KEMET Reports Results of 1st Quarter Operations Net Sales were $183.1 million for the quarter, up 16.5% over last quarter Gross Margin for the quarter was 21.6%, up from 20.6% in the previous quarter Net Income on a pro-forma basis was $9.7 million or $0.12 per share Greenville, South Carolina (July 25, 2007) - KEMET Corporation (NYSE:KEM) today reported that net sales for the quarter ended June 30, 2007, were $183.1 million which represents an 8.0% increase over the same quarter last year and a 16.5% increase over the prior quarter. Net income before special charges was $9.7 million, or $0.12 per share (including a $2.5 million tax benefit), compared to $7.0 million, or $0.08 per share, last quarter and $8.1 million, or $0.09 per share, for the same quarter with prior year. On a U.S. GAAP basis, net income was $7.0 million, or $0.08 per share, for the current quarter compared to net income of $0.1 million for the prior quarter and net income of $0.6 million for the same quarter last year. KEMET also reports results before special charges because the results offer an alternative depiction of normal operations. “During the June quarter, the Company made progress toward meeting our financial and operational goals,” stated Per Loof, Chief Executive Officer. “Revenues from our base Tantalum and Ceramic businesses were up 2% on strength in the OEM markets and recovery in Asia. Gross margin grew from 20.6% in the prior quarter to 21.6% this quarter, reflecting sales growth as well as our ongoing cost reduction efforts. We realized the benefits of our balanced strategy across geographic markets. Net income before special charges was $9.7 million, or $0.12 per share, up 39% over the previous quarter on a comparable basis.” “We are also encouraged by the initial results from our recent acquisition of Evox Rifa, now the Film and Electrolytic Business Group. Net sales were $22.7 million since the acquisition on April 24, 2007, and operating income was over 5.0% of sales, exceeding our expectations and making a positive contribution to our results. Our recent experience with the European tantalum business will be a valuable asset as we integrate this business into KEMET. We remain confident that this acquisition will create new opportunities for KEMET and yield additional benefits for our shareholders.” KEMET's common stock is listed on The New York Stock Exchange under the symbol KEM. At the Investor Relations portion of the Company’s web site at http://www.KEMET.com/IR, users can subscribe to KEMET news releases and can find additional Company information.Sorry if the formatting of the post is not the best, but I am interested in any comments about this company. JT :-)
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