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© Kemet Business | May 15, 2014

Per Loof: 'Revenue exceeded our expectations.'

Passive component manufacturer Kemet reported on net sales of USD 215.8 million for the quarter ended March 31, 2014.
Figures increased 4.1% from net sales of USD 207.3 million for the prior quarter ended December 31, 2013, and increased 8.2% compared to net sales of USD 199.5 million for the quarter ended March 31, 2013.

For the fiscal year ended March 31, 2014 net sales were $833.7 million compared to $823.9 million for the fiscal year ended March 31, 2013.

"We are encouraged by the continued and growing strength of our markets around the globe," stated Per Loof, KEMET's Chief Executive Officer. "Revenue exceeded our expectations, cost reduction actions are seeing their way to the bottom line, and we are well positioned to continue improving our financial performance into our next fiscal year. While we have some more work to complete, we are pleased with the general improvement of our operating margins this past fiscal year and we plan to build upon our efforts this past year to improve them further," continued Loof.

Non-U.S. GAAP Adjusted net income improved to $0.4 million or $0.01 per diluted share for the quarter ended March 31, 2014, compared to a non-U.S. GAAP Adjusted net loss of $8.3 million or $0.18 loss per basic and diluted share for the period ended March 31, 2013. For the fiscal year ended March 31, 2014, the non-U.S. GAAP net loss from continuing operations was $18.8 million, or $0.42 loss per basic and diluted share compared to a net loss from continuing operations of $23.2 million, or $0.51 loss per basic and diluted share for the fiscal year ended March 31, 2013.

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