Kemet reports a first quarter loss

Net sales amounted to USD 187.6 million during the first quarter fiscal year 2016, which is a decrease of 3.2% (from USD 193.7 million) compared to the previous quarter, and a decrease of 11.9% compared to the first quarter of fiscal year 2015. The U.S. GAAP net loss was USD 37.1 million for the quarter ended June 30, 2015, which includes a non-cash charge of USD 29.2 million corresponding to the change in value of the NEC TOKIN option. This compares to a net loss of USD 19.8 million for the quarter ended March 31, 2015, which included a non-cash charge of USD 11.1 million related to the change in value of the NEC TOKIN option. For the quarter ended June 30, 2014, the Company reported a net loss of USD 3.5 million which, for comparison purposes, included a non-cash gain of USD 4.1 million related to the change in value of the NEC TOKIN option. "We entered this fiscal year focused on reaping the benefits of our efforts to lower our cost base and generate higher operating margins," stated Per Loof, Kemet's Chief Executive Officer. "Despite the ongoing currency headwinds and inventory corrections in the distribution channel we are seeing significant improvement in our Film and Electrolytic segment and sustained quality margins in the Solid Capacity Group. We believe we are well positioned to see an improved year-over-year comparison of our bottom line financial results. NEC TOKIN continues to perform well and it should be noted that if we were to include our share of their net income into our Non-GAAP results as we do our GAAP results the Non-GAAP earnings per share would increase to USD 0.05 cents per basic share and USD 0.04 cents per diluted share this quarter," continued Loof.