AVX Corporation Announces Record Sales and Profits for the Fourth Quarter.

Business Editors

MYRTLE BEACH, S.C.--(BUSINESS WIRE)

April 13, 2000-AVX Corporation (NYSE: AVX) announces record sales and profits for the fourth quarter.

The Company reported that net sales were $499.1 million in the fourth quarter ended March 31, 2000, compared with net sales of $318.6 million for the same quarter last year. Net income was $70.9 million, or $0.80 per diluted share, compared with $7.5 million, or $0.09 per diluted share, for last year. The results for the current quarter include a $2.4 million gain ($1.6 million after income tax, or $0.02 per diluted share) in other income related to the sale of a non-operating asset.

For the full fiscal year, net sales were $1,630.3 million, compared with $1,245.5 million for last year. Net income for the full fiscal year was $156.9 million, or $1.79 per diluted share, compared with $41.5 million, or $0.48 per diluted share, for last year. Other income for the current year includes the fourth quarter gain referred to above and $3.0 million of other income ($2.0 million after income tax, or $0.02 per diluted share) as a result of a settlement for defective materials from a supplier recorded in the third quarter.

"We are very pleased to report the second consecutive period of record sales and earnings," stated Chairman and Chief Executive Officer, Dick Rosen. "The investments we have made in capacity expansion and the development of new products continue to serve us well in this very robust market place. All facets of the communications business and other electronic markets are operating at record levels and discussions with our customers indicate that this activity should continue through at least the next year. This demand is certainly the major driver of our outstanding results. All phases of the business are doing well. Unit production is at record levels and coupled with price increases which we have accomplished over the last two quarters should help us sustain our growth in this very dynamic market. Our bookings were also at a record level and our backlog continues to grow."

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

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

                            Three Months Ended      Twelve Months Ended
                                 March 31                 March 31
                              1999       2000         1999         2000
Net sales                $ 318,611  $ 499,138  $ 1,245,473  $ 1,630,273
Cost of sales              282,180    367,680    1,078,064    1,289,743
Gross profit                36,431    131,458      167,409      340,530
Selling, general &
 admin. Exp.                28,099     31,817      114,104      119,299
Other income (expense)       2,930      4,671        7,437       10,895
Income before income
 taxes                      11,262    104,312       60,742      232,126
Provision for taxes          3,714     33,440       19,226       75,194
Net Income               $   7,548  $  70,872  $    41,516  $   156,932
Basic income per share   $    0.09  $    0.81  $      0.48  $      1.81
Diluted income per share $    0.09  $    0.80  $      0.48  $      1.79
Weighted average common
shares outstanding:
                 Basic:     86,409     87,185       87,066       86,712
               Diluted:     86,410     88,089       87,083       87,488

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.