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© daniel schweinert dreamstime.com Components | November 05, 2012

Kemet with net loss of USD 6.2 million

Kemet reported net sales of USD 216 million for the 2nd quarter of fiscal 2013 (ended September 30, 2012).

Net sales for the quarter ended September 30, 2012 were $216.0 million and on a U.S. GAAP basis, the net loss was $24.9 million, or $(0.55) loss per basic and diluted share for the second quarter of fiscal year 2013 compared to net income of $14.3 million or a $0.27 per diluted share for the same quarter last year. The net loss for the quarters ended September 30, 2012 and 2011 include various items affecting comparability as denoted in the U.S. GAAP to Non-U.S. GAAP reconciliation below. Non-U.S. GAAP adjusted net loss was $6.2 million or $(0.14) loss per basic and diluted share for the second quarter of fiscal year 2013 compared to a $22.4 million Non-U.S. GAAP adjusted net income or $0.43 per diluted share for the same quarter last year. Non-U.S. GAAP adjusted gross margin increased to 16.3% compared to 15.2% in the prior quarter. “Revenue for this quarter came in about as we expected, more or less flat to slightly down from our first quarter, with a higher consolidated operating margin resulting in some improvement in our bottom line from a Non-GAAP basis over our first quarter as we forecasted. As with other technology companies the global economic conditions, primarily in Europe, will continue to provide headwinds into the next quarter for us,” said Per Loof Kemet’s Chief Executive Officer. “We are focused on achieving improvement in our operating margins and bottom line even if revenues continue to decline in the near- term. Actions we have already implemented, and continue to implement, over the next two months will substantially change our cost structure in our fourth fiscal quarter ending March 31 and into our next fiscal year beginning in April. Our efforts are focused on improving our bottom line and returning to profitability as we enter our next fiscal year even under these tough economic conditions,” continued Loof.
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