© adam121 Business | August 04, 2017

Net sales of USD 274.0M for 1Q/2017 for Kemet

Kemet reported on net sales of USD 274.0 million for the quarter ended June 30, 2017; an increase of USD 76.5 million from net sales of USD 197.5 million for the prior quarter (ended March 31, 2017).
Tokin sales included in total revenue from the period April 19, 2017 to June 30, 2017 were USD 71.4 million. Pro forma sales for the company and Tokin as if the acquisition occurred on April 1, 2017 were USD 291 million. Net sales for the quarter ended June 30, 2017 increased USD 89.1 million from net sales of USD 184.9 million for the quarter ended June 30, 2016, driven primarily by Tokin net sales of USD 71.4 million.

U.S. GAAP net income was USD 221.4 million for the quarter ended June 30, 2017. This compares to net income of USD 52.9 million for the quarter ended March 31, 2017. For the quarter ended June 30, 2016, the company reported a net loss of USD 12.2 million. Net income for the quarter ended June 30, 2017 includes a USD 75.4 million gain from the equity investment in Tokin for the period from April 1, 2017 to April 18, 2017, primarily related to Kemet's thirty-four percent interest in Tokin's gain on the sale of its electro-mechanical devices (EMD) business. Additionally, as part of the acquisition of Tokin, Kemet recorded acquisition gains totalling USD 136.4 million, consisting of the following: a preliminary gain of USD 72.7 million to mark its thirty-four percent interest in Tokin to fair value and a USD 63.7 million preliminary gain on the acquisition of Tokin for the quarter ended June 30, 2017.

“In our first fiscal quarter of this year we completed all three of our key objectives of closing the Tokin acquisition, refinancing our long-term debt, and the acquisition being accretive out of the starting gate,” stated Per Loof, the Company’s Chief Executive Officer. “We are extremely pleased with the first quarter financial results combining Kemet with Tokin and the value creation for all of our stakeholders. The work to extract the synergies from the combination is just beginning but is expected to be additive to our financial results this fiscal year."


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