AVX Corporation Announces Sales and Profits for the Fourth Quarter and Full Year.Business Editors MYRTLE BEACH, S.C.--(BUSINESS WIRE)--April 12, 2001 AVX AVX Adult Video XXX AVX Avid Visual Extensions AVX anti Virus Expert Corporation (NYSE NYSE See: New York Stock Exchange : AVX) announces sales and profits for the fourth quarter and full year. The Company reported that 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 were $600.9 million in the fourth quarter ended March 31, 2001, compared with net sales of $499.1 million for the same quarter last year. Net income was $124.8 million, or $0.71 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, compared with $70.9 million, or $0.40 per diluted share, for last year. For the full fiscal year, net sales were $2,608.1 million, compared with $1,630.3 million for last year. Net income for the full fiscal year was $567.5 million, or $3.22 per diluted share, compared with $156.9 million, or $0.90 per diluted share, for last year. "We are very pleased to report strong earnings and profits in this period of uncertainty regarding near-term near-term adj. Of, for, or involving a short period of time in the near future. market conditions. There is much concern in this period as inventories of finished products as well as components are much too high for the near-term demand," stated Chairman and Chief Executive Officer, Dick Rosen Ros´en a. 1. Consisting of roses; rosy. . "We believe AVX's investment in the past year in new product development, major cost reduction programs, as well as capacity expansion, will serve us well as the electronic world regains its momentum later in this year with new exciting products." 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.
AVX Corporation
Consolidated Condensed Statements of Income
(unaudited)
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
March 31 March 31
2000 2001 2000 2001
Net sales $499,138 $600,870 $1,630,273 $2,608,113
Cost of sales 367,680 385,491 1,289,743 1,634,297
------- ------- --------- ---------
Gross profit 131,458 215,379 340,530 973,816
Selling, general & admin.
Exp. 31,817 37,796 119,299 149,268
Other income (expense) 4,671 6,041 10,895 16,712
----- ----- ------ ------
Income before income taxes 104,312 183,624 232,126 841,260
Provision for taxes 33,440 58,778 75,194 273,723
------ ------ ------ -------
Net Income $ 70,872 $124,846 $ 156,932 $ 567,537
======== ======== ========== ==========
Basic income per share $ 0.41 $ 0.71 $ 0.90 $ 3.25
Diluted income per share $ 0.40 $ 0.71 $ 0.90 $ 3.22
Weighted average common
shares outstanding:
Basic: 174,370 174,688 173,424 174,754
Diluted: 176,179 175,904 174,977 176,469
Other income for last year includes a $2.4 million gain ($1.6 million after tax, or $0.01 per diluted share) in the fourth quarter related to the sale of a non-operating asset Non-Operating Asset Assets that are unnecessary to the ongoing operations of a business. Notes: Sometimes referred to as "redundant assets." See also: Non-operating Cash Flows, Operating Expenses, Operating Income and $3.0 million ($2.0 million after income tax, or $0.01 per diluted share) as a result of a settlement for defective defective adj. not being capable of fulfilling its function, ranging from a deed of land to a piece of equipment. (See: defect, defective title) materials from a supplier recorded in the third quarter. Certain statements contained 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. 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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