cash equivalents and short and long-term investments in securities increased $26.7 million during the March quarter and totaled $968.4 million at March 31, 2007. During the quarter, $6.4 million of dividends to stockholders were paid, and $3.9 million was used to purchase AVX shares on the market, now held as treasury stock. Fiscal Year highlights: * Revenue up 12.4%, or $165.3 million to $1.5 billion. * Gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. of 19.8% of sales, up from 15.5% in the prior year. * Earnings per share of $0.89, up from $0.47 last year. * Dividends of $25.8 million, or $0.15 per share, paid during fiscal 2007. * Cash and cash equivalents and short and long-term investments in securities increased $169.1 million to $968.4 million. Unaudited net sales improved $165.3 million, or 12.4%, to $1.5 billion for the fiscal year ended March 31, 2007 compared to net sales of $1.3 billion for the fiscal year ended March 31, 2006. Operating profit for the year improved $84.5 million to $180.7 million compared to $96.2 million in the prior year as a result of higher sales, a favorable mix of value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. component and connector sales, reduced operating costs operating costs npl → gastos mpl operacionales and enhanced production capabilities in lower cost regions. Profit from operations for the current year was negatively impacted by $1.5 million, or $0.01 per diluted share, for charges related to headcount reductions of $1.0 million and a casualty loss of $0.5 million. Unaudited net income for the full fiscal year improved $72.1 million, or 88.2%, to $153.9 million, or $0.89 per diluted share, compared to net income of $81.8 million, or $0.47 per diluted share, for the fiscal year ended March 31, 2006. AVX, headquartered in Myrtle Beach, South Carolina Myrtle Beach is a city and in Horry County, South Carolina, United States. It is part of the Grand Strand, a stretch of beaches along the South Carolina coastline, and the combined Myrtle Beach-Conway-North Myrtle Beach MSA. , is a leading manufacturer and supplier of a broad line of passive electronic components and related products. Please visit our website at www.avx.com. [TABLE OMITTED] The Company recorded restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $1,037, included in cost of sales related to headcount reductions and a $500 casualty loss included in selling, general and administrative expense related to a minor fire in one of the Company's material storage facilities during the quarter ended March 31, 2007. In addition, the results for the quarter ended March 31, 2007 reflect a favorable income tax adjustment of $3,361 resulting from certain of the Company's foreign branch losses taken as deductions for U.S. income tax purposes no longer being subject to U.S. income tax recapture regulations. [TABLE OMITTED] Certain of the statements above may be "forward looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Risk factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc such statements are described in the documents AVX Corporation files with the Securities and Exchange Commission, including, but not limited to its Form 10-Ks Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , Form 10-Qs Form 10-Q See 10-Q. and Form 8-Ks. Actual events, results, and/or timing may differ from the events, results, and/or timing as projected, estimated, or described above. |
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