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KEMET CORPORATION REPORTS FINANCIAL RESULTS

 KEMET CORPORATION REPORTS FINANCIAL RESULTS
 GREENVILLE, S.C., Nov. 4 /PRNewswire/ -- KEMET Corporation


(NASDAQ-NMS: KMET), the largest manufacturer and supplier of solid tantalum capacitors and the second largest manufacturer and supplier of multi-layered ceramic capacitors in the United States, today reported net sales of $84.6 million for the quarter ending September 30, 1992, up $13.0 million or 18 percent over the same quarter last year. President and CEO David E. Maguire said, "the sales growth primarily reflects KEMET's increased capacity to support the surface mount requirements of our partnership accounts and increased sales to those accounts." Sales of surface mount capacitors totaled $41.6 million for the quarter, an increase of $14.2 million, or 52 percent over sales of surface mount capacitors for the three months ending September 30, 1991.
 The Company successfully completed an initial public offering of 4,000,000 shares of Common Stock on October 21, 1992. Proceeds from the offering were used to redeem all of the outstanding preferred stock and a portion of the senior subordinated notes of KEMET Electronics Corporation, a wholly-owned subsidiary.
 Earnings before depreciation, amortization, interest and taxes (EBDAIT) totaled $15.2 million, an increase of $3.3 million, or 28 percent, over the same period last year. The increased earnings resulted primarily from increased sales volumes.
 Operating income for the quarter totaled $9.8 million versus a loss of ($1.5 million) for the same period last year. Major factors contributing to the improvement include increased sales volume and a reduction in amortization expense of $8.3 million.
 Net income available to common shareholders totaled $1.1 million or $.13 per share, for the quarter versus a loss of $7.3 million or $1.09 per share for the same quarter last year.
 On a supplemental basis, pro forma earnings per share, which assume that the initial public offering and related recapitalization occurred as of the beginning of the period reported, were $.20 per share versus a loss of $.40 per share for the same quarter last year. (Earnings for the three months ended September 30, 1991, would have been $.04 per share excluding non-recurring acquisition-related amortization expense of $8.3 million.)
 Six months ended September 30, 1992
 Sales for the first half of the Company's fiscal year totaled $167.9 million, an increase of $22.7 million, or 16 percent, over the same period last year. Sales of surface mount capacitors totaled $78.5 million, an increase of $24.4 million, or 45 percent, over the same period last year.
 Earnings before depreciation, amortization, interest and taxes (EBDAIT) totaled $31.1 million, an increase of $6.1 million, or 24 percent, over EBDAIT for the six months ended September 30, 1991.
 Operating income totaled $19.9 million versus a loss of $1.9 million for the same period last year. (Excluding non-recurring amortization expense of $16.6 million, operating income for the first six months of fiscal year 1991 would have totaled $14.7 million.)
 Net income available to common shareholders totaled $2.6 million or $.31 a share compared to a loss of $13.3 million or $1.99 per share for the same period last year.
 On a supplemental basis, pro forma earnings per share, which assume that the initial public offering and related recapitalization occurred as of the beginning of the period reported, were $.40 per share versus a loss of $.72 per share for the same quarter last year. (Earnings for the six months ended September 30, 1991, would have been $.12 per share excluding non-recurring acquisition-related amortization expense of $16.6 million.)
 KEMET Corporation, headquartered in Greenville, South Carolina, is a publicly traded company traded on the NASDAQ national market, symbol KMET. On November 4th, the last reported price of the stock was 12 1/8.
 KEMET CORPORATION AND SUBSIDIARIES
 SUMMARY CONSOLIDATED FINANCIAL DATA
 Dollars in Thousands Except Per Share Data
 Three Months ended Six Months ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 (unaudited) (unaudited) (unaudited) (unaudited)
 ACTUAL INFORMATION
 Income Statement
 Data:
 Net sales $ 84,633 $ 71,574 $ 167,851 $ 145,215
 Depreciation and
 amortization 5,569 13,337 11,147 26,921
 Interest expense 5,275 6,246 10,526 13,219
 Net earnings
 (loss) available
 for common
 shareholders 1,072 (7,309) 2,577 (13,286)
 Per Common Share
 Data:
 Net earnings
 (loss) per
 common share $ 0 .13 $ (1.09) $ 0.31 $ (1.99)
 Weighted average
 shares
 outstanding 8,275,244 6,685,462 8,304,004 6,685,462
 Other data:
 EBDAIT $ 15,209 $ 11,881 $ 31,083 $ 25,013
 Three Months ended Six Months ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 (unaudited) (unaudited) (unaudited) (unaudited)
 PRO FORMA
 INFORMATION (A)
 Income Statement
 Data:
 Net sales $ 84,633 $ 71,574 $ 167,851 $ 145,215
 Depreciation and
 amortization 5,502 5,002 11,043 10,252
 Interest expense 4,391 5,436 8,736 10,672
 Net earnings (loss)
 available for common
 shareholders 3,136 544 6,316 1,726
 Per Common Share
 Data:
 Net earnings
 (loss) per
 common share $ 0.20 $ 0.04 $ 0.40 $ 0.12
 Weighted average
 shares
 outstanding 15,969,644 14,961,070 15,914,444 14,928,020
 (A) Pro forma information
 The above pro forma information gives effect to the Initial Public Offering of Common Stock and Recapitalization as if such transactions had accurred on April 1, 1991. The pro forma information excludes non-recurring acquisition-related amortization expense of $8.3 million and $16.6 million for the quarter and six months ended September 30, 1992, respectively.
 -0- 11/4/92
 /CONTACT: G.H. Spears, 803-963-6674, or D.R. Cash, 803-963-6450, both of KEMET Corporation/
 (KMET) CO: KEMET Corporation ST: South Carolina IN: CPR SU: ERN


JM-MM -- CH008 -- 2745 11/04/92 18:40 EST
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Date:Nov 4, 1992
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