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AVX Announces Fourth Quarter and Full Year Results; Declares Dividend
May 17, 2004 |Estimated reading time: 1 minute
Myrtle Beach, S.C. — AVX Corp. reports that net sales were $315.8 million in the fourth quarter ended March 31, 2004, and $1.1 billion for the fiscal year ended March 31, 2004.
According to AVX, sales continued to improve compared to the previous quarter and exceeded the same quarter last year by 20 percent, reflecting continuing improvement in the electronics industry. Incoming orders have remained strong compared to the previous quarter, and selling prices are stabilizing. The gross book-to-bill ratio continues to be positive in the components business.
Net loss for the quarter was $8 million, or 5 cents per share. Results for the quarter were negatively affected by restructuring charges of $17.5 million, primarily related to a manufacturing facility closure in France and other worldwide headcount reductions, partially offset by recoveries of $1.8 million related to previous restructuring charges. The net after-tax impact of restructuring for the quarter was $15.9 million or 9 cents per share.
In related news, at a recent Board of Directors meeting, AVX declared a dividend of 4 cents per common share for the quarter ended March 31. This dividend will be paid to shareholders of record on May 21, and will be disbursed on June 1.
AVX Corp. is a leading manufacturer and supplier of a broad line of passive electronic components and related products. For more information, visit www.avxcorp.com.