AVX Corporation Announces Preliminary Third Quarter 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) AVX today reported 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 of $320.6 million for the quarter ended December 31, 2008 and $1,117.8 million for the nine months ended December 31, 2008. Chief Executive Officer and President, John Gilbertson stated, "The December quarter was difficult but in this challenging time our operations were able to improve the overall profit margin primarily as result of tight cost control around the world." Mr. Gilbertson went on to state, "By moving quickly to address these market changes, the business groups have made adjustments to their cost structure and will emerge stronger in the quarters to come. We have additional plans for further cost reduction measures that will enhance our competitiveness going forward. The Company has a solid balance sheet and is proud of its ability to continue to pay a cash dividend." On a U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis (including special charges), net income was $23.9 million, or $0.14 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the current quarter. Non-GAAP net income excluding special charges was $27.7 million, or $0.16 per diluted share, for the current quarter. During the current quarter, the Company incurred $2.8 million of pre-tax restructuring costs related to global actions to realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. production capabilities and reduce costs. In addition, the Company recorded a $2.0 million pre-tax impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge during the current quarter related to the decline in value of its available-for-sale securities transferred to the Company from an impaired Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. enhanced cash investment fund as a result of the current economic turmoil in the financial markets around the world. [TABLE OMITTED] See discussion of GAAP/Non-GAAP presentation below. Chief Financial Officer, Kurt Cummings stated, "The Company's strong financial position provided us with the flexibility to act swiftly when the economy faltered and the financial strength to maintain our competitive position. The Company's financial position remains exceptionally strong with cash and cash equivalents and short and long-term investments in securities of $766.3 million and no debt at December 31, 2008. During the quarter, the Company paid $6.8 million of dividends to stockholders and spent $2.4 million to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. shares of AVX stock on the open market which are held as treasury stock." Management believes that in order to better understand the Company's short-term and long-term financial trends, investors may find it useful to consider results excluding special charges related to the estimated write off of in-process research and development ("IPR&D") in connection with the acquisition of ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered , other operations' 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. for headcount reductions, other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from a gain on the sale of corporate assets and the write down of certain available-for-sale securities due to an other-than-temporary impairment. Management believes that the resulting non-GAAP financial measure provides useful information to investors regarding the underlying business trends and performance of the Company's ongoing operations and is useful for period-over-period comparisons of such operations. Management eliminates such charges when evaluating the operating performance of the Company. Investors should consider the non-GAAP measure in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition, the non-GAAP financial measure may not be the same as similar measures presented by other companies. Detail of the Company's non-GAAP measure is provided in the table above. 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] Results for the quarter and nine months ended December 31, 2008 include restructuring charges of $2,793 and $8,086, respectively. In addition, during the quarter ended December 31, 2008, the Company recorded a $1,998 impairment charge in other income related to the decline in value of its available-for-sale securities. For the nine month period ended December 31, 2008, results also reflect a gain on the sale of corporate assets of $4,051 included in other operating income. The provision for taxes for the quarter ended December 31, 2008 reflects the cumulative effect of a reduction in the Company's estimated annual effective tax rate from 26% to 22%. Results for the three and nine months ended December 31, 2007 include restructuring charges of $204 and $2,421, respectively. In addition, during the quarter ended September 30, 2007, the Company recorded a $390 charge for the write-off of in process research and development related to the acquisition of American Technical Ceramics on September 26, 2007. [TABLE OMITTED] |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion